Sushi DAO to Set up Defense Legal Defense Fund; Project Receives Unspecified US SEC Subpoena
Sushi, the Web3 exchange that pivoted into a decentralized autonomous organization (DAO), is seeking to organize a legal defense fund. If approved, the proposal, which already is available for voting, will put $3 million USDT as part of a fund to defend itself from legal actions against the organization and its members. The organization disclosed it had recently received a subpoena from the U.S. Securities and Exchange Commission (SEC).
Coinbase CEO Sells Shares Prior to SEC Warning
Coinbase CEO Brian Armstrong sold Coinbase shares prior to receiving a warning from the Securities and Exchange Commission (SEC), according to data shared on Twitter by crypto sleuth, @theirish_man.
TRX, HT, BTT Crashed After SEC Accused Justin Sun of Securities Fraud
On March 22nd, the United States Securities and Exchange Commission (SEC) sued Tron founder Justin Sun for selling and distributing unregistered securities through the TRX and BTT tokens, violating Section 5 of the Securities Act.
Coinbase (COIN) Price Tumbles After SEC Flags Potential Legal Probe
Coinbase Global Inc on March 22, 2023, got served with a Wells Notice from the U.S. Securities and Exchange Commission (SEC). This suggests that the regulatory body is considering enforcement action against the crypto exchange. US SEC’s this action has led Coinbase shares (NASDAQ: COIN) price to decline in the after-hours trading.
Coinbase CEO on its Wells Notice: SEC is Like Soccer Referees in a Game of Pickleball
Brian Armstrong, the CEO and co-founder of crypto exchange Coinbase has compared the Securities and Exchange Commission (SEC) to “soccer refs” in a game of pickleball, criticizing U.S. regulators for not being able to “agree on the rules” of “this new game.” The comments came after Armstrong revealed that his firm had been issued a Wells Notice on March 22 — which he had noted “typically precedes an enforcement action." The Coinbase CEO has been critical about the seeming lack of clarity from United States regulators around crypto regulation. There has also been an ongoing debate on who should be the primary body regulating crypto. (Cointelegraph)
Tron’s Justin Sun Slams the US SEC After Lawsuit
Justin Sun, the founder of the decentralized exchange platform Tron, has come lashing out at the SEC after the securities regulator sued him for selling TRX and BTT tokens as unregistered securities. This development comes on the same day as the US SEC issued Wells Notice to crypto exchange Coinbase. The SEC lawsuit on Justin Sun came on Wednesday, March 22, responding to which the Tron founder stated that this is yet another attempt by the agency “against well-known players in the blockchain and crypto space”. (coingape)
Bitcoin Price and Crypto Market Tank Over SEC’s Action on Coinbase
The SEC’s action on Coinbase has put pressure on the roaring crypto market. The Bitcoin (BTC) price is down by more than 3% and is currently trading at $27,395 and a market cap of $529 billion.
Eight Celebrities Fined $400,000 by SEC for Illegally Promoting TRX and BTT
Eight celebrities, including Lindsay Lohan, Jake Paul, DeAndre Cortez Way (Soulja Boy), Austin Mahone, Michele Mason (Kendra Lust), Miles Parks McCollum (Lil Yachty), Shaffer Smith (Ne-Yo), and Aliaune Thiam (Akon), have been charged by SEC for illegally promoting TRX and/or BTT without disclosing their compensation.
Crypto Community Divided as SEC Sends Wells Notice to Coinbase
The cryptocurrency community is in a state of flux over news of the US Securities and Exchange Commission's action against Coinbase.
SEC Charges Tron and Founder Justin Sun for Fraud and Securities Law Violations
Eight celebrities including Lindsay Lohan and Jake Paul were also charged for illegally touting Sun’s crypto asset securities.
