Highlights: President Biden vetoed a bill to overturn the SEC’s SAB 121, emphasizing consumer and investor protection. SAB 121 mandates financial institutions to record crypto assets as liabilities, facing opposition but defended by the SEC. Overturning the veto requires a two-thirds majority in both houses, reflecting the ongoing regulatory tension in the crypto industry. President … Read more
Key Insights: Grayscale’s amended filing removes staking from its Ethereum ETF plan, aligning with industry trends. The SEC’s proactive feedback prompts issuers like Grayscale and Fidelity to exclude staking from their ETF proposals. Grayscale and other issuers adjust their Ethereum ETF applications in response to evolving regulatory guidance. Grayscale Investments has revised its Ethereum ETF … Read more
Key Insights: Terraform Labs proposes a $1 million penalty, countering the SEC’s initial $5.3 billion fine demand. Terraform argues that the funds in question are held by Luna Foundation Guard and are not subject to SEC claims. Ripple also counters SEC with a significantly lower fine suggestion, proposing $10 million against $2 billion. In a … Read more
Key Insights: Franklin Templeton listed its spot Ether ETF on DTCC, signaling steps toward regulatory acceptance. The SEC has extended the review period for Franklin’s ETF to June 11, citing the need for a thorough evaluation. Industry leaders express mixed optimism about the approval of Ether-based ETFs amidst regulatory hesitancy. Franklin Templeton listed its new … Read more
Key Insights: Consensys asserts that Ethereum should remain unregulated by the SEC, claiming it functions more like a commodity. The SEC’s aggressive stance towards Ethereum could halt its use in the U.S., impacting numerous sectors. Consensys initiated legal action to prevent SEC from classifying Ethereum-related applications as securities. Today, Consensys took a significant step to … Read more
Key Insights: Ripple Labs proposes a $10 million penalty, rejecting the SEC’s demand for over $876 million in various fines. Ripple asserts changes in business practices and compliance with licensing to mitigate future legal risks. The SEC’s request for substantial disgorgement and penalties faces opposition from Ripple, citing a lack of recklessness or fraud. In … Read more
Key Insights: Coinbase contends that digital asset transactions should not qualify as “investment contracts” under current SEC interpretations. Recent court rulings have reinforced the SEC’s broad authority over digital asset classifications, impacting industry operations. The appeal to the Second Circuit seeks to clarify the regulatory framework and reduce legal uncertainties in the crypto sector. Coinbase … Read more
Key Insights: Consensys emphasizes Ethereum’s PoS surpassing Bitcoin’s PoW in security, countering SEC’s ETF concerns. Ethereum’s advanced safeguards, including faster block finality and decentralized validation, mitigate fraud risks, according to Consensys. The blockchain firm’s advocacy aims to provide clarity for pending Ethereum ETF approval, supporting web3’s mass adoption. Consensys, a prominent blockchain software company, has … Read more
Key Insights: Judge Failla ruled against Coinbase’s motion to dismiss the SEC lawsuit, indicating the case has substantial grounds to proceed. While the SEC’s allegations against Coinbase’s operations gain traction, the claims regarding Coinbase Wallet were dismissed in court. The legal battle underscores the ongoing scrutiny and regulatory challenges facing the cryptocurrency industry in the … Read more
Key Insights: The SEC’s request for a $1.95 billion fine against Ripple marks a significant escalation in the long-running legal dispute. Ripple’s CEO and chief legal officer vow to contest the proposed judgment, denouncing the SEC’s actions as unprecedented and unjust. The outcome of this case holds implications not just for Ripple but for the … Read more
Key Insights: Gary Gensler emphasizes the unique economic structures backing fiat currencies compared to decentralized cryptocurrencies like Bitcoin. JPMorgan CEO Jamie Dimon criticizes Bitcoin’s predominant use in illegal activities, underscoring the challenges of cryptocurrencies. Despite approving Bitcoin ETFs, Gensler remains focused on investor protection, distancing the SEC from endorsing Bitcoin directly. In a recent interview … Read more
Key Insights: GOP senators highlight unethical SEC behavior in the DEBT Box case, undermining trust in regulatory enforcement. SEC admits to inaccuracies in-court statements, prompting a reevaluation of its legal proceedings. The call for scrutiny extends beyond DEBT Box, questioning the foundation of other SEC enforcement cases. Republican senators have come forward with strong criticisms … Read more
Key Insights: May 23rd, a critical date for Ethereum ETFs, aligns with VanEck’s final deadline. Political considerations may impede SEC Chairman Gensler from promptly approving a spot Ethereum ETF. Financial giants project a significant surge in Ethereum’s value ahead of anticipated ETF approvals in May. The US Securities and Exchange Commission (SEC) has once more … Read more
Key Insights: Legal expert John Deaton offers a bleak outlook on the potential for a swift resolution in the ongoing Ripple vs SEC lawsuit. According to John Deaton, ripple faces a precarious legal battle, with potential fines ranging from $10 million to $100 million. Despite hopes for a settlement in April, the complexity of the … Read more