The filing came before the commission's June 17 deadline to approve or disapprove of the Bitcoin ETF following an extension in April.
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.
Musk responded to a Cointelegraph tweet about Sygnia CEO Magda Wierzycka calling for the SEC to investigate him over alleged Bitcoin price manipulation.58721
Local exchanges now have until July 11 to update their rules for listing tokens in order to be in compliance with SEC guidelines.20995
“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual," said Magda Wierzycka.44065
The SEC has warned that “investors should understand that Bitcoin, including gaining exposure through the Bitcoin futures market, is a highly speculative investment.”9095
Crypto-friendly SEC Commissioner Hester Peirce called for nuanced cryptocurrency regulations as several agencies pursue stricter policy mandates.6800
Former top policymakers Jay Clayton and Brent McIntosh has defended the crypto regulatory regimes established during their respective government tenures.10975
An initial public offering is the classic way to take a company public, but many crypto companies bypass the regulatory scrutiny with a backdoor SPAC merger.7844
Ripple believes records held by offshore exchanges will prove its executives did not violate Section 5 of the Securities Act by offloading XRP on the U.S. public.40282
Ripple’s legal battle with U.S. regulators continues.20983
The SEC says five individuals "promoted a global unregistered digital asset securities offering."47742
ETF shares would be listed on the Chicago Board Options Exchange’s BZX Exchange.5529
Fidelity’s Wise Origin Bitcoin Trust and the First Trust SkyBridge Bitcoin ETF are now under review by regulators, according to paperwork filed earlier this month.11593
SEC head Gary Gensler said that the authority spends only $325 million per year on tech, which is less than some industry players spend in two weeks.13752
Elon Musk, here we go again: It is not the first time his reckless tweeting has caused serious problems, but this time they’re for crypto.15733