Crypto Evening Briefing: Court Approves Sale of Certain FTX Investments, Tokens and Equity Shares; Interactive Brokers To Offer Crypto Trading in Hong Kong
UK FCA is coming for unregistered cryptocurrency automated teller machines (ATMs). Magic Eden is undergoing restructuring process, lays off 22 employees.
Blockchain Association Files Amicus Brief, Wants To Stem SEC’s ‘Regulation By Enforcement’ Trend
Blockchain Association, an organization that advocates for peer-to-peer technology that hands back power to creators and users, has filed an amicus brief in the ongoing SEC v. Wahi federal case.
Congress Republicans Probe Into SEC Over FTX Fall
The Republican arm of the US Congress recently opened investigations into the role of the Securities and Exchange Commission (SEC) following FTX’s fall.
US Judge Halts CFTC and SEC Lawsuits Against SBF Until After Criminal Trial
United States District Judge Kevin Castel has approved the Justice Department’s request to stay the civil lawsuits filed by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) against Sam Bankman-Fried (SBF), the founder and former CEO of bankrupt crypto exchange FTX.
State of the Crypto Market (February 2023)
Let’s talk about the state of the crypto market as of February 2023, and the most important things happening.
Binance USD (BUSD) Redemptions Surge to $360M as Investors Panic
Paxos, the issuer of the Binance stablecoin BUSD has announced that it will no longer mint the dollar-pegged asset from Feb. 21.
SEC To Target Crypto Firms Operating As ‘Qualified Custodians’
The United States Securities and Exchange Commission (SEC) is reportedly planning to propose new rule changes this week that could impact what services crypto firms can offer their clients.
Blockchain Association Files Amicus Brief in Coinbase Insider Trading Case
The U.S. Securities and Exchange Commission (SEC) is attempting to create a “chilling effect” on the blockchain industry by labeling nine tokens at the center of an insider trading case as securities, but not giving the token creators a chance to defend themselves. Last year, the SEC lodged a complaint against former Coinbase manager Ishan Wahi for tipping off his brother and close friend regarding new listings of tokens on Coinbase. Earlier this month, Wahi pleaded guilty to insider trading charges, changing his plea from not guilty. Wahi is still contesting the securities fraud charges. The tokens in question include AMP, XYO, LCX, POWR, RLY, RGT, DDX, DFX, and KROM. Data from CoinGecko indicates that these tokens trade in relatively thin volume, and don’t rank within the top 150 tokens the service tracks. (Coindesk)
Paxos Categorically Disagrees With the SEC Staff Because BUSD Is Not a Security Under the Federal Securities Laws
Paxos categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws. This SEC Wells notice pertains only to BUSD.
