FASB Proposes New Crypto Accounting Standards, SEC Warns Investors About Risks of Investing in Crypto Asset Securities
The Financial Accounting Standards Board (FASB) has proposed new accounting standards for crypto assets, which would treat them more like traditional assets and improve valuation accuracy. Currently, crypto holdings are treated as "indefinite-lived intangible assets" on balance sheets, but the FASB's proposal aims to change this reporting to improve the accuracy of companies' financial statements.
Terraform Labs Founder Do Kwon Arrested: Examining the Collapse of TerraUSD and Terraform Labs
Terra Labs halted the operation of Terra in May 2022 due to the demise of its ecosystem that was brought on by investors dumping their Terra stablecoin, TerraUSD, en masse.
Attorney Claims Ripple vs SEC Case Verdict May Take 2 More Months
Attorney Deaton took to Twitter to clarify that March 31 wasn’t a deadline for the judge’s ruling in Ripple vs SEC case. In his words, there is no certainty of when the judge will decide; it might occur in the next 30 or 60 days.
Ripple Boss Urges Congress To Address SEC Chairman’s Latest Wild Assertions On Crypto
Ripple CEO Brad Garlinghouse has called on US lawmakers to address comments made by SEC chair Gary Gensler, who argued that rules for the crypto market already exist and that no new rules need to be written. Securities law has been a major point of contention for the crypto industry since Gensler said most digital assets fall under the securities definition. Garlinghouse argued that such decisions should be based on legislation, rather than Gensler's personal stance, and accused him of behaving like an autocrat. The SEC has continued to pursue a "regulation by enforcement" approach, cracking down on what it believes are unregistered securities.
Banks Warier of Serving Crypto Clients After Blowups, Scrutiny
US banks, already hesitant to work with crypto customers, are now even warier of providing services to the industry after a string of regional-lender collapses and amid heightened scrutiny by regulators.
SEC Obtains Final Judgment Against Barksdale Siblings for Unregistered Ormeus Coin Fraud
The court ordered permanent injunctions, disgorgement with interest, and civil penalties for the defendants.
SEC Charges Celebrities $3.8M for Illegal Crypto Promotions
The US Securities and Exchange Commission (SEC) has charged 12 American celebrities so far, for failing to disclose that they were paid to promote crypto assets on their social media accounts.
SEC Employees’ Salaries Twice as Much as Others US Government Employees
The average employee salary at the US Securities and Exchange Commission (SEC) for fiscal year 2022 was $156,458, 125.6% higher than the earnings for other government employees and 115.9% higher than other federal agencies, according to Fox Business journalist Eleanor Terrett. The SEC has requested $2.43 billion to pay employees' salaries and other benefits for fiscal year 2024, with $1.6 billion to be used to pay the salaries of 5,473 employees of the commission. Ripple's general counsel Stuart Alderoty questioned how much the SEC intends to allocate to provide clear rules for crypto compared to spending on enforcement actions for fiscal year 2024, stating that the SEC is using enforcement to "bully and bulldoze" crypto innovation out of the US.
SEC Sues Beaxy for Operating an Unregistered Securities Platform
The US Securities and Exchange Commission (SEC) has accused crypto trading platform Beaxy and its executives of running an unregistered securities exchange, broker, and clearing agency. The platform ceased operations a day before the SEC lawsuit. Beaxy founder Artak Hamazaspyan is also accused of unlawfully raising $8 million in an unregistered securities offering of its native token, BXY, and embezzling $900,000 for personal use, including gambling. The SEC has also charged Nicholas Murphy and Randolph Bay Abbott and their company Windy, which took over Beaxy and was operating the platform, of running an unregistered exchange, broker, and clearing agency. Brian Peterson and his companies were also caught in the SEC charges. Windy will destroy all BXY tokens in its possession.
Gary Gensler Wants More SEC Funding to Crack Down on ‘Wild West’ Crypto
SEC Chair Gary Gensler has criticised the crypto industry, calling the crypto markets a "Wild West" rife with non-compliance. Gensler, who has previously been vocal about his views on crypto, is seeking a $2.43bn budget for the SEC to continue its enforcement actions against what it deems as "bad actors" in the crypto industry. The budget will go towards funding an additional 170 positions, as well as full-year funding for those staff hired in 2023. However, crypto markets have shrugged off the SEC's repeated threats and action with a 2.4% gain on the day, taking total market capitalisation to $1.22tn. (cryptopotato)
