The United States Securities and Exchange Commission has pressed formal charges against Ripple. The watchdog is going after the company for conducting a $1.3 billion unregistered securities offering. CryptoPotato reported earlier today that the United States Securities and Exchange Commission (SEC) is preparing to sue one of the largest companies in the cryptocurrency field –...Read More
Ripple’s CEO Brad Garlinghouse announced that the company is being sued by the Securities and Exchange Commission [SEC] and highlighted that this step taken by the SEC was an “attack of crypto”. Unsurprisingly, the SEC’s lawsuit is based on the fact that Ripple is selling unregistered securities and is yet to be announced. A step back...Read More
Trading app Robinhood has agreed to pay $65 million to settle charges from United States Securities Exchange Commission (SEC). The Federal agency accused the firm of “misleading customers” about its “revenue sources” between 2015 and 2018. The charge stated: Material misrepresentations and omissions by Robinhood relating to its revenue sources, specifically its receipt of payments...Read More
Despite a somewhat tumultuous year for the crypto-market amidst the COVID-19 pandemic, the market made a strong recovery. In fact, 2020 also saw significantly positive regulatory initiatives in the United States, when compared to the previous two years. The same was recently noted by Carla Carriveau, Chief Legal Officer at CoinList, after she said, “The...Read More
The San Francisco-based payment protocol has filed a document on Friday with the US Securities and Exchange Commission (SEC). It reads that Ripple Labs has entered into an agreement with MoneyGram, which entitles Ripple to sell up to 4,000,000 shares of common stock. Ripple’s option to sell these shares will expire “upon the earliest of...Read More
William Hinman, a director of the U.S. Securities and Exchange Commission (SEC) known for his statements in favor of greater clarity for the crypto ecosystem and other ICOs and fintech, announced his intentions to leave his post in the upcoming months. Since 2017, Hinman has served as a director of the SEC’s Division of Corporation...Read More
The story of the legal battle between Kik and the SEC seems to be coming to an end. Today, the SEC filed a motion with the Southern District Court of New York to close the case with a $5 million fine. Kik was being sued for issuing and selling unregistered securities through the ICO of...Read More
Hester Peirce, the Commissioner of the US Securities and Exchange Commission (SEC) believes that the charges against BitMEX brought by the CFTC were a “loud and clear” message. In a recent podcast, the so-called ‘Crypto Mom’ also noted that a Bitcoin ETF could be beneficial to all parties but didn’t specify if such a product...Read More
The leading digital currency asset management company Grayscale Investments announced that its Ethereum Trust will report directly to the US Securities and Exchange Commission (SEC). Grayscale filed a Form 10 with the SEC a few months ago on behalf of the Ethereum Trust to become the second company product designated as a digital currency investment...Read More
For a lot of us, prison is a dark and scary place where no one wants to be… But we are not John McAfee. The software developer, tax evader, crypto-shiller, drugs user, whale-fucker, former US presidential candidate and crypto-shiller sent a statement to his followers sharing his experience in the Spanish prison after his arrest....Read More
Another week has passed, and it’s safe to say it was an intense one. First things first, the major headline is that the US Commodity and Futures Trading Commission (CFTC) charged the owner-operators of 100x Group, the parent company of BitMEX, with illegally running a derivatives exchange. Needless to say, BitMEX is one of the...Read More
The wife of the famous tech entrepreneur John McAfee weighed in on the most recent events, thanking and calling for the community’s support. John McAfee’s Arrest: Injustice Those who have been following McAfee on social media for the past few years know that he has been particularly vocal about intentionally not paying taxes. As CryptoPotato...Read More
The US Securities and Exchange Commission (SEC) has filed fraud charges against the popular cryptocurrency proponent and well-known tech entrepreneur, John McAfee. According to the documents, McAfee has taken advantage of his massive Twitter following and has “leveraged his fame to make more than $23.1million in undisclosed compensation by recommending at least seven initial coin...Read More
The importance of this current week has been fairly downplayed. Years down the line, the global payments system might look back at this particular period and suggest that this is where it all started. Let’s jog our memories on what actually happened. In two ‘un-correlated’ announcements, the People’s Bank of China-controlled finance magazine stated the importance...Read More
The Office of the Comptroller of the Currency (OCC) is turning out to be the greatest supporter of the US cryptocurrency industry. Yesterday, the banking regulator issued a letter that greenlighted national banks and federal savings associations to hold “reserves” on behalf of stablecoin issuers. The stablecoins in the discussion are fiat-collateralized, i.e., backed by...Read More
The U.S. SEC has fined Atlanta-based rapper Clifford Harris Jr, better known as T.I, along with other individuals for their involvement in two fraudulent initial coin offering (ICO) projects. T.I, Others Pay $125K in Penalty According to a press release by the U.S. Securities and Exchange Commission (SEC) on Friday (September 11, 2020), T.I, along...Read More
The U.S Securities and Exchange Commission (SEC) charged two Maryland based companies over a Ponzi scheme that allegedly defrauded approximately 1,200 investors, of more than $27 million by promising to trade their money on crypto exchanges. SEC charges Ponzi scheme targeting African immigrants https://t.co/lyrs3RSViJ — SEC_News (@SEC_News) August 28, 2020 The illegitimate companies involved in...Read More
Fidelity Investments, an asset management company with about $2.7 trillion of assets under management, will reportedly launch its first Bitcoin-only fund. The product is oriented toward family offices, registered investment advisers, as well as other institutions and will require a minimum investment of $100,000. Fidelity Puts Its Name to a Bitcoin Fund Fidelity Investments is...Read More
The move has been seen as extremely positive for the crypto industry as her nickname is ‘crypto mom’. The Senate Banking Committee cleared Peirce’s nomination on Wednesday, extending her term until 2025. Pro Crypto SEC Commissioner Peirce is very pro-crypto and fintech innovation, commenting last month that it is “going to be here to stay...Read More
The large cryptocurrency asset manager Grayscale Investments has filed a Registration Statement on Form 10 with the Securities and Exchange Commission (SEC) for its Grayscale Ethereum Trust. Should the application be successful, the ETH Trust will be the second company product designated as a digital asset investment vehicle reporting to the SEC after the Grayscale...Read More
Abra has come under fire from U.S. regulators for offering illegal swaps to U.S. retail investors. This sets an alarming tone for the decentralized finance field, which is currently booming. SEC and CFTC Fine Abra $300k According to a press release by the U.S. Securities and Exchange Commission (SEC) on Monday (July 13, 2020), Abra...Read More
The leading US-based cryptocurrency exchange and one of the biggest companies in the industry, Coinbase, reportedly prepares for an official stock market listing. Coinbase Prepares for Stock Market Listing According to a report filed by Reuters minutes ago, the leading US-based cryptocurrency exchange, Coinbase, has started making preparations for a stock market listing. Should the...Read More
The last seven days weren’t so fruitful for Bitcoin. After trading in a relatively narrow range for a while before that, the BTC price gradually increased to about $9,700 on Wednesday. On the same day, however, the price tumbled during the same day and started declining. Immediately after that, Bitcoin retraced to about $9,000 before...Read More
Six years on from the publication of its original whitepaper, Filecoin (FIL) has launched an incentivized testnet designed to test the network in realistic conditions. Aiming to build a decentralized file storage network, Filecoin carried out a $250 million ICO in 2017 – the largest Initial Coin Offering at the time. It was also the...Read More
A lot of cryptocurrency projects have found themselves in the crosshairs of the SEC. For the Modern Money Team, or MMT, it seems the allegations of fraud and misleading investors have some merit to them after all. Whenever a new company starts to promote cryptocurrency activities, scrutiny is warranted. Modern Money Team is in Serious Trouble...Read More
The President of the United States, Donald Trump, has tapped Hester Peirce for a second term as a member of the Securities and Exchange Commission (SEC) as her current one is set to expire on June 5th, 2020. Peirce is a vocal defendant of Bitcoin as she opposed the rejections of a Bitcoin-based ETF by...Read More
Discussions around Bitcoin and cryptocurrencies, in general, have reached the high seats of investment banking. This becomes clear as the behemoth multinational investment bank Goldman Sachs hosted a conference call headlined US Economic Outlook & Implications of Current Policies for Inflation, Gold, and Bitcoin. Perhaps somewhat expectedly, the banking giant used its platform to bash...Read More
The head of the Security and Exchange Commission cleared the speculations of Market Shut Down by the government. The SEC believed the closing of the markets is rare but unprecedented. Investors should have access to their investment which is possible only if markets are running. The SEC Chair Jay Claton said that SEC was closely...Read More
While Bitcoin has been defined as a non-security by the Securities and Exchange Commission (SEC), the regulatory status of XRP, the third-largest cryptocurrency, is still up in the air. The cryptocurrency being found as a security could, as fintech upstart Ripple put it, “upend and threaten to destroy the established XRP market more broadly.” Despite...Read More
For years, crypto financial services firms across the U.S. have been trying their hand at launching publicly-traded Bitcoin funds (ETFs). Unfortunately for these hopefuls, the U.S. Securities and Exchange Commission (SEC) has long not agreed with these firms’ assertions that the cryptocurrency market is ready for its own regulated, tradable fund. This was confirmed to...Read More
