NASAA Supports SEC in Lawsuit Against Coinbase Over Crypto Securities
The North American Securities Administrators Association (NASAA) has backed the Securities and Exchange Commission (SEC) in its legal action against Coinbase. NASAA, a non-profit group representing state and provincial securities regulators in the US, Canada, and Mexico, said it had a "strong interest" in the case.
SEC Investigates Former Twitter Executives and Elon Musk's Twitter Buyout
The US Securities and Exchange Commission (SEC) is investigating a data and privacy security breach that occurred at Twitter before Elon Musk took over as CEO. The investigation is focused on the former leadership of the company and their handling of security flaws in 2018, including whether they properly informed shareholders of privacy issues. The SEC is also examining whether appropriate controls were in place before the breach, which exposed users' personal information. In addition to the Twitter investigation, the SEC is looking into whether Musk violated federal securities laws during his acquisition of the social media platform.
US court rejects SEC's appeal in Ripple case
The US Securities and Exchange Commission (SEC) has had its motion to appeal against Ripple Labs rejected by United States District Court Judge Analisa Torres. The SEC had appealed against the court's July decision that retail sales of XRP did not meet the legal definition of a security. While the decision is not an outright loss for the regulator, as a trial has been scheduled for April 2024, crypto lawyers are divided over its significance. The rejection of the SEC's appeal was expected by some legal experts, who urged caution in interpreting the ruling.
Former SEC Attorney Predicts Low Chance of Acquittal for FTX Founder Sam Bankman-Fried in Fraud Trial
Former SEC attorney John Reed Stark has predicted that Sam Bankman-Fried, the founder of defunct crypto exchange FTX, is unlikely to be acquitted of sweeping fraud charges that could result in a lifetime in prison. Stark cited the unprecedented level of access to witnesses and evidence possessed by the DOJ team, as well as the many high-profile executives close to Bankman-Fried who have already pled guilty to reduce their criminal sentences.
SEC and 5 Other U.S. Regulators Issue Warning on Cryptocurrency Investments
The North American Securities Administrators Association (NASAA), a joint effort of the US Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), Commodity Futures Trading Commission (CFTC), National Futures Association (NFA), Securities Investor Protection Corporation (SIPC), has issued multiple warnings regarding investments in cryptocurrency assets.
Valkyrie Ethereum Futures ETF Receives U.S. SEC Approval
The US SEC has approved Valkyrie to convert its existing Bitcoin futures ETF to a Bitcoin and Ethereum futures ETF. The new fund will be renamed "Valkyrie Bitcoin and Ethereum Strategy ETF" and will take effect on October 3, with the code still being BTF.
SEC Delays ARK Invest 21Shares Spot Bitcoin ETF Filing, Narrowing Chances of Approval in 2023
The U.S. Securities and Exchange Commission (SEC) has announced a delay in the ARK Invest 21Shares spot Bitcoin Exchange Traded Fund (ETF) filing, which may decrease the likelihood of a spot ETF approval in 2023. The SEC is requesting a longer period for any action on the proposed rule change, which was originally due on November 11, 2023. This decision was made just in time before the SEC Chair Gary Gensler's hearing before the Financial Services Committee on September 27, 2023. Franklin Templeton recently joined the list of financial companies seeking approval for the first-ever spot BTC ETF in the United States, but they have yet to file the 19b-4, a key step in the approval process.
US SEC Chair Gary Gensler Likely to Repeat Stance on Crypto Industry at House Committee Hearing
SEC Chair Gary Gensler is expected to reiterate his stance on the crypto industry being rife with fraud, abuse, and misconduct during the upcoming U.S. House of Representatives Committee on Financial Services hearing on September 27, 2023. Gensler had previously made this statement during a hearing before the Senate Committee on Banking, Housing, and Urban Affairs.
New FOIA Filing Seeks Former SEC Chairman’s Communications Related to Cryptocurrency Enforcement Decisions
In order to continuously improve the transparency and accountability of government agencies, Empower Oversight Whistleblowers & Research has recently submitted a new Freedom of Information Act (FOIA) request. The application seeks communication records between former Chairman of the US Securities and Exchange Commission (SEC), Jay Clayton, and individuals possibly related to controversial cryptocurrency enforcement decisions by the SEC.
From May 4, 2017 to December 23, 2020, Clayton specifically stated that Bitcoin is not a security.
The SEC Needs To Make Decisions on Multiple Bitcoin ETF-Related Matters in Mid-October This Year
September 23rd, the latest blog post released by NYDIG shows that the SEC must respond (approve, reject, or delay) to Nasdaq's request for the listing of iShares Bitcoin Fund before October 17th.
