Regulation – Page 10

Why The SEC May No Longer Oversee The Crypto Industry

There is a renewed push for widespread crypto regulation in the United States Congress. Four members of the Senate Agricultural Committee introduced a bill with the intent to make the Commodities and Futures Trading Commission(CFTC) to be the primary regulatory body for the crypto industry. The four senators behind the bill are Senator Debbie Stabenow from Michigan, Senator John Boozman from Arkansas, Senator Corey Booker from New Jersey, and Senator John Thune of South Dakota. The bill is bipartisan as...

Michael Saylor On Bitcoin Strategy In Long Term

Hours after stepping down from the role of CEO of MicroStrategy, Michael Saylor made interesting comments on the company’s Bitcoin strategy. He tweeted earlier that in his next job, Saylor’s focus would be more on Bitcoin. He also stated that Micrstrategy had greatly benefited from adopting a Bitcoin strategy two years ago. “Since adopting a Bitcoin Strategy, Microstrategy has outperformed every asset class and big tech stock.” Microstrategy former chief executive officer Michael Saylor said the company’s Bitcoin strategy helped...

USDT vs USDC: A Look at the Leading Stablecoins

Stablecoins have become a major part of the cryptocurrency space over time, with Tether USD (USDT) and USD Coin (USDC) now being the two leading stablecoins by market capitalization. While both are fully collateralized stablecoins, their underlying business models and infrastructure differ. Looking at the differences between USDT...

Crypto Firm Lost $300 Million, Is This The Last Straw To Regulation?

The calls for crypto regulation intensified as reports revealed that Babel Finance lost a huge sum to proprietary trading using customer funds. The Asian crypto platform that recently suspended its withdrawal lost over $280 million. According to a restructuring proposal, the platform lost over 8000 BTC and 56,000 ETH during June because of market volatility. In a video published yesterday, the chairman of the Security and Exchange Commission, Gary Gensler, talked about the need of regulating crypto exchanges and platforms....

Coinbase could be on the brink of the SEC hammer- but why

The Securities and Exchange Commission (SEC) is set on a mission, and the next target of this mission turns out to be the leading cryptocurrency exchange, Coinbase. Just last week, the SEC filed a lawsuit against the organization’s former product manager, his brother, and his friend on account of insider trading. Before then, the company had laid off over 20% of its staff—citing overhiring. However, it seems that it’s the season of recurring problems for the Brian Armstrong-led firm. According to reports...

KuCoin Indian customer base surges by 659% but here’s the issue

The current state of the cryptocurrency market is one surrounded by bears. However, Johnny Lyu, CEO of KuCoin had a different approach related to the matter. The CEO was extremely optimistic about the growth of the industry, especially the Indian market. He even exclaimed India to be a “critical market for KuCoin.” Furthermore, according to an interview given by Lyu to a local news media outlet, the organization added roughly 5.6 million new users in the first half of 2022, a...

SEC charges former Coinbase manager- Here’s why

The Securities and Exchange Commission on 21 July initiated insider trading charges against a former Coinbase product manager, his brother, and his friend. The accused perpetrated a scheme to trade ahead of multiple announcements regarding certain crypto assets that would be made available for trading on the Coinbase platform.

The case in detail

The press release by the regulatory body (U.S. SEC) stated- while employed at Coinbase, the accused helped to coordinate the “platform’s public listing announcements that included what crypto assets...

Coinbase Lashes Out At SEC Over Securities Fraud Charges, Claims No Wrongdoing

On Thursday, July 21, The U.S. Attorney’s Office and The U.S. Securities and Exchange Commission (SEC), accused three Coinbase executives of insider trading. The agencies said that the insiders used confidential Coinbase information of future token listing and profited from it. Interestingly, the U.S. SEC has further accused Coinbase of involving in securities fraud. The SEC noted that at least nine of the assets to be listed were “securities”. Coinbase’s Chief Legal Officer, Paul Grewal, has issued a sharp response...

Crypto Industry Slams SEC After It Declares Nine Tokens Securities

Key Takeaways

The Securities and Exchange Commission announced that nine of the cryptocurrencies listed on Coinbase were securities. Coinbase, other regulators, and crypto lawyers were among those criticizing the agency for its continuous lack of regulatory clarity regarding the cryptocurrency space. The regulatory body was blasted by Congressman Tom Emmer (R-MN) two days ago for “using enforcement to expand its jurisdiction.”

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The Securities and Exchange Commission declared today in a court filing that nine tokens listed on Coinbase were securities, prompting...

U.S. Rep Calls XRP “Illegal Security” And Wants SEC To Go After XRP

During a house subcommittee oversight hearing today which looked into the SEC’s role in crypto, subcommittee chair Brad Sherman asks why The Securities and Exchange Commission hasn’t looked into exchanges which traded XRP, an “illegal security”.

XRP is a security says Sherman

Brad Sherman, D-California approved of the SEC’s case against Ripple during the commission’s enforcement division drill session. He however frowned at the commission’s disregard of the exchanges which had traded XRP. The session saw the division director Gurbir Grewal testify,...