SEC Plans To Approve Ethereum Futures ETF, Expected To Be Listed by October
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) plans to approve the first Ethereum futures ETF, which is a major victory for several companies that have been seeking to offer such products for a long time. It is reported that the SEC is unlikely to prevent these products from listing.
Former SEC Official: The US Department of Justice Will Soon Announce or File an Indictment Related to Binance
John Reed Stark, the former head of internet enforcement at the US Securities and Exchange Commission (SEC), said that Binance.US requested a protective order on August 14 to prevent the securities regulator from making excessive demands, which may not be reliable.
Ripple Letter To Judge: SEC Did Not Meet Standards Needed To Advance Interlocutory Appeal
Ripple Labs' lawyers wrote to Judge Analisa Torres opposing the SEC's move to seek an intermediate appeal of the summary judgment last week. The letter stated, "Due to its failure to fulfill its obligation to provide facts to support the SEC's claim that Howey covers all of the digital assets XRP allocated to defendants, the SEC has now changed its stance and is eager to appeal its claimed content. This is a pure 'legal issue' that affects all other digital asset cases."
Judge Approves Investment Banker Andrew A. Kunsak as Declarant in SEC v. Ripple Case
On August 16th, it was reported that Andrew A. Kunsak from the law firm Sidley Austin LLP has been granted permission to appear as an investment banker in the SEC's case against Ripple Labs, which will be presided over by Judge Analisa Torres. The banker stated that he hopes to protect stakeholders from the SEC's appeal of the summary judgment ruling.
SEC Chair Emphasizes Transformative Potential of AI and Need for Regulation
Gary Gensler, the Chairman of SEC, has highlighted the transformative potential of AI and the need to adapt current securities laws. He believes that AI has the potential to revolutionize various aspects of the financial industry, offering new opportunities but also posing unique challenges. Gensler stressed the importance of having regulatory frameworks in place to address potential risks and the need for ongoing collaboration between regulators, industry stakeholders, and experts in AI technology to develop appropriate safeguards and guidelines.
SkyBridge urges SEC to approve spot bitcoin ETFs without delay
SkyBridge, a crypto investment firm led by Anthony Scaramucci, has urged the US Securities and Exchange Commission (SEC) to approve the latest wave of spot bitcoin exchange-traded funds (ETFs) without delay. SkyBridge argued that approving some spot bitcoin ETF proposals before others would not give those products an "unfairly discriminatory and prejudicial first-mover advantage". The firm previously sought to launch its own bitcoin ETF with First Trust Advisors, but the fund was denied by the SEC in January 2022.
SEC Chairman: SEC technology neutral, we focus on results, not the tool itself
SEC Chairman Gary Gensler tweeted that the SEC is technologically neutral. We focus on the results, not the tools themselves. However, securities laws may be affected depending on how artificial intelligence technology is used. Within our current scope of power, we focus on preventing micro and macro challenges of artificial intelligence. According to securities laws, fraud is fraud. The SEC's focus is on identifying and prosecuting any form of fraudulent behavior that may threaten investors, capital formation, or the broader market.
Binance Applies for Court Protection Order in SEC's 'Forensic Phishing' Investigation
Binance has obtained a court order to protect itself from the investigation application by the US Securities and Exchange Commission (SEC).Binance stated that it filed a motion for a protective order after receiving a subpoena and request for evidence from the SEC. Binance claims to have always cooperated with integrity, but the SEC is attempting to investigate its asset custody business without limitations.
Former SEC official: SEC is a very apolitical agency, especially when it comes to encryption
John Reed Stark, former head of the SEC's Internet Enforcement Office, tweeted: "I worked in the SEC enforcement department for nearly 20 years, including 11 years as director of the SEC's Internet Enforcement Office, and followed many different SEC chairmen. I rarely (if ever) experienced political pressure regarding the investigations and enforcement actions I was involved in. Today, at the level of SEC commissioners, especially in the field of cryptocurrency, like many government agencies, things have become almost entirely politicized, which is truly a shame. Have I experienced political pressure in the investigations and enforcement actions I have been involved in? Of course, priorities may change, but fraud is fraud, and investor protection is never negotiable. In the past, things were not related to politics at the staff level of the SEC. But today, at the level of SEC commissioners, especially in the field of cryptocurrency, like many government agencies, things have become almost entirely politicized, which is truly a shame."
Former SEC Official Predicts Hester Peirce Could Replace Gensler as SEC Chair
Former SEC official John Reed Stark predicts that if a Republican candidate becomes US President after the 2024 elections, the regulatory situation on crypto enforcement could undergo significant change. He suggests that crypto-friendly Commissioner Hester Peirce could take over as the agency's chairman instead of Gary Gensler. Peirce has been a vocal critic of the SEC's tough stand on crypto and is popularly known as the 'crypto mom' within the crypto community. Stark also highlights the growing divide in crypto regulation within the SEC and broader US politics.
