Tag: SEC

Terraform Labs Founder Do Kwon Faces Extradition Delay in Montenegro Amid SEC Fraud Allegations

Do Kwon, the embattled former CEO of Terraform Labs, is currently stranded in Montenegro due to extradition delays, following accusations by the U.S. Securities and Exchange Commission (SEC) of conducting a massive fraudulent crypto scheme. Last year, the SEC charged that from April 2018 to May 2022, Terraform and Kwon’s operations resulted in at least […] Source BitcoincryptoexchangeExchanges CryptoX Portal

SEC in ‘Enforcement-Only Mode’ for Crypto, Commissioner Peirce Says at ETHDenver

Since joining the SEC in 2018, Peirce, a lawyer, has openly advocated for crypto in the face of skepticism from many of her colleagues, including current Chair Gary Gensler. While prefacing her remarks with a “these views are my own” disclaimer, Peirce spoke openly about her frustration with the regulator’s willingness to seemingly pass judgment on crypto as an asset class. Source

Crypto Exchange Kraken Shares ‘Real Story’ of SEC Lawsuit — Claims SEC Seeks ‘Boundless Authority’ Over Commerce

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Cryptocurrency exchange Kraken has shared what it called “the real story” of the lawsuit against it by the U.S. Securities and Exchange Commission (SEC). Kraken also explained why it is moving to dismiss the case. “Crypto innovators in the United States should not have to fear retaliation for their political speech. They should be free […] Source

Lejilex and Crypto Freedom Alliance of Texas Sue SEC for Unlawfully Targeting the Digital Asset Industry

Lejilex and the Crypto Freedom Alliance of Texas, a crypto nonprofit, have teamed up to introduce a complaint against the actions of the SEC towards actors in the digital asset industry in America. The complaint alleges that the SEC has no regulatory powers over these crypto companies, having usurped functions not given to it by […] Source CryptoX Portal

Looking at Kraken’s Motion to Dismiss an SEC Lawsuit

The Coinbase case is in the Southern District of New York, Binance.US is in the District of Washington and Kraken is in the Northern District of California. Another company, going by the name Legit.Exchange, just filed suit against the SEC in the Northern District of Texas. The chances of four different district judges in four different districts finding a consensus is a bit slim. Assuming the parties involved appeal whatever rulings come out, we’re also looking at a few appeals courts that will weigh in. Source

In Lejilex vs. SEC, Crypto Goes on Offense in the Courts

But the best argument in favor of impact litigation is the industry’s track record in court. Last year, Ripple Labs scored a big victory over the SEC when Judge Torres declared that secondary sales of XRP were not securities transactions, among other important rulings. Similarly, Uniswap Labs won a thoughtful opinion from Judge Failla — who will also decide the Coinbase case — describing the nature of smart contracts and carefully distinguishing the protocol, user interface, software developers and token creators in determining liability. And Grayscale convinced a panel of…