“The transactions over Coinbase’s platform and Prime are not, and do not involve, contractual undertakings to deliver future value reflecting the income, profits, or assets of a business. They are commodity sales, with the obligations on both sides discharged entirely the moment the digital token is delivered in exchange for payment,” the filing said. Source
The United States Securities and Exchange Commission has obtained a temporary asset freeze against Utah-based crypto company Digital Licensing Inc, accusing the firm of perpetrating a $50 million fraudulent crypto scheme. On Aug. 3 the SEC announced it had obtained a temporary asset freeze, restraining order, and other emergency relief against Digital Licensing Inc., which was operating as “DEBT Box.” The firm’s four principals, Jason Anderson, his brother Jacob Anderson, Schad Brannon, and Roydon Nelsonand, and 13 other defendants were included in the enforcement action. The SEC has alleged the…
The Securities and Exchange Commission (SEC) has issued a temporary restraining order against a Utah-based company, DEBT Box, accusing the firm and its principals of conning investors out of approximately $49 million through a crypto scheme. The Anderson brothers, Jason and Jacob, and 15 others allegedly orchestrated an extensive financial operation in March 2021 that raised significant funds from US investors in Bitcoin (BTC) and Ethereum (ETH). We obtained a temporary asset freeze, restraining order, and other emergency relief against DEBT Box and its four principals, Jason Anderson, his brother Jacob Anderson,…
The United States Securities and Exchange Commission (SEC) has been recently inundated with applications for Ether (ETH) futures exchange-traded funds (ETFs), with a grand total of 11 Ether-based filings being submitted in less than a week. The latest ProShares ETF application was filed on Aug. 3 and proposes an equal weight Bitcoin (BTC) and Ether ETF. According to the filing, the fund will track “the performance of holding long positions in the nearest maturing monthly bitcoin and ether futures contracts.” UPDATE: Another one…. 11 ETFs Filed… Proshares filed for a…
If approved, the fund will measure “the performance of holding long positions in the nearest maturing monthly bitcoin and ether futures contracts.” Original
Coinbase plans to file an order seeking dismissal of the lawsuit by the Securities and Exchange Commission on Aug. 4, with the crypto exchange’s legal chief saying it expects to win the case. On its Aug. 3 second-quarter 2023 earnings call, Coinbase chief legal officer Paul Grewal expressed confidence the exchange would win the court case brought by the regulator. “With respect to the litigation with the SEC, I want to be very clear. We do think we can win. We expect to win.” The SEC sued the exchange on…
The SEC charged Draper, Utah-based DEBT Box, as well as the company’s four principals and 13 other defendants, with operating a scheme that began in March 2021 to sell unregistered securities called “node licenses.” Defendants told investors that the licenses would mine cryptocurrency that would increase in value, when in reality, defendants were creating the crypto instantaneously using code on a blockchain, according to the SEC. Source
Ripple clarified six misconceptions about the recent ruling. After it, XRP and Bitcoin are the only digital assets that aren’t considered securities in the US. On July 13, Judge Torres ruled in the trial of Ripple v. SEC, stating that Ripple is not a security. The first point that the company addressed in its Q2 report is that the decision issued by Judge Torres wasn’t split. The company said that it’s clear that the main point of the court decision was to understand if Ripple was or was not a…
The latest sign of crypto going mainstream among traditional investors is the race heating up to launch the first exchange-traded fund (ETF) tied to Ethereum futures. In recent weeks, six companies have filed proposals with the Securities and Exchange Commission (SEC) to launch Ethereum futures ETFs. The Race To Launch An Ethereum Futures ETF Cryptocurrency ETFs track the price of the digital currencies they are tied to and they are not a new thing in the crypto industry. Bitcoin futures have gained popularity in recent years and are already being…
In a recent development, MicroStrategy, a US-based software firm, has announced intentions to raise about $750 million through stock sales. According to the platform, which is currently one of the biggest corporate holders of Bitcoin, proceeds realized from the sale will be used to purchase more Bitcoin. More BTC For MicroStrategy? In a filing with the United States Securities and Exchange Commission on August 1, MicroStrategy disclosed that it has entered into a sales contract with three companies, namely Canaccord Genuity, Cowen and Company, and Berenberg Capital, with respect to…