Tag: SEC

SEC Commissioner Expects Tighter Stablecoin Regulation — Yellen Says Stablecoins Not Real Threat to Financial Stability – Regulation Bitcoin News

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A commissioner with the U.S. Securities and Exchange Commission (SEC) expects to see stricter regulation on stablecoins. However, Treasury Secretary Janet Yellen says stablecoins are currently “not a real threat” to the country’s financial stability. SEC Commissioner on Stablecoin Regulation The regulation of stablecoins has been a hot topic this week following the Terra fiasco which saw UST losing its U.S. dollar peg and LUNA plunging to near zero. A commissioner with the U.S. Securities and Exchange Commission (SEC), Hester Peirce, talked about cryptocurrency regulation Thursday during an event hosted…

Grayscale Met With The SEC, Tried To Convince Them To Turn The GBTC Into An ETF

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Will GBTC get to become the first US-based spot bitcoin ETF? It doesn’t look that way. The euphoria from six months ago turned into Grayscale hinting that it might sue the SEC if its request is denied. Currently, the climate dictates that the answer will probably be negative, but the company is not giving up. According to CNBC, Grayscale “met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF.” Related Reading |…

Could the SEC case against Ripple falter over a conflict of interest?

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Newly discovered documents could pose a major roadblock for the Securities and Exchange Commission (SEC) in its case against Ripple if they prove a former commission official had a conflict of interest. The SEC has been embroiled in a legal battle against blockchain company Ripple (XRP) since 2020 in which the crypto company and senior executives Brad Garlinghouse and Christian Larsen were charged with selling XRP tokens as unregistered securities. In a May 10 announcement, corruption watchdog Empower Oversight claimed that documents obtained under a Freedom Of Information request suggested…

SEC Chair Gary Gensler Says Crypto Exchanges Are Betting Against Their Own Clients: Report

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U.S. Securities and Exchange Commission (SEC) chair Gary Gensler says the way crypto exchanges are structured could work to the disadvantage of users. In a new Bloomberg report, Gensler notes that, unlike traditional finance, cryptocurrency exchanges have not set up clear distinctions between various aspects of their service. Since exchanges are responsible for the custody of assets, transacting on both sides of a marketplace as well as providing the venue for traders, Gensler says he’s concerned such “commingling” could be harmful to customers. “Crypto’s got a lot of those challenges…

Chairmen from the SEC and CFTC talk crypto regulation at ISDA meeting

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The annual meeting of the International Swaps and Derivatives Association (ISDA) began Wednesday in Madrid. United States Securities and Exchange Commission (SEC) chairman Gary Gensler and U.S. Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam were both featured as keynote speakers at the event, with Behnam speaking at the morning session, and Gensler in the afternoon.   Behnam spoke at length about “a request for an amended order of registration as a derivatives clearing organization (DCO) by an entity seeking to offer non-intermediated clearing of margined products to retail participants,”…

Grayscale tells SEC that turning biggest bitcoin fund into ETF will unlock $8 billion for investors

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Michael Sonnenshein, CEO, Grayscale Investments at the NYSE, April 18, 2022. Source: NYSE Grayscale, the asset manager running the world’s largest bitcoin fund, met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF, CNBC has learned. Turning the Grayscale Bitcoin Trust into a NYSE-traded ETF would broaden access to bitcoin and enhance protections while unlocking up to $8 billion in value for investors, according to a 24-page presentation obtained by CNBC. That’s…

SEC Halts $62 Million Crypto Mining, Trading Scheme — DOJ Indicts Founder – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has halted a $62 million global cryptocurrency trading and mining scheme and the Department of Justice (DOJ) has indicted its CEO and founder. If convicted of all counts, he faces a maximum total penalty of 45 years in prison, the Justice Department. SEC Halts $62M Global Cryptocurrency Fraud Scheme The US Securities and Exchange Commission (SEC) announced Friday that it has halted a fraudulent crypto mining and trading scheme. The SEC charged MCC International (aka Mining Capital Coin), its founders (Luiz Carlos Capuci…

SEC Fines Nvidia $5.5 Million for Failing to Disclose Crypto Mining Significantly Boosted Its Revenue – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has charged Nvidia Corp. for failing to disclose that crypto mining significantly boosted its revenue. The company agreed to a cease-and-desist order and to pay a $5.5 million penalty. Nvidia Failed to Disclose That Crypto Mining Was a Significant Element of Its Material Revenue Growth The U.S. Securities and Exchange Commission (SEC) announced settled charges against technology company Nvidia Corporation Friday “for inadequate disclosures concerning the impact of cryptomining on the company’s gaming business.” The securities watchdog explained that during consecutive quarters in…