Tag: SEC

The SEC Has Started an All-In Political Battle Over Crypto

A draft bill that will soon come before the House sets parameters for how to classify digital assets and circumscribes the SEC’s powers of interpretation of crypto within existing securities law, curtailing its capacity to launch these kinds of enforcement actions. It is co-sponsored by Rep. Patrick McHenry (R-N.C.), the chair of the House financial services committee, who has been critical of Gensler’s aggressive actions against the crypto industry, and Rep. Glenn Thompson (R-Pa.), the chair of the agriculture committee, which has jurisdiction over the Commodities Futures Trading Commission (CFTC),…

Bitcoin, Ethereum to shake off ‘toothless adversary’ SEC as FOMC looms

Bitcoin (BTC) and Ether (ETH) are due volatility — but not thanks to “toothless” United States regulators, new analysis says. In its latest market update on June 9, trading firm QCP Capital told market participants to gear up for macro-fueled price action for BTC and ETH. Related: Why is Bitcoin price stuck? QCP Capital: U.S. crypto “mudslinging” to continue The dust is continuing to settle on this week’s main macro stories — lawsuits against exchanges Binance and Coinbase from the U.S. Securities and Exchange Commission (SEC). More upheaval will come in…

Bitcoin, Ethereum to shake off ‘toothless adversary’ SEC as FOMC looms

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Bitcoin (BTC) and Ether (ETH) are due volatility — but not thanks to “toothless” United States regulators, new analysis says. In its latest market update on June 9, trading firm QCP Capital told market participants to gear up for macro-fueled price action for BTC and ETH. Related: Why is Bitcoin price stuck? QCP Capital: U.S. crypto “mudslinging” to continue The dust is continuing to settle on this week’s main macro stories — lawsuits against exchanges Binance and Coinbase from the U.S. Securities and Exchange Commission. More upheaval will come in the future,…

Robinhood (HOOD) Ends Support for Some Tokens Named in SEC Lawsuit as Securities

“When Chair Gensler at the SEC in 2021 said, ‘Come in and register,’ we did,” said Robinhood Markets’ chief compliance lawyer Dan Gallagher in his testimony. “We went through a 16-month process with the SEC staff trying to register a special purpose broker dealer. And then we were pretty summarily told in March that that process was over and we would not see any fruits of that effort,” he added. Source

Bitcoin liquidity impacted on Binance US amid SEC suit

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The SEC’s recent lawsuit against Binance US heralds a grim phase for bitcoin liquidity. Amid a flurry of allegations, withdrawals, and an aggressive regulatory stance, we examine the tumultuous unfolding events and their far-reaching implications on the crypto market and investor sentiment. Sitting at the intersection of technology and finance, the crypto market is no stranger to stormy weather. Yet, the recent legal tempest stirred by the (SEC) against Binance US, a subsidiary of the worldwide…

Regulatory Shockwaves: SEC Charges Against Binance US and Coinbase Explained

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In an increasingly digital world, cryptocurrencies have taken center stage, sparking global conversations about their role in financial markets, their potential for innovation, and their regulatory conundrums. Amid this burgeoning industry, two major cryptocurrency platforms, Binance US and Coinbase, have found themselves under intense scrutiny from one of the United States’ top regulatory authorities. The U.S. Securities and Exchange Commission (SEC), a federal agency responsible for enforcing securities laws and regulating the securities industry, has filed a series of charges against both entities. The allegations bring to light significant questions…

Ripple losing SEC case can affect Coinbase and Binance, lawyer says

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The SEC’s arguments against Coinbase and most of Binance’s litigation would be severely weakened if Judge Torres ruled that XRP tokens purchased on secondary marketplaces are not securities, according to lawyer James Murphy. The SEC claims that Coinbase is acting as an unregistered securities exchange, broker-dealer, and clearing broker because 13 tokens exchanged on the platform constitute securities. However, the SEC’s case against Coinbase would fall apart if these 13 coins were not considered securities. 2/…

Ripple case more crucial than ever amid Coinbase, Binance SEC crackdown: Lawyers

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The judges presiding over Coinbase and Binance’s lawsuits will likely watch the results of the SEC v Ripple case closely, crypto lawyers told Cointelegraph. Ripple has been in a legal battle with the SEC since December 2020. The regulator alleges it was offering unregistered securities via XRP (XRP) since 2013. On June 6 the SEC filed a lawsuit against Coinbase also alleging that it has been offering unregistered securities. A day before it filed a lawsuit against Binance containing some similar allegations. Lawyer James Murphy, known as “MetaLawMan” on Twitter,…

Moody’s downgrades Coinbase citing ‘uncertain magnitude’ of SEC charges

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Credit ratings agency Moody’s has downgraded its rating of Coinbase from “stable” to “negative” following the SEC’s legal action against the crypto exchange for allegedly operating as an unregistered securities broker. In a June 8 statement, Moody’s said the downgrade was due to concerns about the impact of the SEC action on Coinbase’s day-to-day operations. “The change in outlook to negative from stable reflects the uncertain magnitude of impact the SEC’s charges will have on Coinbase’s business model and cash flows.” Despite the downgrade, Moody’s noted that Coinbase maintains a…