The judge in a case brought by the U.S. Securities and Exchange Commission (SEC) against decentralized publishing platform LBRY Inc. ruled that the secondary sale of the LBRY Credits cryptocurrency, or LBC, does not qualify as the sale of a security. The ruling came in a Jan. 30 appeal filed by the SEC, reportedly to seek an injunction to prevent secondary sales. Deaton cited a paper by attorney Lewis Cohen that examined all the security lawsuits in the U.S. since the creation of the Howey Test. The paper showed that no court acknowledged an underlying asset as a security. (forkast)
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Judge Rules Secondary Sale of LBC Does not Classify as Security in SEC vs LBRY Appeal
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Cointime August 4 News Express
1.Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX -
Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX
According to the monitoring of on-chain analyst Yu Jin, Jump Trading may be selling ETH: they are currently redeeming a wstETH (120,000 pieces) worth $410 million in batches into ETH and then transferring it to exchanges such as Binance/OKX. So far, they have unpacked and redeemed 83,000 wstETH into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH (191.4 million US dollars) have entered the exchange.At present, there are still 37,600 wstETH in their wstETH storage address that have not been transferred out; 11,500 stETH in the redemption ETH address is being redeemed into ETH; and 20,000 ETH in the ETH transfer address to the exchange are waiting to enter the exchange in batches. -
Trump pledges to fire SEC Chair Gary Gensler ‘on day one’ if reelected
The Republican candidate laid out a plan for crypto policies should he win in November against prospective Democratic presidential nominee Kamala Harris.
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Trump team files complaint over Harris inheriting $96 million in Biden campaign funds
According to reports from foreign media, the Trump campaign team has filed a complaint with the Federal Election Commission, claiming that Biden's transfer of $96 million in campaign funds to Harris is illegal. David Warrington, a lawyer for the Trump campaign team, said that this was a "shameless money-grabbing act" and would constitute the largest excessive donation and most serious violation in the history of the Federal Election Law. Shortly after Biden withdrew from the election and appointed Harris as his preferred successor, she took over Biden's campaign committee's bank account. Steve Roberts, a lawyer who represented Republican candidates, said that the argument against the transfer was a "wishful thinking" of his Republican colleagues. The Harris campaign team said that this complaint would not affect its fundraising or spending. -
Donald Trump Plans to Release Fourth NFT Collection, Embraces Crypto Industry
Former US President Donald Trump is reportedly planning to release a fourth NFT collection, as he continues to embrace the crypto industry. In a recent interview with Bloomberg Businessweek, Trump stated that his previous NFT collections were "very successful" and sold out in a day. He also revealed that he plans to release another collection, as his supporters are demanding it. Trump's campaign has also started accepting crypto donations, and he has been vocal about the importance of the US not falling behind China in the crypto industry. -
Cointime June 29th News Express
1. In the past 24 hours, the transaction volume of Pudgy Penguins was nearly 2 million US dollars, an increase of nearly 700% -
The US SEC has returned the S-1 form to the potential Ethereum ETF issuer with a few comments, asking it to fix the problem and resubmit.
The US Securities and Exchange Commission has returned the S-1 form to the potential Ethereum ETF issuer with some comments, asking them to address the issues and resubmit. Sources say that at least one more round of review is needed before these measures can take effect. The issuer has reportedly been asked to address these comments and resubmit before July 8th. Sources note that this will not be the final declaration after the form is returned, meaning that at least one more declaration is needed before the ETF can begin trading. -
Crypto Industry Disappointed as Digital Assets Fail to Make an Appearance in First 2024 US Presidential Debate
Despite hopes from industry participants, the topic of crypto was not discussed during the first general debate of the 2024 U.S. presidential election between Joe Biden and Donald Trump. The debate, hosted by CNN, primarily focused on the economy, with brief mentions of other issues such as abortion, immigration, and foreign policy. While crypto has been a talking point throughout the election cycle, neither candidate made any significant statements about it during the debate. The crypto industry is hoping for a Congress and administration that will pass legislation friendly to digital asset businesses, and is looking to repeat the massive spending on elections from 2022. -
Chairman of the U.S. SEC: The economic substance of a product determines whether it is a security under the Securities Act
The US Securities and Exchange Commission (SEC) announced that Terraform Labs PTE, Ltd. and Do Kwon have agreed to pay over $4.5 billion.SEC Chairman Gary Gensler stated: "This case confirms the repeated fact that the economic substance of a product, not labels, promotion, or hype, determines whether it is a security under securities laws. Terraform and Do Kwon's fraudulent conduct reminds us that investors are harmed when companies break the law."
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