Tag: SEC

Binance wins dismissal of class action over 2018 tokens that tanked

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A federal judge has dismissed a class action complaint asserting Binance violated U.S. securities laws by not registering as a broker-dealer or exchange, and sold crypto tokens which were not registered with the U.S. Securities and Exchange Commission (SEC). The original complaint filed in the U.S. District Court for the Southern District of New York was brought by a group of investors who say they invested in the tokens EOS, BNT, SNT, QSP, KNC, TRX, FUN, ICX, OMG, LEND, ELF, and CVC around 2017 and 2018. An amended complaint was…

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SEC unable to locate BitConnect founder convicted in $2.4B fraud case

[ad_1] Indicted by the United States Department of Justice in a $2.4 billion Ponzi scheme, BitConnect founder Satish Kumbhani remains untraced following conviction. In a court filing on Monday, the Securities and Exchange Commission said that the whereabouts of Kumbhani remains unknown. The SEC noted that Kumbhani’s last known location was in his native country India, but has remained untraced ever since the promoter for his BitConnect Ponzi scheme was charged by the SEC for defrauding American investors of over $2 billion. SEC in its filing noted that the convicted founder…

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Powers On… The SEC takes reactionary moves against crypto lending – Cointelegraph Magazine

[ad_1] It is unfortunate that the United States Securities and Exchange Commission has chosen to send a message to the crypto industry by extracting a huge $100 million settlement from the lending platform BlockFi in an administrative proceeding publicly announced on Feb. 14. It was quite a Valentine’s Day kiss — $50 million for the SEC and $50 million for some 32 states that piled on because they saw an easy target. Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career…

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Over 6,000 XRP holders volunteer as third-party defendants in SEC lawsuit

[ad_1] XRP tokenholders have attempted to insert themselves as third-party defendants in the United States Securities and Exchange Commission’s lawsuit against Ripple Labs. A motion to intervene was filed by John Deaton of Deaton Law Firm on Sunday on behalf of over 6,000 XRP holders. Deaton, himself an XRP holder, argued that the interests of tokenholders were not being adequately represented in the securities lawsuit against Ripple Labs and its executives. Deaton’s argument builds upon the refutation of any securities violations by Ripple Labs. Specifically, if XRP is not a security…

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BlockFi settles with the SEC, Russia’s CBDC trials begin and Cointelegraph releases its 2022 top-100 list: Hodler’s Digest, Feb. 13-19

[ad_1] Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week $1T opportunity: JPMorgan becomes first major bank in the metaverse United States banking giant JPMorgan Chase has taken a dive into what it considers a significant up and coming arena of opportunity: the metaverse. The bank has recently opened a digital lounge called Onyx…

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Ripple Achieves ‘Strongest Year Ever’ Despite SEC Lawsuit Over XRP, Says CEO – Regulation Bitcoin News

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[ad_1] Ripple has achieved the “strongest year ever” despite the lawsuit over XRP by the U.S. Securities and Exchange Commission (SEC), according to CEO Brad Garlinghouse. “Calling crypto the ‘Wild West’ is a farce,” he said, emphasizing that “most are complying with financial regulators globally.” Ripple Has Best Year Despite SEC’s Lawsuit Over XRP Ripple CEO Brad Garlinghouse talked about his company’s achievement and cryptocurrency regulation in a series of tweets Wednesday. He explained that despite the lawsuit over XRP, Ripple had the “strongest year ever.” The U.S. Securities and…

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SEC delays spot Bitcoin ETF decisions, Nike throws its hat into Metaverse arena, and a crypto exchange gets hacked: Hodler’s Digest, Dec. 12-18

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[ad_1] Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Russia to decide between blanket crypto ban and legalizing exchanges in 2022 A recent report shows that Russia could potentially see a countrywide ban on cryptocurrency. Alternatively, it’s possible that crypto trading via regulated exchanges may continue under strict oversight.  On the one hand,…

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‘I Have Zero Interest in Investing in Litigation Against SEC’ – Regulation Bitcoin News

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[ad_1] Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he has zero interest in investing in anything with litigation from the U.S. Securities and Exchange Commission (SEC). “That is a very bad idea,” he said. Discussing the SEC lawsuit against Ripple over XRP, he emphasized: “I have no interest in being a crypto cowboy … I have to be compliant.” Kevin O’Leary Says He Must Not Upset Regulators Shark Tank star Kevin O’Leary, the chairman of O’shares ETF, talked about cryptocurrency, bitcoin, XRP, Ripple’s lawsuit, and crypto regulation in…

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SEC reportedly knocks back Valkyrie’s leveraged Bitcoin ETF

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[ad_1] Reports are emerging that the U.S. Securities and Exchange Commission has rejected one, or possibly two, recent Bitcoin exchange-traded fund applications signaling that the regulator is not quite ready for more exotic futures products just yet. Just a day or so after Valkyrie filed for a leveraged Bitcoin futures ETF and Direxion applied for an inverse fund for bears, the SEC appears to have vetoed them both. On Oct. 28, Bloomberg’s senior ETF analyst Eric Balchunas referred to a Dow Jones alert indicating the Valkyrie leveraged fund had been…

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Tesla Informs SEC It May Restart Transacting in Cryptocurrencies – Featured Bitcoin News

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[ad_1] Elon Musk’s electric car company, Tesla, has informed the U.S. Securities and Exchange Commission (SEC) in a quarterly filing that it may restart the practice of transacting in cryptocurrencies for its products and services. Tesla suspended accepting bitcoin in May, citing environmental concerns. Tesla May Resume Accepting Bitcoin, SEC Filing Shows Tesla Inc. filed a quarterly report with the U.S. Securities and Exchange Commission (SEC) Monday. The company explained that during the nine months ended Sept. 20, it “purchased an aggregate of $1.50 billion in bitcoin.” In its Q3…

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