Tag: SEC

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Congressman Calls for SEC Chair’s Dismissal Over ‘Regulation by Harassment’

July 13, 2024

House Majority Whip Tom Emmer has criticized U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, accusing him of “regulation-by-harassment,” and calling for his dismissal. The congressman has consistently opposed Gensler’s regulatory practices, supporting legislative reforms for the SEC. He argues that Gensler’s approach undermines the securities regulator’s mission to protect investors and maintain orderly…
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Federal Agencies Join Forces to Fight Crypto Scams

July 13, 2024

Several federal agencies, including the Federal Bureau of Investigation (FBI) and the U.S. Securities and Exchange Commission (SEC), convened at a Fraud Disruption Conference to combat crypto scams, particularly the “pig butchering” fraud that siphons billions from Americans annually. The meeting brought together over 300 officials from 15 federal agencies to strategize against this pervasive…
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Hiro Systems Applauds SEC Decision to Close Stacks Investigation

July 12, 2024

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Stacks, a Bitcoin scaling network, and its original developer, Hiro Systems, with no recommended enforcement actions. This investigation began in 2021 despite claims by network contributors that Stacks’ token sale was SEC-qualified. Hiro Systems praised the SEC’s decision, reaffirming its commitment to regulatory…
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SEC Secures Default Judgments in $45 Million Coindeal Fraud Case

July 12, 2024

The U.S. Securities and Exchange Commission (SEC) announced this week that the U.S. District Court for the Eastern District of Michigan has issued default judgments against Garry Davidson and Linda Knott for their involvement in a fraudulent $45 million Coindeal scheme. Davidson and Knott were accused of deceiving investors with false promises of significant returns…
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CFTC Chair Pushes for Federal Legislation to Regulate Bitcoin and Ether as Commodities

July 11, 2024

During his Senate testimony, the chairman of the Commodity Futures Trading Commission (CFTC) emphasized the necessity of federal legislation to regulate digital commodities such as bitcoin and ether. Citing market volatility and fraud, the chairman advocated for expanded regulatory powers to safeguard investors and maintain financial stability. He also referenced a recent court ruling that…
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SEC Withdraws Enforcement Action Against Paxos’ BUSD Stablecoin

July 11, 2024

The Securities and Exchange Commission (SEC) has decided to end its investigation into Paxos, a New York-based issuer of stablecoins, suggesting that stablecoins may not be treated as securities in most cases. This decision comes more than a year after the SEC sent Paxos a Wells Notice concerning the BUSD stablecoin, which is backed by…
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Fed Chair Powell Reaffirms Stance on Custody Assets Amid SEC Crypto Rule Controversy

July 11, 2024

On Wednesday, Federal Reserve Chair Jerome Powell testified before the U.S. House Financial Services Committee, where Congressman Josh Gottheimer (D-NJ) questioned him about the SEC’s Staff Accounting Bulletin (SAB) 121. This bulletin mandates that banks include digital assets held in custody on their balance sheets, significantly raising the cost of providing digital asset custody services.…
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Bloomberg Analyst Discusses Solana ETF Deadline and Election Impact

July 11, 2024

A senior Bloomberg ETF analyst says the final deadline for the approve of solana exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) will be mid-March 2025. He stressed that the U.S. presidential election in November will play a crucial role in their approval. Analyst Discusses Political Impact on Solana ETFs A senior…
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Messari Declares Independence From SEC — Calls Chair Gensler Incompetent and Corrupt

July 9, 2024

Crypto intelligence platform Messari has declared independence from the U.S. Securities and Exchange Commission (SEC). CEO Ryan Selkis calls SEC Chair Gary Gensler incompetent and corrupt. Messari plans to challenge the SEC’s legitimacy through legal, congressional, and media avenues, arguing that modern technologies render the agency’s functions redundant and that private market actors are better…
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Sleeping BTC Wallets Reactivate, Bitcoin Dips, and More — Week in Review

July 7, 2024

Several longtime holders of Bitcoin have reactivated dormant wallets, moving substantial amounts of BTC after years of inactivity. Bitcoin’s price dipped to $56,952 amid speculation related to the Mt Gox distribution and the German government’s transfer of 3,000 BTC. Standard Chartered forecasts Bitcoin hitting $100,000 by November, with a potential boost from a Trump election…
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