Tag: SEC

SEC claims Decentraland and The SandBox tokens are securities, Here’s why TOADS is different

The virtual asset community has been taken aback by recent statements made by the U.S. Securities and Exchange Commission (SEC) concerning the categorization of virtual assets. Notably, the SEC claims that tokens of Decentraland and The SandBox, two prominent virtual worlds, should be regarded as securities due to their investment characteristics. This heightened scrutiny has allowed DigiToads (TOADS), a unique digital platform, to differentiate itself within the industry. While the recent classification of decentraland (MANA) and the sandbox (SAND) as securities has generated concerns among the cryptocurrency community, it is…

Nigeria SEC declares Binance operations in country illegal

The Securities and Exchange Commission (SEC) of Nigeria has officially deemed the operations of Binance Nigeria, a subsidiary of the world’s largest crypto trading platform Binance, illegal.  According to a statement released on the SEC’s website on July 9, Binance has been promoting its web and mobile-enabled platforms to Nigerian users without adhering to regulatory requirements or registering with the commission. The commission expressed its concerns, stating that Binance Nigeria is not authorized or regulated by the SEC, making its operations in the country unlawful. As the primary regulatory body responsible for…

How SEC chair Gary Gensler moved from crypto advisor to antagonist

From earlier, seemingly crypto-supportive stances to his current hardline approach, Gary Gensler’s journey traverses his dynamic narratives, confrontations with crypto giants, and the rumors that abound, offering a unique perspective. Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. It’s almost reminiscent of a summer blockbuster – the good guy turns bad, keeps the audience on their toes, and leaves everyone wondering about the climax.  The protagonist of our tale, or antagonist depending on who you…

SEC charges against Binance and Coinbase are terrible for DeFi

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The allegations against Binance and Coinbase by the U.S. Securities and Exchange Commission have substantial ramifications for the decentralized finance (DeFi) ecosystem, and they are far from positive. DeFi has developed as a promising area within the crypto industry, aiming to disrupt established financial systems and deliver financial services in a decentralized manner. However, the latest charges against these centralized exchanges raise doubts about the future of DeFi. By targeting Binance and Coinbase for suspected violations of securities laws and operating unregistered exchanges, the regulator seems to be imposing its…

Robinhood will end support for 3 tokens named in SEC lawsuits

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Cryptocurrency and stock trading app Robinhood announced it will be ending support for Cardano, Polygon and Solana — all tokens labeled as unregistered securities by the United States Securities and Exchange Commission (SEC) in its recent legal actions against crypto exchanges Binance and Coinbase.  In a June 9 update, Robinhood said it will end support for the three tokens starting on June 27 following a review. In a Twitter thread, the firm specifically cited the SEC’s actions as reasons for the delisting, saying the Coinbase and Binance lawsuits “introduced a cloud…

SEC can’t find Binance CEO Changpeng Zhao, asks court for ‘alternative service’

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The United States Securities and Exchange Commission (SEC) is seeking ‘alternative service’ from the U.S. District Court in Washington, D.C., to issue a legal summons to Changpeng Zhao, the CEO of cryptocurrency exchange Binance. Zhao and Binance were recently sued by the SEC over alleged unregistered securities operations. Related: SEC sues Coinbase for breaking US securities rules In a case document filed with the District Court on June 7, the SEC requested alternative service. It explains its evident stance that typical service (which requires the presence and signature of the person…

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),…