Tag: SEC

Ripple CEO Slams SEC Chair Gensler for Dictating Which Crypto Tokens Are Securities – Regulation Bitcoin News

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Ripple CEO Brad Garlinghouse has slammed Securities and Exchange Commission (SEC) Chairman Gary Gensler for claiming that he has the authority to determine which crypto tokens are securities, rather than relying on the legislation that governs his agency’s power. “It’s time for elected officials in the U.S. to take notice,” the Ripple executive stressed. Ripple’s CEO Slams SEC Chair Gensler Over What’s a Security The CEO of Ripple Labs, Brad Garlinghouse, has criticized the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for dictating which crypto tokens…

SEC Takes Action Against Crypto Trading Platform Beaxy and Its Executives – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has filed charges against crypto trading platform Beaxy and its executives. Additionally, the regulator alleged that the cryptocurrency exchange’s founder raised $8 million in an unregistered crypto token offering and “misappropriated at least $900,000 for personal use, including gambling.” SEC Charges Crypto Exchange Platform Beaxy The U.S. Securities and Exchange Commission (SEC) announced Wednesday that it has filed charges against crypto asset trading platform Beaxy, its founder, and its executives. SEC Chairman Gary Gensler commented: We allege that Beaxy and its affiliates performed…

SEC Needs New Tools, Expertise, and Resources to Regulate Crypto Industry – Regulation Bitcoin News

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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional hearing that the securities regulator “requires new tools, expertise, and resources” to combat misconduct in the crypto space. “We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class,” he stressed. SEC Chair Gary Gensler on Budget Request and Crypto Regulation The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified on his agency’s Fiscal Year (FY) 2024 budget…

SEC Charges Beaxy and Executives for Offering Services as Unregistered Exchange

It is said that the exchange exposed its users to a very significant risk by combining several aspects of its operations that should have been registered and operated separately. The United States Securities and Exchange Commission (SEC) has charged Beaxy cryptocurrency trading platform for operating in the US as an unregistered platform. According to the regulator, Beaxy as well as its associates violated the Securities Act. The charges levied against Beaxy were also extended to its executive, Artak Hamazaspyan, featuring the raise of a total of $8 million in an…

Thai SEC wants to lift restrictions on initial coin offerings

Thailand’s Securities and Exchange Commission (SEC) is preparing to soften retail investment restrictions related to initial coin offerings (ICO) to boost digital investments. The Thai securities regulator is willing to lift the limit of 300,000 baht ($8,800) for asset-backed ICOs per person, planning to allow bigger investments in real estate and infrastructure-backed ICOs, the SEC officially announced on March 30. The new measures aim to help Thailand boost local technological development due to growth in the capital market and the digital economy, the SEC said, adding: “The revision of the…

SEC Chairman Gary Gensler Says US Has Securities Laws that Cover Crypto

Despite the lack of clarity in the rules, the SEC chairman has reiterated that any attempt to create new laws will unsettle the status quo. Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC) has revealed in his latest hearing with the House Appropriations Committee that the country has a law that is well suited for the crypto industry. As reported by The Block, Gensler said the current Securities law also applies to crypto entities and that there is no need for additional legislation. “If Congress…

Crypto Exchange Beaxy Shuts Down in Wake of SEC Lawsuit

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Cryptocurrency exchange, Beaxy, has shut down its operations after over three of launching into the market. The exchange ceased its operations in the wake of a lawsuit from the United States Securities and Exchange (SEC) which charged the platform and its executions for operating an unregistered exchange, brokerage and clearing agency. In a statement published on its website on Tuesday, Beaxy said it was immediately suspending its services on the Beaxy Changes “due to the uncertain regulatory environment surrounding our business.” Beaxy launched its crypto trading services in June 2019…

Beaxy exchange shutters after SEC presses multiple charges against founder, execs

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Beaxy suspended operations on March 28 “due to the uncertain regulatory environment surrounding our business,” according to the cryptocurrency exchange’s blog. The suspension came a day before the United States Securities and Exchange Commission (SEC) announced it was charging Beaxy and its executives with failing to register as a national securities exchange, broker and clearing agency.  The SEC also said it was charging Beaxy founder Artak Hamazaspyan and Beaxy Digital, a company he controls, with raising $8 million through an unregistered offering of the Beaxy token (BXY) and misappropriation by…

Crypto Exchange Beaxy Shut Down After SEC Lawsuit

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Windy Inc. took over the platform in 2019 after the founder misappropriated money, according to the SEC, and managers Nicholas Murphy and Randolph Bay Abbott maintained Beaxy for trading crypto assets “that were offered and sold as securities,” the SEC said. So the agency is also accusing them of violating securities law by operating an unregistered exchange, broker and clearing agency, though the platform was described as defunct in another SEC case last year. Source

SEC chief Gary Gensler to face Congress grilling over crypto policy

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The United States Securites and Exchange Commission chief Gary Gensler is set to testify before the the House Financial Services Committee for the first time. In an interview, Patrick McHenry, chairman of the Financial Services Committee, confirmed that the SEC chief would have to face Congress’ questions over his approach towards the crypto ecosystem on April 18. #NEW: Chairman @PatrickMcHenry confirms @SECGov Chair Gary Gensler will testify before the House Financial Services Committee on April 18th. Republicans will hold @GaryGensler accountable for his flagrant disregard for the law, jurisdiction, and…