SEC Charges Crypto Trading Platform Beaxy and its Executives for Operating an Unregistered Exchange, Broker, and Clearing Agency
The SEC's complaint alleges that Windy violated the Securities Exchange Act of 1934 through the operation of the Beaxy Platform.
SEC Chairman Claims Crypto Market is Rife with Noncompliance Despite Existing Regulatory Rules
Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), stated in a House Appropriations Subcommittee on Financial Services and General Government hearing that regulatory rules already exist for the cryptocurrency market.
SEC’s Gary Gensler Seeks for More Staff, Resources to Regulate Crypto
SEC chair Gary Gensler asked U.S. lawmakers for greater resources to increase his agency’s staff count during a hearing that took place on March 29.
SEC Chair Gensler: Existing Rules Regulate Crypto, Legislation Unnecessary
The Securities and Exchange Commission takes the lead in defining what a security is, not necessarily legislation, the regulator's Chair Gary Gensler said.
SEC Charges Beaxy and Executives for Failing to Register as Securities Exchange and Unregistered Offering of Beaxy Token
The Securities and Exchange Commission has charged cryptocurrency platform Beaxy, its executives, and Windy, a company that managed Beaxy, for failing to register as an exchange, broker, and clearing agency.
Crypto Evening Briefing: Do Kwon Extradition Sought by U.S., South Korea, Montenegro Justice Minister Says
The extradition of TerraForm Labs founder Do Kwon from Montenegro has been requested by both the U.S. and South Korea, Justice Minister Marko Kovac said at a Wednesday press conference.
Freeport Clears SEC Reg a Review for Tokenized Art Offerings
Non-fungible token (NFT) startup Freeport has received regulatory clearance from the US Securities and Exchange Commission (SEC) to launch its blockchain platform for crowd-ownership of a four-piece collection of Andy Warhol prints. The platform will allow retail investors to gain fractional ownership of the fine arts market, which is typically exclusive to high-net-worth individuals due to pricing. Each piece consists of 10,000 shares, with a minimum purchase of 10 per individual, allowing up to 1,000 individuals to own a piece of the Warhol art. Freeport's CEO and co-founder, Colin Johnson, believes that as more value moves on-chain, fractionalized art is increasingly being sought after by a younger, less financially flexible class of investors. The SEC clearance allows Freeport to raise $20 million in 12 months in a Tier 1 offering or $75 million in 12 months in the more stringent Tier 2 offering, under the Regulation A exemption.
SEC Chief Gary Gensler To Face Congress Grueling Over Crypto Policy
Gary Gensler, the chief of the United States Securities and Exchange Commission (SEC), is set to testify before the House Financial Services Committee on April 18 for the first time. The hearing will focus on Gensler's rulemaking and approach towards crypto assets. The SEC's approach towards crypto has been criticized by some Democrats, who believe that the party's anti-crypto stance could be disastrous for its 2024 election campaign. The SEC has issued Wells notices to several crypto firms, including Coinbase and BUSD, while the Commodity Futures Trading Commission has filed a lawsuit against Binance. The crypto industry has pointed out that regulations should be decided by Congress and not individual agencies.<br>(By PRASHANT JHA)
SEC Chair Gary Gensler to Appear Before Digital Assets Subcommittee
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler will appear before the House's digital assets subcommittee on April 18, 2023, according to House Financial Services Committee Chairman Patrick McHenry. McHenry hopes to discuss Gensler's rulemaking and approach to digital assets and establish a regulatory sphere for digital assets. The oversight hearing seeks to close a structural gap in the House Financial Services Committee in addressing crypto topics. Gensler's approach to regulation has frustrated industry players, including Coinbase, which received a Wells Notice from the SEC alleging that certain assets it listed were securities. The SEC's crackdown on Coinbase rival Kraken has also received criticism from within the agency.
Deaton Explains Why SEC Didn’t Include Former Ripple Founder Jed McCaleb in XRP Lawsuit
XRP community members have been questioning why Jed McCaleb, co-founder of Ripple, was not included in the ongoing SEC lawsuit against Ripple for allegedly offering unregistered securities in the form of XRP. Attorney John Deaton explained that McCaleb was exempted from the lawsuit because he is considered one of the industry players on "Crypto's Mount Rushmore" list, along with Bitcoin's pseudonymous founder Satoshi Nakamoto and Ethereum's Vitalik Buterin. Deaton added that McCaleb is also known as the "Teflon Don" of crypto. McCaleb received a share of 20 billion XRP in 2012, but left Ripple in 2014 due to a fallout with Ripple executives. He agreed to a lock-up plan for his XRP share to prevent a market crash.
