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Gary Gensler alluded that crypto currency operators tapping legal consultants could be doing so due to their supposedly unlawful securities offerings. Gensler, Chairman of the U.S. Securities and Commission (SEC), reiterated skepticism regarding crypto service providers and their lack of compliance with existing financial laws overseeing the world’s largest capital market. Furthermore, the SEC head drew parallels between attorneys reaching agreements with crypto entities and the business model employed by digital asset operators, arguing that the economic reality highlights how the “vast majority of crypto assets likely meet the investment contract test”, and are therefore securities.  Stuart Aldertory, Ripple’s chief legal officer, said Gensler’s comments are factually incorrect and that his underlying suggestion regarding crypto projects retaining legal advisors could be viewed as opposing rights enshrined in the U.S. Constitution.  “It’s a not-so-subtle and outrageous thre...

A flurry of macro and crypto specific factors are expected to impact his week’s $1.9 billion Bitcoin options expiry. The upcoming $1.9 billion Bitcoin (BTC) monthly options expiry on Aug. 25 is key to defining whether the $26,000 support level will hold. One could pin the recent cryptocurrency market sell-off to the U.S. Securities Exchange Commission decision to delay the spot Bitcoin exchange-traded funds (ETF), but there’s also the macroeconomic perspective. If the U.S. Federal Reserve's efforts to curb inflation work, it's probable that the trend of a stronger U.S. dollar will persist. This was evident as the Dollar Strength Index (DXY), a measure of the dollar against other currencies, reached its highest level in 76 days by August 22. To prevent a potential loss of $380 million due to the monthly BTC options expiry , Bitcoin bulls must ensure Bitcoin's price trades above $27,000 by August 25. Bitcoin bears will benefit from the threat of harsh regulation Cryptocurr...

Gemini co-founder Cameron Winklevoss said the SEC's refusal to approve a spot Bitcoin ETF has been a "complete and utter disaster for U.S. investors." For the last decade, the United States securities regulator has forced investor s into “toxic” and “unregulated” crypto products , says Gemini co-founder Cameron Winklevoss. On July 2, the Winklevoss twin slammed the U.S. Securities and Exchange Commission (SEC)'s constant refusal of spot Bitcoin exchange-traded funds, noting it's now been 10 years since the twins first filed to get their own ETF approved by the regulator. “The [SEC's] refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator.” Winklevoss argued that without an approved spot Bitcoin ETF, U.S. investors have been pushed into “toxic products like the Grayscale Bitcoin Trust (GBTC) which trades at a massive discount" to the price of Bitcoin and ch...

US district judge Amy Berman has asked the Securities and Exchange Commission (SEC) to reach a compromise agree ment with Binance.US on the best possible way to protect users’ funds on the platform instead of completely freezing the company’s asset s as requested by the watchdog. As part of its June 5 enforcement action against Binance, the world’s flagship crypto exchange, the SEC filed an emergency motion for a restraining order against Binance.US, asking a Washington D.C. federal court to freeze the entire assets of the latter. Binance.US filed a response opposing an SEC’s proposed restraining order to freeze its assets, labeling it as “draconian and unduly burdensome.” In the suit, Binance.US argued that freezing its assets would victimize its US customers and make it impossible for the company to continue operating normally. You might also like: Binance.US counters SEC’s motion to freeze funds as it threatens its business In the latest development, U.S. Dis...

The SEC lawsuit against Binance led to an outflow of over $700 million worth of assets on Ethereum in the past 24 hours with outflows from the exchange still dominating inflows. The SEC lawsuit against Binance on June 5, accusing the crypto exchange of violating various securities laws, had a direct impact on the crypto market as well as the balance sheet of the crypto exchange. According to data shared by crypto analytic firm Nansen, Binance saw a negative netflow of $778 million on the Ethereum blockchain , where $871 million worth of assets inflowed onto the exchange while $1.6 billion worth of assets went out of the exchange. Even in the first 24 hours following the SEC lawsuit, Ethereum-based tokens have seen a negative netflow, where in the past hour, $14.8 million worth of assets flowed in, and $50.5 million worth of assets went out of the exchange. Binance netflow on Ethereum. Source: Nansen Binance’s reserve assets had a net outflow of approximately $1.4 billion within the f...

According to the U.S. SEC, IOSCO members together regulate more than 95% of the world’s securities markets. A major global securities watchdog, the International Organization of Securities Commissions (IOSCO), is working to help policymakers regulate cryptocurrency more effectively. IOSCO on May 23 released a set of crypto-related regulator y recommendations as part of a consultation report developed by the IOSCO Board’s Fintech Task Force. The report includes 18 policy recommendations to help global securities regulators address market integrity and investor protection concerns arising from crypto. Following the consultation period through the end of July, IOSCO plans to finalize the recommendations by late 2023. In Chapter 1, IOSCO set out an overarching recommendation addressed to all regulators, advising policymakers not to create any disparities in regulating cryptocurrency and traditional finance. Crypto regulator s around the world should seek to achieve regulator y outcomes t...

Nigeria’s securities regulator will take at least ten months to determine whether to register a digital asset-related company. Nigeria, one of the world’s most curious nations about cryptocurrencies like Bitcoin (BTC), is preparing new industry regulations for digital asset platforms. The Securities and Exchange Commission (SEC) of Nigeria is considering allowing licensed digital exchanges to list tokens backed by certain assets, Bloomberg reported on May 1. According to SEC head of securities and investment Abdulkadir Abbas, the authority plans to only authorize listings of tokens based on assets like equity, debt or property. Cryptocurrencies like Bitcoin (BTC) or Ether (ETH) will not be among those assets, Abbas reportedly said. Nigeria’s SEC aims to register fintech firms as digital sub-brokers, crowdfunding intermediaries, fund managers and tokenized coins issuers. The authority will not register crypto exchanges until the central bank provides clear regulations for the crypto ma...

On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses if the latest price of Bitcoin is a sign of a new bear market starting or just a healthy correction. In today’s Market Report episode, analyst and writer Marcel Pechman covers the potential triggers to move Bitcoin’s price away from $27,000, including the United State Federal Reserve meeting on May 3. The show airs every Tuesday on the Cointelegraph Markets & Research YouTube channel. The first news article discussed the catalysts for Bitcoin’s next move, including whether the Fed will follow the market s’ consensus of a 25-basis-point interest rate increase on May 3. The video analyzes how Bitcoin (BTC) should react to the central bank’s decision and explains how interest rates affect families and businesses. In Pechman’s opinion, the correlation between Bitcoin and the stock market should decline considering the U.S. is nearing its debt limit and the economy is displaying signs of weakness an...

The court case might have a decisive influence on the legal classification of NFTs. On Apr. 24 the Southern district court of New York held the first jury hearing on the case against former OpenSea product manager Nathaniel Chastain, who’s being accused of insider trading with nonfungible tokens (NFTs). The allegations were filed by the U.S. Manhattan Attorney's Office on May 31, 2022. Chastain is being indicted on two counts — wire fraud and money laundering. On the first count, the former employee of the largest NFT market presumably used his insider knowledge to secretly buy 45 NFTs shortly before their listing to sell them with a profit immediately afterward. The filing cites several examples of misconduct, such as the case with NFT "The Brawl 2." In August 2021, through anonymous accounts, Chastain allegedly bought four of them “minutes before” they got featured on OpenSea and sold them within hours with 100%-profit. In October 2022, Chastain’s defenders unsuccess...

Former SEC branch chief Lisa Braganca warned the public of the legal consequences of using the emojis. A judge from the United States District Court of the Southern District of New York ruled that emojis like the rocket ship, stock chart and money bags mean "a financial return on investment," according to a recent court filing.  In a tweet, former United States Securities and Exchange Commission (SEC) branch chief Lisa Braganca warned users of the potential legal consequence of their use of such emojis that may indicate future gains. She tweeted: A federal court judge ruled that these emojis objectively mean "one thing: a financial return on investment." Users of these emojis are hereby warned of the legal consequence of their use. #emojis #rocketshipemoji #DapperLabs https://t.co/4yRfWBH96R — Former SEC Branch Chief Lisa Braganca (@LisaBraganca) February 23, 2023 Braganca shared the link to a court filing where federal court judge Victor Marrero denied Dapper ...

The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF.  Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor.  Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier than Grayscale predicted in its latest reply brief. At the time, it said oral arguments could be presented “as soon as Q2 of 2023.”  Grayscale expects each side’s arguments to be recorded, and later shared with the public. “A final decision in the DC Circuit Court of Appeals could come by the Fall of 2023, but timelines are not yet certain,” it said.  KYC & Audit Solutions! SolidProof Grayscale’s lawsuit, filed in late June, came immediately after the SEC rejected its filing to convert the Grayscale Bitcoin Trust into a...

The dispute between Ripple and the Securities and Exchange Commission has transitioned through several stages. As the case draws closer to its conclusion, the crypto currency community is abuzz with speculation about its outcome. The case has been currently underway for more than two years, and it appears that the battle will never end. The ongoing lawsuit influenced the price of XRP, holding retail interest at a low. Read more: US DOJ Announces International Cryptocurrency Enforcement Action Against Bitzlato Ripple CEO Brad Garlinghouse recently sat down with CNBC’s “Squawk Box Europe” on Wednesday at the World Economic Forum in Davos. Garlinghouse mentioned that he is hopeful for a resolution regarding the ongoing lawsuit to happen within the first half of 2023. Source: Forbes “We’re optimistic that this will certainly be resolved in 2023, and maybe [in] the first half. So we’ll see how it plays out from here. “But I feel very good about wh...