A U.S. district judge has sided with the Securities and Exchange Commission (SEC) in a ruling that declares the trading of certain crypto assets on secondary markets to be securities transactions. This decision emerged from an insider trading case involving crypto exchange Coinbase’s former product manager Ishan Wahi, his brother Nikhil Wahi, and their friend […] Source CryptoX Portal
The U.S. Securities and Exchange Commission (SEC) has leveled charges against Shapeshift AG, accusing the company of operating without proper registration. This case has ignited a broader conversation on the regulatory framework for crypto assets, with SEC Commissioners Hester Peirce and Mark Uyeda voicing their dissent and concerns about the SEC’s current approach toward crypto […] Source CryptoX Portal
Coinbase’s legal team has approached U.S. District Judge Katherine Failla with a request to overlook a prior judgment that defined secondary sales of crypto assets as securities transactions. The plea, part of Coinbase’s ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC), was highlighted in a letter dated March 5. Michael Savitt, representing Coinbase, contended that the SEC’s prior classification of crypto sales in the secondary market as securities contracts, particularly noted in the SEC vs Wahi case, lacks substantial grounding since it was never thoroughly vetted in…
“In the immediate aftermath of the TRO, we saw somewhere in the neighborhood of $1 billion of assets flee the platform, crypto, and fiat,” Christopher Blodgett, a Binance.US executive, said during a December 2023 deposition that was recently published as part of a status update on the SEC-Binance lawsuit. Source
The U.S. Securities and Exchange Commission filed a cease-and-desist against ShapeShift, a crypto exchange that previously operated out of Denver, Colorado, but has since shut down its U.S. exchange operations, alleging it operated before 2021 as an unregistered dealer for cryptocurrencies that were securities. Source
The SEC wants to know if the applications for ETFs that hold Ethereum’s ether (ETH) are supported by the same arguments that led to the approval of spot bitcoin ETFs. Source
“Moreover, discovery has revealed that BHL can at least effect transfers of BAM’s crypto assets from customer deposit wallets to hot wallets when transfers get ‘stuck’ while using the PNK system. BAM’s Head of Clearing, Tao Zhang, testified that he routinely reaches out to a chat group involving BHL employees that he calls the ‘BHL wallet team’ when BAM’s clearing team has ‘technical issues’ with respect to asset movement,” the filing said. Source
Montana introduced an amicus curiae in the case of the SEC vs. Kraken, a US-based crypto exchange, criticizing the “regulatory power grab” of the institution. Montana, supported by seven other states, affirms that crypto assets are not automatically securities and that the SEC’s expansive concept of “investment contract” might preempt state legislation. Montana and Seven […] Source CryptoX Portal
U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce is stressing the need for regulatory clarity and innovation, making it clear that such elements cultivate a conducive environment for the development of crypto. Peirce’s roadmap In a recent discussion with CNBC, Pierce criticized the U.S.’s inadequate regulation of Bitcoin (BTC) and other cryptocurrencies, pointing out that this failure has allowed fraud to thrive while stifling innovation. See video below. Peirce also stressed the significance of allowing innovation and responsible experimentation to flourish in the crypto industry, believing that a conducive…
The House Financial Services Committee of the U.S. Congress has advanced a resolution that seeks to disavow SEC SAB 121, a bulletin that leaves banks and financial institutions out of the cryptocurrency custody provider market. However, the resolution, advanced with bipartisan support, is unlikely to be passed at a vote on the House floor, according […] Source CryptoX Portal