Tag: SEC

SEC to file separate charges against FTX’s SBF

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The worst isn’t yet over for the disgraced founder of crypto exchange FTX, Sam Bankman-Fried. On Dec. 12, the United States Securities and Exchange Commission (SEC) said it is preparing to file charges against Sam Bankman-Fried, which will be separate from the ones leading to his most recent arrest in The Bahamas. In a statement on Twitter, the SEC tweeted a quote from its division of enforcement director Gurbir Grewal on Dec. 12 stating that the agency has “authorized separate charges relating to his violations of securities laws.” Gurbir Grewal:…

Is Ripple poised to settle with SEC this week? Crypto Twitter weighs in

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Rumors continue to swirl suggesting the two-year legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) may be coming to an end as early as this week, prompting the crypto community to weigh in on the matter.  Speculation about the potential settlement appears to have come from a Dec. 10 ask-me-anything (AMA) with Cardano founder Charles Hoskinson, who said he had heard rumors that the case would be settled on Dec. 15. In the days since, there’s been plenty of commentary from the community — …

Grayscale Acknowledges First SEC Filed Legal Brief in Ongoing Spot Bitcoin ETF Lawsuit

Crypto asset manager Grayscale stated that the SEC had filed its first legal brief detailing its refusal to allow spot BTC ETFs. Grayscale Investments said the Securities Exchange Commission (SEC) has filed its inaugural legal brief in the ongoing crypto lawsuit. The digital currency asset management firm is currently entangled in a legal battle with the SEC over the rejection of its spot Bitcoin ETF application. In a statement issued on Friday, Grayscale said: “This is the next milestone in our ongoing litigation following the filing of our opening brief on October 11th and the supporting amicus…

Former top SEC crypto regulator hired by Caroline Ellison

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A former top crypto regulator in the United States Securities and Exchange Commission (SEC) will represent Caroline Ellison, ex-Alameda Research CEO, in an ongoing federal probe, according to a report from Bloomberg on Dec. 10.  Caroline will be represented by Stephanie Avakian and a team of attorneys from WilmerHale. Avakain is currently chair of the Securities and Financial Services department at the law firm. At the SEC, where she was a director at the Enforcement Division and responsible to expand cryptocurrency oversight, bringing cases against Robinhood and Ripple Lab. According…

SEC calls on firms to disclose exposure to crypto bankruptcies and risks

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The United States Securities and Exchange Commission (SEC) has issued new guidance that could see publicly traded companies disclose their exposure to crypto assets. In a statement released on Dec. 8, the SEC’s Division of Corporation Finance said that the recent upheaval in the crypto asset market has “caused widespread disruption” and noted that companies may have disclosure obligations under federal securities laws to disclose whether these events could have an impact on their business. The SEC has also included an example letter that would be addressed to companies asking…

What SEC ICO Precedents Mean for Ripple

Back in 2012, when Ripple was founded, the term “initial coin offering” did not exist. Neither did enforcement actions against the then-miniscule crypto industry. In fact, the U.S. Securities and Exchange Commission (SEC) wouldn’t announce its first settlement for alleged registration violation  until November, 2018 with the Airfox and Paragon ICOs. For context, Ripple’s network went into production on Jan. 1, 2013 – nearly six years earlier. Source

Ripple files final submission against SEC as landmark case nears end

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The most talked about crypto lawsuit involving the United States Securities and Exchange Commission (SEC) and Ripple is approaching its conclusion after a two-year-long battle. On Dec. 2 the SEC and Ripple both filed redacted replies to each other’s opposition to motions for summary judgment. Ripple argued in its motion document that the SEC has failed to prove that its offering of XRP between 2013 and 2020 was an offer or sale of an “investment contract” and therefore a security under federal security laws. Ripple concluded the document by stating…