Tag: SEC

Trade group accuses SEC of ‘stealthy’ overreach in Coinbase insider trading case

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The United States Securities and Exchange Commission has again been accused of overstepping its authority and unfairly labeling crypto assets as securities, this time in its insider trading case against ex-Coinbase employees. In an amicus brief filing on Feb. 22, the U.S.-based Chamber of Digital Commerce argued the case should be dismissed as it represented an expansion of the SEC’s “regulation by enforcement” campaign and seeks to characterize secondary market transactions as securities transactions. We have serious concerns about the SEC’s attempt to label these tokens as securities in the context…

Gary Gensler’s SEC is playing a game, but not the one you think

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On Feb. 13, a federal judge put the Securities and Exchange Commission and the Commodity Futures Trading Commission cases against former FTX CEO Sam Bankman-Fried on hold. You’ll be forgiven if you missed this story — headlines and social media were dominated by the breaking news that the SEC was suing crypto firm Paxos for minting Binance’s stablecoin, Binance USD (BUSD). But we’re not here to debate whether stablecoins are securities. The Howey test has been discussed to death, and while it’s true that few people expect to profit from…

Elon Musk Attorney Seeks Removal of Twitter Review Deal with SEC

Alex Spiro argues that the Elon Musk – SEC deal is moot following the Tesla CEO’s securities fraud trial victory. An attorney representing Elon Musk has asked a San Francisco federal court to throw out his 2018 deal with the SEC. The deal required that Musk seeks approval for all Tesla-related tweets before posting them on his page. According to Musk’s lawyer Alex Spiro, the Tesla CEO’s recent victory in a securities fraud trial necessitates the deal’s cancellation. In a class-action securities fraud case, a jury found that Musk and Tesla (NASDAQ: TSLA)…

Kevin O’Leary Warns US Crypto Regulation Getting ‘Very Aggressive’ — ‘You’ve Got to Stay out of the Way of SEC’ – Regulation Bitcoin News

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Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has warned that U.S. crypto regulation is “getting very, very aggressive.” Noting that regulators are now “regulating by enforcement, penalties, and massive fines,” O’Leary emphasized the importance of staying out of the way of the SEC, Chair Gary Gensler, and other regulators. Kevin O’Leary Shares Outlook for Crypto Regulation Shark Tank star Kevin O’Leary has shared his outlook for the crypto industry following several enforcement actions by the U.S. Securities and Exchange Commission (SEC). Mr. Wonderful tweeted Monday: Venture funding for new…

Paxos is engaged in ‘constructive discussions’ with SEC: Report

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Stablecoin issuer Paxos was reportedly discussing the Binance USD (BUSD) stablecoin with the United States Securities and Exchange Commission following a Wells notice from the financial regulator. According to a Feb. 21 Reuters report, Paxos chief executive officer Charles Cascarilla said the firm was “engaged in constructive discussions” with the SEC and would continue to speak in private. The report followed the stablecoin issuer facing a lawsuit from the SEC, in which the regulator alleged BUSD was an unregistered security. Cascarilla reportedly said that Paxos would consider defending its position…

Recent SEC Crackdown on Crypto Led to $32M in Institutional Outflows

The SEC crackdown on the crypto space has dampened sentiments among institutional market players. Bitcoin-related investment products saw the highest outflows. As we know, the US Securities and Exchange Commission (SEC) has tightened its grip on the crypto market since the beginning of 2023. The latest crackdown among the SEC major ones is shutting down the crypto staking service of crypto exchange Kraken. SEC Crackdown on Crypto The latest report from CoinShares notes that in the wake of the regulatory crackdown currently in the US, institutional investors have been refraining…

‘Regulators let the bad guys get big’ — Kraken CEO speaks out after SEC settlement

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Jesse Powell, the current CEO of crypto exchange Kraken, has called out United States financial regulators for letting “the bad guys” win to suit their agenda. In a Feb. 19 Twitter thread, Powell speculated that U.S. regulators — seemingly including the Securities and Exchange Commission (SEC) — were allowing crypto firms to operate without enforcement actions as a red herring for companies that are their true targets. According to the Kraken CEO, allowing bad actors to “suck up users, revenue and venture capital” available to firms operating in accordance with…

Paxos Takes on SEC as Asian Crypto Trading Volume Increases by 80% – Blockchain News, Opinion, TV and Jobs

By Marcus Sotiriou, Market Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).  After Bitcoin’s incredible rally to $25,000 last week, Bitcoin is currently consolidating around $24,500. Amongst the regulatory onslaught in the US that has occurred recently, crypto investors have been unphased. The SEC issued a Wells Notice for Paxos (the issuer of BUSD) last week, who have a direct relationship with global digital asset platform Binance. The SEC told Paxos that they are planning to sue them for their issuance of BUSD, supposedly because BUSD is a security. However, it…