Federal Judge Warns SEC Attorneys of Sanctions for Allegedly Freezing Crypto Firm's Assets under False Pretenses
A federal judge has warned the Securities and Exchange Commission (SEC) that its attorneys may face sanctions for allegedly making "misleading" arguments about crypto project Debt Box's attempts to transfer its assets and investors' funds overseas. The SEC's actions led to a court freezing the project's bank accounts. The judge stated that the SEC's "misrepresentations" had undermined the integrity of the case's proceedings and caused Debt Box "irreparable harm". The SEC has two weeks to respond to the judge's findings.
SEC publishes Franklin Templeton and Hashdex Spot Bitcoin ETF resolution delays in Federal Register
According to a public document, the Securities and Exchange Commission (SEC) has disclosed the delay of the resolution of the Franklin Templeton and Hashdex spot Bitcoin ETF in the federal register. Bloomberg analysts previously stated that the potential window for ETF approval is now January 5th to 10th of next year.
Novogratz predicts BTC will top $70,000 after SEC approves spot Bitcoin ETF
Michael Novogratz, the founder of Galaxy Digital, predicts that Bitcoin will return to its previous peak within a year due to the increasing expectation of the approval of the first Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). At the same time, interest in Bitcoin ETFs is also surging, indicating that regulated and accredited investors' institutional interest in BTC is recovering due to the large number of applications for Bitcoin ETFs submitted in the United States. Novogratz stated that the uncertainty of the upcoming election year may further stimulate people's interest in digital assets.
Kraken CLO: Plans to defend and respond to SEC lawsuit in court
Marco Santori, Kraken's Chief Legal Officer (CLO), confirmed in an interview with CNBC that Kraken is facing charges from the U.S. Securities and Exchange Commission (SEC) and plans to defend and respond to the lawsuit in court. Santori stated that the SEC claims Kraken is a clearing trading platform and investment contract broker. These things do not exist, there is no such thing, and this is completely hollow and fabricated by the agency, so we do not agree.
Florida Governor: SEC is the judge, jury and executioner in the encryption field
Ron DeSantis, Governor of Florida and Republican presidential candidate, strongly criticized the Biden administration's attitude towards cryptocurrency in an interview with The Washington Observer. DeSantis said: "The SEC led by Biden is the judge, jury, and executioner in the cryptocurrency field, while the Federal Reserve continues to promote the development of CBDC." DeSantis opposes the lawsuits filed by the SEC against cryptocurrency companies, stating: "Due to regulatory reform, innovation is fleeing abroad. I will defend the right of Americans to hold digital assets without government interference. Cryptocurrency rules should be formulated by Congress, not regulatory agencies that do not understand the industry."
SEC Commissioner: Many enforcement cases initiated by the SEC seem to have no rhyme or reason
Hester Peirce, a commissioner of the US Securities and Exchange Commission (SEC), said at an industry conference that many of the enforcement cases initiated by the SEC seem to have no rhyme or reason. In 2023, the SEC will increase its enforcement actions related to securities issuance by 48%, one of which is the case against NFT issuer Stoner Cats 2 LLC, and Peirce said, "I don't think its primary goal is to prevent people from buying Stoner Cats." When asked about her views on the "outcome" of the SEC's work in the crypto space, Peirce did not give a clear answer, saying, "We need to stick to the authority given to us by Congress, rather than go beyond that scope."
U.S. SEC confirms Cboe’s filing for Fidelity Ethereum Spot ETF
According to SEC filings on November 30th, the Chicago Board Options Exchange (Cboe BZX Exchange, Inc.) submitted a proposed rule change to the U.S. Securities and Exchange Commission (SEC) on November 17th. The proposal suggests the listing and trading of shares of the Fidelity Ethereum Fund ("Trust") as a spot ETF commodity trust under BZX Rule 14.11(e)(4). The SEC has acknowledged receipt of the proposal and will seek public comment on the rule change.
Coinbase CEO: Met with SEC 30 times in the past 18 months, no clear feedback
Brian Armstrong, CEO of cryptocurrency exchange Coinbase, stated that despite the company's attempts to seek clarification from regulatory authorities, it is still facing criticism from the SEC. He stated that Coinbase has met with the SEC 30 times in the past 18 months. He said, "Apart from Bitcoin, we haven't really received any feedback from them about which assets they believe are securities and which are not. All we received was a Wells notice." Armstrong said that if the company cannot obtain clarification from the SEC, "we need to use the courts to establish precedent," and he also hopes that "Congress will take action and pass new legislation," mentioning two bills currently under consideration in the House of Representatives.
Former SEC official gives CZ advice: Don’t step into a dead-end street
Former Director of the SEC Internet Enforcement Office John Reed Stark wrote on X platform, giving CZ some advice: If you can't stand the punishment, don't commit the crime, don't do it. If you can't afford the price, don't take your chances. If there is no reward on your head, don't go to sleep. Don't step your feet onto a dead-end street.
WSJ: SEC Still Seeking More Evidence of Binance.US Fraud
According to the US Securities and Exchange Commission (SEC), they are still looking for evidence to determine whether Binance and its founder CZ have a backdoor to control assets stored on the Binance.US platform.
