SEC

The Securities and Exchange Commission still shows no urgency to approve a Bitcoin ETF. They have extended their review of four proposed crypto funds by well over a month, citing the need for further review. Hesitancy on a Bitcoin ETF According to a filing from the SEC this week, the affected funds include the following. The Global X Bitcoin Trust, The Kryptoin Bitcoin ETF The Wisdomtree Bitcoin Trust The Valkyrie XBTO Bitcoin Futures Fund. Global X approval has been delayed…

Cryptocurrency investors continue to push for approval for exchange-traded funds (ETFs). The battle has been raging on for years, but there are positive signs of progress. The latest sign came from Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC) Slow and Steady for the SEC Earlier this week, Gensler prepared comments for a Financial Times conference. In his remarks, the SEC chairman said he would support futures-backed Bitcoin ETFs. These ETFs have backing from Bitcoin futures instead…

US Securities and Exchange Commission chair, Gary Gensler, advised crypto products offering returns to align with the law. He warned cryptocurrency platforms that 'somebody is going to get hurt' without safety measures. Gensler is confident that those cryptocurrency trading and lending platforms that promise returns to investors cannot evade the SEC law. However, he said that those crypto products offering returns to investors are wrong to think they can avoid the US Securities and Exchange Commission regulation. On Wednesday, the SEC…

The United States government is trying to set an excellent regulatory policy for crypto. The Securities and Exchange Commission (SEC) will play a significant part in that effort. Now, the agency is getting some help in its endeavors. This week, the SEC confirmed hiring Dan Berkovitz as its general counsel. Berkovitz is currently a commissioner at the Commodity Futures Trading Commission (CFTC). He has held that position since 2018, so he has solid experience. Interestingly, Berkovitz's tenure at the CFTC lasts until…

Coinbase is one of the world’s leading cryptocurrency exchanges. The company has become a leader in the industry thanks to its insight and ability to innovate. The exchange announced another product directed at increasing crypto adoption and ease of access for its customers. Easier Deposits on Coinbase In a blog post published on Monday, Prakash Hariramani, Coinbase’s chief of product, announced that the company will be offering direct deposits for customers who would like to purchase crypto with their salaries. The…

When it comes to cryptocurrencies, insider trading does not go without mention. The subject has been a hot topic in the crypto space to the extent of media outlets. In addition, cryptocurrency exchanges such as Coinbase have also faced lawsuits due to allegations of insider trading. Over the years, the government has not set measures against organizations that take part. But, the CFTC's current enforcement practices encompass cryptocurrencies. The regulation will be the same as that applied to securities by the SEC. This article…

The Securities and Exchange Commission has filed a complaint against two Robinhood users. The complaint alleges using a wash-trading-based arbitrage scheme that utilized meme stocks, amounting to more than $700,000. Wash trading is when a trader buys and sells the security to provide misleading information to the market. It is illegal under U.S. law and is liable to a lawsuit against those involved. Wash Trading Accusations SEC accused the defendants, Suyun Gu and Yong Lee,  on September 27. The two…

Republican Senator Pat Toomey recently issued a letter to SEC chairman Gary Gensler regarding cryptocurrency and stablecoins. He attached over 25 questions to the letter, all seeking regulatory clarity on behalf of the industry. Toomey Demands Clarity From Gensler Senator Pat Toomey sent the letter today as a follow-up to Gensler’s testimony before the Senate committee on September 14th. At the time, Senator Toomey said that businesses in the industry needed more clarity on what regulators required of them. "We…

Michael Hsu, Chief of the US Office of the Comptroller of the Currency (OCC), isn’t very keen on cryptocurrency. He recently called the industry a threat to the financial system that could unravel into a 2008-style collapse. Hsu’s Concerns Surrounding Crypto Hsu voiced his criticisms of the digital asset space in a webcast with The Blockchain Association on Tuesday. During the call, he compares the threat of cryptocurrencies to credit-default swaps that led to the banking meltdown of 2008. Like cryptocurrency and…