SEC “Come in and Register” Costs Companies $2M in Legal fees
SEC Registration Costs a Lot for Crypto Firms FOX Journalist Reveals.
U.S. Lawmakers Say SEC Directive May Bring “Greater Risk of Loss”
U.S. Senator Cynthia Lummis and Congressman Patrick McHenry say a Securities and Exchange Commission accounting directive “places customer assets at greater risk of loss if a custodian becomes insolvent or enters receivership.” In a Thursday letter to federal officials at the FDIC, Federal Reserve, the Office of the Comptroller of the Currency, and National Credit Union Administrator, the lawmakers called out SAB 121—a Staff Accounting Bulletin issued by the SEC last April. (Decrypt)
SEC Objection to Voyager-Binance.US deal Questioned by US Judge
The bankruptcy judge on Voyager Digital’s case has reportedly scolded the United States securities regulator over its ambiguous reasoning for objecting to the crypto lending firm’s proposed sale to Binance.US. At a Mar. 2 hearing in a New York court, U.S. bankruptcy judge Michael Wiles said the Securities and Exchange Commission (SEC) had basically asked to “stop everybody in their tracks” without explaining how to address concerns it had over the deal according to a Reuters report. (Cointelegraph)
Gary Gensler:Based Upon How Crypto Trading and Lending Platforms Generally Operate, Investment Advisers Cannot Rely on Them Today As Qualified Custodians
Based upon how crypto trading and lending platforms generally operate, investment advisers cannot rely on them today as qualified custodians. To be clear: just because a crypto trading platform claims to be a qualified custodian doesn’t mean that it is.
Ripple’s Stuart Alderoty Outlines Three Possible Outcomes in Ongoing Lawsuit with SEC
Earlier today, Stuart Alderoty, Ripple’s Chief Legal Officer, recently spoke about the U.S. SEC’s ongoing lawsuit against Ripple Labs over the sale of XRP tokens (which the SEC considers unregistered securities).
U.S. Lawmakers Argue SEC Accounting Policy Undermines Safe Crypto Custody
U.S. Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee, and Sen. Cynthia Lummis (R-Wyo.), who has authored crypto legislation, sent a letter to several banking agencies on Thursday asking how they’re dealing with a controversial bulletin from the Securities and Exchange Commission that advised financial institutions they should maintain customers’ crypto holdings on their own balance sheets.
Voyager Bankruptcy Judge Says He Is ‘Absolutely Shocked’ by SEC Objection to Binance US Deal
U.S. Bankruptcy Judge Michael Wiles appeared heavily skeptical about an attempt by the Securities and Exchange Commission (SEC) to stop a purchase by Binance US of assets of defunct crypto lender Voyager at a Thursday court hearing.
Former NBA Player Baron Davis Says Celebs Will Focus More on 'Utility' Tokens
Former National Basketball Association player Baron Davis still sees a silver lining for celebrities who endorse crypto even though the U.S. Securities and Commission is cracking down on celebrity and athlete-endorsed projects.
Coinbase Severs Ties With Silvergate Bank Amidst JPMorgan Downgrade and Delayed SEC Filing
Coinbase announced on Thursday that it is no longer accepting or initiating any payments to or from the crypto-friendly bank Silvergate. Recently, Silvergate delayed its 2022 fiscal year 10-K filing with the SEC, citing the need for more time to complete the filing. Following the delay, the financial institution JPMorgan downgraded the company’s stock from “neutral” to “underweight.”
Silvergate Stock Plunges 31% as Crypto Bank Delays SEC Financial Report
Silvergate Capital Corporation, the parent company of Silvergate Bank, delayed its annual 10-K report filing with the U.S. Securities and Exchange Commission on Wednesday, telling the agency it “needs additional time” to allow an independent accounting firm to complete certain audit procedures.
