Tag: SEC

SEC is ‘wrongfully attempting’ to police crypto markets: Paradigm counsel

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Crypto investment firm Paradigm’s Special Counsel Rodrigo Seira has become the latest to slam the United States securities regulator, this time for “wrongfully” pursuing crypto exchange Bittrex in an attempt to police secondary crypto markets. In a July 11 Twitter thread, Seira added his thoughts after an amicus brief filing from Paradigm, arguing that the U.S. Securities and Exchange Commission’s case against U.S.-based crypto exchange Bittrex should be “dismissed” as it relies upon an unreasonable use of the Howey test to make its claims. The SEC’s lawsuit against Bittrex is…

Spot bitcoin ETFs deserve approval, asserts former SEC chairman Jay Clayton

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied In a recent CNBC interview, former SEC Chair Jay Clayton discussed the changing regulatory environment surrounding bitcoin ETFs, stating that it would be challenging to resist approving them. Clayton explained that institutions are arguing that the distinctions between spot and futures products have diminished, making spot products more efficient and less burdensome for investors. A trend in embracing bitcoin Jay Clayton held the position of the SEC Chair from May 2017 to December 2020 and has…

US lawmakers allege CCP connection in calling for SEC, DoJ investigation of Prometheum

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Six members of the United States congress have called on the U.S. Securities and Exchange Commission (SEC) and Department of Justice to investigate Prometheum, claiming the firm has ties to the Chinese Communist Party.  In a July 10 letter, Alabama Senator Thomas Tuberville and five members of the House of Representatives alleged Prometheum co-CEO Aaron Kaplan may have provided false testimony at a June 13 hearing on regulatory clarity in the crypto space. The U.S. lawmakers claimed Prometheum was connected to investors with “ties to the Chinese Community Party”: Shanghai…

Grayscale lawyers refer to SEC allowing Volatility Shares’ investment vehicle in push for ETF

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Digital asset manager Grayscale has filed a letter in its lawsuit against the United States Securities and Exchange Commission (SEC) over the rejection of a spot Bitcoin exchange-traded fund (ETF), citing a possible precedent in furtherance of its case. In a letter dated July 10, Grayscale’s legal team notified the U.S. Court of Appeals for the District of Columbia Circuit of the listing of Volatility Shares Trust’s leveraged Bitcoin (BTC) futures ETF. The crypto investment vehicle started trading on June 27 without interference from the SEC, which to date has…

U.S. Senator Thomas Tuberville Asks DOJ, SEC to Investigate Crypto Broker Prometheum

Prometheum “may have provided false testimony to Congress or violated U.S. securities laws,” the open letter began. The lawmaker said Prometheum CEO Aaron Kaplan told Congress that it developed its own blockchain platform independently starting in December 2019. However, in SEC filings filed through 2021, Prometheum said it depended on Shanghai Wanxiang Blockchain, Inc., a Chinese firm Tuberville alleged had ties to the Chinese Communist Party. Source

Coinbase shares up 50% since the SEC sued the exchange

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Despite the Coinbase cryptocurrency exchange facing a securities violation lawsuit in the United States, the company’s stock has been on the rise recently. Coinbase (COIN) stock has added more than 50% to its value since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm for allegedly offering unregistered securities. According to data from TradingView, Coinbase shares surged 51%, from around $52 on June 6 to $78.7 on July 7. The stock is also up around 133% over the past six months, while year-to-year growth is roughly…

SEC won’t object to Coinbase’s motion to speed up case

On July 7, the United States Securities and Exchange Commission (SEC) submitted a letter to the judge in their case against Coinbase, responding to the exchange’s request for permission to file a motion for judgment on the pleadings. Therein, the SEC informed the presiding judge that they have no objections to Coinbase’s motion. SEC versus Coinbase case update Specifically, the regulator wishes not to delay the consideration of the issues raised by Coinbase, which could lead to a timely resolution of the case.  The SEC outlines the arguments it plans to present…

XRPL grows in Q2 despite SEC lawsuit concerns: Report

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Despite lingering concerns over the Ripple vs. SEC lawsuit, The XRP Ledger (XRPL) has demonstrated significant growth in multiple areas of its protocol during the second quarter of 2023, according to a recent report from crypto analytics platform Messari. The report shows that the circulating market cap of XRP (XRP) has increased by 42.5% year-to-date. The growth was driven by the asset’s price surge in the first quarter; however, in Q2, the market cap declined by 10.7%, from $27.8 billion to $24.8 billion. Although the XRP network experienced a decline in transaction…

Coinbase was aware of securities law violations, the SEC claims in letter

According to a letter sent by the SEC on July 7 to a district judge, Coinbase had knowledge of the probability that federal securities laws would apply to its operations, openly informing its shareholders about the possibility of assets traded on its platform being classified as securities. “Since becoming a public company, Coinbase has repeatedly informed its shareholders of the risk that the crypto assets traded on its platform could be deemed securities and therefore that its conduct could violate the federal securities laws,” reads the regulator’s response. As per…

Coinbase was aware of securities law violations, SEC claims in letter

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The United States Securities and Exchange Commission (SEC) filed a response to Coinbase’s claims that the regulator lacks jurisdiction to prosecute the crypto exchange. According to a letter sent by the SEC to a district judge on July 7, Coinbase had knowledge of the probability that federal securities laws would apply to its operations, openly informing its shareholders about the possibility of assets traded on its platform being classified as securities. “Since becoming a public company, Coinbase has repeatedly informed its shareholders of the risk that the crypto assets traded on…