Tag: SEC

Judges hear oral arguments in Grayscale suit against SEC over BTC spot ETF rejection

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A panel of judges heard oral arguments in the Grayscale Investments suit against the United States Securities and Trade Commission (SEC) on March 7. Grayscale is challenging the SEC order not to approve Grayscale’s application to create a Bitcoin (BTC) spot exchange-traded fund (ETF). The SEC issued its order on July 6, 2022. Former solicitor general Donald Verrilli Jr. represented Grayscale and SEC senior counsel Emily Parise spoke for the SEC before Chief Judge Sri Srinivasan and Judges Neomi Rao and Harry Edwards in the District of Columbia Circuit Court…

A Dozen Reasons Why the SEC Should Have Approved Grayscale’s Spot Bitcoin ETF

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The core argument in favor of approving a spot bitcoin ETF, at least at this time, is that the SEC’s concerns about manipulation are literally inconsistent – and possibly in violation of the Administrative Procedure Act, as Ribbit Capital’s Sigal Mandelker and Jessi Brooks wrote. The agency has already approved exchange-traded products that use bitcoin futures contracts, particularly NYSE Arca’s proposal to list and trade shares of the Teucrium Bitcoin Futures Fund and Nasdaq’s proposal to list and trade shares of the Valkyrie XBTO Bitcoin Futures Fund. Both of the…

Crypto Exchange Binance Approached SEC Chair Gary Gensler in 2018 To Offer Advisory Position: Report

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The world’s largest crypto exchange, Binance, reportedly recruited current U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler for an advisory role back in 2018. According to the Wall Street Journal (WSJ), Binance employees approached Gensler when he was a professor at the prestigious US university, Massachusetts Institute of Technology. Chats viewed by the WSJ show that a Binance staffer believed that Gensler would likely be “back in a regulator’s seat if Dems win the 2020 election.” Per the report, Gensler declined the advisory position but offered Binance licensing strategies.…

SEC Levies Charges Against BKCoin for Fraud

The United States Securities and Exchange Commission (SEC) has filed an emergency action against Miami Investment Adviser, BKCoin Management LLC. In what comes as the latest in the series of enforcement actions from the regulator, it said BKCoin Management and its core principal, Kevin Kang were involved in a crypto asset fraud scheme. According to the regulator, the company raised approximately $100 million from 55 investors with the funds originally designed to be invested in crypto assets. Rather than use the funds for this purpose, BKCoin Management diverted the investment…

SEC not allowed to punish Voyager advisers over bankruptcy token, says US judge

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The United States Securities Exchange Commission (SEC) won’t be allowed to fine executives involved in Voyager Digital should it end up issuing bankruptcy tokens to help repay impacted customers, bankruptcy judge Michael Wiles has said. The comments from Wiles came on Mar. 6, the third day of hearings regarding a plan by Voyager to issue a repayment token and sell $1 billion of assets to Binance.US. The SEC earlier argued that the repayment token would constitute an unregistered security offering, while Binance.US is operating an unregulated securities exchange. In a…

SEC Files Emergency Action Against Bkcoin in $100 Million Crypto Fraud Scheme – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has filed an emergency action against Miami-based investment adviser Bkcoin and one of its principals, Kevin Kang. “The defendants disregarded the structure of the funds, commingled investor assets, and used more than $3.6 million to make Ponzi-like payments to fund investors,” the SEC alleged. SEC’s ‘Emergency Action’ Against Bkcoin, Kevin Kang The U.S. Securities and Exchange Commission (SEC) announced Monday that it has filed an “emergency action” against Miami investment adviser Bkcoin and one of its principals, Kevin Kang, “for orchestrating a $100…

Voyager Bankruptcy Judge Expresses Skepticism Over U.S. SEC Objection to Binance US Deal

SEC Senior Trial Attorney William Uptegrove said Friday that SEC staff believed Binance US may be operating an unregistered securities exchange in the U.S., an assertion that Binance US objected to. On Monday, U.S. Bankruptcy Judge Michael Wiles, of New York’s Southern District Bankruptcy Court, asked SEC Senior Trial Attorney Therese Scheuer whether Binance US or Voyager could have known about this claim prior to Friday. Source

SEC accuses Utah firm of ‘fraudulent’ $18M crypto mining scheme

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Software and crypto mining equipment offered by the Utah-based Green United LLC was part of an $18 million “fraudulent scheme” that never mined the crypto it said it would, according to allegations by the United States Securities and Exchange Commission (SEC). The regulator filed a complaint in a Utah District Court on Mar. 3 against Green United, its founder, Wright Thurston, and a contracted promotor Kristoffer Krohn. It alleges the company and the two representatives fraudulently offered securities between April 2018 and December 2022 by selling investments in $3,000 “Green…

SEC Accuses Utah-Based Green United of Running $18M Crypto Mining Scam

According to the SEC’s complaint, Green United and two individuals – the company’s founder, 46-year-old Utah resident Wright Thurston, and its main promoter, 43-year-old Utah resident Kristoffer Krohn – offered investments in $3,000 “Green Boxes,” specialized crypto mining machines that purported to mine GREEN tokens on the Green Blockchain. Source