During an interview with Yahoo Finance on June 22, US Senator Cynthia Lummis criticized the Securities and Exchange Commission’s (SEC) recent enforcement action against cryptocurrency exchange Coinbase, despite the company’s attempts to comply with regulators. She was perplexed as to why the SEC would take such action against Coinbase when the company had publicly shown
Regulation
Bitcoin (BTC) saw a sudden surge in price to $138,000 on Binance.US during the early hours of June 21. However, the spike was very brief and lasted only seconds before returning to its normal level. The flash-pump was specific to the exchange’s BTC/USDT trading pair, while other assets continued trading at their usual levels. SEC
Coinbase has accused the Securities Exchange Commission (SEC) of avoiding its rulemaking petition as part of the ongoing legal case against the regulator. In April, the exchange sued the agency for failing to respond to its request for regulatory guidance for the digital asset industry. Coinbase had asked the SEC to issue regulatory guidelines by
A recent Twitter conversation between billionaire entrepreneur Mark Cuban and former SEC official John Reed Stark has gained attention for its positive, civil discourse on the complexities of securities law in the cryptocurrency industry. The two engaged in a spirited debate, respectfully presenting their viewpoints in view of the public. The Debate The debate centered
Bitwise Asset Management has submitted a new filing on June 16 for a proposed rule change to accommodate its planned Bitcoin spot ETF. The U.S. Securities and Exchange Commission (SEC) had previously rejected a Bitcoin spot ETF application from Bitwise in June 2022, citing inadequate surveillance-sharing, protection against market manipulation, and a lack of significant
The Texas State Securities Board has filed an emergency cease and desist order against Abra, a cryptocurrency lending firm, on June 15. Based on its investigations, the regulator found Abra and related parties committed fraud and made misleading statements. Abra had suggested it was a “crypto bank”, but it does not have a Texas bank
Stablecoin company Tether has released its reserve data after a legal fight to keep it private. The company stated that it had previously reported some data to the New York Attorney General’s Office (NYAG) as part of its settlement obligations in early 2021. CoinDesk Requested Access Afterwards, CoinDesk requested access to one of Tether’s reports.
The recent SEC lawsuits against Binance and Coinbase have raised concerns about the future of web3 in the United States. However, the House Financial Services hearing on “The Future of Digital Assets” provided insights into the potential future of digital assets in the country. During the hearing, witnesses discussed the need for regulation, the impact
On June 5, the U.S. Securities Exchange Commission (SEC) filed charges against Binance and its related companies. The SEC then sought a restraining order against Binance.US to freeze the company’s assets and force the return of user funds. Objection to the SEC’s Order However, lawyers representing Binance and related firms have submitted a court filing
On June 13th, the House Financial Services Committee convened to hear the testimonies of five key players in the blockchain industry. The hearing, titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem,” aimed to address the urgent need for regulatory clarity in the digital asset space. The recent legal actions taken