crypto / 62 posts found
XRP Ruled ‘Not a Security’ in Partial Win for Ripple Labs
In a ruling that could help shape the future of cryptocurrency regulation in the United States, U.S. federal judge Analisa Torres has delivered a mixed verdict in the case between the Securities and Exchange Commission (SEC) and San Francisco-based blockchain firm Ripple Labs. The lawsuit, which has been closely watched by the crypto industry, centered on whether Ripple’s XRP token constituted an unregistered security offering. The court ruled that, while Ripple’s institutional sales of XRP did indeed constitute an unregistered securities offering, its sales of the token on exchanges did not. The decision — which comes after a three-year legal […]
South Korea Advances Crypto Investor Safeguards With New Bill
In a significant move to bolster investor protection, South Korea’s National Assembly recently approved the Virtual Asset User Protection Act, the country’s first legal framework devoted to digital assets. The legislation, an amalgamation of 19 proposals from lawmakers, is expected to come into effect in one year, according to the Assembly’s official website. The South Korean government’s initiative is led by a bipartisan group of lawmakers, reflecting the country’s broad commitment to regulating the burgeoning crypto industry. The legislation aims to define digital assets, impose penalties for unfair practices, and ensure that service providers meet specific requirements designed to safeguard […]
Binance to Integrate Lightning Network for Faster Bitcoin Transactions
Binance, one of the world’s largest crypto exchanges, is seeking to make a major upgrade to its Bitcoin infrastructure. After developer and Taproot Wizard founder Udi Wertheimer reported finding “Binance nodes” on the Lightning Network on June 16, the exchange giant has now revealed its intention to integrate Lightning, a layer two scalability solution built on the Bitcoin blockchain. Binance onboards the Lightning Network Although Binance made this announcement via Twitter in the early morning of June 20, the company did not provide a specific timeline for the completion of the Lightning Network integration, stating that there is still more […]
Mark Cuban Calls for Clarity in Crypto Regulation Amidst SEC Crackdown
Prominent billionaire and tech entrepreneur Mark Cuban has now weighed in on the U.S. Securities and Exchange Commission’s (SEC) recent crypto crackdown. In a series of tweets penned throughout June, the tech entrepreneur urged for the simplification of the SEC’s rules concerning the cryptocurrency industry, pointing out the ambiguous and convoluted guidelines that startups are required to navigate. Cuban, a vocal supporter of Web3 startups, recently contended that the current regulatory environment leaves these enterprises in a precarious position due to a lack of clear guidance. His critique emerged amid a June 14 Twitter debate with John Reed Stark, former […]
Patronizing vs. Promoting Digital Assets: Where to Draw the Legal Line?
In March 2023, the SEC charged eight celebrities with violating certain provisions of the Securities Act of 1933 in their promotion of cryptocurrency assets. The charges stem from Section 17(b) of the act, an anti-fraud and anti-touting provision that addresses the failure to disclose payments related to promotional activity. The group of celebrities — which included Lindsay Lohan, Jake Paul, and Ne-Yo —specifically faced accusations of illegally promoting Tron (TRX) and/or BitTorrent (BTT) tokens offered by companies under the direction of Tron founder Justin Sun. While the SEC won the case, the questions at the heart of the matter remain […]
GOP Lawmakers Call for the Removal of Gary Gensler With SEC Stabilization Act
It seems proceedings may soon become even more complex within the U.S. Securities and Exchange Commission (SEC) crypto crackdown. Because today, June 12, House Republicans have begun pushing for significant restructuring of the regulatory body. Last week, the SEC filed civil lawsuits against Binance and Coinbase, citing investor protection failures and customer fund mismanagement. Amidst this landscape, Congressman Warren Davidson of Ohio and House Majority Whip Tom Emmer of Minnesota introduced the “SEC Stabilization Act,” which calls for the removal of the current SEC Chairman, Gary Gensler. SEC Stabilization Act The two GOP lawmakers are accusing Gensler of a series […]
Binance.US to Halt Fiat Withdrawals As Early As June 13
The fallout from the U.S. Securities and Exchange Commission’s (SEC) civil lawsuit filing against Binance, the most popular crypto exchange by volume, continues this week, with Binance.US, the American arm of the global exchange, announcing a temporary halt to all fiat withdrawals late Thursday, June 8. The exchange attributed the move, which is expected to take effect as early as June 13, 2023, to its banking partners, who have indicated their intention to suspend USD fiat operations with the company. “As a result,” Binance.US wrote on its Twitter account yesterday, “in an effort to protect our customers and platform, today […]
Crypto.com Suspends US Institutional Service As SEC Scrutiny Rises
On Friday, June 9, Crypto.com, the Singapore-based cryptocurrency exchange, announced the suspension of its institutional exchange services in the United States, according to a statement from the company. The decision, set to take effect starting June 21, 2023, is primarily attributed to the lackluster demand from institutional customers in the prevailing market scenario. Institutional clients, typically large, accredited entities with substantial investment capacities, have been the target audience for Crypto.com’s institutional service. However, the current market landscape, most recently led by stringent regulatory scrutiny and volatile conditions, has led to a decline in demand from these institutional entities. Credit: Crypto.com […]
SEC Crackdown: Inside the Tokens the Commission Labeled Securities
On June 5, Web3 was sent into a frenzy when the U.S. Securities and Exchange Commission (SEC) lodged a comprehensive lawsuit against Binance. The lawsuit — which accuses the world’s largest crypto exchange of mismanagement of customer funds, among other things — has remained top of mind for all operating within the blockchain industry. Of course, the situation only got worse once the SEC came after Coinbase. Just a day after taking up arms against Binance, the agency announced that it was suing Coinbase for allegedly operating as an unregistered broker of securities, an unregistered exchange, and an unregistered clearing agency. […]
Crypto Miners Dodge 30% Energy Tax as Part of US Debt Ceiling Deal
The Alpha: A recent bipartisan agreement on the U.S. debt ceiling may bypass several proposed tax increases, including the Digital Asset Mining Energy (DAME) tax that would have levied a 30 percent tax on energy consumption by crypto miners. Despite progress and President Joe Biden’s confidence, the agreement still requires approval from the House of Representatives and the Senate. Dive deeper The crypto mining industry might be facing a serious reprieve this week as a tax proposal targeting its energy consumption seems set to be shelved. The move comes following a bipartisan agreement reached on the U.S. debt ceiling that […]