Kraken counters SECs legal interpretation in dismissal motion

Kraken argues that the SECs efforts to refute unaddressed arguments indicate a misunderstanding of the cases central points.

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Coinbase legal fight heats up: Oregon Attorney general revives discredited SEC lawsuit

Oregons Attorney General, Dan Rayfield, has announced that the state will proceed with a lawsuit against Coinbase, the popular cryptocurrency exchange. This legal action seeks to revive claims previously made by the U.S. Securities and Exchange Commission (SEC), accusing Coinbase of operating an unregistered securities exchange and broker-dealer. In addition, the state intends to revisit […]

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SEC Files Lawsuit Against Richard Heart and Companies Hex, Pulsechain, and Pulsex

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit Friday against Richard Schueler, known as Richard Heart, and his companies Hex, Pulsechain, and Pulsex, alleging they raised more than $1 billion through unregistered securities offerings. SEC Lawsuit Accuses Richard Heart of Running Unregistered Securities Offerings The SEC complaint alleges that beginning in December 2019, [...]

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Gemini and Genesis Fight Back Against SEC Lawsuit, Seek Dismissal of Allegations

Gemini Trust Company and Genesis Global Capital filed a court document on May 26, 2023, seeking the dismissal of a lawsuit brought by the U.S. Securities and Exchange Commission (SEC). The regulatory body had accused the two crypto firms of offering unregistered securities. Gemini and Genesis Refute SEC’s Claims of Unregistered Securities, File Motion to [...]

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Terraform Labs Co-Founder Argues Against SEC Lawsuit

Terraform Labs co-founder, Do Kwon's lawyers have argued in court against the SEC's lawsuit for illegally offering unregistered securities. The lawyers claim the SEC's acquisitions are unfounded and that the stablecoin in question is a currency, not a security. Additionally, Kwon's arrest and subsequent extradition remain uncertain. (Read More)

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BlockFi execs, Gemini named in proposed lawsuit by a disgruntled investor

Gemini is accused of providing BlockFi with custodial services and misleading information to help BlockFi market its alleged unregistered securities.

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Bankman-Fried on the hook in Texas, called to appear at Feb. hearing

The Texas Securities Board has asked the judge to consider leveling a cease-and-desist order, administrative fines, and forced refunds against SBF and FTX US.

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Genesis Agrees to $21 Million SEC Settlement in Bankruptcy Resolution Effort

Genesis Global settles with the SEC for $21 million over unregistered securities sales allegations, aiming to mitigate legal challenges and focus on repaying customers amid bankruptcy proceedings. The agreement, pending a February 14 hearing, marks a significant step towards resolving the company's financial and legal hurdles. (Read More)

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Taylor Swift Rejected Crypto Exchange FTX’s Sponsorship Offer Over Unregistered Securities Concerns

Taylor Swift, a pop icon and 12-time Grammy Award winner, reportedly turned down a $100 million sponsorship offer from the now-bankrupt cryptocurrency exchange FTX due to concerns about unregistered securities. A number of FTX celebrity endorsers are currently facing a class action lawsuit, including Shaquille O’Neal (Shaq), Tom Brady, and Larry David. How Taylor Swift [...]

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SEC Deems DASH, ALGO, and OMG ‘Unregistered Securities’ in Bittrex Lawsuit

According to the recent complaint by the U.S. Securities and Exchange Commission (SEC) against Bittrex, the securities regulator insists that a few crypto asset tokens were offered and sold as investment contracts and are securities. The news follows the SEC’s designation of several crypto assets as securities, including the case against Terraform Labs, which insists [...]

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Bakkt Takes Proactive Measures, Delists Polygon, Solana, and Cardano Amid Regulatory Crackdowns

According to a Fortune report published on June 16, the cryptocurrency asset platform Bakkt is delisting three cryptocurrencies due to the current regulatory climate. Bakkt’s general counsel stated that the platform will expand its coin offering once there is “further clarity.” Bakkt Reacts to Regulatory Pressure, Delists Solana, Polygon, and Cardano Bakkt, the New York-based [...]

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Chia Network Files for IPO With the SEC, Eyes Public Listing

On Friday, Chia Network Inc. announced that it had submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC), requesting an initial public offering (IPO). The blockchain network company, founded by Bittorrent creator Bram Cohen, will initiate the IPO after the U.S. securities regulator approves the filing. Bittorrent Creator’s [...]

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US officials appeal protections for Voyager execs in Binance.US sale

The DOJ disagrees with the legal protections given to those involved in the Voyager-Binance.US sale saying the court “improperly” exceeded its authority.

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Celsius Founder Alex Mashinsky’s Bail Set at $40 Million, Travel Restricted Amid Fraud Charges

Just before the now-defunct crypto lender Celsius was charged by three U.S. federal regulators — the Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), and Federal Trade Commission (FTC) — its former CEO, Alexander Mashinsky, was arrested on fraud charges Thursday. A U.S. judge has set Mashinsky’s bail at $40 million and restricted [...]

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SEC defends amended suit against Binance, CZ over securities claims

In the latest round of the SEC suit against Binance, Binance.US and CZ, the agency has largely repeated itself in a form more acceptable to the court.

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Crypto Exchange Bittrex Enters Chapter 11 Bankruptcy Protection Following SEC Lawsuit

Bittrex Inc., the U.S.-based cryptocurrency exchange, has filed for Chapter 11 bankruptcy protection in Delaware after being sued by the U.S. Securities and Exchange Commission for failing to register with the regulator. The exchange reportedly has over 100,000 creditors and liabilities ranging from $500 million to $1 billion. Bittrex Bankruptcy Filing Reveals Over 100,000 Creditors [...]

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US Senator Cynthia Lummis Blasts SEC Actions Against Coinbase, Explains Crypto Industry Is Being Pushed Offshore

Wyoming U.S. Senator Cynthia Lummis has heavily criticized the recent legal action of the Securities and Exchange Commission (SEC) against Coinbase, stating that it might push the cryptocurrency industry and its innovation offshore. Lummis also remarked that the SEC has failed to streamline a path for cryptocurrency companies like Coinbase to regularize their operations. U.S. [...]

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SEC lawsuits squeeze net worths of Coinbase and Binance CEOs

The net worths of Coinbase CEO Brian Armstrong and Binance CEO Changpeng Zhao (CZ) have suffered heavy blows due to recent lawsuits by the United States securities regulator. Armstrong’s net worth was slashed by $289 million and Zhao’s by $1.33 billion within a span of 30 hours after the Securities Exchange Commission (SEC) sued Binance [...]

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SEC Seeks Court Approval to Freeze Binance US Crypto Assets, Citing Customer Safety Concerns

Seeking court approval, the U.S. Securities and Exchange Commission (SEC) is actively pursuing a measure to freeze cryptocurrency assets linked to Binance US. In order to to “ensure the safety of customer assets,” the securities regulator deems this action as an urgent necessity. SEC Files Emergency Motion to Freeze Assets Held by BAM Management US [...]

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SEC Summons Binance CEO CZ as Lawsuits Shake Cryptocurrency Industry

The United States District Court in Washington, D.C., at the request of the Securities and Exchange Commission (SEC), summoned Binance CEO Changpeng Zhao (CZ) on Wednesday. Binance CEO CZ Challenged by SEC Summons as Legal Battles Escalate On Wednesday, several social media accounts shared a summons intended for the CEO of Binance, Changpeng Zhao, also [...]

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