Tag: SEC

U.S. SEC Changes Its Mind on Officially Labeling Digital Assets in Hedge Fund Regulation

“The SEC is a regulator that requires transparency from its registrants, but it is continuing to withhold regulatory clarity by not defining digital assets,” said Anne-Marie Kelley, a partner at Mercury Strategies who was a longtime SEC official. She suggested the commission may have deleted the definition because “any recognition of digital assets uniqueness as a novel product weakens their litigation stance that digital assets are securities and subject to the SEC securities laws.” Source

Coinbase Launches International Exchange with BTC and ETH Futures for Non-US Institutional Clients as SEC Crackdown Continues

The Coinbase International Exchange will provide institutional clients outside of the US with BTC and ETH contracts and up to 5x in leverage. Crypto exchange Coinbase has launched an international exchange to offer its teeming institutional clients an expanded portfolio of crypto services. According to the company, the new Coinbase International Exchange lists contracts for Bitcoin (BTC) and Ether (ETH) perpetual futures. In an official announcement, Coinbase said it received a regulatory license from the Bermuda Monetary Authority (BMA). The company said Coinbase International Exchange’s perpetual futures trading is available in eligible…

Coinbase Grew Quickly by Working With U.S. Regulators. Will It Expand Even More by Disregarding the SEC?

But the new vertical is also a sign of the exchange’s increasingly global perspective. Although Coinbase has operated across Europe and parts of Asia, Africa and Latin America for years, it has recently become more vocal about building internationally. In an April blog post, the exchange said it has begun talking with financial regulators in Abu Dhabi (which is building a crypto/fintech tech sandbox) while Armstrong, following a conversation with the U.K.’s Economic Secretary and City Minister, Andrew Griffith, said the country is “moving fast on sensible crypto regulation.” Source

SEC Hits Crypto Exchange Coinme With $4,000,000 in Fines for Alleged Securities Fraud

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The U.S. Securities and Exchange Commission (SEC) is settling securities fraud allegations levied against the Seattle-based company Coinme Inc. for $4 million in penalties. According to an SEC announcement, the US securities regulator accuses Coinme, its subsidiary Up Global and Neil Bergquist, the CEO of both entities, of violating securities law for selling the digital asset UpToken (UP). The SEC also accuses Bergquist and Up Global of making false and misleading statements regarding the demand for UpToken and the amount raised in the initial coin offering (ICO). The terms of…

SEC crackdown on crypto staking in the US could boost decentralization

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The Ethereum network underwent the successful Shapella hard fork on April 12, allowing validators to withdraw their long-staked Ether (ETH) from the Beacon Chain after three years. In the first week of withdrawals, more than a million ETH was unstaked by validators. However, from the second week onward, the number of ETH staked was higher than that of ETH withdrawn, indicating that validators are re-staking most of their ETH back into mining pools. Staking is temporarily locking tokens on a network that uses a proof-of-stake (PoS) consensus mechanism. In a…

Coinbase International Exchange launches amid SEC crypto crackdown in the US

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As the cryptocurrency industry faces regulatory challenges in the United States, public crypto exchange Coinbase is moving forward with a global derivatives platform. On May 2, Coinbase announced the launch of the Coinbase International Exchange (CIE), a new institutional platform designed for crypto derivatives trading. The CIE will start trading by listing Bitcoin (BTC) and Ether (ETH) perpetual futures later this week. All trading on the CIE will be settled in Coinbase-backed stablecoin USD Coin (USDC), requiring no fiat on-ramps. Coinbase stressed that direct access trading on CIE is available to…

On the shutdown of Bittrex in the US and SEC actions — Bittrex Global CEO at Consensus 2023

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Oliver Linch, chief executive officer of cryptocurrency exchange Bittrex Global, has pushed back against the United States Securities and Exchange Commission (SEC), claiming the company never had a clear opportunity to discuss a potential enforcement action. Speaking to Cointelegraph at the Consensus 2023 conference in Austin, Texas on April 28, Linch said there had been “precisely zero” communication between Bittrex Global and the SEC prior to the financial regulator issuing a Wells notice to the company’s U.S. counterpart in March. The SEC charged Bittrex in April for operating as an…

Meta SEC filing reveals debt securities offering plans

Tech giant Meta, the parent company of Facebook, Instagram and WhatsApp, submitted a filing to the United States Securities and Exchange Commission (SEC) for new debt shelf offerings.  The Big Tech company filed the prospectus on May 1, saying that it “may, from time to time, offer and sell debt securities in one or more series.” The statement continued to say each time a debt security is sold, it will issue a new “prospectus supplement” containing the “specific terms of the debt securities offered.” Debt shelf offerings, or debt securities,…

Nigeria SEC prepares new digital asset rules

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Nigeria, one of the world’s most curious nations about cryptocurrencies like Bitcoin (BTC), is preparing new industry regulations for digital asset platforms. The Securities and Exchange Commission (SEC) of Nigeria is considering allowing licensed digital exchanges to list tokens backed by certain assets, Bloomberg reported on May 1. According to SEC head of securities and investment Abdulkadir Abbas, the authority plans to only authorize listings of tokens based on assets like equity, debt or property. Cryptocurrencies like Bitcoin (BTC) or Ether (ETH) will not be among those assets, Abbas reportedly…

Coinme Fined $4M by U.S. SEC Over Unregistered UpToken Offering

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