The U.S. regulatory body is probing related-party transactions that may have violated securities laws. Source
Bitcoin Miner Marathon First-Quarter Earnings Beat Estimates as SEC Extends Probe
Tag: SEC
Bitcoin miner Marathon Digital hit with another SEC subpoena
Bitcoin (BTC) miner Marathon Digital has disclosed that it received another subpoena from the United States Securities and Exchange Commission (SEC) relating to its 100-megawatt data center in Hardin, Montana. According to Marathon’s quarterly report filed May 10, it received the subpoena on April 10 “relating to, among other things, transactions with related parties” that occurred while it was creating the facility in Montana, adding: “We understand that the SEC may be investigating whether or not there may have been any violations of the federal securities law. We are cooperating…
Crypto Exchange Bittrex Files for Bankruptcy Following SEC Enforcement Action After Nearly a Decade in Business
Seattle-based crypto exchange Bittrex has filed for bankruptcy as it faces ongoing regulatory challenges in the United States. Richie Lai, the exchange’s co-founder and chief executive, acknowledged the filing in a tweet on Monday. “Yes, we filed chap 11. Yes, we still have 100% of all customer funds. Yes, there will be a claims process through the bankruptcy courts. This was the cleanest way to bury the baby — RIP Bittrex Exchange.” Bittrex notes on its website that the bankruptcy announcement does not impact the exchange’s foreign affiliate, Bittrex Global,…
Cboe Files Third Attempt at Securing Spot Bitcoin ETF Approval from SEC
Chicago Board Options Exchange parent Cboe has again filed for a spot Bitcoin ETF with the SEC despite being rejected in late January. In a recent regulatory filing, Cboe Global Markets made its third attempt to list the ARK 21Shares Bitcoin exchange-traded fund (ETF). On Tuesday, the Chicago Board Options Exchange parent company sought approval from the Securities and Exchange Commission (SEC). The latest regulatory filing reflects the Cboe’s struggle for a US Spot Bitcoin ETF. The SEC has rejected all previous attempts, with the latest in late January. However, Cboe is one…
SEC Blasted on Custody Proposal by JPMorgan, NYDFS, Bakkt And a Fellow Agency
And from the crypto sector, investment firm a16z said, “We believe this proposed prohibition to be illegal, infeasible, and dangerous.” The letter signed by several executives suggested investment advisers would find the rule almost impossible to comply with, because it “largely failed to consider the logistics of how custody works for many crypto assets, the economics underpinning crypto asset markets, and even the basic statistics and other data that should inform a considered regulatory approach.” Source
Coinbase legal chief sends letter to SEC on RIA rulemaking
Coinbase’s legal chief has requested the United States Securities and Exchange Commission (SEC) make several revisions to its proposed regulation on the responsibilities of registered investment advisers (RIAs) for storing client assets with qualified custodians. Although the SEC acknowledges Coinbase Custody Trust Company as a “qualified custodian,“ Coinbase contends that the updated RIA custody rule unfairly targets crypto and makes improper assumptions about custodial practices based on securities. According to a May 8 letter from Coinbase chief legal officer Paul Grewal, the proposed SEC rulemaking fails to safeguard other asset…
‘War on crypto’ — Newly filed letters lambast proposed SEC custody rules
A proposal by the United States securities regulator to tighten rules around crypto custody has been met with opposition from at least two proponents of the industry, according to recently filed letters. On May 8 — the deadline for comments on the proposal — crypto industry advocacy body Blockchain Association filed its letter to the Securities and Exchange Commission (SEC) criticizing its proposal to amend its custody rule. Three days earlier, a similar letter was sent by Web3 venture capital fund Andreessen Horowitz (a16z). Marisa Tashman Coppel, a policy lawyer…
Crypto Exchange Bittrex Enters Chapter 11 Bankruptcy Protection Following SEC Lawsuit – Bitcoin News
Bittrex Inc., the U.S.-based cryptocurrency exchange, has filed for Chapter 11 bankruptcy protection in Delaware after being sued by the U.S. Securities and Exchange Commission for failing to register with the regulator. The exchange reportedly has over 100,000 creditors and liabilities ranging from $500 million to $1 billion. Bittrex Bankruptcy Filing Reveals Over 100,000 Creditors and $1 Billion in Liabilities Bittrex Inc. filed for Chapter 11 bankruptcy in Delaware on Monday, while its parent company Bittrex Global will continue to operate outside the United States. This development comes after the…
Ripple CEO Says Company Spends $200 Million Fighting SEC Lawsuit Over XRP, Ruling Could Come in 3 Months – Regulation Bitcoin News
Ripple CEO Brad Garlinghouse has revealed that his company is spending $200 million defending itself against the SEC in its lawsuit over xrp. The executive expects a decision on the lawsuit in three to six months. “If we win the lawsuit, it’ll be clear what xrp is, but the rest of the industry is still going to be unclear. And the whole crypto industry needs regulatory clarity in the U.S. to really thrive,” said the Ripple boss. Ripple’s CEO Shares New Info on SEC Lawsuit Over XRP The CEO of…
Crypto platform Bittrex files for Chapter 11 bankruptcy following SEC charges
Cryptocurrency trading platform Bittrex has filed for Chapter 11 bankruptcy protection in the District of Delaware. In a May 8 filing in the United States Bankruptcy Court for the District of Delaware, Bittrex estimated it had more than 100,000 creditors, between $500 million and $1 billion in assets, and between $500 million and $1 billion in liabilities as part of bankruptcy proceedings. The declaration followed the U.S. Securities and Exchange Commission charging the company and its co-founder and former CEO William Shihara for securities violations in April. Cointelegraph reached out to Bittrex…