SEC’s Gensler Analogizes Crypto vs. Securities to Calling a Dog a Goldfish; Sparks Community Backlash
The U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has faced backlash from the crypto community after using a dog-goldfish analogy to explain the importance of compliance with security laws.
Coinbase Shares Wells Response, Challenges SEC's Change in Attitude Towards Its Core Businesses
On April 27, Coinbase, the crypto exchange based in San Francisco, made public the disclosure of its response to the Wells notice it had received from the U.S. Securities and Exchange Commission (SEC) back in March.
Grayscale CEO Expects Decision on Attempt to Overturn SEC's ETF Rejection by End of 3Q
Grayscale expects to learn by the end of the third quarter whether it will be allowed to turn its $2.7 billion Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund, the asset manager’s CEO, Michael Sonnenshein said.
Coinbase (COIN) Price Shoots Pre-Market Amid Uncertain Regulatory Battle
Coinbase Global Inc's move to take the battle against the SEC's unclear crypto regulations to court has resulted in a surprising surge of over 4% in pre-market trading. The price of COIN saw a jump of 2.08 points before the market opened, indicating that investors are positive about the exchange's recent action. Coinbase's stock closed trading at $55.55 on the previous day.
Gary Gensler Links Crypto With Cash in Viral 2018 Video — Crypto Twitter Reacts
The head of the US Securities and Exchange Commission (SEC), Gary Gensler, is facing criticism from the crypto community after a 2018 video emerged of him stating that cryptocurrencies are not securities, but commodities or cash. Gensler made the comments during a class he taught at MIT, but some now argue that his views have changed since he took on his current role. While some have defended Gensler, others have called for him to explain the change in his opinion, with one crypto trader asking when someone will be arrested for fraud.
Crypto Morning Briefing: Binance.US Backs Out of Voyager Asset Purchase Deal
Meta's Q1 Profits Plunge 30%, Pivots to AI for Metaverse Growth Amid TikTok Pressure; Coinbase Goes Offensive Against The SEC With Lawsuit Targeted At Regulatory Clarity; Venom Foundation Announces the Release of its Public Testnet; TerraCVita Plans to Relaunch Terraport on Terra Classic After Certik Audit
Crypto Evening Briefing: S Korean MPs to Create Law that Distinguishes CBDCs from Crypto
South Korea is reportedly moving closer to launching a central bank digital currency (CBDC), with a new draft law set to create legal terminology for CBDCs.
Do Kwon Seeks SEC Charges Dismissal As S.Korea Rules LUNA As Non-Security
Do Kwon, the co-founder and CEO of Terraform Labs, has asked for the dismissal of the charges against him by the SEC, arguing that the agency's claims are invalid and that Terra's tokens and projects do not specifically target US investors. Kwon's counsel also claimed that the agency lacked proper jurisdiction to bring charges against Kwon and Terraform Labs. A South Korean court recently dismissed security violation charges against Terraform Labs co-founder Hyun-seong Shin, deeming LUNA as non-security under Korea's Capital Markets Act, making Kwon's motion right only in connection to LUNA. However, Kwon faces allegations in Seoul related to the transfer of over 10,000 Bitcoin from the Terra platform and Luna Foundation Guard to a cold wallet, later converted to fiat. The amount transferred is approximately $100 million, verified to have been dispersed in various locations.
XRP Lawyer Bids In For Coinbase Referring His XRP Case Filing
Coinbase has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) in an attempt to gain regulatory clarity for digital assets. XRP holders' lawyer in the Ripple lawsuit, John Deaton, showed support for Coinbase by referring to his own filings against the SEC. Deaton highlighted the Coinbase petition as his first writ of Mandamus was also against the SEC, and stated that this is the second writ of Mandamus filed which involves crypto. In his own lawsuit, Deaton sued the commission asking a court to order the SEC to perform its job, and asked the judge to amend Ripple's complaint to just include direct sales done by them.
Paradigm Files Amicus Brief in US SEC Lawsuit Against Terra and Do Kwon
Crypto-focused investment firm Paradigm has filed an amicus brief in the US Securities and Exchange Commission (SEC) lawsuit against Terraform Labs and its co-founder Do Kwon. Paradigm claims that the SEC has misused its power to provide regulatory guidance and forced enforcement action against crypto firms for violating securities laws. The legal head of Paradigm, Rodrigo Seira, argues that the SEC's theory for treating stablecoins as securities would radically expand the definition of a security. Lawyers for Do Kwon have filed a motion to dismiss the charges against Terraform Labs and Do Kwon, claiming a lack of SEC jurisdiction over UST and that it is not a security.
