The commodities regulator has begun the process of getting a court ruling on the Ooki DAO case after the latter failed to respond to the lawsuit by the deadline. The Commodity Futures Trading Commission (CFTC) has begun the process of getting a default judgment in its case against Ooki DAO after the latter missed the…
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On Tuesday, the attorneys representing FTX told the court that a “substantial amount of assets have either been stolen or are missing” and further stressed to the bankruptcy court that FTX executives left the lawyers James Bromley and Sullivan Cromwell with limited information. Bromley further likened the former FTX CEO Sam Bankman-Fried’s (SBF) crypto empire…
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In an effort to help consumers “avoid the hype, [and] get the facts,” Rob Bonta has created a page on crypto buying dominated by lists of scams, red flags and other unpleasantness. With the cryptocurrency market becoming ever more complex and intimidating, California Attorney General Rob Bonta had decided to issue guidance for novice crypto…
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After it was discovered that FTX was dealing with financial issues and the crypto exchange paused withdrawals, U.S. regulators started to take notice. On Nov. 10, 2022, California’s Department of Financial Protection and Innovation (DFPI) published a consumer alert and said the state regulator was “investigating the apparent failure of crypto asset platform FTX.” California’s…
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Elon Musk previously won a similar class-action lawsuit brought by Tesla employees, calling the case “trivial.” Amid Twitter beginning mass layoffs, the company employees are launching a class-action lawsuit against the new Twitter CEO, Elon Musk. According to multiple sources, Musk started massive layoffs at Twitter on Nov. 4, reducing the company’s workforce of 7,500…
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Recent cases involving crypto fraud serve as a timely reminder to do your own due diligence until regulators take more action. If something sounds too good to be true, it probably is. The California Department of Financial Protection and Innovation (DFPI) announced last month that it had issued desist and refrain orders to 11 entities…
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The California Department of Financial Protection and Innovation (DFPI) has cracked down on 11 cryptocurrency companies that are accused of violating California securities laws. Nine of the firms reportedly solicited funds from investors in order to trade cryptocurrencies on the customer’s behalf. One of the accused companies pitched an alleged metaverse software development scheme, and…
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Crypto lender Nexo is having issues with state authorities from California, New York, Washington, Kentucky, Vermont, South Carolina, and Maryland. The enforcement actions from multiple state securities regulators detail that Nexo’s Earn Interest Product (EIP) may be in violation of securities laws.
Nexo Targeted by Several Securities Regulators Over the Crypto Lender’s Earn Interest Product…
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The crypto industry has scored a win with California Governor Gavin Newsom vetoing a bill that would establish a licensing and regulatory framework for digital assets…. Read More: Crypto License Bill Vetoed by California Governor Gavin Newsom in Win for Industry Read more »Sign up for e-EUR – the progressive stablecoin
Opposing Assembly Bill 2269, Newsom recommended a “more flexible approach” that would evolve over time while considering the safety of consumers and related costs. Adding to the existing regulatory hurdles for the crypto ecosystems, California Governor Gavin Newsom refused to sign a bill that would establish a licensing and regulatory framework for digital assets. Assembly…
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