Tag: SEC

Ripple CEO Expects Lawsuit with SEC to End in 2023

The Ripple chief had already earlier specified that the lawsuit with the SEC would reach a resolution in the first half of 2023. The lingering legal battle between the US Securities and Exchange Commission (SEC) and Ripple is expected to finally come to an end in 2023. The case, which began in December 2020, involved the payment protocol and two of its executives – Christian Larsen and Bradley Garlinghouse. The Commission alleged that the company and the executive sold unregistered XRP tokens, raising $1.3 billion. According to the filing, Ripple…

U.S. lawmakers argue SEC accounting policy places crypto customers at risk

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Two United States lawmakers have criticized crypto accounting guidelines outlined by the securities regulator, arguing it places crypto customers at greater risk of loss. The guidelines came from the United States Securities and Exchange Commission (SEC), which became effective in April last year. The guidelines ask financial companies holding crypto for customers to recognize all digital assets they do not control as a liability. It also states that digital assets should be backed by a safeguarding asset. Crypto companies must show liabilities equal to ALL customer crypto assets, according to…

SEC objection to Voyager-Binance.US deal questioned by US judge

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The bankruptcy judge on Voyager Digital’s case has reportedly scolded the United States securities regulator over its ambiguous reasoning for objecting to the crypto lending firm’s proposed sale to Binance.US. At a Mar. 2 hearing in a New York court, U.S. bankruptcy judge Michael Wiles said the Securities and Exchange Commission (SEC) had basically asked to “stop everybody in their tracks” without explaining how to address concerns it had over the deal according to a Reuters report. The court was considering a restructuring plan announced on Dec. 19 last year…

U.S. Lawmakers Argue SEC Accounting Policy Undermines Safe Crypto Custody

U.S. Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee, and Sen. Cynthia Lummis (R-Wyo.), who has authored crypto legislation, sent a letter to several banking agencies on Thursday asking how they’re dealing with a controversial bulletin from the Securities and Exchange Commission that advised financial institutions they should maintain customers’ crypto holdings on their own balance sheets. Source

SEC chair implies crypto exchanges may be ‘qualified custodians’ as new rule is drafted

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United States Securities and Exchange Commission (SEC) chair Gary Gensler spoke at a meeting of the commission’s Investor Advisory Committee on March 2 on the topic of asset custody. The committee has a proposed rule for investment advisers on safeguarding investor assets. It was the second statement Gensler has made on the proposed rule. The first was in mid-February when the rule was first proposed. The current custody rule, dating to 2009, covers “a significant amount of crypto assets” and was designed to reduce the risk of advisers embarking on…

Coinbase Severs Ties With Silvergate Bank Amidst JPMorgan Downgrade and Delayed SEC Filing – Bitcoin News

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On March 2, 2023, the cryptocurrency exchange Coinbase announced that, in light of recent developments, the company is “no longer accepting or initiating payments to or from Silvergate Bank.” The news follows the crypto bank’s delay of its annual 10-K filing with the U.S. Securities and Exchange Commission (SEC) and JPMorgan’s downgrade of the company’s shares from “neutral” to “underweight.” Coinbase Cuts Ties With Silvergate Bank, Firm’s Shares Expected to Be Highly Volatile After Recent Developments Coinbase announced on Thursday that it is no longer accepting or initiating any payments…

SEC Chair Gensler Says Crypto Exchanges May Not Be ‘Qualified Custodians’

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“The proposal takes up Congress’s 2010 provision for us to expand the custody rule to cover all of an investor’s assets, not just their funds or securities. Congress granted us new authorities to expand the custody rule in response to the financial crisis and Bernie Madoff’s frauds. The expanded custody rule would help ensure that advisers don’t inappropriately use, abuse, or lose investors’ assets,” Gensler said in his remarks. Source

Ripple Lawyer Argues SEC Chair Gensler Has Prejudged Crypto Asset Cases – Bitcoin News

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Recently, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), expressed his opinion in a detailed interview with New York Magazine’s Intelligencer regarding why he believes crypto assets other than bitcoin are securities. However, Stuart Alderoty, Ripple’s chief legal officer, argues that Gensler must “recuse himself from voting on any enforcement case that raises that issue.” Alderoty insists that the SEC chair “has prejudged the outcome.” Lawyer Ignites Discussion on Twitter Over SEC Chair’s Comments on Cryptocurrency and Securities The recent interview of SEC chair Gary Gensler…

US SEC Plans to Keep Growing Crypto Unit as Enforcement Ramps Up

The regulator, which has been hammering away at the crypto sector under the direction of Chair Gary Gensler, sent a loud message to the industry in May 2022 by announcing it was adding 20 people to its newly named Crypto Assets and Cyber Unit. That nearly doubled the size of the 50-person operation, and an SEC spokesperson told CoinDesk that the added slots “are nearly filled.” Source