SEC | ForkLog - Part 21

ForkLog 9 29.02.2024

SEC Challenges Terraform Labs’ $166 Million Payment to Law Firm

The SEC has approached the bankruptcy court to request that Terraform Labs be denied the use of the law firm Dentons as an advisor due to a “suspicious” payment. This was reported by The Block. According to the agency, Terraform Labs transferred a “staggering” $166 million into Dentons’ advance payment system. Of this total, $122 […]

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ForkLog 29 23.02.2024

Kraken Challenges SEC Lawsuit as a ‘Dangerous Precedent’

The cryptocurrency exchange Kraken has filed a motion to dismiss a lawsuit by the SEC, arguing that the case could set a “dangerous precedent” for the regulator’s authority. In November 2023, the Commission accused the company of offering unregistered securities in the form of digital tokens on its platform. The agency also alleged that Kraken […]

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ForkLog 17 16.02.2024

US Banks Seek Greater Role in Bitcoin ETF Management

The association of major US banks sent a letter to SEC Chairman SEC Gary Gensler, requesting a change in the definition of crypto assets to allow financial institutions to participate in the custody of spot Bitcoin ETFs. Signatories included the Bank Policy Institute, the American Bankers Association, the Financial Services Forum, and the Securities Industry […]

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ForkLog 37 14.02.2024

Allegations of SEC’s Covert Ties with Ethereum and China Emerge

The U.S. Securities and Exchange Commission (SEC), under the leadership of Gary Gensler, is allegedly secretly supporting Ethereum and is heavily influenced by the Chinese Communist Party, according to Web3 lawyer Steven Nerayoff. With growing speculation around an Ethereum ETF, it’s evident that the SEC, led by Gary Gensler, is more involved in ETH than […]

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ForkLog 30 07.02.2024

SEC Establishes Oversight Rules for DeFi ‘Dealers’

The regulator has adopted amendments requiring DeFi sector participants to register as dealers. Many crypto players and officials have met the SEC amendments with criticism and confusion. The U.S. Securities and Exchange Commission (SEC) expanded the definition of a “dealer,” bringing more financial operations, including those involving cryptocurrencies, under its jurisdiction. Three out of five […]

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ForkLog 20 07.02.2024

SEC Postpones Decision on Invesco and Galaxy’s Spot Ethereum ETF

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the application for a spot Ethereum ETF by Invesco and Galaxy. The agency had previously postponed the review date for several funds. This time, the SEC also announced the “initiation of proceedings” to gather additional public information regarding the listing of investment products. […]

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ForkLog 22 06.02.2024

Court Orders Ripple to Disclose Financial Documents to SEC

A US District Judge has granted the SEC‘s motion to compel Ripple to provide information on its financial performance and institutional sales of XRP, as reported by The Block. In December 2020, the Commission filed a lawsuit against the company, accusing it of selling unregistered securities in the form of XRP, amounting to approximately $1.3 […]

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ForkLog 10 03.02.2024

SEC Accuses Bitcoin Academy Founder of $1.2 Million Fraud

The U.S. Securities and Exchange Commission (SEC) has accused Brian Sewell, founder of the online course American Bitcoin Academy, and his company Rockwell Capital Management of fraud. According to the agency, 15 students seeking to learn digital asset trading were defrauded of a total of $1.2 million. The SEC stated that from early 2018 to […]

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ForkLog 72 01.02.2024

BlackRock Unveils Bitcoin ETF Advertising Campaign on Building Facades

On January 31, financial giant BlackRock submitted plans to the SEC for the marketing of its spot bitcoin ETF under the ticker IBIT. The company plans to project an advertisement for the exchange-traded fund on the facades of former financial institution buildings in New York, Los Angeles, and Miami. The promotional footage features a changing […]

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ForkLog 52 30.01.2024

SEC Charges HyperFund with $1.7 Billion Fraud

The U.S. Securities and Exchange Commission (SEC) has charged the crypto project HyperFund with defrauding investors of $1.7 billion. According to the lawsuit, company founders Xu Li and Brenda Chunga, also known as Sam Li and Bitcoin Beautee, raised the aforementioned sum from “people worldwide” between 2020 and 2022. The founders promoted HyperFund as an […]

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ForkLog 13 25.01.2024

SEC’s Legal Actions Against Crypto Firms Surge by 50%

In 2023, the number of enforcement actions by the SEC against cryptocurrency companies rose to a record 46. SEC enforcement actions against crypto projects. Source: SEC. In comparison, during the previous reporting period, the Commission filed only 30 lawsuits, nearly 50% less. “Compared to 2022, the number of court cases increased slightly, while the number […]

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ForkLog 72 25.01.2024

SEC Delays Decision on BlackRock’s Spot Ethereum ETF

The SEC has postponed its decision on BlackRock’s spot Ethereum ETF application until March 10. SEC Chair Gary Gensler reminded that the approval of a spot Bitcoin ETF was limited to just one cryptocurrency. Optimistic experts anticipate Ethereum ETF approval in May with a 50-70% probability, while skeptics point to regulatory resistance. SEC has postponed […]

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