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The U.S. Securities and Exchange Commission (SEC) has slapped Thor Technologies and its CEO, David Chin, with a $1.05m fine for promoting securities without the required license . The SEC found Thor Technologies and its CEO, David Chin, guilty in absentia of promoting securities without a license . The regulator fined the company $1.05m. However, such a decision is made if the defendant does not provide the necessary documents on time or ignores the hearing. According to the regulator, from March to May 2018, the company distributed project tokens to clients. The total amount raised was $2.6m. The SEC believes Thor Technologies and Chin promoted these assets by positioning them as investments. This makes them securities under the Howey test. “The court granted default judgment for the SEC on all charges. The court permanently enjoined Thor and Chin from violating the securities registration provisions of Sections 5(a) and 5(c) of the Securities Act of 1933 and from partici...

The SEC has filed a lawsuit against the accounting firm Prager Metis for allegedly violating audit or independence rules in relation to its work for cryptocurrency exchange FTX. According to a statement released by the United States Securities and Exchange Commission (SEC) on Sept. 29, Prager Metis provided both auditing and accounting services to clients over a period of around three years, which is prohibited under SEC regulations. The rules state that auditors must remain fully independent from their clients to avoid conflicts of interest. The SEC alleges that Prager Metis conducted “hundreds” of audit s, reviews, and exams while also providing accounting services to those same clients between 2019 and 2021. The agency says this violated fundamental principles of audit or independence. While the SEC statement does not name specific companies, a court filing shows that in 2021, Prager Metis audit ed the financial statements of FTX and its subsidiary FTX US. FTX declar...

The insurer attached an exclusion saying that any losses, damage, claim, occurrence or lawsuit related to NFTs are not covered by the policy. CNA Financial, the seventh-largest commercial insurer in the United States, has excluded nonfungible tokens (NFTs) coverage from Schwab Strategic Trust’s policy worth $20 million. In a filing submitted to the US Securities and Exchange Commission (SEC), the insurer attached an exclusion to the document, mentioning that the bond does not cover any "loss, damage, claim, occurrence, or suit related to NFTs. The filing defined NFTs as: “Any unique digital identifier connected to any digital ledger technology which may be used to certify authenticity or ownership of anything, including but not limited to any digital, tangible, or intangible item, but cannot be substituted or exchanged for any similar item.” With the section attached to the policy , any losses related to NFTs will not be cover ed by the insurer. However, while NFTs are exclud...

According to CoinGecko, nearly $85 billion worth of crypto falls under the category of “alleged SEC securities.” CoinGecko launched a new index tracking the biggest crypto tokens viewed as likely securities by the United States Securities and Exchange Commission (SEC).  The ‘Top Alleged Securities Coins’ page sorts the selection of crypto assets by market capitalization, placing Binance Coin (BNB) at the top of the list — followed by Cardano (ADA), Solana (SOL) and TRON (TRX). The top 10 alleged securities tokens by market cap. Source: CoinGecko A CoinGecko spokesperson told Cointelegraph that the index was launched in the first week of August and was constructed by compiling a selection of the most notable tokens which had been deemed securities by the SEC in past lawsuits. In its most recent lawsuits against crypto exchange giants Coinbase and Binance, the financial regulator brought the number of tokens it views as securities up a grand total of 68 — while CoinGecko only lists...

Publishing the ETF applications in the official journal of the U.S. government gives the SEC up to 240 days for final approval or denial — until March 2024. Spot Bitcoin (BTC) exchange-traded fund applications from several firms have been published on the Federal Register, moving them one step along in the United States Securities and Exchange Commission’s (SEC) process. According to records updated July 19, the Federal Register received notices of proposed rule changes allowing BTC exchange-traded fund (ETF) applications from BlackRock, Fidelity, Invesco Galaxy, VanEck, and WisdomTree. Publishing the applications in the official journal of the U.S. government gives the SEC a window of opportunity to accept or reject the request, extend the time allowed, or open the application for public comment. UPDATE: Not much of one though... As predicted and as expected those #Bitcoin ETF applications all hit the federal register today. BlackRock, VanEck, WisdomTree, Fidelity, and Invesco/Galaxy...

The U.S. Securities and Exchange Commission has formally acknowledged the spot bitcoin ETF application from San Francisco’s Bitwise Asset Management, underscoring the escalating institutional engagement in cryptocurrency investments. The U.S. SEC has given official recognition to Bitwise Asset Management’s spot bitcoin ETF proposal. The tech-forward asset management firm from San Francisco initially lodged its bitcoin ETF application back in October 2021 but has since revised and resubmitted the proposal on June 28 of this year. According to the SEC document, the proposed change pertains to the “listing and trading of shares for the Bitwise Bitcoin ETP Trust” as per New York Stock Exchange ARCA Rule 8.201-E, which covers commodity-based trust shares. Bitwise’s recent filing adds to the growing number of institutional application s for spot bitcoin ETFs, a trend invigorated by BlackRock’s application submitted on June 15. Bitwise’s chief ...

In a Twitter thread, chief legal officer at Ripple Stuart Alderoty sheds light on the SEC’s lawsuit against Ripple. He reveals previously undisclosed information regarding Bill Hinman’s influential speech.  Alderoty states that, after five years and seven court orders, the public can finally access emails and drafts related to Hinman’s speech, which offer a behind-the-scenes glimpse into the controversy. 13/An investigation must be conducted to understand what or who influenced Hinman, why conflicts (or, at the very least, appearances of conflicts) were ignored, and why the SEC touted the speech knowing that it would create “greater confusion.” — Stuart Alderoty (@s_alderoty) June 13, 2023 Speaking at the Yahoo Finance All Markets Summit in 2018, Hinman provided guidance on how the SEC would regulate digital assets, including bitcoin and ethereum. He said, in particular, that digital assets should not be considered a security and, therefore, be subject to ...

A video has surfaced that purports to show Securities and Exchange Commission (SEC) chair Gary Gensler claiming that a number of prominent cryptocurrencies aren’t securities — a view that’s seemingly at odds with his more recent comments and the regulator’s numerous enforcement actions against the space. The five-year-old video clip was taken at a Bloomberg event for institutional investors when Gensler was a professor at the Massachusetts Institute of Technology. In the clip, Gensler says, “Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? They’re not securities.” Chair Gensler in 2018 at a Bloomberg conference in NYC: “Bitcoin. Ether. Litecoin. Bitcoin Cash. Why did I name those four? They’re not securities.” What’s Goldman Gary going to say about this one? Deep fake? pic.twitter.com/p7DJlYkJIt — Ryan Selkis 🪳 (@twobitidiot) June 12, 2023 Read more: Binance wants SEC chair Gary Gensler recused for ‘advising’ the C...

The Wahi brothers were charged with trading at least 25 different digital currencies based on Ishan’s prior knowledge of their listing on the trading platform, a benefit of his role as a product manager with the exchange. Per the terms of the settlement, the Wahi brothers have agreed to return the ill gotten gains from their activities. They will also be paying the accrued prejudgment interests related to the case. advertisement The Insider Trading activities by both brothers was flagged back in July last year and through a series of coordinated investigative efforts, both of them were apprehended and charged to Court. Earlier development revealed that Nikhil was sentenced to 10 months imprisonment back in January this year while Ishan bagged 2 years for his misconduct. Additional Demand Placed on the Former Coinbase Manager Despite the jail terms, Ishan has been ordered to forfeit 10.97 Ether and 9,440 Tether, and Nikhil was ordered to forfeit $892,500....

Attorney Kim will no longer be a part of Ripple ’s defense counsel in the SEC lawsuit.  As the SEC vs. Ripple lawsuit approaches its end, attorney Kylie Chiseul Kim, one of the lawyers representing the blockchain company, has filed a motion to withdraw from the case.  The development was shared yesterday by seasoned pro-XRP lawyer James K. Filan, who has closely followed the ongoing SEC vs. Ripple litigation.  # XRP Community # SEC Gov v. # Ripple # XRP Attorney Kylie Chiseul Kim has moved to withdraw as counsel to Ripple Labs. pic.twitter.com/sBmJMV2SHi — James K. Filan (@FilanLaw) May 24, 2023 According to documents shared by Filan, attorney Kim filed the motion in the Southern District of New York yesterday. In the motion, Kim noted that she would no longer be associated with Kellogg, Hansen, Todd, Figel, & Frederick, P.L.L.C., the law firm currently representing Ripple in the ongoing SEC legal battle.  The document also clarified that other lawyers f...

The total crypto market cap has been ranging sideways, but Bitcoin derivatives markets indicate pro traders don't expect any major price corrections. For the past 14 days, cryptocurrency markets have been trading within an unusually tight 7.1% range. In other words, investors are unwilling to place new bets until there’s additional regulatory clarity, especially in the United States. The total crypto market capitalization fell by 1% to $1.2 trillion over the seven days ending May 4, primarily as a result of Bitcoin's (BTC) 1.1% price decline, Ether's (BTC) 0.2% loss, and BNB trading down 1.4%. Total crypto market cap in USD, 12-hour. Source: TradingView Notice that the exact same $1.16 trillion to $1.22 trillion total market cap range previously stood for twelve days between March 29 and April 10. The conflicting forces: regulatory uncertainty weighing it down and the banking crisis pushing prices upward are likely the reason for the lack of risk-appetite on both sides. SE...

According to attorney John Deaton, cryptocurrency firm Ripple Labs could settle with the SEC for $100 million to $250 million in fines. Deaton’s comment came as a response to questions about the possibility of a partial appeal and settlement in the legal dispute between Ripple and the agency. Deaton represents XRP holders in the ongoing lawsuit as an amicus curiae (friend of the court). IMO Ripple would pay $100-250M in a settlement IF the SEC agreed publicly that current and future sales of XRP are not sec urities. The SEC is NOT going to agree to that in the middle of its war 🆚 crypto. Judge Torres could provide clarity on sec ondary sales which isn’t appealed. — John E Deaton (@JohnEDeaton1) February 21, 2023 However, the blockchain firm will only settle if the SEC states that none of the firm’s sales of XRP constitute securities. However, in its fight against the cryptocurrency sector, the SEC might not consent to such a demand from Ripple...

ETH derivatives data shows bulls becoming less inclined to defend the current price level, creating an opportunity for more downside. The price of Ether (ETH) declined 10.2% between Jan. 8 and Jan. 10, and has since been range trading near the $1,500 level. More importantly, on a broader time frame, Ether is down 52.5% in twelve months, which partially explains why Derivatives metrics were somewhat neutral after Ether’s failed attempt to break $1,700 on Feb. 8. Currently, investors' biggest concerns are the U.S. Securities and Exchange Commission's (SEC) lawsuits and enforcement actions against crypto firms, which included Kraken’s tanking of its-as-a-service program and PayPal reportedly pausing its stablecoin project due to regulatory concerns. A crackdown by the SEC on crypto staking is expected to have unintended consequences for decentralized finance (DeFi), according to Jacob Blish, the head of business development at Lido DAO. Blish joined a growing number of people in ...