Archives

September 18, 2024 @ 12:30 pm By JD Alois  |  

In what may be a heated meeting of the House Financial Services Committee, SEC Chairman Gary Gensler is scheduled to testify next week in a hearing on the Oversight of the Securities and Exchange Commission. While the hearing memo nor prepared testimony is yet available,… Read More

September 18, 2024 @ 10:49 am By JD Alois  |  

Fintech supporter Congressman Tom Emmer has sent a letter to the Chair of the SEC, Gary Gensler, asking the Commission to clarify the “regulatory classification of digital asset airdrops.” The Chairman of the House Financial Services Committee, Patrick McHenry, has also added his support to the… Read More

September 17, 2024 @ 2:15 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) says it has settled charges with Prager Metis CPAs, LLC (Prager) in regard to its relationship with the failed crypto operation FTC. The SEC states that Prager has agreed to pay $1.95 million to resolve two actions alleging misconduct… Read More

September 12, 2024 @ 12:24 pm By JD Alois  |  

The Securities and Exchange Commission (SEC), Investor Advisory Committee (IAC), has published its agenda for its meeting next week. The IAC will focus on two panels: Investment Advice: A History and Update on Who is Required to Serve in Your Best Interest; and Key Topics… Read More

September 12, 2024 @ 11:02 am By JD Alois  |  

eToro USA will halt nearly all crypto trading activity following an agreement with the Securities and Exchange Commission (SEC). The settlement also requires eToro to pay a $1.5 million fine. eToro has agreed to the settlement without admitting or denying the allegations. Going forward, eToro… Read More

September 10, 2024 @ 11:22 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced new members on the Investor Advisory Committee (IAC). While having no regulatory authority, the IAC advises the Commission on issues impacting investors. Each member serves a term of 5 years. More members are expected to be announced… Read More

September 3, 2024 @ 12:19 pm By JD Alois  |  

OpenSea, a leading NFT [non-fungible token] platform, has received a Wells Notice from the Securities and Exchange Commission (SEC). A Wells Notice indicates that the SEC is recommending that the Commission pursue enforcement action against the target firm. While not conclusive, it is highly likely… Read More

August 26, 2024 @ 4:23 pm By JD Alois  |  

Plutus Lending LLC, DBA Abra, has been charged by the Securities and Exchange Commission (SEC) with offering and selling a retail crypto asset lending product. Abra has settled the charges without admitting or denying them. Abra has consented to an injunction prohibiting it from violating the… Read More

August 22, 2024 @ 12:03 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) is pushing to demand Climate Disclosure mandates for public firms. Climate Disclosure is part of a broader ESG agenda – infusing regulation with a social agenda. Having approved new rules, the new mandate is now being challenged in the… Read More

August 19, 2024 @ 3:47 pm By JD Alois  |  

Perhaps the most anti-crypto official in the Biden Adminstration may emerge as the US Secretary of Treasury if Vice President Kamala Harris is elected President. This is according to multiple reports that SEC Chairman Gary Gensler is being considered for the powerful position.   BREAKING:… Read More

August 19, 2024 @ 10:55 am By JD Alois  |  

Legendary investor Carl Icahn has been charged by the Securities and Exchange Commission (SEC) with failure to disclose the use of company’s securities being pledged for personal loans. The SEC states that the outstanding principal amounts of the individual loans ranged from $150 million to… Read More

August 16, 2024 @ 1:31 pm By JD Alois  |  

The Securities and Exchange Commission has posted a Notice of Withdrawal of Proposed Rule Change to Amend ISE Options. Specifically, the NASDAQ has pulled its request to allow the exchange to list and trade options on units that represent interests in a trust that holds… Read More

August 15, 2024 @ 6:27 am By JD Alois  |  

The Securities and Exchange Commission has penalized 26 broker-dealers, and investment advisers, for “widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications.” The 26 firms have settled the matter by acknowledging their shortcomings and have agreed to pay… Read More

August 12, 2024 @ 10:12 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against NovaTech Ltd. and its founders, Cynthia and Eddy Petion. The charges allege a $650 million crypto fraud involving over 200,000 investors worldwide. NovaTech’s alleged pyramid scheme was registered in St. Vincent and the Grenadines. It… Read More

August 12, 2024 @ 1:56 pm By JD Alois  |  

Last week, it was reported that Ripple had paid a $125 million penalty to settle an enforcement case brought by the Securities and Exchange Commission (SEC). Ripple, the issuer of XRP, was found guilty of selling unregistered securities, but the penalty was far smaller than… Read More

August 8, 2024 @ 8:47 am By JD Alois  |  

Ripple, the issuer of XRP, has long been ensconced in a legal battle with the Securities and Exchange Commission over allegations of offering an unregistered security. However, it appears to have been let off lightly by paying a penalty of $125 million. Ripple CEO Brad… Read More

August 1, 2024 @ 9:20 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged the founder and former CEO of Get Together, an erstwhile social media firm, with fraud in regard to a securities offering. The startup, known as IRL, was founded by Abraham Shafi who apparently raised over $170 million… Read More

July 31, 2024 @ 10:31 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against the founder of BitClout, alleging securities fraud. Nader Al-Naji (aka Diamondhands) is said to have raised over $257 million in a scheme for the sale of unregistered securities – the token BTCLT. Simultaneously, criminal charges… Read More

July 30, 2024 @ 4:05 pm By Omar Faridi  |  

The US Securities and Exchange Commission (SEC) may be withdrawing its charges against third-party crypto tokens like Solana’s SOL as well as Polygon’s MATIC. These digital tokens have been part of the regulator’s lengthy case against crypto exchange Binance, Breaking: #Solana $SOL is no longer… Read More

July 19, 2024 @ 1:49 pm By JD Alois  |  

The Securities and Exchange Commission, Division of Enforcement, has issued a statement on the new Interagency Securities Council (ISC). This new entity aims to coordinate discussions on fraud and scams and share strategies to counter nefarious activities. The ISC is expected to meet quarterly. The… Read More