Category: enforcement actions

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‘Midnight Massacre:’ SEC Crackdown on Crypto Staking Services Prompts Speculation of Further Enforcement Actions

February 10, 2023

On Feb. 9, 2023, the cryptocurrency community learned of the U.S. Securities and Exchange Commission’s (SEC) crackdown on staking services. The SEC fined Kraken, a cryptocurrency exchange, $30 million for offering an “unregistered offering” related to its U.S. staking service. Digital currency advocates are now debating what constitutes a yield product versus a noncustodial solution…
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US Lawmaker Urges SEC to ‘Take Decisive Action’ to Regulate Crypto Industry — Plans to Examine Options for Federal Legislation

November 16, 2022

U.S. Congressman Brad Sherman has called on the Securities and Exchange Commission (SEC) to “take decisive action to put an end to the regulatory gray area in which the crypto industry has operated.” He added that he plans to work with his colleagues in Congress in the coming weeks “to examine options for federal legislation.”…
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Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

June 24, 2022

The Ontario Securities Commission (OSC) has taken action against two cryptocurrency trading platforms. Kucoin is permanently banned from participating in Ontario’s capital markets. Bybit has promised to take steps to comply with regulations and register with the OSC. OSC Sanctions 2 Crypto Trading Platforms The Ontario Securities Commission (OSC) announced Wednesday the outcome of enforcement…
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8 US Lawmakers Urge SEC to Stop Crippling Crypto, Stifling Innovation

March 18, 2022

Eight U.S. lawmakers have sent a letter to the chairman of the U.S. Securities and Exchange Commission (SEC) regarding how the agency collects information from crypto companies. According to the crypto community, the SEC’s “requests” for information “are overburdensome, don’t feel particularly voluntary, and are stifling innovation.” US Lawmakers Want Answers From SEC U.S. Representatives…
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