The Digital Chamber (TDC) has urged Congress to pass legislation that would designate certain non-fungible tokens (NFTs) as consumer goods and exempt them from federal securities laws. This call for action comes in response to the Securities and Exchange Commission’s (SEC) recent enforcement actions, including a Wells notice issued to NFT marketplace OpenSea. TDC argues
Regulation
SEC Commissioner Hester Peirce has recently expressed her ongoing concerns regarding the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). Her comments came after a speech by SEC Chief Accountant Paul Munter, who reiterated the Commission’s stance on SAB 121, stating that it remains unchanged. Despite the growing attention around the regulation, Munter emphasized that
In 2024, the US Securities and Exchange Commission (SEC) made headlines by imposing a staggering $4.68 billion in fines against various crypto companies. This marked a significant milestone in the agency’s history, representing the most aggressive regulatory year to date. According to a report by Social Capital Markets, this hefty sum brings the total fines
Robinhood’s cryptocurrency division recently settled a California investigation by agreeing to pay a $3.9 million fine. The investigation, led by California Attorney General Rob Bonta, revealed that Robinhood Crypto prevented users from withdrawing their digital assets between 2018 and 2022. Additionally, the company failed to fully disclose details about its trading and order-handling processes, misleading
The US Securities and Exchange Commission (SEC) recently charged and settled with hedge fund Galois Capital Management LLC over a private fund that was primarily investing in cryptocurrencies. The charges were related to Galois Capital’s alleged failure to comply with client asset safeguarding requirements, particularly with regards to crypto assets that were considered securities by
The US Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda has called for the development of specialized S-1 registration forms tailored for digital asset securities. During the Korea Blockchain Week 2024 event, Uyeda highlighted the importance of updating regulatory tools to better accommodate the specific characteristics of digital assets. He noted that the current
The US Securities and Exchange Commission (SEC) has recently raised concerns over the proposed repayment strategy in the ongoing FTX bankruptcy case. The plan to repay creditors using stablecoins or other digital assets has sparked controversy, with the SEC reserving the right to challenge these transactions under federal securities laws. This move has added another
Congressman Wiley Nickel (D-NC) recently took a stand against the US Securities and Exchange Commission (SEC), accusing the agency of damaging trust in the regulatory system through its “regulation by enforcement” strategy. He labeled the SEC’s approach as an “abuse of power” that could impede digital innovation in the United States. Nickel’s comments come as
After being released from prison, Pavel Durov, the CEO of Telegram, is now under judicial supervision with strict conditions imposed on him. These conditions include posting a €5 million bond, remaining within French territory, and checking in with the police station twice a week. The Paris Judicial Court has formally charged Durov with six offenses,
Recent developments within the US Securities and Exchange Commission (SEC) have shed light on the pressing need for retail investors to have more immediate access to fund portfolio data. This issue has sparked discussions on how blockchain technology, specifically oracles like Chainlink, could revolutionize the way data is obtained and utilized in the investment sphere.