Looking for "SEC"

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johnd • Aug 29, 2024, 12:15 pm EDT

SEC Targets OpenSea: A Dangerous Overreach into the Creative World

The U.S. Securities and Exchange Commission (SEC) has escalated its battle against the crypto community by issuing a Wells Notice to OpenSea, one of the largest NFT marketplaces. The move signals the agency’s intention to possibly bring legal action against the platform, raising serious concerns about regulatory overreach and the future of digital art. By targeting NFTs, the SEC is venturing into new, uncharted territory—one that could undermine not just platforms like OpenSea but the broader community of artists, creators, and entrepreneurs who utilize NFTs to innovate and connect with their audiences. For those less familiar with the SEC’s relentless

4 minutes

arusso • Jul 23, 2024, 9:58 am EDT

Ethereum ETFs Win SEC Approval: Trading Commences Today

In a significant development for the cryptocurrency market, the Securities and Exchange Commission (SEC) granted approval for Ethereum spot exchange-traded funds (ETFs) late Monday. This decision paves the way for investors to gain exposure to the world’s second-largest cryptocurrency through traditional financial markets. The newly approved Ethereum ETFs will begin trading as the market opens today. The SEC has greenlit eight ETFs, including the Grayscale Ethereum Mini Trust (ETH), Franklin Ethereum ETF (EZET), VanEck Ethereum ETF (ETHV), Bitwise Ethereum ETF (ETHW), 21Shares Core Ethereum ETF (CETH), Fidelity Ethereum Fund (FETH), BlackRock’s iShares Ethereum Trust (ETHA), and the Invesco Galaxy Ethereum

2 minutes

carlp • Jun 28, 2024, 2:51 pm EDT

Coinbase Launches Legal Offensive Against SEC and FDIC

Coinbase, the largest U.S. crypto exchange, has filed lawsuits against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) to obtain documents related to their approaches to crypto regulation. Filed on Thursday in a Washington, D.C. district court, these lawsuits aim to uncover what Coinbase describes as a coordinated effort by federal financial regulators to pressure banks into denying crypto firms access to the banking system. A Coinbase spokeswoman stated, “For years, financial regulators – including the SEC, the FDIC, and the Federal Reserve Board – have used every tool at their disposal to try to

3 minutes

johnd • Jun 21, 2024, 11:48 am EDT

SEC Ends Investigation Into Ethereum 2.0, Consensys Announces

Background on the SEC Investigation In April, blockchain development company Consensys received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), a precursor to legal action, concerning its MetaMask wallet. The wallet enables users to self-custody Ethereum (ETH) and other cryptocurrencies. The SEC’s investigation aimed to ascertain whether Ethereum, the second-largest cryptocurrency by market cap, should be classified as a security. Consensys’ Legal Action Against SEC Consensys filed a lawsuit against the SEC, seeking to stop the investigation. The company argued that Ethereum qualifies as a commodity, not a security, placing it outside the SEC’s regulatory scope. This

2 minutes

carlp • Jun 18, 2024, 9:18 am EDT

David Hirsch Resigns from SEC Crypto Enforcement Role

David Hirsch, a key figure in the U.S. Securities and Exchange Commission’s (SEC) enforcement efforts in the cryptocurrency space, has stepped down from his role as chief of the Crypto Asset and Cyber Unit. Hirsch’s resignation, announced via LinkedIn on June 17, 2024, marks the end of a nearly nine-year tenure at the SEC. Reflecting on his departure, Hirsch expressed pride in the accomplishments of the Crypto Assets and Cyber Unit team he led. “This past Friday was my last day with the SEC after almost 9 years,” he wrote. “During that time I had the opportunity to work on

3 minutes

carlp • Jun 3, 2024, 1:32 pm EDT

Biden Blocks Crypto Accounting Reform Despite Bipartisan Support

President Biden Vetoes Bill to Overturn SEC Crypto Accounting Standards In a significant move that underscores the ongoing regulatory tensions surrounding the cryptocurrency industry, U.S. President Joe Biden has vetoed H.J.Res. 109, a congressional resolution aimed at overturning the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121). This bulletin provides guidance on how banks should account for customers’ crypto assets, requiring these assets to be treated as liabilities. Details of the Veto President Biden justified his decision by emphasizing the need for appropriate consumer and investor “protections.” “Appropriate guardrails that protect consumers and investors are necessary to

3 minutes

johnd • May 24, 2024, 9:19 pm EDT

SEC Approves Spot Ether ETFs

The U.S. Securities and Exchange Commission (SEC) has approved the sale of spot Ether Exchange-Traded Funds (ETFs) in the United States, marking another significant milestone for the cryptocurrency industry. On May 23, 2024, the SEC granted approval to Nasdaq, CBOE, and NYSE to list ETFs tied to the price of ether, potentially setting the stage for these products to begin trading later this year. A Milestone Decision This approval follows the SEC’s earlier decision in January 2024 to approve Bitcoin ETFs and ETPs after a prolonged battle. The recent decision represents the SEC’s second major step regarding crypto Exchange-Traded Products,

3 minutes

arusso • May 2, 2024, 1:15 am EDT

Changpeng Zhao Receives Four-Month Sentence in U.S. Money Laundering Case

Changpeng Zhao (CZ), the former CEO of Binance, and the world’s largest cryptocurrency exchange, was sentenced to four months in prison by US District Judge Richard Jones in Seattle. This decision comes after CZ pleaded guilty to charges of violating U.S. anti-money laundering laws. Comparison to Other Crypto Cases Many feel the sentencing of CZ is particularly mild when compared to the 25-year prison term handed to Sam Bankman-Fried, former CEO of FTX, who was convicted for embezzling $8 billion from customers. Bankman-Fried’s severe punishment reinforcers the disparity in how different cases within the cryptocurrency sector are being handled, raising

2 minutes

carlp • Apr 29, 2024, 2:11 pm EDT

ConsenSys Stands Up to SEC’s Regulatory Overreach with Ethereum Lawsuit

ConsenSys, a key developer of Ethereum, has initiated a lawsuit against the U.S. Securities and Exchange Commission (SEC), contesting what it describes as an “unlawful seizure of authority” over Ethereum. This move by ConsenSys comes amidst a broader assertion by the SEC that the company’s popular MetaMask wallet operates as an unregistered securities broker. This litigation marks a critical moment for Ethereum and the broader crypto landscape, challenging the regulatory encroachments that threaten to reshape the industry’s future. Unregistered Broker Allegations and Ethereum’s Status The SEC’s contention revolves around MetaMask’s functionalities, particularly its “swap” and “stake” features, which the agency

3 minutes

johnd • Jan 11, 2024, 1:01 pm EST

Spot Bitcoin ETFs to Trade on US Markets: What Happens Now?

The U.S. Securities and Exchange Commission (SEC) has recently approved the listing of spot Bitcoin Exchange-Traded Funds (ETFs) What can we expect moving forward?

3 minutes