The United States Securities and Exchange Commission (SEC) has given up its slot as one of the first creditors to be repaid by the insolvent crypto lending platform BlockFi. The move comes as the SEC is facing intense pressure from a legal battle against the cryptocurrency exchange, Binance. U.S. SEC Forfeits Front-Row Seat for Investors...Read More
Binance’s U.S. subsidiary has challenged claims from the Securities and Exchange Commission (SEC) that the company mismanaged user assets as “misleading.” In a motion filed on Wednesday, the exchange pointed to contradictory statements from the regulator suggesting that customers’ assets have not, in fact, been transferred outside of the United States. The SEC’s Conflicting Statements...Read More
Invesco – an American investment company with over $1.4 trillion of assets under management – reactivated its attempts to launch a Bitcoin Spot exchange-traded fund (ETF) in the United States. WisdomTree – another US finance giant – submitted a similar application to the SEC. The latest efforts come a few days after the world’s largest...Read More
Analysts at American multinational financial services giant JPMorgan said in a report that the Hinman documents released last week in the Securities and Exchange Commission’s legal tussle with the blockchain payments firm Ripple would likely trigger more decentralization in the crypto realm. The research report, seen by CoinDesk, further noted that the documents provide a...Read More
It seems that the case between the United States Securities and Exchange Commission (SEC) might soon be headed for trial. The former Director of the SEC’s San Francisco Office, Marc Fagel, speculated on the matter on Twitter, saying that he thinks a ruling might be coming in a few days. Will the SEC Settle With...Read More
The Texas State Securities Board filed an emergency cease and desist order against crypto trading platform Abra and its Chief Executive Officer Bill Barhydt. The watchdog claimed that the company misled its customers and committed securities fraud by offering some of its products, such as Abra Earn. The regulator added that the firm has been...Read More
In a letter to employees, Binance said it foresees protracted and expensive litigation with the US Securities and Exchange Commission (SEC) and asked Binance.US management to reduce the size of its workforce across the division. The job-cut decision is likely to affect about 50 employees. Job Cuts at Binance.US A Bloomberg report noted that a number...Read More
DAI stablecoin, with a circulation of around $4.6 billion, has surpassed BUSD amidst mounting legal troubles for the world’s largest crypto exchange, Binance. The market capitalization of BUSD has declined to $4.3 billion following the regulatory drama that started earlier this year. According to data from CoinMarketcap, BUSD circulation is down over 70% since the...Read More
The blockchain analytics provider – Santiment – revealed that bitcoin’s supply on cryptocurrency exchanges currently stands at 6.4%, which is the lowest level since February 2018. The rapid shift toward self-custody methods could be a result of the SEC’s legal actions against two of the leading crypto platforms – Binance and Coinbase. The Commission recently...Read More
When the SEC sued Binance on the 5th of June, it also requested a total freeze on all Binance.US assets, citing an alleged tendency to comingle customer funds and move them offshore. Granting this request would have not only been devastating to Binance’s operations – not to mention overkill, since the allegations had not been...Read More
On June 14, Coinbase chief legal officer Paul Grewal updated the situation on the SEC response to the company’s repeated calls for regulatory clarity. The watchdog, which has launched an outright attack on the industry this year, “repeated the fallacy that they haven’t made any decision on new crypto rules,” he reported from the filing....Read More
Financial trading platform eToro issued new guidelines barring US customers from buying four crypto assets that were recently deemed securities by the United States Securities and Exchange Commission (SEC) in lawsuits against Coinbase and Binance. While eToro did not explicitly cite the securities regulator’s action as the reason for the latest changes in its crypto...Read More
The U.S. Securities and Exchange Commission is convinced that all crypto assets aside from Bitcoin are securities. Its latest war on crypto exchanges has included staking services, which the regulator seeks to shut down. This could push more staked ETH out of exchanges and onto the market-leading liquid staking provider Lido. This may sound good,...Read More
A week after the Securities and Exchange Commission (SEC) filed a civil enforcement action against Binance.US, the crypto exchange has hit back, stating that all of the regulator’s claims are invalid. Binance argued against the SEC for a temporary restraining order on the company, also known as BAM Trading, and said that such an action...Read More
The U.S. Securities and Exchange Commission (SEC) has released its long-awaited internal documents related to former commissioner William Hinman’s speech on digital assets in 2018. The reveal incited fury from Ripple CEO Brad Garlinghouse, who has now accused the SEC of willingly throwing “an entire industry into chaos” by releasing the speech. Hinman Ignored All...Read More
A newly-surfaced video that dates back to 2018 showed that the current Chairman of the US Securities and Exchange Commission (SEC) – Gary Gensler – classified several cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), as “not securities.” His stance from nearly five years ago contrasts with his nowadays vision. Gensler has argued several times that...Read More
The legal battle between the United States Securities and Exchange Commission (SEC) and blockchain firm Ripple may soon take a significant turn, as the company’s CEO Brad Garlinghouse has disclosed that the long-expected Hinman documents are “worth the wait.” In a Monday tweet and response to a question by crypto YouTuber Jungle Inc, the chief...Read More
Last week, the SEC sued Binance for violations of U.S. securities laws and “years of violative conduct” that allegedly put customers’ funds at risk. Now, the regulatory agency wants to freeze those said funds. Complete Freeze of Assets Requested Since customers’ funds are allegedly at risk, it was only convenient that a complete asset freeze...Read More
The U.S. Securities and Exchange Commission went ham on crypto exchanges last week by filing toothy lawsuits against Binance and Coinbase. While crypto exchanges and altcoins are in the hot seat, the regulator is leaving BTC and ETH alone, at least for now. When news of the SEC’s lawsuit against Binance and Coinbase hit markets,...Read More
Glassnode published a report on Monday breaking down investors’ on-chain behavior after the U.S. Securities and Exchange Commission (SEC) sued two of the world’s largest cryptocurrency exchanges. The report acknowledged a boost to the number of short-term crypto holders sending their balances onto exchanges. Exchange Deposits and Withdrawals The report echoed findings from last week...Read More
Periods similar to the ongoing SEC-induced FUD test the resilience of short-term holders – a cohort that is typically the first to flee as the price of crypto-asset tanks. However, the latest data suggest that the movement of short-term Bitcoin holders depicted strong interest in staying in the market and gaining profitability. A CryptoQuant analyst...Read More
US-based trading firm Robinhood announced the delisting of Solana (SOL), Cardano (ADA), and Polygon (MATIC) after the Securities and Exchange Commission (SEC) labeled them as securities in the suits against two crypto heavyweights. The company, which recently ventured into crypto, said the SEC’s claim cast a cloud of uncertainty around these assets and, as a...Read More
The Securities and Exchange Commission alleged that some of the largest altcoins, such as ADA, MATIC, and SOL, are unregistered securities. Most assets slumped in value shortly after the allegations went out. Now, though, the organizations between the blockchains and the tokens have published official statements to refute the SEC’s claims. Polygon Responds MATIC traded...Read More
Cryptocurrency exchanges are the bustling marketplaces where digital currencies change hands. They’re the heart of the crypto market, the places where the magic happens. But recently, multiple lawsuits from the Securities and Exchange Commission (SEC) have thrown a wrench into the works, and everyone is asking the same question: How are the exchanges holding up?...Read More
Following lawsuits against Binance and Coinbase, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has made his intentions clear about the digital assets class. These are securities, nothing less, he asserted in a recent interaction. They should be registered with the agency before being offered to investors or meet the requirements to seek exemptions,...Read More
At the center of the high-stakes case brought by the United States Securities and Exchange Commission is determining which crypto-assets are securities. While the agency has been hinting for some time that it considers most crypto-assets to be unregistered securities, this week’s charges up the ante considerably, much to the industry’s horror. Bitcoin, for one,...Read More
The situation between Coinbase, Binance, and the United States Securities and Exchange Commission is likely to get ugly before a resolution is reached in one direction or another. However, Ripple has been at the forefront of the SEC’s legal actions as it received the first blow from the securities regulator during the winter of 2020....Read More
Following Monday’s announcement of lawsuits against Coinbase and Binance, firms both inside and outside of the crypto industry have started polarizing. The civil lawsuit filed against Binance – which the SEC claims is the real beneficiary of Binance.US – has not yet begun. However, companies with exposure to the situation have started taking steps to...Read More
Binance announced the launch of a new batch of Cloud Mining products for BTC mining in a statement on Wednesday. The exchange’s cloud mining service was released last November and enabled users without mining equipment to earn mining rewards from Binance Pool. Subscriptions, on the other hand, are required to buy hash rates and Bitcoin...Read More
Bittrex’s attempt to return customer funds has met with a significant roadblock from the United States, sparking concerns about the proposed resolution for the crypto exchange’s bankruptcy case. The firm filed for Chapter 11 bankruptcy protection in Delaware in May, less than a month after the US Securities and Exchange Commission (SEC) charged it with...Read More
