The year 2024 marked a significant milestone for the US Securities and Exchange Commission (SEC) as it imposed a record-breaking $4.68 billion in fines against crypto companies. This aggressive regulatory stance represents a sharp increase from previous years, reflecting the SEC’s intensified scrutiny of the crypto sector. The agency’s primary goal is to enforce securities
Regulation
Robinhood’s crypto division has agreed to pay a $3.9 million fine to settle a California investigation into its past practices. California Attorney General Rob Bonta stated that the settlement was reached because Robinhood Crypto prevented users from withdrawing their digital assets between 2018 and 2022. The investigation found that Robinhood misled customers by claiming it
The US Securities and Exchange Commission (SEC) recently charged and settled with hedge fund Galois Capital Management LLC regarding a private fund primarily invested in crypto. The charges are related to Galois Capital’s failure to comply with client asset safeguarding requirements, specifically with crypto assets that were classified as securities. The firm agreed to pay
The US Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda recently addressed the need for specialized S-1 registration forms specifically designed for digital asset securities. During his talk at the Korea Blockchain Week 2024 event on Sept. 3, Uyeda highlighted the challenges posed by the current regulatory tools in addressing the unique features of
The recent filing by the US Securities and Exchange Commission (SEC) regarding the repayment strategy in the ongoing FTX bankruptcy case has raised significant concerns within the industry. The SEC expressed worries about the plan to repay creditors using stablecoins or other digital assets, potentially challenging these transactions under federal securities laws. While the SEC
Congressman Wiley Nickel from North Carolina has recently taken a strong stance against the US Securities and Exchange Commission (SEC), accusing the agency of damaging trust in the regulatory system through its “regulation by enforcement” tactic. Nickel has publicly criticized the SEC’s approach, labeling it as an abuse of power that could impede digital innovation
Recently, Telegram CEO Pavel Durov found himself in legal trouble as he was released from prison and placed under judicial supervision with stringent conditions. One of the conditions includes a hefty €5 million bond that Durov must deposit. Additionally, he is not allowed to leave French territory and has to report to the police station
The US Securities and Exchange Commission (SEC) has recognized the importance of retail investors having more timely access to fund portfolio data. Currently, registered investment companies are required to provide periodic portfolio holdings data to the Commission and investors, but this information is often delayed. This delay can negatively impact millions of US households, leaving
The Financial Times reported that crypto firms are increasingly turning away from the UK due to burdensome and time-consuming regulatory processes. According to a report by law firm Reed Smith, registrations for crypto asset exchanges and custodian wallet providers with the UK’s Financial Conduct Authority (FCA) have plummeted by more than 50% in the past
The Nigerian Securities and Exchange Commission (SEC) recently announced that two local crypto exchanges, Busha Digital Limited and Quidax, have received “Approval-in-Principle” to commence operations under the Accelerated Regulatory Incubation Program (ARIP). This move comes as part of the SEC’s efforts to encourage innovation while ensuring investor protection in the digital asset space. The approvals
