News
Anthony Scaramucci revealed that SkyBridge currently holds $700 million worth of cryptocurrency.
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SEC News
The Securities and Exchange Commission, or SEC, is an independent agency within the United States government tasked with regulating the securities markets in a way that protects the public from fraud, maintains fair and efficient markets, and facilitates healthy capital formation in the U.S. and its jurisdictions.
The emergence of cryptocurrencies with the advent of Bitcoin (BTC) directly challenged the hegemonic order of the legacy financial system and quickly provoked ire and distrust from various regulatory authorities.
The SEC, however, remained largely quiet on securities law applicability to cryptocurrencies and fundraising events until July 2017 when the agency published their report on the DAO project, concluding that the sale of DAO tokens was in fact an unregistered securities offering and therefore subject to securities laws. This was published in the context of the initial coin offering, or ICO, craze of 2017 to2018.
Since then, the SEC has slowly brought cases against various projects such as halting the launch of the highly anticipated Telegram blockchain network, TON, in October 2019, thus setting legal precedent for all current and future blockchain ventures.
The SEC is one of the most powerful regulatory agencies in the world, as most countries often wait to see how the U.S. regulates certain industries before implementing their own legislation and regulatory frameworks.
- News
Fidelity argues that Bitcoin markets have already reached maturity under the SEC’s own standards.
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"High, unpredictable fees can make crypto trading really dangerous for people who aren’t rich," said Senator Warren.
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The SEC has taken action against three companies owned by Chinese billionaire Guo Wengui for commingling the proceeds from two unregistered securities offerings.
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"Under our laws, they have to register with the Commission unless they qualify for an exemption," said Gary Gensler.
7604 - Newsletter
Cointelegraph's law & policy newsletter is back with a discussion of El Salvador's effects, Coinbase's woes, and the digital euro's prospects.
2920 - Follow up
The SEC’s notice to Coinbase over its Lend product might indicate incoming federal regulations aimed at crypto lending.
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The SEC alleged that some of the proceeds from the offering were used to give the founder a bonus of $1 million and a loan of $2.5 million, which he used to purchase a house in the Cayman Islands.
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The Celsius CEO is also seeking clarity for similar products, while Mark Cuban advises going on the offensive.
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“They refuse to tell us why they think it’s a security, and instead subpoena a bunch of records from us,” said Brian Armstrong after he revealed that the SEC threatened to sue Coinbase.
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Huobi’s operations in Thailand have been suspended by local authorities after it allegedly failed to comply with local regulations.
10151 - News
The “rising popularity” of initial coin offerings is considered the main reason for growing scams and exploits among retail investors.
11704 - Newsletter
Hackers run wild, but DeFi marches on — all that and more in this week's Finance Redefined.
10806 - Analysis
Is a futures-based crypto exchange-traded fund really imminent, and if so why that, and not an ETF that takes direct ownership in Bitcoin?
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Enforcement attorneys are reportedly looking for information about Uniswap’s marketing and investor services.
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