Tag: SEC

Chia Network says it submitted IPO registration to SEC after leadership shuffle

boss

The Chia Network blockchain said April 14 that it had submitted a proposal for an initial public offering (IPO) to the United States Securities and Exchange Commission (SEC). The size and price range of the offering have not been determined, the company said. The proposal was submitted confidentially and the announcement was made under a Securities Act of 1933 rule to allow limited information to be released to measure investor response. The Chia Network is a decentralized smart contract platform that uses a novel consensus protocol based on data storage space.…

Tron Founder Justin Sun, Soulja Boy, and Austin Mahone Summoned by SEC in Crypto Asset Case – Bitcoin News

boss

Court documents reveal that Justin Sun, Tron’s founder, has been sent a summons from the U.S. Securities and Exchange Commission (SEC) regarding the civil complaint filed against him last month. Youtuber Austin Mahone and rapper Soulja Boy, whose real name is DeAndre Cortez Way, have also been summoned. The SEC accuses Sun of orchestrating an unregistered sale and offer of a crypto asset security and engaging in manipulative trading schemes. Court Sends Summons to Singapore Address in Attempt to Serve Tron Founder Justin Sun A court summons has been issued…

SEC targets DeFi in vote to revisit proposal concerning the definition of ‘exchange’

boss

The United States Securities and Exchange Commission (SEC) has announced it will be revisiting the proposed redefinition of an “exchange” under the agency’s rules — a move which could include crypto market participants in decentralized finance, or DeFi. In an April 14 open meeting with SEC commissioners and staff, chair Gary Gensler said the proposed rule amendments could benefit investors and markets by bringing certain brokers under additional regulatory scrutiny as well as “modernizing” rules which define an exchange. Under the proposal, an “exchange” would be more closely defined as…

U.S. SEC Poised to Move Toward DeFi Oversight As It Reopens Proposed Regulations

“The cryptocurrency industry is rapidly expanding with some industry lobbyists insisting that their offerings and platforms fall outside the securities laws and regulations,” Better Markets, a Washington-based group advocating for tougher protections in the financial system, wrote in a comment letter last year. “But clearly, the commission must apply securities regulation equally to all securities regardless of how novel, ‘innovative,’ popular, or profitable such offerings may be.” Source

SEC Summons Justin Sun, Soulja Boy & YouTube Musician over Issuance of ‘Unregistered’ TRON Coins

The SEC says the TRON founder and the other two accused have 21 days to answer its summons or incur further punitive action.  The Securities and Exchange Commission (SEC) has issued summons to TRON founder Justin Sun and a few other celebrities over the TRX token. According to reports, the securities regulator wants to hear from Sun, American rapper Soulja Boy, and YouTube sensation Austin Mahone following its civil complaint.  Last month, the SEC accused several celebrities, including the trio, of involvement in issuing unregistered tokens. The Commission alleged that…

Financial Services chair McHenry sends SEC 2nd request for records related to SBF arrest

boss

Leadership in the United States House of Representatives Financial Services Committee was not satisfied with Securities and Exchange Commission head Gary Gensler’s response to their request for documents. They have reached out to the SEC chairman again in a sharply worded letter.  Committee chair Patrick McHenry and chair of the Oversight and Investigations Subcommittee Rep. Bill Huizenga wrote Gensler on Feb. 10 “demanding records and communications between and among both the SEC’s Division of Enforcement, the Office of the Chair, and the Department of Justice (DOJ)” in regard to the…

SEC argues recent court case weakens Ripple Labs’ ‘fair notice’ defense

boss

A recent court judgment further weakens a key defense made by technology firm Ripple Labs in its ongoing legal battle with the United States Securities and Exchange Commission (SEC), the regulator has claimed to a federal judge. In an April 11 letter to U.S. District Judge Analisa Torres, who is overseeing the SEC and Ripple Labs case, the SEC highlighted the judge’s opinion in a separate enforcement action it won against investment advisory firm Commonwealth Equity Services. In that case, it was deemed that a longstanding court precedent provides sufficient…

SEC Advisory Group Backs Gensler’s Crypto Efforts But Asks for Industry Guidance

However, the advisory group – led by Chair Christopher Mirabile of Launchpad Venture Group and Vice Chair Leslie Van Buskirk, the administrator of the Wisconsin Department of Financial Institutions’ securities division – backed him on almost everything else, including that “virtually all, if not all, crypto tokens are securities and that they, as well as the platforms and custodians dealing with them, are subject to regulation under the federal securities laws.” Industry representatives have argued that most cryptocurrencies are not securities as defined under U.S. law. Source

US SEC seeks to expand its Crypto Assets and Cyber Unit

boss

Regulators in the United States have been piling on the pressure on the crypto space over the last year, even more so in light of the demise of FTX and collapse of Silicon Valley Bank. Now, according to a job posting on the official careers website for the U.S. government, the Securities and Exchange Commission is seeking to hire general attorneys in New York, New York; San Francisco, California; and Washington D.C. for its Crypto Assets and Cyber Unit in its Division of Enforcement. The Division of Enforcement – Crypto Assets…