The dispute between the crypto company Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has come to an end after four years, following an agreement to pay a $50 million fine.

This is a bitter court battle, in which Ripple has been accused since 2020 of conducting unregistered securities offerings through its XRP sales. The agreement sets a precedent for the industry in the country, given a regulatory landscape that is expected to become stricter.

Ripple has agreed to pay the fine, according to Stuart Alderoty, the company’s chief legal officer. The figure is much lower than the initial $125 million. According to the executive, there will be other specifications that Ripple must meet. The company will also “request the Court to lift the standard injunction previously imposed at the SEC’s request.”

The resolution announced this Tuesday was in favor of the parties, who “agreed to withdraw their respective appeals, which definitively closes the case without further legal disputes.”

M.Pino

Source: diariobitcoin

(Reference image: Bermix Studio on Unsplash)

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La entrada Ripple to pay $50 million fine to the SEC to settle judicial case apareció primero en Bitfinance.

Amid discussions about the creation of a bitcoin fund in the United States and the ups and downs in the price of the market’s leading cryptocurrency, acting SEC Chairman Mark Uyeda asked staff to abandon “a rule change that would expand the definition of alternative trading systems to include cryptocurrencies.”

This change would require crypto companies to register as brokers. However, during a speech on Monday, March 10, at the Institute of International Bankers Conference in Washington, Uyeda addressed his request to the agency’s staff to abandon some of the proposed changes.

The acting SEC chairman stated, “In light of the significant negative public comments received regarding the definition of exchange as it relates to cryptocurrencies, I have asked the SEC staff for options for abandoning that portion of the proposal.”

The precedent for the regulatory overhaul dates back to 2020 under SEC Chairman Jay Clayton. The goal was to “establish clearer rules for alternative trading systems; the guidance was primarily intended to impact U.S. Treasury market participants.”

“However, when the rule fell to former SEC Chairman Gary Gensler, he took a very different direction by expanding the list beyond ATSs.”

Two years later, in 2022, a proposal for a new version of the rule was released that would redefine the concept of a securities broker-dealer, which included communication protocols, but without clearly defining the term. The SEC is now handling Uyeda’s request, while court cases against crypto companies are underway, along with the creation of “a dedicated cryptocurrency task force to develop a regulatory framework for digital assets, led by Pro-Crypto Commissioner Hester Peirce.”

M.Pino

Source: cointelegraph

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La entrada The SEC could exclude crypto companies from registration as securities brokers apareció primero en Bitfinance.

The startup Figure Markets received approval from the SEC in the United States for the launch of the YLDS stablecoin that will generate interest to encourage its use as a means of payment, especially cross-border.

The new stablecoin “is issued on the Provenance Blockchain platform by tokenizing certificates of nominal value, a type of fixed-income security that is not subject to change due to inflation or other market conditions.”

Figure Markets indicated through its account on X that the asset is already available to its users, including US residents and banks, and can be purchased on the startup’s platform with dollars and other stablecoins. It is also possible to exchange it for fiat currency at the country’s banks.

It differs from stablecoins on the market, such as USDT or USDC, by being “redeemable at 1 cent per certificate, rather than being pegged at 1 dollar each. This means that a payment of 1 dollar will require the transfer of 100 certificates.”

What is new about YLDS is that it will pay an SOFR (Secured Overnight Financing Rate) interest rate estimated at 3.85% per year, will be accumulated daily and distributed monthly among holders.

YLDS will be backed by reserves that include Treasury bonds, commercial paper, corporate debt and other assets.

M.Pino

Source: criptonoticias

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La entrada SEC approves launch of YLDS stablecoin from startup Figure Markets apareció primero en Bitfinance.

Robinhood Securities LLC and Robinhood Financial LLC will be required to pay a $45 million fine for failure to comply with various rules imposed by the U.S. Securities and Exchange Commission (SEC).

SEC official Sanjay Wadhwa said: “Today’s order finds that two Robinhood firms failed to comply with a broad range of significant regulatory requirements, including failing to accurately report trading activity, comply with short-selling rules, file suspicious activity reports on a timely basis, maintain books and records, and protect customer information.”

The investigation includes charges of providing suspicious data since 2019, exposing customer data to hackers, violating regulations on “maintaining electronic communications and protecting operational data,” among others.

Both brokers admitted to the SEC’s allegations and have agreed to “conduct internal audits and remediation plans to address these issues.” In this regard, Robinhood Securities will pay a fine of $33.5 million and Robinhood Financial will pay $11.5 million.

M.Pino

Source: beincrypto

(Reference image source: Bermix Studio on Unsplash)

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La entrada Robinhood fined $45 million by SEC apareció primero en Bitfinance.

On January 20, 2025, the date Donald Trump takes office, US Securities and Exchange Commission (SEC) Chairman Gary Gensler will step down.

Gensler had made this possibility known on the eve of the US presidential election, possibly in response to Trump’s statements last July about firing the SEC chairman if he won.

The current president of the regulatory body has highlighted in a statement his satisfaction for serving the SEC, the American people and for contributing to stabilizing the capital market.

Trump now has the authority to appoint the new official to guide regulatory affairs in the United States.

M.Pino

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La entrada SEC Chairman Gary Gensler to step down in January apareció primero en Bitfinance.

The US Securities and Exchange Commission has finally given BlackRock the green light to list and trade options on its bitcoin spot ETF, IBIT.

It has been just eight months since the SEC authorized bitcoin spot ETFs and other managers are still waiting for their applications to be approved by the agency.

It is important to remember that in January, the New York-based asset manager received approval to “launch iShares Bitcoin Trust ETF (IBIT), an exchange-traded product that offers investors direct exposure to bitcoin. The fund received approval along with nine other proposals, including from Fidelity, Ark Invest and Grayscale.”

BlackRock’s next strategic step was to seek to “list and trade IBIT options on the local market,” just as Grayscale and Bitwise, among others, have proposed “listing and trading options for their respective spot Bitcoin ETFs. Although these applications are still awaiting SEC approval.”

The SEC reported on Friday, September 20 in a filing the approval of BlackRock’s proposal on an “accelerated” basis. However, it clarified that it is simply an approval stage, since it still needs to be approved by the OCC (Office of the Comptroller of the Currency) and the CFTC (Commodity Futures Trading Commission), so that it can then be official.

M.Pino

Source: diariobitcoin

(Reference image source: Erling Løken Andersen in Unsplash)

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La entrada BlackRock to offer options on its bitcoin spot ETF apareció primero en Bitfinance.

The SEC has had to apologize for its use of the term “securities” with respect to cryptocurrencies in lawsuits against Binance in light of protests from executives of the platforms Coinbase, XRP and Ripple, whose executives argue that the use of the concept is baseless. legal.

In this sense, the legal director of Ripple, Stuart Alderoty, and of Coinbase, Paul Grewal, have criticized the position of the SEC (United States Securities and Exchange Commission) in using the term “cryptoactive securities” at the bottom of the lawsuit against Binance, in addition to referring to other regulatory inconsistencies of the entity since 2017 regarding the cryptocurrency industry.

In response to the claims, the SEC clarified its use of the term “cryptoactive securities” through an amendment to the notes to the lawsuit against Binance.

The claim by Ripple and Coinbase points to a possible deception by the SEC before the judges by using the term without legal basis, according to its specialists, since it is not found in any statute and has been created by the Securities and Exchange Commission.

Given the confusion, the organization admitted that the term “crypto asset value” is not real. Given this, it is presumed that it was used to prove that these are investment contracts.

M.Pino

Source: fxstreet

(Reference image source: Coinstash Australia en Unsplash)

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La entrada SEC causes confusion by calling cryptocurrencies “securities” apareció primero en Bitfinance.

The Sec approved operations in the United States of the Ethereum ETFs in cash starting this Tuesday, July 23 in the morning once the receipts were received and all means related to these commercial operations were activated.

According to ETF Store President Nate Geraci, Bitwise was the first to release the information and create the website for its Ethereum spot ETF.

Bitwise spot eth ETF webpage now *live*… pic.twitter.com/9mhX96ilXz

— Nate Geraci (@NateGeraci) July 22, 2024

Regarding the announcement, Bloomberg analyst James Seyffart noted that “of the nine funds proposed to the SEC, the only ones that do not yet have official documents are the Ethereum ETFs proposed by Grayscale (ETHE / ETH). For the rest, it seems that the products of BlackRock, Fidelity, VanEck, 21Shares and Invesco were also duly approved”, which is why they also began operations this Tuesday.

SEC approval took months of analysis and discussions about the product’s viability. However, finally, the US entity “approved the S-1 forms that guide the start of operations of these funds.”

M.Pino

Source: diariobitcoin

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La entrada SEC approved Spot Ethereum ETF Trades in the United States apareció primero en Bitfinance.

According to the CEO of Galaxy Digital, Mike Novogratz, the cryptocurrency could fluctuate between $55,000 and $75,000 until the presidential elections in the United States and the cut in interest rates by the SEC, given the slowdown in inflation.

These two factors will be key in setting the value of the main cryptocurrency on the market, which faces acceptance by Donald Trump and rejection by some Democrats.

The increase in the adoption of digital currencies is generating distrust in a sector of American authorities and politicians. However, on the other hand, they are seen as a friendly mechanism by another sector of public life in the United States.

Novogratz believes “that the US presidential elections could be crucial for the future regulator of cryptocurrencies, depending on whether or not Democrats maintain an anti-cryptocurrency stance. The Biden administration recently signaled that it would veto a rule that requires crypto companies to record their customers’ holdings as liabilities.”

M.Pino

Source: cripto247

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La entrada Bitcoin price would be influenced by the upcoming elections in the United States apareció primero en Bitfinance.

In a new foray into the world of cryptocurrencies, the United States Securities and Exchange Commission (SEC) announced a lawsuit against the founder of Bitcoin Academy, Brian Sewell. The agency accuses Sewell of running an online fraudulent crypto scheme that cost the students $1.2 million.

According to the SEC’s complaint, this alleged fraud took place between early 2018 and mid-2019 and affected 15 students. Sewell, along with his firm Rockwell Capital Management, agreed to settle the fraud charges.

Sewell’s modus operandi was to encourage his online students to invest in the Rockwell Fund, a hedge fund he said he would launch. He promised that the fund would use advanced technologies such as artificial intelligence and rely on crypto-asset trading strategies to generate returns for investors.

However, the lawsuit alleges that Sewell never launched the fund or implemented the trading strategies for which he raised the funds from the 15 students. Instead, he kept the money invested in bitcoin. Subsequently, the alleged fraudster claimed that the money had been stolen from his wallets by hackers.

The SEC warns investors to check the history of anyone who sells them an investment and to independently investigate investment opportunities. In addition, it has issued warnings to investors about frauds promoting new technologies.

K. Tovar

Source: Criptotendencia

(Reference image: @Crypto_TownHall, X)

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La entrada Brian Sewell was sued by the SEC apareció primero en Bitfinance.