Key Agendas In SEC Chair Gensler Prepared Testimony Before US House
SEC Chair Gary Gensler is set to testify before the House Financial Services Committee on the oversight of the SEC, and his prepared testimony shows that he will address several key agendas related to crypto, equity markets, private funds, AI, money market funds, treasury markets, and climate risk disclosure. He proposes to update rules and regulations as they haven’t been updated since 2005 and believes that the SEC’s best execution standard for brokers covers all sectors of the securities markets, including crypto-asset securities. Gensler reiterates that most crypto tokens are securities and crypto exchanges and other companies need to register with the SEC to protect investors against fraud and other misconduct in the crypto market. He claims that crypto companies can’t defy the securities laws by calling themselves a DeFi platform and that the SEC will continue regulation by enforcement to protect investors. (coingape)
US SEC Charges Bittrex and Co-Founder for Failing to Register as National Securities Exchange
The SEC alleged that Bittrex earned over $1.3 billion in revenues from US investors while servicing them as a broker, exchange, and clearing agency without registering with the authorities.
Breaking:SEC Charges Crypto Platform Bittrex Over Non-Compliance and Unregistered Securities Exchange Operations
The US Securities and Exchange Commission (SEC) has charged crypto platform Bittrex over accusations of non-compliance. Bittrex co-founder William Shihara was also charged for operating "an unregistered national securities exchange, broker, and clearing agency." Bittrex's foreign affiliate, Bittrex Global GmbH, was also charged for failing to register as a national securities exchange.
US Congressman Declares Plan to Fire SEC Chair Gary Gensler for Crypto Overreach
Republican Congressman Warren Davidson has introduced legislation to remove Securities and Exchange Commission (SEC) Chair Gary Gensler from his role. The legislation comes in response to proposed rules by the SEC that would redefine the meaning of an "exchange" and bring such entities under increased regulatory scrutiny. Davidson suggested appointing a new Executive Director that reports directly to the SEC's board to replace Gensler, and referenced criticism of the SEC's approach to crypto companies from SEC Commissioner Hester Peirce. Some in the crypto community have expressed concerns about the SEC's actions, with one user suggesting that the SEC has kept the process "so complex that applicants give up."
US Crypto Exchange Bittrex Faces Potential Action From SEC: Report
Bittrex, a US-based cryptocurrency exchange, is facing potential legal action from the enforcement division of the US Securities and Exchange Commission (SEC) over alleged violations related to investor protection, despite preparing to shut down its US operations. Bittrex's general counsel, David Maria, said the exchange had already started shutting down its US operations when it was informed of the potential action. The SEC alleges that Bittrex had violated laws by doing business as an exchange, broker-dealer, and clearinghouse without registering with the regulator. Maria said that Bittrex's inability to comply was due to the lack of clear crypto regulations from the SEC. Bittrex announced in March that it would cease US operations due to regulatory and economic challenges.
Cointime News Wrapup-Afternoon: Blockchains Need an Interoperable Standard to Evolve, Say Crypto Execs
Industry commentators believe that blockchain technology needs an open communication standard, similar to TCP/IP, to enable a complete transition from Web2 to Web3.
SEC ‘Crypto Mom’ Hester Peirce Attacks U.S. Regulator’s New Exchange Definition on DeFi
SEC commissioner Hester Peirce has criticized the regulatory agency's proposal to expand the definition of an "exchange" to include decentralized finance (DeFi) platforms that trade cryptocurrencies. She called it an effort to stymie the development of new technology in a statement titled "Rendering Innovation Kaput." Peirce said the proposal brings broad and blurry standards that limits the scope of activities for participants in the cryptocurrency sector, undermining the country's First Amendment rights. The SEC has five commissioners and voted 3 to 2 for the proposal, with Peirce and Commissioner Mark T. Uyeda dissenting. Meantime, the Investor Advisory Committee under the SEC urged the federal regulator to continue its aggressive enforcement against crypto businesses to protect investors from illegal activities. (forkast)
Rep. Davidson to Introduce Legislation to Fire SEC Boss Gensler for Crypto Overreach
SEC Chair Gary Gensler appears to be facing potential legislation that would remove him from his role. The move comes after the SEC's latest announcement about revisiting the proposed redefinition of an "exchange," which has been criticized by some in the crypto community. The proposed rule amendments could bring certain brokers under additional regulatory scrutiny and modernize rules that define an exchange. However, some have suggested it is an overreach of the SEC's authority that could jeopardize participation in the space. SEC Commissioner Hester Peirce, known as "Crypto Mom" for her pro-crypto positions, has criticized the proposed rule amendments and accused the SEC of using enforcement actions to develop the law on a case-by-case basis rather than creating clear regulations. Peirce has also suggested that a concept release should have been issued instead of proposed rule amendments, given the SEC's limited understanding of the space. (Cointelegraph)
Ethereum Shanghai Upgrade Goes Live; US Court Summons Justin Sun Over SEC Charges | Cointime Weekly Apr.9 – Apr.15
Crypto miner Bitdeer went public on Nasdaq; Twitter will be added to Dogecoin Ponzi scheme litigation; GDAC, Bitrue, Terraport, Yearn Finance hacked; China’s Douyin displays Bitcoin prices in search results...
Silk Road Dark Web Fraud Defendant Receives One Year Sentence for $3.4B Bitcoin Theft
U.S. government has obtained final orders of forfeiture for, among other items, 51,680.32473733 Bitcoin.
