The latest price moves in bitcoin (BTC) and crypto markets in context for April 25, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets. Source
The filing is a preemptive move by the crypto exchange to argue that the SEC’s approach doesn’t provide sufficient regulatory guidance for U.S. crypto firms. Source
Do Kwon’s lawyers indicated that Coinbase does not list securities, and the SEC has not been granted the powers by Congress to regulate digital assets as securities or commodities. The Terra Luna and Do Kwon case could be headed in a different direction after a South Korean court ruled that the rebranded LUNC project is not a security product. As a result, Do Kwon’s lawyers were motivated to ask the United States Securities and Exchange Commission (SEC) to stop pushing with the legal pressure due to lack of jurisdiction. His…
In the civil action brought against Kwon, the regulator failed to prove “personal jurisdiction” as products referenced by the SEC were “available to the world and not directed at U.S. persons,” a 47-page supporting document for a motion to dismiss the charges said. It also says that a digital asset involved in the case, the stablecoin UST, does not fall under the purview of the SEC as it is a currency and not a security. Source
A seven-month-long lawsuit between the United States securities regulator and a firm alleged to have manipulated the price of cryptocurrencies has come to a close with a $2.8 million payment. On April 20, a New York District Court Judge ruled against Hydrogen Technology Corporation and its former CEO Michael Ross Kane in a suit brought by the Securities and Exchange Commission (SEC), ordering them to pay $2.8 million in remedies and civil penalties. The sum comprises approximately $1.5 million in “disgorged” profits — which refers to gains made from unlawful…
The U.S. Securities and Exchange Commission (SEC) has urged financial professionals to exercise enhanced scrutiny when recommending high-risk or complex products, including cryptocurrencies or “crypto asset securities.” The SEC has called for financial professionals to adopt “enhanced scrutiny” when suggesting intricate or high-risk products, including cryptocurrencies or “crypto asset securities” as defined by the agency. In a recent announcement, the SEC stressed the importance of finance professionals possessing a comprehensive understanding of the risks tied to specific investment products before presenting them to clients. The SEC pointed out that certain…
“Certain products are more complex or have additional risk features, which may make it more difficult for firms and their financial professionals to develop an understanding,” according to the SEC guidance, and “crypto asset securities” are among the examples provided. So, when brokers or advisers talk to customers about crypto, the advisers must ensure that those they’re advising understand the products and whether crypto offerings make sense for clients’ specific financial situations, according to the bulletin, which represents the staff’s view on existing regulations and isn’t a new rule. Source
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, would not answer a direct question in a congressional hearing about whether ether is a security. While the SEC chair insisted that the law is clear on crypto, Congressman Patrick McHenry argued that the SEC’s regulatory actions say “there’s a great deal of uncertainty.” Lawmaker Probes SEC Chair Gary Gensler on Whether Ether Is a Security The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified on Tuesday before the House Financial Services Committee on…
The lawmakers also referred to the enforcement actions against crypto companies by the SEC. The US lawmakers have put the chairman of the Securities and Exchange Commission (SEC) Gary Gensler on a hot seat over rushed rulemaking. For the first time since the Republicans took over the House of Representatives in January, Gensler testified before the House Financial Services Committee. The SEC head appeared to defend his regulatory agenda on crypto assets and the pace of rulemaking in specific areas like climate change risks. Under Gensler’s administration, the SEC has…
A U.S. lawmaker has announced that he is introducing legislation to remove the Securities and Exchange Commission (SEC) chairman in order to “correct a long series of abuses.” The SEC, under Chair Gary Gensler, has been heavily criticized for its enforcement-centric approach to regulating the crypto industry. Lawmaker Seeks to Remove SEC’s Chairman U.S. Congressman Warren Davidson (R-OH) has revealed that he is introducing legislation to remove the chairman of the U.S. Securities and Exchange Commission (SEC). The lawmaker from Ohio tweeted Friday: To correct a long series of abuses,…