The Federal Trade Commission is investigating several unnamed crypto firms over possible misconduct in the advertisement of digital assets.
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.
The two-year-long battle between SEC and Ripple is approaching the end, with Ripple filing its final submission in its case against the U.S. regulator on Dec. 2.13523
U.S regulators and their failure to avoid another crypto contagion have raised a lot of questions over their credibility.8442
The Department of Justice’s U.S. Trustee overseeing FTX’s bankruptcy case has moved for the court to appoint an independent examiner.4919
CFTC has faced a lot of scrutiny in the wake of FTX collapse due to its ties with the crypto exchange and SBF’s efforts to put the committee as the key oversight body for crypto.13198
Two other associates that helped run the U.S.-based fraudulent crypto platform EmpiresX left the country early this year and are believed to be in Brazil.4033
LBRY Inc. noted that while the company is on its last legs, the underlying protocol and blockchain behind the content platform will carry on.7988
Congressman Tom Emmer showed concerns about the oversight strategy implemented by Gary Gensler, the chair of the U.S. Securities and Exchange Commission for the crypto ecosystem.10238
Alabama and several other U.S. states are investigating alleged securities violations and connections with retail investors.10197
Belgium’s take on what conditions must be met in order for a crypto asset to be classed as a security are in contrast to the views of U.S. Securities Exchange Commission Chairman Gary Gensler.15222
The Bitcoin miner warned its cash reserves may be depleted by the end of 2022 or sooner as it cuts back on spending, including not making loan repayments.4944
According to the Chamber of Digital Commerce CEO, passing any kind of legislation — including bills on crypto and blockchain — will be “incredibly difficult” in a divided government.3370
I asked the SEC to take public comments on issues related to cryptocurrency custodians and intermediary conflicts. The SEC declined to take my advice, and FTX fell apart soon after.8653
American CryptoFed DAO begins a litigation battle with the SEC over 2021 token registrations and opts not to have attorneys in its fight for registration.8829
The SEC instituted administrative proceedings against American CryptoFed to determine the issuance of a stop order which would retract its registration and bar sales of in-house tokens, Ducat and Locke.4617