Tag: SEC

‘Rush of radical rulemakings’ — Hester Peirce criticizes SEC agenda

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United States Securities and Exchange (SEC) commissioner Hester Peirce said the newly released SEC Agency Rule List is full of “hot-button” topics implemented in an unreasonable hurry, while crypto was ignored. Commissioner Peirce, who is sometimes referred to as Crypto Mom for her strong positive views on cryptocurrency, released a statement concerning the SEC Spring 2022 Regulatory Agenda and the SEC Agency Rule List. Though the SEC list had no entries that made explicit reference to crypto, Perice noted that one of the proposed rules, Amendments to Exchange Act Rule…

SEC Chair Warns of ‘Too Good to Be True’ Crypto Products — US Treasury Calls for Urgent Regulation – Regulation Bitcoin News

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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has warned the public about crypto investments that seem “too good to be true.” Meanwhile, the U.S. Treasury Department says that the recent crypto market turmoil underscores the urgent need for regulatory frameworks that mitigate the risks posed by digital assets. SEC Chair Gensler’s Crypto Warning SEC Chairman Gary Gensler cautioned investors last week about crypto lending platforms offering products that seem too good to be true, Reuters reported. The securities regulator’s warning followed crypto lender Celsius Network’s…

SEC, State Regulators Probe Crypto Lender Celsius Over Accounts Freeze – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) and several state regulators are reportedly investigating the decision by crypto lender Celsius Network to freeze withdrawals. U.S. Securities Regulators Investigate Celsius’ Withdrawal Freeze The U.S. SEC and securities regulators in Alabama, Kentucky, New Jersey, Texas, and Washington are investigating the decision by crypto lender Celsius Network to freeze withdrawals, Reuters reported Thursday. Texas’ director of enforcement Joseph Rotunda explained that officials representing the five state securities regulators met Monday morning to begin the investigation following Celsius’ withdrawal freeze announcement Sunday night. Noting…

Senators join chorus of disapproval of ‘backdoor regulation’ in SEC staff accounting bulletin

United States Senator Bill Hagerty has sent a letter, cosigned by four other Republican senators, to Securities and Exchange (SEC) Commission chair Gary Gensler urging the withdrawal of a staff accounting bulletin, referred to as SAB 121, issued by the agency March 31. According to the senators, the bulletin amounts to “regulation disguised as staff guidance” and does not adhere to the Administrative Procedure Act. SAB 121 provides guidance on accounting and disclosure for companies that safeguard clients’ crypto assets and allow them to perform transactions with them. The bulletin…

Former SEC Chair Jay Clayton Talks Rapidly Evolving Crypto Regulation Landscape

“If you look at different products or different aspects of what I would call the overall crypto ecosystem, [you] have products that span the jurisdiction of various domestic regulators, ” said Clayton. “So you had these global products and you’re trying to apply domestic regulation to them and then in applying domestic regulation to them you had products that had overlapping jurisdiction, and that made applying regulations challenging” Original Source ChairClaytonCryptoEvolvingJayLandscapeRapidlyRegulationSECTalks CryptoX Portal

SEC boss worries crypto bill undermines financial protections

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United States Securities and Exchange Commission (SEC) Chairman Gary Gensler said he’s worried that a proposed bill to create a regulatory framework for cryptocurrencies could weaken investor protections in the traditional financial market. Speaking at The Wall Street Journal’s CFO Network Summit on June 14 Gensler was asked his thoughts regarding a recent bill introduced on June 7 by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY). He responded saying “we don’t want to undermine the protections we have in a $100 trillion capital market,” adding: “We don’t want our…

SEC reportedly launches investigation into insider trading on exchanges

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The Securities and Exchange Commission (SEC) has reportedly launched a probe to discover how crypto exchanges are working to prevent insider trading. FOX Business reported on June 15 that a person with direct knowledge of the SEC’s activities said that the commission had sent a letter to a major crypto exchange requesting information about how the platform protects users from insider trading. The source believes the same letter has been sent to multiple exchanges. It is not clear which exchange or exchanges have received the request, but the news outlet…