Tag: SEC

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…

US SEC Declares FTX’s Native Token FTT as Security

The SEC stated that the operations of the FTT token and the buy-and-burn program initiated by crypto exchange FTX are synonymous with stock buyback and thus constitute the behavior of securities. In a complaint filed late Wednesday, December 21, the US Securities and Exchange Commission (SEC) said that crypto exchange FTX sold its native FTT tokens as an investment contract and is a “security”. Is FTT a Security? The massive selling of FTT tokens by Binance and others triggered a major downfall for the crypto exchange FTX. Since the FTX…

SEC Calls FTT Exchange Token a Security

“If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings,” the SEC wrote in its complaint. “The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore, increase demand for, and increase the trading price of, the FTT token.” Source

SEC files unregistered securities charges against Thor Token creators for 2018 ICO

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The United States Securities and Exchange Commission (SEC) has filed a complaint against Thor Technologies along with its co-founder and CEO David Chin, claiming that Thor’s 2018 initial coin offering (ICO) constituted an unregistered securities sale under the Securities Act of 1933. Thor Technologies raised $2.6 million from 1,600 investors between March and May 2018 through the sale of its Thor (THOR) coin. About 200 of the 1,600 investors lived in the United States, and not all of them were accredited. The SEC claimed in the suit that the ICO…

Grayscale May Liquidate 600,000 BTC Holdings Following SEC Opposition To ETF

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Grayscale Investments may offer to buy up to 20% of Grayscale Bitcoin Trust  (GBTC) shares. This is a move the company hopes will close the gap between the GBTC share price and the company’s underlying Bitcoin holdings. Grayscale Can’t Act Independent Of Investors The Wall Street Journal released a letter by Grayscale CEO Michael Sonnenshein urging that Grayscale would consider issuing a tender offer should the Security and Exchange Commission (SEC) and shareholders give their approval. Being a close-ended fund, GBTC shareholders can only liquidate their holdings on the open market.…

Understanding the Settlement between Ripple (XRP) and SEC

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XRP is a cryptocurrency that was created in 2012 by the company Ripple Labs. It is used as a means of exchange and a store of value, and it is designed to facilitate cross-border payments and currency exchange. The Securities and Exchange Commission (SEC) is a U.S. government agency that is responsible for regulating the securities industry and protecting investors. The SEC has the authority to take enforcement action against individuals or companies that engage in securities fraud or other illegal activities. In this article, we will explain the settlement…

Ripple’s (XRP) Ongoing Lawsuit Could End in a Loss for the SEC, Orbeon Protocol (ORBN) Presale Reaches New Heights

Place/Date: – December 19th, 2022 at 2:15 pm UTC · 3 min read Source: Orbeon Protocol Although many cryptocurrency investors thought the ongoing Ripple (XRP) lawsuit would be over by the 15h of December 2022, this wasn’t the case. It seems to drag on endlessly, with both Ripple labs and the U.S. Securities and Exchange Commission accusing each other of stretching the law. Meanwhile, Ripple (XRP) holders are optimistic the lawsuit will end in their favor. Elsewhere in the market, analysts go as far as predicting Orbeon Protocol (ORBN) will…

Grayscale to Refund 20% of Investor’s Capital if SEC Denies Its ETF Bid

While little is known about its fight with the SEC, Grayscale is already preparing for future moves in case it loses the battle. Grayscale Investments, one of the biggest asset management firms in the digital currency ecosystem is mulling plans to repay its investors should its ETF plans fail. As reported by the Wall Street Journal (WSJ), the move will be activated if the company, a subsidiary of the Digital Currency Group (DCG) is unsuccessful in its broader bid to push the United States Securities and Exchange Commission (SEC) to…

SEC Chairman Says Important to Regulate Crypto Issuers and Intermediaries – Regulation Bitcoin News

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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has stressed the importance of bringing “intermediaries and issuers of crypto securities” into compliance. In addition, the U.S. Treasury Department’s Financial Stability Oversight Council (FSOC) has recommended that regulatory agencies continue to “enforce existing rules and regulations applicable to the crypto-asset ecosystem.” SEC Chair Gensler on Crypto Regulation SEC Chairman Gary Gensler talked about crypto regulation Friday in his remarks before the U.S. Treasury Department’s Financial Stability Oversight Council (FSOC). Gensler said: Nothing about the crypto markets is…