Tag: SEC

SEC, CFTC press civil charges against former FTX exec Singh parallel to criminal case

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Civil charges were announced against former FTX director of engineering Nishad Singh on Feb. 28, the same day he entered a guilty plea to three counts of criminal fraud in Manhattan district court. Both the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are pressing charges against Singh. Singh pleaded guilty in the U.S. District Court for the Southern District of New York to one count of wire fraud, one count of conspiracy to commit wire fraud on FTX customers and one count of…

SEC, CFTC Charge FTX’s Singh With Fraud Following Criminal Plea

In a statement, SEC Director of Enforcement Gurbir Grewal said, “we allege that this was fraud, pure and simple: while on the one hand FTX touted its supposed effective risk mitigation measures to investors, on the other Mr. Singh and his co-defendants were stealing customer funds using software code Mr. Singh helped create.” Source CFTCChargecriminalFraudFTXsPleaSECSingh CryptoX Portal

Robinhood Receives Crypto-Related Subpoena from US SEC

If the SEC finds that any cryptocurrency currently trading on Robinhood is a security, they will have to immediately drop off trading for that particular asset. In the latest development, Robinhood Markets received an investigative subpoena yesterday, February 27, from the US Securities and Exchange Commission (SEC) for the company’s crypto operations. As per the 10K filing, Robinhood received this subpoena back in December 2022, a month after crypto exchange FTX filed for bankruptcy. The subpoena talks about a number of different things such as “cryptocurrency listings, custody of cryptocurrencies,…

SEC Chairman Explains Why He Views All Crypto Tokens Other Than Bitcoin as Securities – Regulation Bitcoin News

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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has detailed why he considers all crypto tokens other than bitcoin as securities. While acknowledging that crypto tokens may have different setups, he stressed that “at the core, these tokens are securities.” SEC Chair Believes All Crypto Tokens Other Than Bitcoin Are Securities The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, explained why he believes all crypto tokens other than bitcoin are securities in an interview published Thursday by New York Magazine’s Intelligencer. Gensler believes that the…

Robinhood subpoenaed by SEC over crypto listings and custody

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Robinhood Markets has confirmed that it had received an investigative subpoena from the United States Securities Exchange Commission (SEC) over its digital asset business’ crypto listings, custody and platform operations. In a 10-K filing, the brokerage said it received the investigative subpoena in December shortly after crypto exchange FTX filed for bankruptcy in November, and after “several other major cryptocurrency trading venues and lending platforms earlier in 2022,” including Three Arrows Capital, Voyager Digital Holdings and Celsius Network. The investigative subpoena was in relation to its cryptocurrency listings and custody services,…

Crypto Lobbying Needs a Reset: More FTC, less SEC

Crypto is no stranger to these problems – not because its business leaders are any more or less inclined to behave badly, but because, as in other industries, the biggest players are able to exploit their dominance. Where it differs from other industries is that crypto’s core foundations are built on resisting these centralizing tendencies, fostering perpetual tension between the ideal of decentralization and the reality of a tendency toward centralization. Hence the endless debates over cross-chain interoperability, trademarks, and the restrictions that some marketplaces impose on the resale of…

SEC is not the appropriate regulator for stablecoins: Circle CEO

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The United States Securities and Exchange Commission is not the appropriate agency to regulate stablecoins, according to Circle founder and CEO Jeremy Allaire. In an interview with Bloomberg on Feb. 24, the Circle chief executive aired his views on the SEC and its recent moves to clamp down on the crypto industry, including stablecoin issuer Paxos. Allaire appears to have taken issue with the SEC’s focus on stablecoins, arguing that dollar-pegged “payment stablecoins” should be under the oversight of a banking regulator, rather than the SEC. “I don’t think the SEC…

SEC and NYDFS Oppose Binance.US and Voyager Deal

The SEC said Binance.US purchasing Voyager Digital’s assets could prove unlawful or discriminatory. The US Securities and Exchange Commission (SEC) has opposed the $1.02 billion deal between the US arm of popular crypto exchange Binance and crypto brokerage Voyager Digital. The financial watchdog has recently intensified its watch over crypto and crypto companies. Crypto exchange Kraken was recently forced to shutter its crypto staking operations to settle SEC charges. The company agreed to shut the cryptocurrency staking operation and pay a $30 million fine. The settlement followed a close-door commissioner…

SEC files objection to Binance US bid for Voyager assets

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The United States Securities and Exchange Commission (SEC) has objected to Binance.US’ move to acquire over $1 billion of assets belonging to the defunct cryptocurrency lending firm Voyager Digital. According to a Feb. 22 filing submitted to the U.S. Bankruptcy Court in the Southern District of New York, the SEC believes that certain elements of the asset restructuring plan of Binance.US’ acquisition could breach Securities Laws. The SEC is formally investigating whether Binance.US and related debtors violated anti-fraud, registration and other provisions of the federal securities laws. The SEC noted…