Tagged: securities and exchange commission

After Receipt of Wells Notice, Crypto.com Files Lawsuit Against US SEC to “Protect” Future of Crypto in the US

Crypto.com has filed suit against the Securities and Exchange Commission (SEC). The legal move follows the receipt of a Wells Notice, which indicates that SEC staff are recommending an enforcement action against the firm. Multiple crypto focused firms have been sued or are in receipt… Read More

SEC’s Small Business Forum Report Outlines Recommendations to Support Smaller Firms, Access to Capital

Recently, the annual report distilled from the SEC’s Small Business Forum was published. Once again, it outlined a series of requests for policymakers to enact to support smaller firms. The SEC’s Office of the Advocate for Small Business Capital Formation led the forum. It is… Read More

SEC Chair Gary Gensler Grilled by House Financial Services Committee, Questioned on Digital Assets Approach, Lack of Emphasis on Access to Capital

Securities and Exchange Commission (SEC) Chairman Gary Gensler took a bit of a beating yesterday during a House Financial Services Committee hearing. The gathering also included all other commissioners which provided an opportunity to hear opposing perspectives held by the Republican minority. The hearing memo… Read More

OpenSea Receives Wells Notice from SEC. NFTs Could Be Securities

OpenSea, a leading NFT [non-fungible token] platform, has received a Wells Notice from the Securities and Exchange Commission (SEC). A Wells Notice indicates that the SEC is recommending that the Commission pursue enforcement action against the target firm. While not conclusive, it is highly likely… Read More

Abra Charged with Sale of Unregistered Crypto Securities, Settles Charges with SEC [u]

Plutus Lending LLC, DBA Abra, has been charged by the Securities and Exchange Commission (SEC) with offering and selling a retail crypto asset lending product. Abra has settled the charges without admitting or denying them. Abra has consented to an injunction prohibiting it from violating the… Read More

SEC Penalizes 26 Firms for Recordkeeping Transgressions

The Securities and Exchange Commission has penalized 26 broker-dealers, and investment advisers, for “widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications.” The 26 firms have settled the matter by acknowledging their shortcomings and have agreed to pay… Read More

Pyrrhic Victory for SEC? Ripple Pays Penalty of $125 following SEC Action Settlement

Ripple, the issuer of XRP, has long been ensconced in a legal battle with the Securities and Exchange Commission over allegations of offering an unregistered security. However, it appears to have been let off lightly by paying a penalty of $125 million. Ripple CEO Brad… Read More

SEC Commissioner Mark Uyeda Comments on Biden Administration, Crypto Regulation

SEC Commissioner Mark Uyeda recently spoke at an event sponsored by Schwab. Commissioner  Uyeda spoke during a session to address the “regulatory onslaught” that has taken place during Chairman Gary Gensler’s tenure at the agency. In notes provided to CI, Uyeda commented on the impact… Read More

SEC Commissioner Mark Uyeda Compliments SBCFAC’s Recommendation to Raise Threshold for Reviewed Financials for Reg CF Issuers

Recently, the SEC Small Business Capital Formation Advisory Committee (SBCFAC) issued a recommendation to the Commission to adjust the threshold when issuers using the Reg CF securities exemption are required to provide reviewed financials. The formal letter told the Commission the hurdle should be moved… Read More

SEC Announces New Interagency Securities Council, Aims to Share information Between Federal, State and Local Anti-Fraud Actitivity

The Securities and Exchange Commission, Division of Enforcement, has issued a statement on the new Interagency Securities Council (ISC). This new entity aims to coordinate discussions on fraud and scams and share strategies to counter nefarious activities. The ISC is expected to meet quarterly. The… Read More

SEC Small Business Capital Formation Advisory Committee Tells Commission to Increase Threshold for Reviewed Financials Under Reg CF

The SEC Small Business Capital Formation Advisory Committee (SBCFAC) has posted its recommendation to the Commission, taking the stance that issuers using Regulation Crowdfunding (Reg CF) should receive some relief under the current requirement to provide reviewed financials starting at an offering of $124,000. The… Read More

Paxos Provides Update on SEC Probe of BUSD Stablecoin, Regulator Will Not Pursue Enforcement Action

Paxos, the regulated blockchain & tokenization infrastructure platform, announced that it received a formal termination notice from the US Securities and Exchange Commission (SEC) on July 9, 2024, stating that it will “not recommend enforcement action against Paxos Trust Company in the investigation of Binance… Read More

McHenry Slams President Biden for Vetoing Congressional Resolution Challenging the SEC’s Staff Accounting Bulletin No. 121

Congressman Patrick McHenry took to the floor of the House today to criticize the actions of President Joe Biden regarding his veto of HJ Res. 109 as well as the inability of FIT21 – digital asset legislation – to become law. McHenry noted that HJ… Read More

Binance Says Latest Development Is A Positive Step After US Judge Struck Serious Blow to SEC Chair Gensler’s Regulation-by-Enforcement Approach

On Friday, June 28, 2024, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia appeared to have struck a major blow to the US Securities and Exchange Commission (SEC) Chair Gary Gensler’s “regulation-by-enforcement” campaign being carried out against secondary crypto-asset… Read More

Coinbase Responds to US SEC’s Effort to Block “Reasonable Discovery” from SEC Chair Gary Gensler

Paul Grewal, Chief Legal Officer at Coinbase (NASDAQ:COIN), confirmed via social media that Coinbase has responded to the US Securities and Exchange Commission’s (SEC) effort to block “reasonable discovery” from SEC Chairman Gary Gensler in a case that it—not Coinbase—chose to file. Democracy, as well… Read More

Footnote: SEC Commissioner Mark Uyeda Says Tailored Registration Statement Needed for Digital Assets

In commenting on a rule adopted this week pertaining to Registered Index-Linked Annuities and an amended registration form to accommodate these offerings, SEC Commissioner Mark Uyeda slipped in a note about his opinion as to how crypto or digital asset offerings may be managed going… Read More

Consensys Says it Fully Expected SEC to File Lawsuit Alleging MetaMask Software Failed to Register as Securities Broker

Consensys claims that it fully expected the US Securities and Exchange Commission (SEC) to follow through on its threat to claim their MetaMask software interface must register as a securities broker. Consensys further noted via social media that the SEC has been pursuing an “anti-crypto… Read More

Supreme Court Rules Defendents in SEC Civil Actions Entitled to Jury Trial

In what will be a dramatic change for the Securities and Exchange Commission (SEC), the Supreme Court has ruled that when the SEC seeks civil penalties against a defendant for securities fraud, the defendant is entitled to a jury trial. Currently, the SEC may adjudicate… Read More

US Senate Approves Joint Resolution that Overturns SAB 121 – the SEC Rule that Prevents Certain Regulated Firms from Providing Custody for Digital Assets

Following approval in the House earlier this month, the US Senate has voted on and approved HJ Res. 109, which overturns the SEC’s Staff Accounting Bulletin (SAB) 121 under the Congressional Review Act (CRA). When the House approved the resolution. Chairman of the House Financial… Read More

Reg A+ Issuer FAT Brands Charged with Fraud by SEC, Criminal Charges filed By US Attorny’s Office

FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDQ:FAT) has been hit with allegations of fraud. This past Friday, the Securities and Exchange Commission (SEC) filed fraud charges against FAT, its former CEO and current Chairman, Andrew Wiederhorn, and its former CFOs, Ron Roe and Rebecca Hershinger,… Read More

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