SEC

Marc Berger, who served as acting Director of the Division of Enforcement at the Securities and Exchange Commission (SEC) for a short time, will conclude his tenor by the end of this month. Berger, who replaced Stephanie Avakian as an acting director of the Division after she departed from the SEC in December, will be stepping down. Mr. Berger joined the Commission as Director of the New York Regional Office in Dec 2017 before being named Deputy Director of the…

The Securities Exchange Commission (SEC) of the US filed a class action targeting Ripple Labs Inc. and two of its key executives on 22 December 2020. The legal action was about the allegations of a perceived continued fraudulent trade in XRP as determined by a three-person investigation team of the SEC's Cyber Unit. The filed lawsuit alleged that the two executives raised over $1.3 billion via the continued sale of unregistered crypto assets. The two ripples, the co-founder and former…

The United States Securities and Exchange Commission (SEC) has taken legal action against Ripple for selling $1.3 billion worth of unregistered securities via XRP. Consequently, the price of XRP has collapsed, and some platforms have begun to delist the cryptocurrency. SEC Goes To War With Ripple The SEC has filed a lawsuit against Ripple, its CEO Brad Garlinghouse and co-founder Chris Larsen. The latter duo is accused of having carried out unrecorded sales of securities worth $1.3 billion, via XRP.“Ripple…

The U.S Securities and Exchange Commission (SEC) has revealed that it received over $1.2 billion in fines from Illegal ICOs. This figure was part of the $4.86 billion generated by the financial watchdog from illegal fines and incomes in 2020. The information was revealed in the SEC annual report for the current fiscal year and published in November. The SEC report also included a broad overview of the agency’s actions and included eight ICO judgments received in 2020. The securities…

According to public court documents, US Security Exchange Commission (SEC) and Canadian firm Kik has proposed a joint settlement to end the long legal battle between them. The settlement is now waiting for approval from the presiding judge Alvin K. Hellerstein. The case is related to securities law violations when Kik raised $100 million during its ICO launch in 2017. Last month, Judge Hellerstein ruled that Kik's ICO satisfied the famous Howey Test. Thus declared Kin token sale as an…

INX is the US’s first and only regulated security token exchange. INX serves a crucial role in the market as it bridges the gap between the blockchain markets and institutional investors. For years, analysts have touted institutional funding entrance into the blockchain sector as one of the main driving forces of the future. INX opens the door to make these predictions a reality through the introduction of enterprise-level security and transparency. SEC Approval INX has remained in the headlines after…

Ethereum is one of the top digital currencies shaping the decentralized ledger technology. It's a community blockchain behind the Ether (ETH) cryptocurrency and thousands of dApps. According to CoinMarketCap, ETH is the second-highest traded (over $5,776,058,511 in 24hrs, at the time of writing) coin behind BTC. Ethereum is considered the most stable blockchain hence the preferred infrastructure for most stable coins. However, the blockchain is associated with some minimal flaws. Among these is an attack on the DAO. This article will…

Despite the termination of Telegram’s blockchain project, users will need to install their own testnet validators for continuous usage of the network. Since the termination of the Telegram Open Network (TON) two months ago, the TON test net has apparently continued to run. In an update provided by the official TON development group on July 6, TON's support by the test network will be discontinued. They will turn off the remaining TON validators by August 1. Based on the recommendation of the…

The Commodity Futures Trading Commission (CFTC) is a US-based agency established by the Commodity Futures Trading Commission Act of 1974 to regulate the commodity futures and derivatives markets, including option markets, futures, and Swaps.  The commission's primary goal is to promote futures markets' competitiveness and efficiency while protecting traders against unscrupulous activities, fraud, and abusive trade practices.  CFTC has five committees; Agriculture, Global markets, Technology, Energy & environmental markets, and Coordination between the CFTC and SEC, each headed by a…