US SEC's Cryptocurrency-Related Enforcement Actions Surge After FTX Crash
The US Securities and Exchange Commission (SEC) has seen a significant increase in cryptocurrency-related enforcement actions in the six months following the collapse of FTX, according to an analysis of SEC announcements and news stories. The regulatory body took around six enforcement actions in the six months before FTX's demise, but this number rose to at least 17 in the six months after the exchange's bankruptcy.
US Web3 and Cryptocurrency Providers May Leave Amid SEC Action Against Coinbase and Binance, Warns 1inch Co-Founder
The SEC's enforcement action against Coinbase and Binance could result in major Web3 and cryptocurrency service providers leaving the United States, according to Sergej Kunz, co-founder of DeFi protocol 1inch Network. Kunz believes that regulatory uncertainty in the US could harm the industry and stifle innovation.
US District Court Judges Assigned to Hear Coinbase and Binance Lawsuits Against SEC
The United States District Court Judges who will preside over the SEC lawsuits against Coinbase and Binance have been revealed in court filings. District Court Judge Jennifer H. Rearden will hear the case of SEC v Coinbase in the Southern District of New York, while District Court Judge Amy Berman Jackson will tackle the case of SEC v Binance in the District of Columbia. Judge Rearden recently ruled on a crypto-related matter involving Binance.US, while Judge Jackson has adjudicated on several highly-political disputes in recent times. Both Binance and Coinbase have confirmed they will "vigorously" defend the lawsuits laid against them.
Cathie Wood: Binance Legal Woes Good for Coinbase
According to Bloomberg, Ark Invest CEO Cathie Wood said in an interview that Coinbase will benefit from Binance legal problems in the U.S. because it will eliminate its main competitor. Wood said, "Coinbase has not been accused of any criminal activity. The definition of securities and pledges are two issues that both Coinbase and According face, but most of the other issues regarding According are not relevant to Coinbase."
SEC Sues Binance and Coinbase, Alleging Serious Wrongdoings
The SEC has filed lawsuits against two major crypto companies, Binance and Coinbase, with serious allegations against both. The allegations against Binance are more damning, directly mentioning CEO Changpeng Zhao and claiming that the company operated through a "web of deception" and commingled customer funds.
Mike Novogratz Anticipates Further Legal Battles for Crypto Exchanges, Expects Delays in Litigation
Renowned billionaire investor and founder of Galaxy Digital, Mike Novogratz, predicts further legal battles by the US Securities and Exchange Commission (SEC) against crypto businesses, with protracted legal processes. Novogratz commented that the ongoing cases against Coinbase and Binance probably won't be litigated for a few months, making it difficult to determine what to do.
Crypto Community Mints "Stand with Crypto" NFT in Response to SEC Lawsuits
The crypto industry has faced a tough 48 hours, with the SEC filing lawsuits against Binance and Coinbase for allegedly violating securities laws. The SEC also sought to freeze assets related to Binance.US. The lack of policy and regulatory clarity in the US surrounding crypto has added to the frustration. However, figures in the crypto space have minted Coinbase's Stand with Crypto NFT to show their commitment to crypto and demand regulatory clarity. The NFT is free to mint, and platform mint fees will be donated to support crypto advocacy efforts.
Coinbase Pushes for Regulatory Clarity Amid Legal Battles with SEC
Coinbase, the world's second-largest cryptocurrency exchange, is advocating for regulatory clarity in the crypto industry while also facing legal battles of its own. The Securities and Exchange Commission (SEC) recently sued Coinbase for alleged securities law violations, and the company's chief legal officer, Paul Grewal, testified before Congress this week.
Coinbase CEO Armstrong Says Not Shutting Down Staking Service
Crypto exchange Coinbase (COIN) will continue operating its crypto staking service despite facing lawsuits from state and federal regulators over the program and several of its other offerings, Coinbase CEO Brian Armstrong said Wednesday at the Bloomberg Invest Conference.
Coinbase Chief Legal Officer:We Have Made No Decision at All To Delist Assets
The chief legal officer of cryptocurrency exchange Coinbase said the company has not yet decided whether to delist any assets. Coinbase was sued by the U.S. Securities and Exchange Commission (SEC) for violating security regulations. Unlike rival Binance, Coinbase does not appear to be canceling any trading pairs or suspending its OTC trading portal for now. The company believes its business is legitimate, active and productive and will continue to operate as usual.
