Tag: SEC

SEC files lawsuit against Tron’s Justin Sun and celebrities over crypto securities offering

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The United States Securities and Exchange Commission, or SEC, has called for a jury trial against Tron founder Justin Sun for the “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities.” In a March 22 filing in U.S. District Court for the Southern District of New York, the SEC named Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry over the offer and sale of Tron (TRX) and BitTorrent (BTT), alleging the tokens were securities. The financial regulator further alleged Sun engaged in…

XRP cryptocurrency jumps as investors hope Ripple will win SEC case

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A visual representation of the digital cryptocurrency, XRP. S3studio | Getty Images The XRP cryptocurrency soared on Wednesday as investors grew hopeful that Ripple, a company closely associated with the token, would win its prolonged legal battle with the U.S. Securities and Exchange Commission. The token was worth around 45 cents at about 8 a.m. ET, according to data from CoinGecko, up over 11% in the last 24 hours. It was earlier trading up as much as 20%. Traders pointed to a supplemental notice submitted by Ripple on Monday which…

Sushi sets up legal defense fund after SEC subpoenas head chef Jared Grey and DAO itself

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Sushi DAO proposed the creation of a legal defense fund March 21 in response to the “recent” subpoena of Sushi head Jared Grey and the decentralized autonomous organization (DAO) itself by the United States Securities and Exchange Commission (SEC).  The DAO’s proposal did not provide details about the SEC subpoena. It stated that it was cooperating with the SEC and, “We do not intend to comment publicly on ongoing investigations or other legal matters.” One community member commented: “How does ‘sushi’ even get subpoenad [sic]? The human I get, but…

Coinbase submits petition to SEC explaining that staking is not securities

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United States-based crypto exchange Coinbase decided to communicate proactively on crypto staking, which had recently attracted regulators’ attention. The company’s petition to the Securities and Exchange Commission (SEC) explains why staking can’t be universally labeled as securities. The “Petition for Rulemaking” was published by Coinbase on March 20. In an 18-page document, the firm focused on how securities law treats services related to validating proof-of-stake protocols. It was written in response to the SEC’s February crackdown on Kraken’s staking program — the SEC charged the exchange with “failing to register…

DOJ and SEC to probe SVB collapse and insider stock sales: Report

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The United States Justice Department and the Securities Exchange Commission (SEC) have reportedly launched inquiries into the sudden collapse of Silicon Valley Bank (SVB) — which was shuttered by regulators last week amid a historic bank run.  According to “people familiar with the matter,” — cited in a March 14 report from The Wall Street Journal — the probes will look into events that led to the bank collapse, along with the stock sales SVB financial officers undertook in the weeks leading up to the closure. Securities filing show the…

Coinbase files brief in SEC Wahi case, says it doesn’t sell securities, but would like to

Cryptocurrency exchange Coinbase filed an amicus brief in support of a motion to dismiss the case brought by the United States Securities and Exchange Commission (SEC) against former Coinbase product manager Ishan Wahi and other for insider trading. Coinbase condemns the defendants conduct, it said in the brief, but supports the defendants’ motion because of the SEC’s assumption that the exchange listed securities on its platform. Coinbase stated in its amicus (“friend of the court”) brief that it had fully cooperated with the investigation of Wahi, his brother and their…

Coinbase files brief in SEC Wahi case, says it doesn’t sell securities but would like to

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Cryptocurrency exchange Coinbase filed an amicus brief in support of a motion to dismiss the case brought by the United States Securities and Exchange Commission against former Coinbase product manager Ishan Wahi and others for insider trading. Coinbase says it condemns the defendants’ conduct but supports their motion because of the SEC’s assumption that the exchange listed securities on its platform. Coinbase states in its amicus (“friend of the court”) brief that it has fully cooperated with the investigation of Wahi, his brother and their friend, and it implies that…