The SEC’s Wells notice against OpenSea showed once again how regulators are overreaching in interpreting the law, says Edward Lee, a professor at Santa Clara University School of Law, and the author of “Creators Take Control.” Source
The agency’s current form, the primary application companies must fill out to register securities in the U.S., does not do justice to digital assets and other unusual financial products, Uyeda said. The regulator has not done enough for digital asset products looking to register in the country, he said. Source
The U.S. Securities and Exchange Commission (SEC) may have thrown a spanner in the wheels of the confirmation of the FTX bankruptcy plan, according to a court filing Friday. Source
PRESS RELEASE. Lagos, Nigeria, 29th August 2024 – On Thursday, African-founded cryptocurrency exchange, Quidax announced that it has become the first crypto exchange to receive a provisional operating license by Nigeria’s Securities and Exchange Commission (SEC) as a Digital Assets Exchange. The license which was presented by the Securities and Exchange Commission grants Quidax the […] Source
The congressional panel, which has oversight over U.S. securities and most financial products, will set a September hearing calendar jammed with crypto-relevant topics, the person said. The committee chairman, Rep. Patrick McHenry (R-N.C.), is retiring at the end of the year and has said one of his top remaining priorities is finishing one of the bills to begin establishing tailored federal rules for crypto. Source
The crypto exchange Abra has settled with the U.S. Securities and Exchange Commission (SEC) for a yet-to-be-determined amount over charges stemming from alleged unregistered investment offerings. The SEC specifically accused Abra’s parent company, Plutus Lending LLC, of failing to register its retail crypto asset lending product, Abra Earn. Abra settled the SEC’s charges without admitting or denying the allegations. The exchange began offering Abra Earn in 2020, allowing users to tender their crypto to earn an interest rate. The product secured approximately $600 million worth of assets at its height,…
This morning, OpenSea said it had received a Wells Notice from the Securities Exchange Commission warning the agency was about to sue the leading NFT platform for violation of securities laws. The threatened action is the latest in a long line of similar moves from the SEC, and the reaction from the crypto industry has been fierce and near-uniform. Here is a small, representative sample. Source
Adding to earlier losses alongside a broad crypto decline begun Tuesday evening U.S. hours, Blur (BLUR) fell another 5% in the minutes following the news before a modest bounce. It’s now down 10% over the past 24 hours. Tensor (TNSR), a Solana-based NFT marketplace aggregator, also traded 3% lower. The token’s price was down nearly 9% over the past 24 hours. The broader CoinDesk 20 Index was lower by 4% over the same time frame. Source
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Nasdaq has filed with the U.S. Securities and Exchange Commission (SEC) to list and trade Bitcoin Index Options. The company aims to provide new tools for institutional and retail investors to manage cryptocurrency investments. The options, pending regulatory approval, will offer European-style exercise and cash settlement features. Nasdaq Seeks to Launch Bitcoin Index Options Nasdaq […] Original