SEC
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U.S. Securities and Exchange Commission (SEC) has won an early victory in the legal saga involving Coinbase. U.S. District Judge Katherine Polk Failla wrote that “the Court finds the SEC has sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency under the federal securities laws, and, through its Staking Program, engages in the unregistered offer and sale of securities.” Coinbase going to courtThe decision by Judge Polk Falla means that the case will now go to trial, which Coinbase would have hoped to avoid. Coinbase’s Chief Legal Officer Paul Grewal ...
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Ripple Labs, a technology and cryptocurrency company, must pay the United States Securities and Exchange Commission (SEC) a presumed $2 billion in fines. The news comes from Ripple Lab’s Chief Financial Officer (CFO), Stuart Alderoty, who took to social media to post about the impending action from the SEC: Ripple CFO on social mediaThe CFO of Ripple Labs would continue his comments on the proposed financial charges levied at the crypto giant in a four-post thread on X: “Our response will be filed next month, but as we all have seen time and again, this is a regulator that trades in statements...
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Washington (AFP) - Binance has agreed to repatriate its US customers' assets pending a massive lawsuit against the world's largest crypto exchange, the US Securities and Exchange Commission said Saturday, adding that it will secure the funds. Binance and its boss Changpeng Zhao have "agreed to repatriate to the United States assets held for the benefit of customers of the Binance.US crypto trading platform," the SEC said in its statement. The regulator did not specify how many of Binance's US customers are affected, nor the value represented by these funds. Earlier this month the SEC charged...
AFP
Finder’s panel of 32 experts predict ETH will peak at $2,758 in 2023 and that the next big battle is with the SEC. Ethereum has just completed another major milestone, with the Shapella upgrade going live earlier this month. Shapella enables the withdrawal of ETH from the Beacon Chain. This means that large amounts of Ether could potentially be withdrawn and sold off. This has led to intense speculation about what will happen to the price of ETH now that Shapella is live. Ethereum Price Predictions: Experts disagree on Shapella Our panelists have been split over what effect Shapella will have ...
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Latest Substantive Research survey shows the markets are unprepared for iminent structural changes impacting the investment research industry from summer 2023 Asset managers are increasingly doubtful that brokers will solve research payment challenges by becoming Registered Investment Advisors (RIAs) – 73% now do not expect US brokers to register as RIAs (vs. 33% in Aug 2022).On the likelihood of European asset managers solving the issue by creating structures to generate commissions from trading, the number of firms that will ‘definitely not adapt their processes’ rose to 43% from 36% last ye...
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Nearly two years of arguments are now in the hands of Judge Analisa Torres of the Southern District of New York, who is expected to rule sometime in the first quarter of this year. SEC v. RippleThe issue revolves around how Ripple uses the XRP token and its decentralized ledger as a tool for its cross-border payments software that it sells to international banks and money transmitters. The company and two of its executives sold large amounts of the token to exchanges starting in 2013, which fed a substantial secondary market for the cryptocurrency and an ecosphere for the XRP Ledger for busine...
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Washington (AFP) - US reality star Kim Kardashian has agreed to pay a $1.26 million fine after unlawfully pushing a cryptocurrency on Instagram without revealing that she was paid to do so, the Securities and Exchange Commission announced Monday. The agency accused Kardashian, who has 331 million followers on Instagram -- making her one of the top ten most followed people on the global social network -- of failing to disclose that she was paid $250,000 to post about EMAX tokens, the crypto asset security being offered by EthereumMax. The fine includes a penalty of $1 million plus $260,000, re...
AFP
Washington (AFP) - Twitter faced scrutiny from US market regulators over how the platform calculates the number of false or spam accounts, a topic at the heart of the firm's legal battle with Elon Musk. The Security and Exchange Commission's letter sent mid-June, but made public only Wednesday, asked Twitter to disclose its methodology as well as the "underlying judgements and assumptions" involved. That letter surfaced just a day after news broke that a former Twitter security chief had told US authorities the company misled users and regulators about "extreme, egregious" security gaps. Twitt...
AFP
Latest asset management survey examines attitudes to impending structural market changes that put over $100m of annual research payments at risk Views are split on whether brokers becoming Registered Investment Advisors (RIAs) solves research payment challenges, while Research Payment Accounts (RPAs) for the buy side are not considered a desirable option. Either way, they cannot be implemented in time.60% believe the most likely outcome is that global US brokers will be paid entirely in Europe for research consumed in both regions.68% believe that this change will mean market share further con...
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