Tag: SEC

Texas Bitcoin mining firm sues SEC for overreach on crypto

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A Texas crypto firm and industry group sued the SEC, disputing its authority over exchange-traded crypto, aiming to classify them as non-securities. In a legal maneuver against the U.S. Securities and Exchange Commission (SEC), a Texas-based crypto mining firm called Lejilex and the Crypto Freedom Alliance of Texas (CFAT) initiated legal action, Reuters reports, citing the lawsuit. Both are challenging the SEC’s purported authority in the crypto domain, contending that the regulatory body lacks a definitive legal mandate. Lejilex aims to establish Legit.Exchange, a crypto trading platform, intending to list…

Peter Schiff Warns SEC Could Change Definition of ‘Security’ — Expects Lots of Investors to Be Retroactively Fined

Economist and gold advocate Peter Schiff has sounded the alarm about the U.S. Securities and Exchange Commission (SEC) potentially changing the definition of a “security.” He cautioned: “Now that the U.S. Appeals Court has upheld the SEC’s authority to unilaterally change the definition of a ‘dealer,’ I expect lots of private investors to be retroactively […] Source BitcoincryptoexchangeExchanges CryptoX Portal

Trader Peter Brandt blasts SEC boss Gary Gensler once again

Trader Peter Brandt has expressed doubts over Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), and the agency’s ability to adequately safeguard investors. Brandt highlighted on social media Gensler’s involvement in the MF Global bankruptcy. Gensler, Brandt says, allowed the mingling of customer funds. He also called out Gensler for his time as chair of the Commodity Futures Trading Commission (CFTC) during the bankruptcy of Peregrine Financial. Read Brandt’s comments below. Gensler has a long history of NOT looking out for the interests of investors. Gensler was…

Peter Brandt Warns Against Trusting SEC Chair Gary Gensler — Says He Has Long History of Not Protecting Investors

Veteran trader Peter Brandt has warned that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler should not be trusted. He stressed that Gensler “has a long history of not looking out for the interests of investors.” Brandt further emphasized that the SEC chairman “was instrumental in the bankruptcy” of a major company and was […] Source BitcoincryptoexchangeExchanges CryptoX Portal

SEC fines Van Eck $1.75m for influencer’s role in ETF launch

The U.S. Securities and Exchange Commission (SEC) has imposed a hefty $1.75 million civil penalty on prominent investment adviser Van Eck Associates Corporation. In a Feb. 16 statement, the SEC disclosed that during Van Eck’s 2021 launch of a new exchange-traded fund (ETF), the VanEck Social Sentiment ETF, the investment firm did not fully disclose the involvement of a well-known social media personality in the marketing of the product.  SEC is making VanEck pay a $1.75m fine bc they didn’t disclose to fund board that “well-known and controversial” social media…

SEC Chair Gary Gensler Outlines ‘Very Real Economic Difference’ Between Bitcoin and US Dollar

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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has outlined a “very real economic difference” between crypto like bitcoin and fiat currencies like the U.S. dollar. “You have a whole central bank, and support for one currency, generally per economic region,” the SEC chief noted, adding that we don’t have the same in bitcoin. […] Original

SEC Chair Gary Gensler criticizes Bitcoin, calls out its role in ransomware

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SEC Chair Gary Gensler scrutinizes Bitcoin and questions its use cases despite the agency approving Bitcoin ETFs earlier this year.  In an interview today with CNBC, Gensler clarifies that the SEC’s approval of Bitcoin ETFs is merit-neutral and is not an approval of Bitcoin as an asset class. Gensler emphasized that crypto is filled with fraud and manipulation, and Bitcoin’s current use cases are predominately focused on illicit activities. Gensler further said that Bitcoin is the leading market share in ransomware, and its public attraction is mainly due to speculative…

SEC likely to restrict ETF approvals to Bitcoin and Ethereum, says Cathie Wood

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Cathie Wood, CEO and CIO of Ark Invest, recently expressed her views on the likelihood of the U.S. Securities and Exchange Commission (SEC) approving exchange-traded funds (ETFs) for cryptocurrencies beyond Bitcoin and Ethereum. During an appearance on the Wall Street Journal’s “Take On the Week” podcast, Wood mentioned, “We’d be surprised to see anything but bitcoin and ether being approved by the [SEC].” This statement reflects a cautious outlook on the regulatory acceptance of cryptocurrency ETFs in the United States. Wood’s comments underline the ongoing debate around the classification of…

The SEC Takes on Dealer Definitions

If the agency sticks to dismissing arguments from crypto businesses that say they’re being put in impossible positions, the SEC will be approving rules that the firms contend will push them into existential crisis or inability to comply. As a result, the companies will surely keep doing what they’ve been doing: challenging the regulator in court. It’s possible that, beyond the current dispute over what makes a security, the digital assets sector will be arguing in court over what makes an exchange, a dealer and a qualified custodian. Source

SEC chair Gensler addresses security breach and misleading Bitcoin ETF announcement on X

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Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has addressed inquiries from legislators concerning a security incident involving the SEC’s account on X. On Jan. 9, an unauthorized individual executed a SIM swap attack on the SEC’s account on X and falsely announced that the SEC had sanctioned several spot Bitcoin ETFs. Despite the initial message being fake, the SEC did indeed authorize those funds on Jan. 10. The incident triggered a swift response from Gensler, who reassured lawmakers of the SEC’s commitment to cybersecurity. In…