Tag: SEC

Nasdaq Files Application for Hashdex Ethereum ETF with SEC

Hashdex’s rivals, such as Ark Invest and 21Shares, have also approached the SEC with their separate applications for spot Ether ETFs. Popular US-based stock exchange Nasdaq has formally filed an application with the Securities and Exchange Commission (SEC) seeking approval to list an Ethereum (Ether) Exchange-Traded Fund (ETF). This innovative investment vehicle is crafted to combine spot ether holdings and futures contracts within its portfolio, paving the way for a novel approach to crypto investment that conforms to regulatory guidelines. According to the filing submitted on September 11, the investment…

Ripple Says Ongoing SEC Lawsuit Presents Global Expansion Opportunities

Top voices in the crypto industry have continued to criticize the US government and its approach toward regulation. American crypto firm Ripple has said that its ongoing lawsuit with the US Securities and Exchange Commission (SEC) may be a blessing in disguise. The firm’s president, Monica Long revealed this in a recent tell-it-all interview with CNBC. Recall that the SEC first came after Ripple in 2020, accusing the firm of violating federal securities laws. At the time, the regulator said Ripple sold $1.3 billion of its native cryptocurrency XRP, even…

SEC Chair Gary Gensler Confirms Agency Taps on AI to Enhance Financial Surveillance

The SEC Chair requested Congress for more funding this fiscal year to enhance and match emerging technologies like blockchain and artificial intelligence. On Tuesday, the Chairman of the United States Securities and Exchange Commission (SEC) Gary Gensler testified before the Senate Banking Committee at the Capitol building. During the hearing, Gensler was grilled on the measures the agency has put in place to protect investors from financial malpractices. At one point, senior United States Democratic senator representing Nevada, Catherine Marie Cortez Masto, asked Gensler how the agency is tapping into…

Gensler’s SEC Hearing Shows Key U.S. Senate Democrat Brown Digging in Heels on Crypto

“The problems we saw at FTX are everywhere in crypto – the failure to provide real disclosure, the conflicts of interest, the risky bets with customer money that was supposed to be safe,” said Brown, the Senate Banking Committee’s chairman, whose committee will probably have to agree to any crypto legislation to provide the industry a regulatory framework. “FTX was just the biggest and the ugliest.” Source

Binance.US Responds to SEC, Calls Agency’s Requests ‘Unreasonable’

Lawyers representing Binance.US believe that, overall, the SEC’s moves so far would do more harm than good for its bidding. Binance.US has claimed that the United States Securities and Exchange Commission’s (SEC) requests have been “unreasonable” with most of its requests. This is according to sealed documents filed by attorneys of the Binance.US cryptocurrency exchange on September 12. The filing – a response to SEC’s earlier request to get additional details from Binance, says most of the requests by the regulator are “unreasonable” and “unduly burdensome”. As earlier reported, the…

Coinbase increases USDC interest rate after SEC confirms stance on stablecoins

Coinbase has reportedly increased interest rates on USDC holdings to 5%, marking a notable improvement from the 4% rate introduced earlier in the year.  The San Francisco-based crypto exchange hiked the interest offered to holders of its USD Coin (USDC) to 5%, only months after effecting another increase that doubled the stablecoin’s annual percentage yield from 2% to 4%. JUST IN: Coinbase are increasing the interest rate for their stablecoin, USDC, to 5%. — Whale (@WhaleChart) September 10, 2023 Rewards for holding such coins are regulatory compliant. The increments have…

Congressman pushes for limits on SEC crypto enforcement funds

Minnesota Congressman Tom Emmer plans to present a budgetary amendment to limit the U.S. Securities and Exchange Commission (SEC) from utilizing its crypto regulations budget. Emmer, a Republican who holds the role of Majority Whip in the U.S. House of Representatives, is gearing up to sponsor a significant appropriations amendment bill, citing worries of excessive authority exerted by SEC chair Gary Gensler. This amendment seeks to limit the SEC’s ability to allocate taxpayer funds for digital asset enforcement efforts. Gensler’s actions negatively impact Americans’ ability to explore the potential of…

SEC cites ‘knotty legal problems’ as reason for appealing Ripple ruling 

The U.S. Securities and Exchange Commission (SEC) argues that the issues raised by the recent court order in favor of Ripple Labs and its native token, XRP, represent complex legal challenges that warrant an appeal of the ruling. The SEC opposes the court’s verdict and has clarified that these “knotty legal problems” warrant a review. SEC not accepting defeat  The SEC is currently engaged in an ongoing legal battle against Ripple Labs, the creators of the XRP altcoin. The regulator seeks to appeal Judge Analisa Torres’ ruling that XRP was a…

SEC urges court to grant Ripple Labs appeal citing ‘knotty legal problems’

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The U.S. Securities and Exchange Commission has submitted a filing urging the court to grant its motion to appeal a ruling from the Ripple Labs lawsuit that deemed that XRP was not a security when sold to retail investors. The agency argued that there are “knotty legal problems” surrounding the court’s application of the law — specifically the Howey Test — that warrant a review. #XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The SEC has filed its Reply Memorandum in Further Support of its Motion to Certify Interlocutory Appeal.https://t.co/KE1MzYKbVD — James…

U.S. SEC Counters Ripple in Ongoing Effort to Appeal Groundbreaking XRP Ruling

Judge Torres ruled in July that Ripple violated federal securities law in how it sold XRP to institutional investors, but that it had not done so with retail investors. Another judge in the same court, Judge Jed Rakoff, disagreed with the judgment when he ruled on a different case, also brought by the SEC. The regulator pointed to this in its first memo and Friday’s filing as part of its bid to convince Torres to allow the so-called interlocutory appeal, allowing an appellate court to take up some legal questions…