Tag: SEC

Blockchain Association Backs Coinbase In SEC Regulatory Battle

The Blockchain Association has released a comprehensive document backing Coinbase option on the legal rationale behind its argument calling for the recusal of Securities and Exchange Commission Chair Gary Gensler from any decision-making processes. This is regarding the initiation or continuation of an enforcement action based on the assertion that a digital asset qualifies as a security. The association said Chair Gensler’s consistent public assertion that ‘everything other than bitcoin’ should be considered a security, raises concerns and creates, at the very least, an appearance of a closed-minded approach to…

SEC to present response to Coinbase’s legal defense on July 13

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The United States Securities and Exchange Commission (SEC) will present its response to Coinbase’s first legal defense on July 13, according to a court order issued on Thursday, June 29. In a legal document filing, the SEC submitted a request to the court for a three-business-day extension. This extension was sought to provide the SEC adequate time to prepare a response to the letter submitted by Coinbase, the defendant. The defendants have agreed to the request. The previous deadline for the SEC to file its response to Coinbase’s letter was…

U.S. House committee chairs, Blockchain Association turn up heat on SEC head Gensler

Three committee chairs in the United States House of Representatives have sent a letter to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler demanding a more satisfactory response to their Nov. 1 letter regarding the SEC chairman’s and the agency’s compliance with recordkeeping requirements.  Judiciary Committee Chair Jim Jordan, Oversight Committee Chair James Comer and Financial Services Committee Chair Patrick McHenry stated that the response they received from Gensler to their inquiry did not address direct requests made in their letter. Specifically, they asked for certification that the SEC…

Coinbase Files Motion To Dismiss SEC Case Against the Crypto Exchange

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Top US-based crypto exchange Coinbase is filing a motion to dismiss the U.S. Securities and Exchange Commission’s (SEC) lawsuit against it. The SEC sued Coinbase earlier this month alleging that the platform was selling unregistered securities after it dubbed a number of crypto assets, such as Cardano (ADA), Solana (SOL), and Polygon (MATIC), as securities. However, Coinbase recently filed a motion with the Southern District of New York to dismiss the lawsuit, saying that the regulatory body lacks jurisdiction. In the filing, Coinbase argues that its transactions don’t qualify as…

The SEC is targeting Coinbase, Binance as proxies in its war on crypto

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Imagine your daily commute to work, uninterrupted by traffic lights or stop signs, allowing you to sail smoothly. Suddenly, a new red stop sign disrupts your route, turning a main intersection into a four-way stop overnight. That evening, a letter from local law enforcement shocks you with a hefty retroactive fine for every time you passed the spot where the new sign stands today. Absurd as it seems, this analogy encapsulates the United States Securities and Exchange Commission’s approach in its lawsuits against Coinbase and Binance. The SEC throws a…

Coinbase seeks dismissal of SEC suit, claims extraordinary abuse of process

In the ongoing legal battle between Coinbase and the United States Securities and Exchange Commission (SEC), the American cryptocurrency exchange has filed a motion to dismiss the SEC’s complaint. In a legal document filed on Thursday, June 29 with the U.S. District Court for the Southern District of New York, Coinbase raised concerns about the SEC’s interpretation of securities laws, suggesting the agency was reaching beyond its legal authority. This move underscores Coinbase’s determination to challenge the SEC’s lawsuit. The motion to dismiss argues that even if all the allegations…

Binance Market Share Drops in June after SEC Lawsuits

SEC lawsuits on crypto exchange Binance and founder Changpeng Zhao has dented the company’s business operations with trading volumes taking a hit. The world’s largest cryptocurrency exchange by trading volume – Binance – saw a drop in its market share this month in June following the regulatory action by the US Securities and Exchange Commission (SEC) on the exchange and its chief Changpeng Zhao. The lawsuit has particularly affected the US affiliate of the crypto exchange i.e. Binance.US. Blockchain data and research firm Kaiko reported that Binance’s share in the…

SEC Has No Jurisdiction Over Cryptos on Coinbase's Platform, Exchange Claims in Response to Regulator's Lawsuit

U.S. crypto exchange Coinbase claimed that digital assets listed on its platform fall outside the U.S. Securities and Exchange Commission’s (SEC) purview in its first legal response to the regulator’s lawsuit. The SEC sued Coinbase at the beginning of June, alleging that a dozen of the cryptocurrencies offered through its wallet or trading platforms were unregistered securities. In its answer, filed early Thursday, Coinbase claimed that these cryptos are not investment contracts and therefore are not securities. Source

Fidelity Investments on Cusp of Filing Spot Bitcoin ETF with US SEC

Once the investment giant Fidelity files for a spot Bitcoin ETF with the US SEC, it will be the second time following the dismissal of the first one two years ago. The heightened Bitcoin demand by institutional investors has pushed asset investment firms to file for an exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). Already BlackRock Inc (NYSE: BLK), Bitwise, Invesco, and WisdomTree have filed a Bitcoin ETF with the US SEC in order to expose their institutional customers to digital asset classes.  While the…