Tag: SEC

SEC Chair Gensler Suggests Lummis-Gillibrand Bill May ‘Undermine’ Market Protections

“Frankly, if I can turn away from the legislation, we don’t want to undermine the protections we have in a $100 trillion capital market. You don’t want our current stock exchanges, our current mutual funds, our current public companies [to] sort of inadvertently by a stroke of a pen say ‘you know what, I want to be non-compliant as well, I want to be outside of the regime’ that I think has been quite a benefit to investors and economic growth over the last 90 years,” Gensler said. Source

Commodity Futures Trading Commission (CFTC) Set to Usurp SEC Domination of Crypto

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After the proposition of the Lummis/Gillibrand new crypto bill seeking to transfer much of crypto regulation to the CFTC, the chairman of CFTC, Ross Benham, has said that his agency is set to move further into the cryptocurrency regulatory space. Ross said one of the goals of CFTC would be to define which cryptos would come under its jurisdiction. The new crypto bill, which is still very much a proposal, may be broken down into pieces, adjusted, and may take a couple of years before it is passed. The new bill…

SEC chair warns about ‘too good to be true’ returns amid market downturn

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Gary Gensler, chair of the United States Securities and Exchange Commission, or SEC, reiterated his call for investor protection in securities offered by crypto firms. Speaking virtually at the Robert F. Kennedy Human Rights Compass Investor Conference on Tuesday, Gensler said the SEC would use its existing authority to focus on cryptocurrency projects and exchanges, warning people of potentially “too good to be true” returns on investments. According to Gensler, the bulk of the tokens in the crypto market today fall under the regulatory purview of the SEC, subject to…

Ripple counsel slams SEC for trying to bulldoze and bankrupt crypto

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Ripple general counsel Stu Alderoty has slammed the United States Securities and Exchange Commission (SEC) for trying to “bully, bulldoze, and bankrupt” crypto innovation in the U.S. in the name of expanding its own regulatory territory. “By bringing enforcement actions–or threats of potential enforcement–the SEC intends to bully, bulldoze, and bankrupt crypto innovation in the U.S., all in the name of impermissibly expanding its own jurisdictional limits.” Alderoty shared his views on June 13 amidst an ongoing lawsuit between Ripple and the regulator, which he says is part of the…

Appeals court rules Do Kwon, Terraform Labs must heed SEC subpoena served in September

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The United States Court of Appeals for the Second Circuit on Thursday rejected Terraform Labs CEO Do Kwon’s dispute of a subpoena by the Securities and Exchange Commission (SEC). The federal agency was seeking documents and testimony in connection with its investigation of whether Terra used the Mirror Protocol to sell unregistered securities. Kwon was served with the subpoena in September 2021 while he was attending a conference in New York City. Kwon claimed in an October filing that the SEC had violated its own rules, the Administrative Procedure Act…

Terraform Labs Loses US Appeal Over SEC Subpoena

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BNB price risks 40% drop as SEC launches probe against Binance

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Binance Coin (BNB) price dropped by nearly 7.3% on June 7 to below $275, its lowest level in three weeks. What’s more, BNB price could drop by another 25%-40% in 2022 as its parent firm, Binance, faces allegations of breaking securities rules and laundering billions of dollars in illicit funds for criminals. Two bad news in a row BNB was issued as a part of an initial coin offering (ICO) in 2017 that amassed $15 million for Binance. The token mainly behaves as a utility asset within the Binance ecosystem, primarily…

Bad day for Binance with SEC investigation and Reuters exposé

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The United States Securities and Exchange Commission (SEC) is investigating whether Binance Holdings broke securities rules when it launched its BNB token in an initial coin offering (ICO) five years ago, Bloomberg reported on June 6. Binance is the world’s largest crypto exchange, and BNB is the fifth largest cryptocurrency. The BNB ICO took place in July 2017 on several platforms, during the height of the so-called ICO boom, and the Binance exchange opened just days afterward. According to Bloomberg, citing unnamed people familiar with the matter, at least one…