Already facing a suit from the U.S. SEC, Ripple is now accused of violating securities laws in Florida.
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.
While we would be remiss not to laud the SEC’s statement as a step in the right direction, the shortcomings are inescapable.4924
The entry of the world’s largest asset manager into the realm of crypto finance could potentially signal the entry of other big-name players.10063
Per the latest in lobbying disclosures, Ripple Labs shelled out for its lobbying on legislation looking to change the treatment of crypto under securities laws.14170
A deep analysis of the actual final judgement in the U.S. Securities and Exchange Commission versus Kik Interactive case.10790
Multiple institutions are yet again lining up to offer crypto ETFs, but will the SEC overcome its historical reticence?32011
VanEck has filed with the SEC to launch the Digital Assets ETF related to the performance of top cryptocurrency companies.8827
The multi-trillion-dollar asset manager mentions “Bitcoin” 25 times in its submissions with the SEC.20308
The commissioner of the SEC, Hester Peirce, told an audience at CFC 2021 that crypto regulation should be focused on innovation, and that the U.S should be number one.11122
Janet Yellen’s critical comments about cryptocurrencies put a damper on the wider market just as Ethereum price reached a new all-time high.25814
The next leader of the U.S. securities regulator seems to be sympathetic to the mission of decentralization.5911
The SEC's incoming chair predicted the crackdown on crypto exchanges over AML concerns back in 2018. See what other insight he had.10216
Gensler will likely be replacing Jay Clayton, who famously slowed down the ICO market during his tenure at the SEC. Will Gensler issue new clarity?8490
The native token of a crypto project that brings apps and smart contracts to Bitcoin has been listed by a major exchange.7210
Biden’s pick to run the SEC has some serious crypto and blockchain chops.20261