Court Denies SEC’s Request to Seal Hinman Speech Documents in Ripple Lawsuit
- These documents are seen as central in Ripple’s battle against the SEC, which in 2020 accused the company of selling its XRP token without registering it as a security.
- The documents in question are internal emails, text messages, and expert reports that followed Hinman’s 2018 speech, in which he said ETH and BTC were not securities.
May 17, 2023, 1:24 PM
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SEC Responds to Coinbase, Says No New Regulations Will be Issued Soon
- The U.S. SEC claimed in its response that it was under no obligation to issue new regulations for crypto, and that rules for crypto were already published and were sufficient.
- The agency also tried to distance itself from any public comments made by its chair Gary Gensler, particularly regarding his statement that most cryptocurrencies are securities.
May 16, 2023, 7:28 AM
U.S. Securities and Exchange Commission building in Washington DC, October 12, 2018. Andriy Blokhin/Shutterstock
IRS Files $44B Worth of Tax Claims Against FTX Bankruptcy
- The IRS filed its claims against FTX under the “Admin Priority” classification, which could allow it to supersede the claims of other creditors in the bankruptcy case.
- The largest of the claims is against Alameda Research LLC, with the IRS claiming around $20 billion in partnership taxes and close to $400 million in payroll taxes.
May 11, 2023, 9:16 AM
Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
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Former Coinbase Product Manager Given 2 Years in Prison for Insider Trading
- Ishan Wahi was sentenced to 24 months in prison for his illegal use of confidential information he obtained during his time at Coinbase.
- Wahi, his brother, and a friend, had allegedly made around $1.5 million between June 2021 and April 2022 by purchasing digital assets before their Coinbase listing was announced.
May 10, 2023, 8:48 AM
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May 4, 2023
Court Gives SEC 10 Days to Respond to Coinbase’s Complaint
- The U.S. Third Circuit Court of Appeals has filed a text-only order against the securities regulator, giving it 10 days to respond to Coinbase’s complaint.
- The crypto exchange filed a lawsuit against the SEC last week, requesting a response to a rulemaking petition it had filed back in July 2022.
May 1, 2023
Coinme, Up Global, and CEO Pay $4M to Settle SEC Charges Over UP ICO
- The U.S. SEC had alleged that the two companies and their CEO had conducted an “unregistered offers and sales of securities” during their 2017 UPToken ICO.
- The three entities did not confirm or deny the allegations, but agreed to pay close to $4 million to settle the charges, and the CEO is barred from an executive position for three years.
Apr 25, 2023
Coinbase Takes Legal Action Against SEC’s Lack of Response to 2022 Petition
- Coinbase is taking the U.S. securities regulator to court in order to receive a yes or no response to a rulemaking petition it filed back in July 2022.
- In its petition, the exchange asked for clearer regulatory guidelines for the crypto industry, and answer to 50 specific questions regarding digital assets.
Apr 24, 2023
Korean District Court Says LUNA Not a Security
- A district court in South Korea ruled that the token was not a security, noting that it was “difficult to see LUNA as financial investment product regulated by the Capital Markets Act”.
- Using this decision, the court dismissed the prosecution’s request to confiscate properties owned by Terraform Labs’ co-founder Hyun-seung Shin.
Mar 27, 2023
CFTC Sues Binance and CZ Over Alleged Regulatory Violations
- The CFTC is suing crypto exchange Binance and CEO Changpeng “CZ” Zhao for allegedly violating trading and derivatives laws in the U.S..
- The regulator claimed that the platform had instructed its U.S.-based customers on how to evade its compliance controls through the use of VPNs.
Mar 24, 2023
U.S. Prosecutors File Fraud Charges Against Do Kwon
- Do Kwon was charged with conspiracy to defraud, commodities fraud, securities fraud, wire fraud, and conspiracy to engage in market manipulation.
- A spokesperson for the Manhattan U.S. attorney’s office, which brought the charges against Do Kwon, said the Department of Justice (DoJ) will seek his extradition.