Tag: SEC

SEC Requests Extension to Respond to Coinbase Regulation Request

The crypto industry and market participants, including Coinbase, require clear guidance to navigate compliance obligations effectively and ensure regulatory alignment. The United States Securities and Exchange Commission (SEC) has requested a four-month extension to respond to the request for regulatory clarity regarding crypto made by Coinbase Global Inc (NASDAQ: COIN). The exchange which alongside Binance was sued by the market regulator over its failure to register its staking-as-a-service offering under securities law, had initially requested clarification on several key regulatory issues, aiming to enhance transparency and compliance within the rapidly…

Hinman Documents Prove Why SEC Has No Business Regulating Digital Assets, Says Crypto Lawyer

The documents might help the likes of Ripple, Coinbase and other businesses that have had a run-in with the SEC. The highly-anticipated Hinman documents have finally been unveiled and made available to the public. However, the contents therein may just have revealed why the United States Securities and Exchange Commission (SEC) should not be the agency overseeing digital assets. The documents, which were unveiled on Tuesday, contained some of the past views of the former director of the corporate finance division at SEC Bill Hinman. According to a 2018 speech…

Crypto Industry Destined to be Bitcoin Focused After SEC Actions: MicroStrategy Founder Michael Saylor

Saylor’s MicroStrategy began buying bitcoin in 2020 while calling the cryptocurrency a million times better store of value than gold. The company now holds approximately 140,000 bitcoin worth about $4 billion. In March 2023, Saylor lost a bid to dismiss claims that he failed to pay personal income taxes, interest and penalties due for Washington, D.C. However, the court dismissed claims that Saylor and MicroStrategy had conspired to violate the law. Source

Polygon Labs Critiques SEC Proposed Rulemaking That Threatens Permissionless Blockchain Networks

Polygon Labs, the leading blockchain technology firm, issued a response today to a proposed rule from the Securities and Exchange Commission (SEC) that redefines the term “exchange.” The company argues that the proposed rule could pose a severe risk to the existence of permissionless blockchain networks and decentralized finance (DeFi) protocols within the United States. The SEC’s reopening release suggests that not only DeFi software protocols enabling specific transactions on a permissionless, distributed ledger would have to register as a national securities exchange (NSE) or an alternative trading system (ATS),…

SEC and Binance.US to negotiate deal avoiding total asset freeze

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Binance.US and the United States Securities and Exchange Commission (SEC) have agreed to work on an arrangement that will allow the exchange to avoid freezing all of its assets. On June 14, Bloomberg reported U.S. District Judge Amy Berman Jackson referred the two organizations to a magistrate judge to work towards a compromise arrangement that can protect customer funds without having to shut down the exchange. “Shutting it down completely would create significant consequences not only for the company but for the digital asset markets in general,” Jackson said at…

SEC emails show multiple officials examining ethereum in 2018

Email correspondence from 2018 have uncovered that several officials within the US Securities and Exchange Commission (SEC) engaged in discussions regarding the classification of ETH as a security. The release of these emails comes as part of Ripple’s legal dispute with the SEC, where Ripple is being accused of unlawfully selling XRP as unregistered securities over a span of more than seven years. Internal communications revealed Internal communications within the U.S. Securities and Exchange Commission (SEC) have revealed debates surrounding the interpretation of a 2018 speech by former director of corporation finance,…

SEC asks for more time to respond to Coinbase call for crypto clarity

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The United States securities regulator has asked for four more months to provide a response to Coinbase’s request for crypto regulatory clarity. In a June 13 letter submitted to the U.S. Court of Appeals for the Third Circuit, the Securities and Exchange Commission (SEC) said it needs an additional 120 days to reply to Coinbase’s request that it adopt new rules and provide further clarity on the laws governing crypto. The letter was in response to the court’s June 6 order to the SEC which asked the regulator to address…

U.S. Judge Rebuffs SEC Request for Binance.US Asset Freeze for Now

If the two sides can agree on limits, Judge Amy Berman Jackson, of the D.C. District Court, said “there’s absolutely no need” for a restraining order. In the meantime, the judge ordered Binance.US to provide a list of its business expenses to the court, and ordered the parties to continue negotiating. A status update is due by close of business Thursday. Source

Hinman Emails Show SEC Officials Questioned Ether Security Status in 2018, Spurring XRP Price Surge Amid Ripple’s Legal Battle

“As written, the language remains vague as to whether ETH is a security. If you want to make an affirmative statement that it is not a security, the language could be stronger (i.e., just say it). If you don’t want to take an affirmative stance, we suggest using language similar to what you used for Bitcoin re. the disclosure regime to make it more consistent,” wrote former SEC Director of Trading and Markets Brett Redfearn on June 12, 2018. Source BattleemailsEtherHinmanLegalOfficialsPricequestionedRipplesSECSecurityShowSpurringStatusSurgeXRP CryptoX Portal