CryptoX – Cryptocurrency Analysis and News Portal At the annual Futures Industry Association conference in Boca Raton, representatives from crypto companies argued the lack of regulatory clarity would stifle US innovation. Source The post SEC Is 'Completely Out Of Control,' Says a16z Crypto's Head of Policy appeared first on CryptoX. CryptoX Portal
Over the last year, a series of court cases have struck the crypto industry. Bankruptcy, liquidity issues and fraud have caused the industry to fall under the microscope of regulators around the world. The former cryptocurrency brokerage company Voyager Digital, Alameda Research – the investment arm of FTX- and cryptocurrency exchange Binance have been among some of the major entities dealing with the United States Securities and Exchange Commission in the battle over assets and owed funds. As the new year has continued on, so have many of these cases.…
Two commissioners at the U.S. Securities and Exchange Commission (SEC) are putting their own agency on blast after the regulator batted down another Bitcoin (BTC) exchange-traded fund (ETF) application. The SEC on Friday rejected a Bitcoin spot ETF application from VanEck, a US-based ETF and fund manager. Unlike Bitcoin futures ETF, which would be linked to derivative contracts tied to BTC, a spot Bitcoin ETF would be directly backed by the benchmark cryptocurrency. SEC Commissioners Hester Peirce and Mark Uyeda released a statement accusing their own agency of holding Bitcoin…
Despite the recent crackdown by the U.S. Securities and Exchange Commission (SEC) on staking services offered by centralized providers, Coinbase has reiterated to customers that its staking services will continue, and “may actually increase.” In a new customer email, highlighted by popular traders such as @AltcoinPsycho via Twitter on March 10, Coinbase outlined its updated staking terms and conditions starting from March 29. New email from Coinbase regarding staking: “Your staked assets will continue earning rewards, no action is required… You earn rewards from the protocol, not Coinbase” Coinbase basically…
The chairman of the Commodity Futures Trading Commission (CFTC) has insisted that ether is a commodity, not a security as claimed by the chairman of the Securities and Exchange Commission (SEC). The CFTC chief stressed that the derivatives watchdog would not have allowed ether futures products to be listed on CFTC-regulated exchanges “if we did not feel strongly that it was a commodity asset.” Ether Is a Commodity, Claims CFTC Chairman The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, addressed the claim made by the chairman of…
On March 10, the United States Securities and Exchange Commission ruled against a change that would allow investment manager VanEck to create a spot Bitcoin (BTC) trust. Commissioner Mark Uyeda joined his colleague Hester Peirce in releasing a statement criticizing the commission’s decision not to approve the listing and trading of the financial product. The commissioners noted that the SEC had denied every application for a spot Bitcoin trust that ha been filed, amounting to almost 20 over the last six years. Its decision on VanEck “repeats the analysis that the…
Crypto is, and will for some time, be a quintessential case of unfinished business. Protocols that are sufficiently decentralized won’t be shut down because they literally cannot be. So, in one shape or another, the industry will stick around. And eventually, battered, bruised and bloodied, it will gain the legislative clarity and legitimacy it needs. Source
Thailand’s Securities and Exchange Commission (SEC) is preparing to hold a new public hearing on a potential ban on staking and lending services in the country. Thailand’s SEC officially announced on March 8 that the authority is seeking public comments on a draft regulation prohibiting virtual asset service providers (VASPs) from providing or getting involved in any type of crypto staking and lending transactions. According to the SEC’s policy, VASPs should not be allowed to deploy users’ deposits and provide lending services in order to prevent possible damage to investors…
The collapse of crypto exchange FTX and other bearish events in the space were at the center of discussions among lawmakers and witnesses at the inaugural hearing of the United States House Committee on Financial Services’ Subcommittee on Digital Assets, Financial Technology and Inclusion. Addressing lawmakers at the March 9 hearing, BitGo co-founder and CEO Mike Belshe criticized the U.S. Securities and Exchange Commission, or SEC, for enforcement actions against crypto firms “trying to do it right” — i.e. communicating with regulators and pursuing a path to operate in the…
Bankrupt cryptocurrency lender Voyager Digital has won court approval to sell over $1 billion of its assets to Binance US. The approval was granted by United States Bankruptcy Judge Michael Wiles on Mar. 7, which came after four days of arguments presented by Voyager and the U.S. Securities Exchange Commission (SEC). Wiles said he would give the trading platform permission to close the Binance US sale and issue repayment tokens to impacted Voyager customers, which would give them back approximately 73% of what they’re owed. Wiles rejected a series of…