{"id":58418,"date":"2022-02-28T16:32:06","date_gmt":"2022-02-28T14:32:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=58418"},"modified":"2025-09-04T16:41:32","modified_gmt":"2025-09-04T13:41:32","slug":"sec-rules-out-amnesty-for-crypto-firms","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sec-rules-out-amnesty-for-crypto-firms\/","title":{"rendered":"SEC rules out amnesty for crypto firms"},"content":{"rendered":"<p><span data-descr=\"The U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> will not offer amnesty to crypto companies that voluntarily disclose violations of securities laws. Reuters reported this, citing its enforcement chief Gurbir Grewal.<\/p>\n<p>The agency noted that industry participants had expected no penalties for companies that voluntarily come under the regulator&#8217;s oversight.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>Our message is not: &#8220;Register your product, and we will simply turn a blind eye to multi-billion-dollar sums under the management of your crypto-lending programs and violations of the law.&#8221; If a company takes the initiative to register its product, we will show leniency. For example, in matters of penalties and finding a path to compliance,<\/em> \u2014 the official said.<\/p>\n<\/blockquote>\n<p>Earlier, in September 2021 the SEC <a href=\"https:\/\/u1f987.com\/en\/news\/sec-threatens-coinbase-with-lawsuit-over-planned-crypto-savings-accounts\">warned the Coinbase bitcoin exchange about possible legal action<\/a> in the event of launching crypto-savings accounts based on USD Coin (USDC). Subsequently the company <a href=\"https:\/\/u1f987.com\/en\/news\/coinbase-abandons-crypto-savings-accounts-plan-after-sec-threat\">abandoned its plans<\/a>.<\/p>\n<p>In July 2021 BlockFi <a href=\"https:\/\/u1f987.com\/en\/news\/vermont-regulators-launch-probe-into-blockfis-activities\">faced<\/a> state-level regulatory scrutiny. In November, Bloomberg reported that the SEC <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-sec-opens-investigation-into-blockfi\">had initiated an investigation into the firm<\/a>. In February 2022 it emerged that BlockFi <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-blockfi-to-pay-100-million-in-fines-to-us-regulators\">would pay $100 million in fines<\/a> as part of a settlement.<\/p>\n<p>Following the crypto-lending platform&#8217;s announcement to register products with the Commission, its competitor Nexo <a href=\"https:\/\/u1f987.com\/en\/news\/nexo-suspends-interest-payments-for-us-customers\">took the same step<\/a>.<\/p>\n<p>Earlier media reports <a href=\"https:\/\/u1f987.com\/en\/news\/media-sec-probes-voyager-gemini-and-celsius-network\">reported a SEC investigation<\/a> into providers of lending services Voyager, Gemini and Celsius Network. The regulator is allegedly examining the legality of offering yields on deposits in digital assets.<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission will not offer amnesty to crypto companies that voluntarily disclose violations of securities laws. Reuters reported this, citing enforcement chief Gurbir Grewal.<\/p>\n","protected":false},"author":1,"featured_media":58419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,128],"class_list":["post-58418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=58418"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58418\/revisions"}],"predecessor-version":[{"id":58420,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58418\/revisions\/58420"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/58419"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=58418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=58418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=58418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}