SEC | ForkLog - Part 14

ForkLog 13 27.08.2024

SEC Charges Creators of $60 Million Bitcoin Scheme

Two U.S. citizens have been charged with defrauding over 80 investors through a cryptocurrency pyramid scheme that resulted in $60 million in damages, as reported by the SEC. According to the case documents, from January 2023 to June 2024, brothers Jonathan and Tanner Adam promoted a bot service with arbitrage trading capabilities, promising clients monthly […]

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ForkLog 20 21.08.2024

Bloomberg Analyst Dismisses Chances of Solana ETF Approval in 2024

The likelihood of a Solana ETF being approved in the United States in 2024 is nil, as it is for 2025. Only a change in the leadership of the SEC could alter this scenario, according to Bloomberg analyst Eric Balchunas. Nice flow chart showing how the Solana ETF filings never made it past Step 2 […]

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ForkLog 12 20.08.2024

Mango DAO Agrees to $223,228 SEC Settlement

The governing body of the DeFi platform Mango Markets, Mango DAO, held a vote on a pre-trial settlement of claims by the SEC, which accused the project of violating U.S. securities laws. A quorum of over 106 million votes unanimously supported the payment of a civil penalty of $223,228, the burning of MNGO token reserves, […]

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ForkLog 15 20.08.2024

SEC Questions Solana’s Status as a Non-Security

SEC has expressed concerns regarding Solana’s (SOL) status as a security during discussions with potential ETF issuers. This was reported by The Block, citing a source. Following discussions with the regulator, CBOE agreed not to register 19b-4 forms in the Federal Register. This would have initiated the approval process for products, putting time pressure on […]

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ForkLog 21 19.08.2024

Winklevoss Urges 50 Million US Crypto Investors to Support SEC Chair’s Ouster

Fifty million American cryptocurrency investors could pressure presidential candidate Kamala Harris to dismiss SEC Chair Gary Gensler before the November 5 election, according to Gemini co-founder Tyler Winklevoss. 50 million people in America own crypto. If all 50 million made it clear to Harris that she wouldn’t get their vote unless she fired @GaryGensler and […]

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ForkLog 21 16.08.2024

Ripple Unfazed by Potential SEC Appeal on XRP Status

The potential appeal by the SEC against the court’s decision in the Ripple case will not affect the status of the XRP token as a non-security, according to the company’s chief legal officer, Stuart Alderoty. What if the SEC appeals the @ripple case? @s_alderoty @JWVerret pic.twitter.com/xoaAAewjcy — Digital Asset Investor (@digitalassetbuy) August 15, 2024 He […]

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ForkLog 58 13.08.2024

SEC Accuses NovaTech of Operating a $650 Million Ponzi Scheme

The U.S. Securities and Exchange Commission (SEC) accused the founders and promoters of NovaTech of orchestrating a Ponzi scheme that amassed over $650 million in crypto assets. According to the statement, NovaTech Ltd., led by the couple Cynthia and Eddy Petion, raised funds from more than 200,000 investors worldwide. Charges were also brought against Martin […]

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ForkLog 21 08.08.2024

Court Reduces Ripple’s Fine from $2 Billion to $125 Million

A court fined Ripple $125 million in a protracted legal battle with the U.S. Securities and Exchange Commission (SEC). The regulator initially demanded $2 billion. Judge Analisa Torres also prohibited the fintech company from future violations of securities laws, citing a “reasonable likelihood of future violations.” Previously, Ripple sought to cap the fine at $10 […]

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ForkLog 21 30.07.2024

SEC Accuses BitClout Founder of Fraud

The United States Securities and Exchange Commission (SEC) has charged the founder of the DeSoc project BitClout, Nader Al-Naji, with fraud.

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ForkLog 22 30.07.2024

SEC to Withdraw Demand for Solana and Other Assets to Be Recognized as Securities

The U.S. Securities and Exchange Commission (SEC) intends to seek amendments to its initial lawsuit against Binance. The proposal could potentially affect the need for a court decision on whether assets like Solana are considered securities. “The amendments will eliminate the need to render a verdict on the sufficiency of the allegations regarding these tokens […]

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ForkLog 12 24.07.2024

Coinbase Seeks Court Order for Gensler’s Correspondence

Coinbase has filed a motion to compel the SEC and its chairman, Gary Gensler, to produce emails and internal documents underlying its legal battle with the agency, according to The Block. The Commission sued the platform in June 2023, accusing it of violating securities laws and operating without registration. The SEC also targeted Coinbase’s staking […]

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ForkLog 9 13.07.2024

Ripple Reflects on Year Since Partial Victory Over SEC

Last summer, the Southern District Court of New York ruled in favor of Ripple Labs in its ongoing case against the SEC, which began in 2020. A year later, the company’s chief legal officer, Stuart Alderoty, discussed the ruling’s impact on the industry. Some reflections as we approach the one year anniversary of Judge Torres’ […]

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