Tag: SEC

SEC Says Crypto Regulatory Clarity May Take Years and They’re in No Rush

The regulator argues that it is under no obligation to meet the requirements outlined in Coinbase’s recent petition. The United States Securities Exchange Commission (SEC) has finally replied to Coinbase’s demand for regulatory clarity. Recall that the American exchange recently filed a petition asking the regulator to make clear crypto regulations. In a formal response issued to the court, the SEC insists that it will take its time to come up with regulations. But while the rules may take some years to make, the regulator confirms that it will carry…

Coinbase (COIN) Initiated at Hold Rating, Likely To Face Enforcement Action From SEC: Berenberg

At a minimum, these revenue sources likely would be targeted by the SEC in the enforcement action that we expect the commission to file soon,” analyst Mark Palmer wrote, adding that some of Coinbase’s other revenue streams, such as interest income from USD Coin (USDC) and custody, may also “get caught up in the SEC’s crypto-industry dragnet in the near future.” Source

SEC Says Coinbase Hasn’t Proven Need for Creating Crypto-Specific Rules

“As Coinbase’s own submissions make clear, considering the various paths it suggests is a necessarily complicated endeavor,” the SEC filing said. “Yet Coinbase filed its rulemaking petition fewer than ten months ago, supplemented aspects of the petition fewer than three months ago, and sought to supplement the record again only weeks ago.” Source CoinbaseCreatingCryptoSpecificHasntProvenRulesSEC CryptoX Portal

SEC seeks denial of Coinbase petition for imminent crypto rules

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The U.S. The Securities Exchange Commission (SEC) has finally given a formal response in court in relation to Coinbase’s petition for clear crypto regulation, stating that any rulemaking may take years and that enforcement actions will continue in the meantime. According to court documents filed on May 15, the SEC argued that it is under no obligation to meet the requirements of Coinbase outlined in its petition, while also arguing that the firm has called for a complex set of reforms and rule-making in an unreasonably short amount of time.…

SEC chair Gensler claps back at Coinbase, says crypto rules already exist

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The chair of the United States Securities and Exchange Commission (SEC) Gary Gensler has hit back at Coinbase’s petition compelling the agency to provide a clear stance on crypto regulation, arguing that there are already adequate laws in place. In a May 15 keynote speech at the Financial Markets Conference, Gensler was asked about the dispute with Coinbase, the rules on crypto and why “the SEC doesn’t publish rules for that market.” In response, Gensler staunchly asserted that “the rules have already been published,” adding that: “To make it quite…

SEC Revises Punishment against LBRY, Reduces Fine by 95%

Identifying the platform’s inability to pay a massive sum of $22 million as penalty in violations of the securities laws, the SEC has revised the penalty to $111,000. In a major development and probably the first, the US Securities and Exchange Commission (SEC) has decided to revise its fine against blockchain-based content-sharing platform LBRY, having identified the platform’s inability to pay a massive sum of $22 million. As per the filing submitted last week on May 12 in a New Hampshire District Court, the securities regulator sought an amendment to…

SEC under fire for its custody rule: Law Decoded, May 8–15

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Last week was harsh for the United States Securities Exchange Commission (SEC), with industry figures and officials publicly criticizing the regulator.  May 8 was the deadline for feedback on the SEC’s proposed custody rule, and there was feedback aplenty. Andreessen Horowitz’s general counsel Miles Jennings called the proposal a “misguided and transparent attempt to wage war on crypto.” The Blockchain Association claimed the rule exceeds the SEC’s authority, would inhibit advisers from transacting with crypto exchanges and leave investors’ assets at more risk. The chair of the United States House…

US-based Crypto Companies Threaten to Move Businesses Abroad due to Unfavorable SEC Regulation

A growing number of US-based crypto companies are considering leaving the country due to increasingly harsh SEC crackdowns. Following a harsh crackdown by the Securities and Exchange Commission (SEC) in the US, several crypto companies threatened to leave the country. On Sunday, reports stated that these US-based crypto players are testing their lobbying power limits with the bold threats issued. CNBC described the crypto-regulatory standoff as a ‘poker game’, in which the firms hope to force the SEC to accept their demands. Executives at crypto companies like Coinbase (NASDAQ: COIN) and Ripple oppose increasing SEC pressure to…

SEC revises $22M punishment against LBRY, seeks $111K instead

The United States securities regulator is seeking to revise its $22 million punishment against decentralized content platform LBRY, acknowledging it is unlikely to be able to cough up the funds to be able to pay it.  In a May 12 filing in a New Hampshire District Court, the Securities and Exchange Commission (SEC) sought an amendment to its request for remedies in its successful case against LBRY. Instead of seeking the original $22 million — the amount it claims LBRY gained from the sale of its token LBRY Credits (LBC),…