Tag: SEC

Jim Cramer Urges SEC to Do a Big Crypto Sweep — Says ‘I Wouldn’t Touch Crypto in a Million Years’ – Featured Bitcoin News

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The host of Mad Money, Jim Cramer, says he would not touch crypto in a million years. He called investors who own various altcoins idiots and urged the U.S. Securities and Exchange Commission (SEC) to do “a big sweep” on the crypto industry. Jim Cramer’s Crypto Warnings The host of CNBC’s Mad Money show, Jim Cramer, has issued more warnings about cryptocurrency. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He said on CNBC Friday: I would not touch crypto in a…

SEC Will Use All Available Tools to Crack Down on Crypto Firms That Aren’t in Compliance With Its Rules, Says Chair Gensler – Regulation Bitcoin News

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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has revealed that the regulator will use all available tools to bring crypto platforms into compliance with its rules. In addition, the SEC chief said: “Proof of reserves is neither a full accounting of the assets and liability of a company, nor does it satisfy segregation of customer funds under the securities laws.” SEC Chair Gensler on Crypto Regulation SEC Chairman Gary Gensler stressed the importance of bringing crypto platforms into compliance after the securities regulator filed charges…

SEC Heightens Probe Into Auditors Servicing Crypto Exchanges – Bitcoin News

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According to the U.S. Securities and Exchange Commission’s Paul Munter, the agency’s acting chief accountant, the U.S. regulator is monitoring proof-of-reserves (POR) more closely. “We’re warning investors to be very wary of some of the claims that are being made by crypto companies,” Munter explained to the Wall Street Journal (WSJ) on Dec. 22. SEC Official Warns Investors Should Be ‘Wary’ of Proof-of-Reserve Audits and Crypto Exchange Claims U.S. regulators, and more specifically the Securities and Exchange Commission (SEC), are looking more closely at proof-of-reserves (POR) these days following the…

SEC general counsel announces departure from public service

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Dan Berkovitz, general counsel for the United States Securities and Exchange Commission, said he will be leaving the agency after more than a year. In a Dec. 22 announcement, the SEC said Berkovitz will depart on Jan. 31. A former commissioner with the Commodity Futures Trading Commission, Berkovitz joined the agency in November 2021. At the time, he said he planned to work with SEC chair Gary Gensler on a “regulatory agenda that will enhance investor protection.” “After thirty-four years of public service, it is time for me to pursue…

Collapse of FTX Can Bring SEC Closer to Banning Cryptocurrencies

The US SEC has already launched its first attack declaring that FTX’s native cryptocurrency FTT token was a security. The dramatic collapse of the crypto exchange FTX last month has sent shockwaves across the entire crypto industry. Millions of FTX users have lost their hard-earned money while trading with FTX. The situation with FTX has pushed the SEC to gather enough legal ammunition which might lead to the consideration of banning digital assets and other centralized crypto exchanges. Earlier this week on Wednesday, the US Securities and Exchange Commission (SEC)…

Be ‘very wary’ of crypto proof-of-reserve audits: SEC official

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A senior official from the United States Securities and Exchange Commission has warned investors to be “very wary” about relying on a crypto company’s “proof-of-reserves.” “We’re warning investors to be very wary of some of the claims that are being made by crypto companies,” said SEC’s acting chief accountant Paul Munter in a Dec. 22 interview with The Wall Street Journal. A number of crypto firms have commissioned “proof-of-reserves” audits since the collapse of crypto exchange FTX, aiming to quell concerns over their own exchange’s financial soundness. However, Munter said…

SEC Charges Against FTX, Alameda Execs Wang and Ellison Reveal Key Findings, US Regulator Says FTT Is a Security – Bitcoin News

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On Dec. 21, 2022, members of U.S. law enforcement detailed that FTX co-founder Gary Wang and ex-Alameda Research CEO have pleaded guilty to financial fraud charges. The recent charges against Wang and Ellison highlight some key findings and according to the U.S. Securities and Exchange Commission (SEC), FTX’s exchange token FTT is considered a security. SEC Complaint Says SBF ‘Directed’ and ‘Instructed’ High-up Execs Like Caroline Ellison to Commit Fraud U.S. attorney Damian Williams told the public on Wednesday that charges have been filed against Caroline Ellison, the former CEO…

Crypto exchange Bullish announces termination of SPAC deal, citing SEC practices

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Bullish, a crypto firm that came to public attention in July 2021 for seemingly being unclear on what products or services it was offering, has announced the termination of a deal aimed at taking the company public. In a Dec. 22 announcement, Bullish said it had reached a mutual agreement with Far Peak Acquisition to no longer merge in a deal for a listing on the New York Stock Exchange. Bullish chair Brendan Blumer, also the CEO of Block.one, cited the United States Securities and Exchange Commission’s work to “lay…