Over the course of the marathon hearing, Gensler fended off questions about whether his agency was pushing too hard on proposed rules, providing too little time for public feedback on these rules, how it was approaching crypto companies hoping to operate in the U.S. and a host of non-crypto questions, including proposed disclosure requirements around climate change and audit trails. Source
Crypto firms are using the major questions doctrine as a way to fend off regulators, Jason Gottlieb, a partner at Morrison Cohen LLP, said. Source
According to the recent complaint by the U.S. Securities and Exchange Commission (SEC) against Bittrex, the securities regulator insists that a few crypto asset tokens were offered and sold as investment contracts and are securities. The news follows the SEC’s designation of several crypto assets as securities, including the case against Terraform Labs, which insists that LUNA and UST were sold as unregistered securities. Additionally, a lawsuit initiated by New York attorney general Letitia James against Kucoin insists that ethereum is also an unregistered security. Lawsuits Against Crypto Exchanges Bring…
United States cryptocurrency exchange Coinbase is gearing up for a lengthy legal battle with the Securities and Exchange Commission (SEC) after the regulator warned the company of potential securities law violations, CEO Brian Armstrong told CNBC in an interview on April 18. Coinbase received a Wells notice from the U.S. SEC on March 22, indicating a possible enforcement action. The notice is usually the last step before the regulator files charges. In response, Armstrong expressed disappointment and revealed that the company had not received any clear details from the SEC about…
“Crypto investors should benefit from compliance with the same laws that Rayburn and Roosevelt laid out to protect against fraud, manipulation, front-running, wash sales, and other misconduct,” Gensler said. “As Justice Thurgood Marshall put it so well, ‘Congress’s purpose in enacting the securities laws was to regulate investments, in whatever form they are made and by whatever name they are called.’” Source
In a February interview with New York Magazine, Gary Gensler, chairman of the United States Securities and Exchange Commission, said that just about every crypto transaction, with the exception of Bitcoin spot transactions and buying or selling things with cryptocurrency, falls within the jurisdiction of the SEC. In the interview, when discussing what types of crypto transactions should be regulated as securities, Gensler didn’t mince words. “Everything other than Bitcoin. You can find a website, you can find a group of entrepreneurs, they might set up their legal entities in…
A four-year-old video of United States Securities an Exchange Commission (SEC) chair Gary Genser giving praise to smart contract platform Algorand (ALGO) is circulating on Twitter following the SEC declaring ALGO is an unregistered security. In the video, Gensler referred to Algorand as a “great technology” while he was contemplating whether a “high performance” smart contract network would be capable of integrating an Uber or Lyft-like application on its platform. ALGO is one of six tokens that Gensler claimed was an unregistered security in the SEC’s lawsuit against crypto trading…
Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), has issued her opinion on the recent attempts of the institution to change the definition of “exchange” under the Exchange Act Rule. According to Peirce, the institution is now expanding its reach to solve “problems that do not exist,” stifling innovation in the process. SEC Commissioner Hester Peirce Issues Dissenting Opinion U.S. SEC Commissioner Hester Peirce, also known in cryptocurrency circles as “crypto mom,” has written a letter blasting the recent decision of the Commission to amend the…
“We see this new technology, and we’re not willing to make any adjustments to accommodate it,” SEC Commissioner Hester Peirce said Monday on CoinDesk TV, further detailing her criticism of last week’s move, which she opposed. “If you don’t look exactly like incumbent firms, then we’re just going to be fine with killing you off or driving you offshore or forcing you to turn yourself into a centralized entity.” Original Source AssertionCardsDeFiFallsLaysRulesSECSecuritiesTable CryptoX Portal
The United States Securities and Exchange Commission (SEC) has charged the crypto asset trading platform Bittrex and its cofounder and former CEO William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. The agency filed a separate charge against Bittrex Global. The SEC is pressing four charges of Exchange Act violations against the companies and Shihara in the U.S. District Court Western District of Washington. Bittrex Global is also being charged “in connection with its operation of a single shared order book along with Bittrex.” The SEC…