Tag: SEC

Coinbase’s Allies Join Crypto Firm’s Case Against U.S. SEC

“As long as the SEC’s registration process requires a centralized issuer, it will be incoherent for crypto assets, meaningful disclosures will not happen, and the public will not have access to the material information that it needs,” according to the Paradigm brief filed with the U.S. Court of Appeals for the Third Circuit. It also cited the fact that the Republican duo on the five-person commission is in stark disagreement with Chair Gary Gensler that what the SEC is doing is clear, fair and based in the law. Source

US Senators Push SEC to Stop Approving Spot Crypto ETFs — Say Other Crypto Markets Risker Than Bitcoin

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Two U.S. senators have urged U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler to refrain from approving additional crypto exchange-traded fund (ETF) applications. The lawmakers cautioned: “However vulnerable bitcoin may be to fraud and manipulation, markets for other cryptocurrencies are far more exposed to misconduct.” Lawmakers Say SEC Should Not Approve Spot Crypto ETFs […] Original

A $300M Ponzi Scheme That Targeted Latinos Falsely Claimed to Buy Crypto, SEC Says

“The only thing that CryptoFX guaranteed was a trail of thousands upon thousands of victims stretching across 10 states and two foreign countries,” he said. “A scheme of that size requires lots of participants, and as today’s action demonstrates, we will pursue charges against not just the principal architects of these massive schemes, but all those who further their fraud by unlawfully soliciting victims.” Source

Judge Rules Against Gemini, Genesis Motion to Dismiss SEC Case Against Earn Product

Gemini Earn was first available to retail customers in February 2021, offering as much as 8% interest on crypto tokens invested through the program. According to the SEC’s complaint, Gemini Earn had approximately 340,000 retail users and $900 million in assets on its platform when, in November 2022, Genesis halted withdrawals, citing “withdrawal requests which have exceeded our current liquidity.” Source

Coinbase Accuses U.S. SEC of Breaking the Law in Rejecting Crypto Rulemaking

The SEC has spent a considerable time in court on crypto matters, and its record of judgements is – so far – a mixed bag. It lost badly in disputes with Ripple and Grayscale (leading to the approval of spot bitcoin exchange-traded funds), but it’s prevailed in others, including a recent ruling in an insider-trading case tied to a former Coinbase employee. In that case, a judge in the U.S. District Court for the Western District of Washington decided the crypto assets in that matter were unregistered securities. Source

BlackRock seeks SEC approval for Bitcoin ETF inclusion in Global Allocation Fund

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BlackRock, a global leader in asset management, is in the process of seeking regulatory approval to incorporate spot Bitcoin exchange-traded funds (ETFs) into its Global Allocation Fund, known as MALOX. The firm updated its filing with the United States Securities and Exchange Commission (SEC) on March 7, outlining its intention to invest in physically-backed Bitcoin exchange-traded products (ETPs), including its own iShares Bitcoin Trust (IBIT) and those offered by other issuers. The move indicates BlackRock’s interest in enabling its fund to invest directly in Bitcoin through national securities exchanges. The…

SEC delays spot Bitcoin ETF options request until April 4

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The SEC postponed a decision on two requests to bring options on spot Bitcoin ETFs to market following the successful launch by nine issuers, excluding Grayscale’s GBTC. According to a March 6 filing, the U.S. SEC delayed approving, denying, or initiating rule change processes for an application to list and trade options on BlackRock’s iShares Bitcoin ETF (IBIT) filed by Nasdaq.  A comment period for the proposal has already opened, and some five people have supplied feedback, asking the SEC to greenlight options trading on BlackRock’s spot Bitcoin (BTC) ETF.…