The U.S. Securities and Exchange Commission isn’t volunteering to clarify what makes a crypto token a security, but the agency showed some of its hand in enforcement documents crypto lawyers are studying like scripture. Source
The saga of BitConnect, a major cryptocurrency scam scheme, is taking another twist as one of the BitConnect co-founders is now wanted by the Indian state police. Satish Kumbhani, an Indian national and the alleged founder of the crypto Ponzi scheme BitConnect, reportedly became subject to a new police investigation in India, The Indian Express reported on Wednesday. The Pune police, operating under the Indian state Maharashtra Police, launched a probe into Kumbhani after a Pune-based lawyer filed a complaint claiming that he lost about 220 Bitcoin (BTC), or $5.2…
The United States Securities and Exchange Commission, or SEC, has filed a complaint related to a 2017 initial coin offering from a blockchain project originally developed by the Walt Disney Company. In a Tuesday notice, the SEC said it had charged Dragonchain, the Dragonchain Foundation, the Dragon Company, and their founder John Joseph Roets for raising $16.5 million in a presale and initial coin offering from 2017. According to the financial regulator, Roets, Dragonchain, and the Dragonchain Foundation allegedly conducted an unregistered offering of the blockchain’s DRGN tokens in an…
The complaint alleges CEO John Roets, along with three Dragonchain entities, violated the Securities Act by raising millions of dollars from the sale of dragon (DRGN) tokens in an initial coin offering (ICO) predominantly marketed to crypto investors in 2017. The company then funneled the money into its marketing and development campaigns, according to the SEC. Source
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“The Company has received investigative subpoenas and requests from the [U.S. Securities and Exchange Commission] for documents and information about certain customer programs, operations, and existing and intended future products, including the Company’s processes for listing assets, the classification of certain listed assets, its staking programs, and its stablecoin and yield-generating products,” Coinbase said in the 10-Q form. Source CoinbaseCryptoExchangeFacesProbeProductsSECStakingYield CryptoX Portal
Coinbase CEO Brian Armstrong says “the more regulation there is for crypto, the better it is for Coinbase.” He revealed an inquiry from the U.S. Securities and Exchange Commission (SEC), noting: “We do not yet know if this inquiry will become a formal investigation.” Coinbase’s CEO on Crypto Regulation The CEO of Coinbase Global (Nasdaq: COIN), Brian Armstrong, discussed his company’s performance and cryptocurrency regulation during Coinbase’s Q2 earnings call Tuesday. Coinbase’s revenue declined almost 64% in the second quarter. The company reported a $1.1 billion net loss, compared with…
“The Company has received investigative subpoenas and requests from the SEC for documents and information about certain customer programs, operations, and existing and intended future products, including the Company’s processes for listing assets, the classification of certain listed assets, its staking programs, and its stablecoin and yield-generating products,” Coinbase said in the disclosure. Source
The United States Securities and Exchange Commission, or SEC, and the Commodity Futures Trading Commission, or CFTC, has proposed requiring large advisers to certain hedge funds to report any exposure to digital assets. In a Wednesday notice, the SEC and CFTC proposed amending their confidential reporting form for certain investment advisers to private funds of at least $500 million. The Form PR would require qualifying hedge funds to not include exposure to cryptocurrencies when reporting “cash and cash equivalents,” but rather add them under a different category “to report digital…
Despite the Philippine Securities and Exchanges Commission warning the public against investing with Binance, the crypto exchange stays positive and relentless in bringing its services to the Southeast Asian country. In an interview, Binance’s head of Asia-Pacific Leon Foong told Cointelegraph that they are very optimistic about being able to enter the Philippines. The executive highlighted that despite the efforts of a lobbying group to ban Binance, the firm will continue to be focused on trying to bring the benefits of crypto to the country. He explained that: “We tend not to…