Tag: SEC

US House Agriculture Committee holds hearing on crypto regulation amid SEC lawsuits

Amid recent lawsuits by the Securities and Exchange Commission (SEC) against cryptocurrency exchanges Binance and Coinbase, the House Agriculture Committee convened a hearing to discuss the regulation of cryptocurrency spot markets. In the wake of lawsuits filed by the Securities and Exchange Commission (SEC) against prominent cryptocurrency exchanges Binance and Coinbase, the U.S House Agriculture Committee convened on June 6 for a twin panel hearing on the regulation of cryptocurrency spot markets. Leading off the proceedings, Chair of the Commodity Futures Trading Commission (CFTC) Rostin Behnam fielded questions from lawmakers,…

SEC lawsuits squeeze net worths of Coinbase and Binance CEOs

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The net worths of Coinbase CEO Brian Armstrong and Binance CEO Changpeng Zhao (CZ) have suffered heavy blows due to recent lawsuits by the United States securities regulator. Armstrong’s net worth was slashed by $289 million and Zhao’s by $1.33 billion within a span of 30 hours after the Securities Exchange Commission (SEC) sued Binance on June 5 and then Coinbase on June 6, according to data from the Bloomberg Billionaires Index and Forbes. Zhao — the richest man in the crypto industry and the 54th richest person overall —…

SEC crackdown on Binance and Coinbase surge DeFi trading volumes 444%

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The median trading volume across the top three decentralized exchanges (DEX) jumped 444% in the past 48 hours as crypto investors reeled from the United States securities regulator’s recent legal actions against cryptocurrency exchanges Coinbase and Binance. According to aggregated data from CoinGecko, total daily trading volumes on Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum) and Pancakeswap V3 (BSC) — which account for 53% of the total DEX trading volume in the last 24 hours — increased by more than $792 million between June 5 and June 7. Trading volume on…

Binance.​US says user funds ‘remain safe’ amid SEC attempt to freeze assets

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Crypto exchange Binance.US has attempted to quell possible unrest from its users following a motion from the United States securities regulator seeking to freeze its assets “on an expedited basis.” In a June 6 tweet, Binance.US reiterated that “user assets remain safe and secure” and added the platform “continues to be fully operational with deposits and withdrawals functioning as normal.” Earlier on June 6, the SEC filed an emergency motion in the District of Columbia U.S. District Court asking for a temporary restraining order against Binance, Binance.US and Binance CEO…

Coinbase reminds world it tried to ‘embrace regulation’ as SEC sues for violations

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“Coinbase has embraced regulation since we were founded over a decade ago,” the cryptocurrency exchange’s chief legal officer, Paul Grewal, told the United States Congress on June 6. “The SEC [Securities and Exchange Commission] allowed us to become a public company in April 2021, which makes us unique in the crypto industry.” Coinbase was sued by the SEC for alleged securities law violations on June 6, a day after the agency sued Binance and two and a half months after receiving a Wells notice warning the U.S.-based exchange of possible impending…

SEC files motion for restraining order against Binance

The United States Securities and Exchange Commission filed an emergency motion in the District of Columbia U.S. District Court for a temporary restraining order against Binance, Binance.US and CEO Changpeng Zhao (CZ) on June 6 requesting eight actions.  The first requested actions are the freezing of the assets of Binance.US and repatriation of fiat and cryptocurrency held by U.S. customers or for the benefit of U.S. customers. In addition, it prohibits the defendants from destroying, altering or concealing records and other sets conditions on discovery.  According to the filing: “This relief is…

SEC Seeks Temporary Restraining Order to Freeze Binance.US Assets

“The SEC respectfully submits that this relief is necessary on an expedited basis to ensure the safety of customer assets and prevent the dissipation of available assets for any judgment, given the Defendants’ years of violative conduct, disregard of the laws of the United States, evasion of regulatory oversight, and open questions about various financial transfers and the custody and control of Customer Assets – including by Defendants who claim they are not subject to the Court’s jurisdiction – as described in the Complaint, Memorandum of Law, and supporting materials,”…

BTC Price Rallies Above $27,000 as Crypto Market Shrugs Off SEC Lawsuits Against Binance, Coinbase

The broader crypto market also regained ground since Monday, albeit somewhat less than BTC. ETH, the second largest crypto by market value, was recently changing hands at slightly below $1,900, up 4.5% from Monday, same time. ADA and SOL, the tokens of the smart contract platforms Cardano and Solana, recently rose more than 1% a day after plunging more than 8% and 10%, respectively. Binance’s BNB native token was also in positive territory, while Polygon’s MATIC was down 1%. The SEC listed those tokens and nine others as unregistered securities…

Coinbase CEO responds to SEC suit, says team is ‘confidant’ in facts and law

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Coinbase CEO Brian Armstrong has responded publicly to the United States Securities and Exchange Commission (SEC) lawsuit against his company, stating in a tweet that the team is “confident in our facts and the law” and that it welcomes the chance “to finally get some clarity around crypto rules” in court. Regarding the SEC complaint against us today, we’re proud to represent the industry in court to finally get some clarity around crypto rules. Remember:1. The SEC reviewed our business and allowed us to become a public company in 2021.2.…