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☆ Crypto venture funding climbs for first time in nearly 2 years after bitcoin's stellar run
▼ + stars: | 2024-02-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Now, venture investors are returning. Venture funding for crypto-related companies in the fourth quarter of 2023 totaled $1.9 billion, a 2.5% increase from the prior quarter, PitchBook said Thursday. It marks the first time that venture VC investments in crypto startups have risen since the March quarter of 2022. Problems for crypto ventures were compounded that year by major collapses of crypto companies like Do Kwon's controversial algorithmic stablecoin Terra and Sam Bankman-Fried's FTX. Le said that crypto venture funding has bottomed with a rise in crypto asset prices and public market valuations of crypto-related companies such as Coinbase , Marathon Digital , and MicroStrategy .

Persons: Crypto, PitchBook, It's, Sam Bankman, FTX, Andreessen Horowitz, Le, bitcoin Organizations: Venture, Sequoia Capital, Tiger Global, CNBC, Marathon Locations: FTX

☆ NY attorney general expands crypto lawsuit, sees $3 billion fraud
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: +2 min

New York Attorney General Letitia James on Friday expanded her lawsuit against Digital Currency Group and other cryptocurrency defendants, tripling the size of their alleged fraud scheme to more than $3 billion. James had in October sued DCG, its Genesis Global Capital unit, and Gemini Trust, the exchange run by twin brothers Cameron and Tyler Winklevoss. James is seeking more than $3 billion of restitution for the more than 230,000 investors who she believes were defrauded. Representatives for DCG, Genesis and Gemini did not immediately respond to requests for comment. Gemini, meanwhile, has sued DCG over their failure of their crypto lending partnership.

Persons: Letitia James, Donald Trump, James, DCG, Cameron, Tyler Winklevoss, Gemini, Barry Silbert, Soichiro Moro, Genesis, Sam Bankman Organizations: New, Trump Organization, Court, New York, Digital Currency Group, Genesis Global, Gemini Trust, DCG, Gemini, U.S . Securities, Exchange Commission, SEC Locations: New York, Manhattan, New York City, U.S

☆ Fintech firm SoFi set to exit cryptocurrency business
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - Financial technology firm SoFi Technologies (SOFI.O) is set to exit the cryptocurrency business and has given its customers the option to migrate to UK-based Blockchain.com, the companies said on Wednesday. The San Francisco-based company said it was ending its crypto services on Dec. 19, and starting Wednesday, new SoFi crypto accounts cannot be opened. SoFi said its eligible customers can migrate their account to Blockchain.com or close their account instead. Crypto users living in New York will not be eligible for the migration due to New York state availability. London-based Blockchain.com said crypto account holders at SoFi will get access to dozens of tokens traded on its platform.

Persons: Sam Bankman, Changpeng Zhao, SoFi, Blockchain.com, Arasu Kannagi Basil, Devika Organizations: SoFi Technologies, U.S . Securities, Exchange Commission, Bloomberg News, Thomson Locations: San Francisco, New York, London, Bengaluru

☆ Binance founder appeared to hint at stepping down in a post just 2 days ago
▼ + stars: | 2023-11-21 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +2 min

Crypto exchange Binance has been under scrutiny from US regulators for a while. "CZ," Binance's founder, will plead guilty, to anti money-laundering violations and will step down, the WSJ reported. AdvertisementNow, on Tuesday — just two days after CZ's post — news broke that he was indeed set to step down as the head of crypto exchange Binance, according to a Wall Street Journal report. He will also agree to plead guilty to charges of not complying with anti money-laundering regulations in the US. He'll pay a $50 million criminal fine, the WSJ reported; Binance itself will plead guilty and pay fines of $4.3 billion, the report said.

Persons: Binance, Sam Altman's, —, Zhao —, ike, ines Organizations: Service, ust

☆ A bitcoin ETF seems to be just around the corner. How will financial advisors react?
▼ + stars: | 2023-11-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

Edelman also founded Edelman Financial, a large firm of registered investment advisors. The potential of a bitcoin ETF has appeared to help fuel a recent rally in the cryptocurrency. Concerns from advisors Crypto's dramatic rise has largely come without the embrace of the traditional financial system, such as financial advisors and major banks. But not all financial advisors seem ready to embrace crypto just because investing in it is simpler. Client demand Even if advisors are skeptical of crypto, the arrival of bitcoin ETFs is sure to generate more questions from clients.

Persons: BlackRock, Ric Edelman, Edelman, Bitcoin, bitcoin, Sam Bankman, Randy Frederick, Frederick, Andrew Morgan, Taylor, Morgan, that's, Amy Hescht, They're Organizations: Nasdaq, Digital Assets Council, Financial Professionals, Edelman, The Securities, Exchange Commission, SEC, Blackrock, Schwab Center, Financial Research, Fidelity, Presper Financial, Advisors, fund's Locations: United States, U.S, Bitcoin, BlackRock, Michigan, Akron , Ohio

☆ Coinbase strengthens its global advisory council
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 7 (Reuters) - Coinbase (COIN.O) said on Tuesday it had added four national security experts to its global advisory council as the cryptocurrency industry comes under intense regulatory scrutiny following the collapse of Sam Bankman-Fried's FTX. Mark Esper, Stephanie Murphy, Frances Townsend and David Urban are joining the council, which advises the company's executive leadership team. Esper is a former U.S. defense secretary and Murphy is a former national security specialist for the defense department. Coinbase said the new additions will help its council examine the consequences of regulatory uncertainty for crypto in the United States, including long-term economic and national security impacts.

Persons: Dado Ruvic, Sam Bankman, FTX, Mark Esper, Stephanie Murphy, Frances Townsend, David Urban, Murphy, Townsend, George W, Bush, Coinbase, Arasu Kannagi Basil, Anil D'Silva Organizations: REUTERS, Counterterrorism, Homeland Security, Urban, BRG Group, Thomson Locations: U.S, United States, Bengaluru

When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate the industry in the future. Ironically, the failure of Bankman-Fried's FTX and his subsequent arrest late last year may have contributed to the momentum for regulation stalling out. Before FTX imploded, Bankman-Fried spent millions of dollars — illegally taken from his customers it turns out — to influence the discussion around cryptocurrency regulation in Washington and push for action. “Moreover, almost everything the crypto industry does is clearly covered by existing securities and commodities laws that every other law-abiding financial firm in the country follow," he said. Bartlett Collins Naylor, a financial policy advocate for Public Citizen's Congress Watch said “laws on fraud and securities are currently sound.”__Hussein reported from Lewiston, Maine

Persons: Sam Bankman, cryptocurrencies, FTX, Fried, “, Sens, Debbie Stabenow, John Boozman, Sen, Sherrod Brown, Brown, He’s, ” Brown, can’t, Joe Biden, Dennis Kelleher, Bartlett Collins Naylor, __ Hussein Organizations: Securities and Exchange Commission, Coinbase, PayPal, SEC, Commodities Futures Trading Commission, Agriculture Committee, U.S ., Financial Services, White, Federal Reserve, Consumer, Better, Public Citizen's, Watch Locations: PALM SPRINGS, Calif, Washington, Ohio, stablecoins, Lewiston , Maine

☆ Taylor Swift achieves billionaire status amid monumental Eras tour
▼ + stars: | 2023-10-26 | by ( Erin Snodgrass | Sebastian Cahill | ) www.businessinsider.com time to read: +2 min

Taylor Swift is a billionaire, according to a Bloomberg News analysis. The pop star's record-breaking Eras Tour helped cement her status among a rare economic class, according to the analysis. Swift is one of the few people to reach billionaire status almost exclusively from her music. AdvertisementAdvertisementAfter nearly two decades of monumental music-making, Taylor Swift has officially built a billion-dollar empire, according to a Bloomberg News analysis published Thursday. Swift is one of the few people to reach billionaire status almost exclusively from her music and performances, the outlet reported, citing publicly disclosed and traceable assets and earnings.

Persons: Taylor Swift, Swift, —, Sam Bankman, Fried's, Larry David, Shaquille O'Neal Organizations: Bloomberg, Service, Bloomberg Economics, Forbes, Dassault

☆ 11 of the biggest bombshells from Sam Bankman-Fried's FTX fraud trial
▼ + stars: | 2023-10-25 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +11 min

The stress of the scheme left a key executive 'suicidal for days'Nishad Singh testified against his former boss in court. Jane Rosenberg/ReutersNishad Singh, the head engineer at FTX, testified against Bankman-Fried and spoke to the intense pressure of the scheme. As customers began to withdraw their deposits, FTX didn't have enough liquid cash to actually give them their funds. Instead of working together to solve the issue, executives blamed each other, Singh testified. "In response, Sam said something like, 'We were bulletproof last year, but we're not bulletproof this year,'" Yedidia testified.

Persons: Sam Bankman, —, Fried, Caroline Ellison, Gary Wang, Nashad Singh, SBF, Ellison, he'd, Nishad Singh, Jane Rosenberg, Reuters Nishad Singh, Singh, I'd, Wang, FTX's, Bankman, Sam, Adam Yedidia, Yedidia, FTX didn't, FTX, Michael M, Ellison Yedidia, Caroline, Getty, Alameda's, — Ellison, Christian Drappi, Drappi, Alameda — Ellison Organizations: Service, Prosecutors, Alameda Research, Street, Reuters, Bankman, NEW, Manhattan Federal Court, Getty, FTX, MIT, Alameda Locations: Manhattan, Brooklyn, FTX, Bankman, Alameda, United States, Bahamas, New York City, China, Alameda's Hong Kong

☆ Taylor Swift wanted to cut a multimillion-dollar deal with SBF's FTX but he 'dragged his feet' on the collaboration, author Michael Lewis says
▼ + stars: | 2023-10-04 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Taylor Swift wanted to take up FTX endorsement deal, says author Michael Lewis. But Lewis said negotiations fell through after Sam Bankman-Fried "dragged his feet on the deal." Lewis wrote about FTX's talks with Swift in his new book on the rise and fall of the company. AdvertisementAdvertisementTaylor Swift may have signed an endorsement deal with FTX if not for Sam Bankman-Fried delaying the deal, per author Michael Lewis's latest book on the now-bankrupt cryptocurrency exchange. "FTX had an agreement with Swift to pay her between $25 and $30 million a year, but Sam dragged his feet on the deal," Lewis wrote.

Persons: Taylor Swift, Michael Lewis, Lewis, Sam Bankman, FTX's, Swift, —, Michael Lewis's, FTX, Sam, Natalie Tien, Taylor, Fried, Tom Brady, Naomi Osaka, Adam Moskowitz, Moskowitz Organizations: Service, Bankman, NFL Locations: Alameda

☆ Sam Bankman-Fried's FTX criminal trial begins jury selection
▼ + stars: | 2023-10-03 | by ( Kate Rooney | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSam Bankman-Fried's FTX criminal trial begins jury selectionCNBC's Kate Rooney joins 'The Exchange' to discuss the jury selection process for Sam Bankman-Fried's criminal trial, the fraud and conspiracy charges against Bankman-Fried, and the maximum sentence he faces.

Persons: Sam Bankman, Kate Rooney Organizations: Bankman

☆ Anna Wintour wanted Sam Bankman-Fried to sponsor the Met Gala, but he had no idea who she was, FTX book author says
▼ + stars: | 2023-10-02 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Anna Wintour once sought Sam Bankman-Fried's sponsorship for the Met Gala, says Michael Lewis. But the author told "60 Minutes" that Bankman-Fried had no idea who Wintour was. AdvertisementAdvertisementVogue's Anna Wintour wanted to secure Sam Bankman-Fried's sponsorship for the Met Gala, but Bankman-Fried didn't know who she was, according to the author of an upcoming book on FTX. And he says, "There's this person named Anna Wintour,'" Lewis told "60 Minutes" correspondent Jon Wertheim. Lewis told "60 Minutes" that on this particular occasion, he "sat off to one side," where Wintour couldn't see him on the call.

Persons: Anna Wintour, Sam Bankman, Michael Lewis, Fried, Wintour, Lewis, —, Jon Wertheim, Wintour couldn't, Bankman, FTX Organizations: Service, New York's Metropolitan Museum of Art, Court, District of Locations: America, Bankman, District of Delaware, Alameda

☆ Tom Brady 'adored' Sam Bankman-Fried despite them being the 'class nerd and the quarterback,' says author Michael Lewis
▼ + stars: | 2023-10-02 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Tom Brady and Sam Bankman-Fried got along despite being polar opposites, says Michael Lewis. Lewis told "60 Minutes" that the pair were like "like the class nerd and the quarterback." AdvertisementAdvertisementFormer NFL quarterback Tom Brady "adored" Sam Bankman-Fried despite the two being polar opposites, says the author of an upcoming book on FTX. "And he really liked Tom Brady. "Like, even the nerds don't hang out with this nerd, he's such a nerd," Lewis said.

Persons: Tom Brady, Sam Bankman, Fried, Michael Lewis, Lewis, Brady, —, Jon Wertheim, Sam wasn't, he's, FTX Organizations: Service, Bankman, CBS, Forbes Locations: FTX, Alameda

☆ 'Shark Tank' watch: Kevin O'Leary warns about commercial real estate, Barbara Corcoran expects house prices to climb, and Daymond John touts Apple and Amazon
▼ + stars: | 2023-09-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Three "Shark Tank" investors weighed in on stocks, real estate, and cryptocurrencies. Daymond John loves Apple and Amazon; Kevin O'Leary likes index funds but worries about commercial space. AdvertisementAdvertisementA trio of "Shark Tank" investors shared their views on stocks, real estate, and cryptocurrencies in a Fox Business interview on Tuesday. Kevin O'Leary touted index funds, rang the alarm on commercial real estate, and predicted the crypto industry will clean up its act. AdvertisementAdvertisement"Stock picking is really hard," the founder of O'Leary Funds and O'Leary Ventures said.

Persons: Daymond John, Apple, Kevin O'Leary, Barbara Corcoran, —, Daymond John trumpeted Apple, he's, she's, Stocks O'Leary, O'Leary, John, Amazon's, Corcoran, Crypto O'Leary, Sam Bankman, Fried's, I'm Organizations: Service, Fox, O'Leary Funds, O'Leary Ventures, Apple, Foods, The Corcoran Locations: bitcoin

☆ See the private jets a Bahamian aviation firm says Sam Bankman-Fried and FTX funded with a $28 million handshake deal, which are now at the center of a 3-way ownership battle
▼ + stars: | 2023-09-22 | by ( Pete Syme | Taylor Rains | ) www.businessinsider.com time to read: +5 min

FTX loaned $28 million to a private jet company to finance its purchase of two jets, a court filing says. One of them has been in government custody since February, while the FTX Debtors claimed ownership of the planes in August. AdvertisementAdvertisementThursday's court filing says IAC received the loan after a "handshake deal" between Aranha and Bankman-Fried. It wasn't until August 7 that the FTX Debtors claimed ownership of the planes, the filing says. This is not the first time FTX Debtors have tried to get back assets.

Persons: FTX, SBF's, Sam Bankman, Fried's FTX, Paul Aranha, Fried, Aranha, Shaquille O'Neal, Stephen Curry, Naomi Osaka Organizations: Service, Bahamian, Court, Bombardier Global, Embraer, Island Air, IAC, Trans Island Airways, FTX Ventures, Trans, Airways, TIA, Bombardier, Global, US Marshals Service, Bradley International Locations: Wall, Silicon, Delaware, Connecticut

☆ See the private jets a Bahamian aviation firm says Sam Bankman-Fried and FTX funded with a $28 million handshake deal, and are now at the center of a 3-way ownership battle
▼ + stars: | 2023-09-22 | by ( Pete Syme | Taylor Rains | ) www.businessinsider.com time to read: +5 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 1 (Reuters) - Robinhood (HOOD.O) said on Friday it had entered into a share repurchase agreement with the United States Marshal Service (USMS) for $605.7 million to buy back stock from Sam Bankman-Fried's Emergent Fidelity Technologies. The shares of Robinhood were seized and subsequently transferred to the custody of the U.S. government after Bankman-Fried's FTX and Emergent filed for bankruptcy protection last year. Robinhood shares climbed more than 3% in premarket trading on the news. The online brokerage said the sale of the 55.3 million shares at $10.96 apiece had been approved by the U.S. District Court for the Southern District of New York. Robinhood first disclosed its intention to buy back the stake in February and said the company's board had authorized it to pursue purchasing most or all of the stock.

Persons: Andrew Kelly, Sam Bankman, Robinhood, Fried, FTX, Palo, Manya Saini, Hannah Lang, Devika Syamnath, Mark Potter Organizations: Inc, REUTERS, United States Marshal Service, Emergent Fidelity Technologies, U.S, Southern, of, Reuters, Thomson Locations: New York City, U.S, Robinhood, of New York, United States, Manhattan, Palo Alto , California, Bengaluru, Washington

☆ US SEC delays decision on Cathie Wood's spot bitcoin ETF
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew KellyAug 11 (Reuters) - The U.S. Securities and Exchange Commission (SEC) has delayed a decision on whether to approve Cathie Wood-led Ark Investment Management's (ARK) spot bitcoin exchange-traded fund (ETF), a filing by the regulator showed on Friday. The SEC is seeking public comment on the Ark 21Shares Bitcoin ETF application, and has pushed back the decision date by several weeks to potentially months. In June, BlackRock (BLK.N), the world's biggest asset manager, also filed for a bitcoin ETF, a move that many viewed as a gamechanger for the industry. In 2021, Wood's ARK and crypto investment firm 21Shares US LLC had first teamed up to file an application for a spot bitcoin ETF with the regulator.

Persons: Andrew Kelly, Cathie Wood, Sam Bankman, Pritam Biswas, Shinjini Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, SEC, Ark Investment, Thomson Locations: Washington ,, BlackRock, Bengaluru

DCG and Silbert, who is also a defendant, called Gemini a "sophisticated market participant" that had told Gemini Earn customers, who were expecting high interest rates, that it had "thoroughly vetted" Genesis. Gemini said the defendants did this so that Gemini Earn customers would continue lending crypto assets to Genesis, believing it was "business as usual." Gemini and Genesis are defendants in a U.S. Securities and Exchange Commission civil lawsuit claiming they bypassed disclosure requirements meant to protect investors in connection with Gemini Earn. According to the SEC and the Winklevosses, Genesis held about $900 million of assets from approximately 340,000 Gemini Earn customers before halting withdrawals last November. The case is Gemini Trust Co v Digital Currency Group LLC et al, U.S. District Court, Southern District of New York, No.

Persons: Entrepeneurs Tyler, Cameron Winklevoss, Manus, Lucas Jackson, Tyler, Barry Silbert, Gemini, Silbert, DCG, Genesis, Sam Bankman, Fried, Jonathan Stempel, Leslie Adler Organizations: Metropolitan Museum of Art, REUTERS, Group, Gemini Trust, Genesis Global, Gemini, Three Arrows Capital, U.S . Securities, Exchange Commission, SEC, Forbes, Currency, Court, Southern District of, Thomson Locations: Manhattan, New York, DCG, U.S, Southern District, Southern District of New York

☆ Prosecutors drop another charge against FTX co-founder Sam Bankman-Fried
▼ + stars: | 2023-07-27 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Federal prosecutors dropped a campaign finance charge against Sam Bankman-Fried, the second time that they have narrowed the indictment against the founder of crypto exchange FTX . The U.S. Attorney's Office in Manhattan previously dropped another charge against him, for violating anti-bribery statutes, on the same grounds. The alleged scheme precipitated the collapse of Bankman-Fried's FTX and sent shockwaves throughout the crypto industry. Prosecutors had alleged that Bankman-Fried funneled hundreds of millions of dollars in bipartisan campaign financing through two unnamed co-conspirators to avoid campaign contribution limits. "Accordingly, in keeping with its treaty obligations to The Bahamas, the Government does not intend to proceed to trial on the campaign contributions count," prosecutors wrote.

Persons: Sam Bankman, Lewis Kaplan, Fried, FTX, Caroline Ellison, Gary Wang, Nishad Singh Organizations: Prosecutors, Attorney's, Kaplan, United, Government, Bankman Locations: Bahamas, U.S, Manhattan, United States

Coinbase (COIN.O) and Binance.US, two of the largest crypto exchanges by market share among those operating in America, have lost ground this year. Bitstamp's global market share among exchanges operating in the U.S. has risen to about 9%. Coinbase and LMAX declined to comment on the data, while Binance.US - the American affiliate of the world's largest crypto exchange - didn't respond to a request for comment. It may not be that simple for hungry challengers to grab market share, according to market players. In years gone by, crypto exchanges could swiftly gobble up business by offering access to a swathe of coins.

Persons: Sam Bankman, FTX, Ravi Doshi, Guy Hirsch, Bobby Zagotta, Wade Guenther, Doshi, Hannah Lang, Michelle Price Organizations: U.S . Securities, Exchange Commission, SEC, LMAX, Genesis, Bitstamp, Reuters Graphics, Wilshire, Thomson, Reuters Locations: United States, America, Binance.US, U.S, Bitstamp USA, solana, Washington

☆ BlackRock wants to launch a bitcoin ETF. Why now?
▼ + stars: | 2023-07-10 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

BlackRock's CEO talked up bitcoin last week, with the asset manager trying to launch a fund that tracks it. BlackRock is trying to become the first asset manager to launch a fund tracking the price of bitcoin. CEO Larry Fink has backed up his firm's push for the spot ETF by repeating bitcoin bulls' usual talking points, saying last week that the token is akin to "digitizing gold" and could eventually "revolutionize" finance. And the fact that BlackRock filed for its ETF off the back of that rally probably speaks to Wall Street's desire not to miss out on another potential bull run. BlackRock's spot ETF filing, and Fink's conversion from skeptic to potential savior, suggest that Wall Street is determined not to make the same mistake twice.

Persons: Larry Fink, aren't, Fink hasn't, Sam Bankman, bitcoin Organizations: BlackRock, Securities and Exchange Commission, Institutional, SEC

☆ Nasdaq refiles BlackRock's bitcoin ETF application with SEC
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Nasdaq (NDAQ.O) refiled an application with the U.S. securities regulator to list an exchange-traded fund by BlackRock Inc (BLK.N) that will reflect the price of bitcoin to add additional details, according to a filing made public on Monday. The move comes after the regulator reportedly had concerns over the initial filings by Nasdaq as being unclear and incomplete. According to Cboe's Fidelity bitcoin ETF filing, the company's platform represented roughly half of U.S. dollar-bitcoin trading in May. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, including one from Fidelity in January 2022. Reporting by Jaiveer Singh Shekhawat in Bengaluru and John Mcrank in New York; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Coinbase, Jaiveer Singh, John Mcrank, Shailesh Organizations: Nasdaq, BlackRock Inc, U.S . Securities, Exchange Commission, SEC, Global Inc, Fidelity, ., Thomson Locations: Manhattan, Bengaluru, New York

☆ Crypto tokens plunged this week after Gensler stepped up SEC crackdown
▼ + stars: | 2023-06-09 | by ( Ari Levy | ) www.cnbc.com time to read: +2 min

SEC Chair Gary Gensler stepped up his attack on the crypto industry this week, suing Coinbase and Binance for securities violations and casting doubt on the future of token trading. In alleging that Coinbase was acting as an unregistered broker and exchange, the Securities and Exchange Commission said at least 13 crypto assets available to the company's customers were considered "crypto asset securities." They include Solana's SOL token, Cardano's ADA token, Polygon's MATIC coin and Protocol Labs' Filecoin token (FIL). Binance's BNB token, ranked fourth, fell 16%. "The investing public has the benefit of U.S. securities laws," Gensler said in an interview with CNBC's "Squawk on the Street" on Tuesday.

Persons: Gary Gensler, Coinbase, Crypto.com, Binance's, Joe Biden, Sam Bankman, Gensler, CNBC's Organizations: U.S . Securities, Exchange Commission, Banking, Housing, Urban Affairs, SEC, CNBC, Securities and Exchange Commission, ADA, Labs, Polygon, Solana Locations: Cardano, Solana

☆ Crypto tokens plunged this week after Gensler stepped up SEC's industrywide crackdown
▼ + stars: | 2023-06-09 | by ( Ari Levy | ) www.cnbc.com time to read: +2 min

SEC Chair Gary Gensler stepped up his attack on the crypto industry this week, suing Coinbase and Binance for securities violations and casting doubt on the future of token trading. They include Solana's SOL token, Cardano's ADA token, Polygon's MATIC coin and Protocol Labs' Filecoin token (FIL). "No other coins are affected and your crypto is still safe on Robinhood," the company said in a post. Binance's BNB token, ranked fourth, fell 16%. "The investing public has the benefit of U.S. securities laws," Gensler said in an interview with CNBC's "Squawk on the Street" on Tuesday.

Persons: Gary Gensler, Coinbase, Crypto.com, Binance's, Biden, Sam Bankman, Gensler, CNBC's Organizations: U.S . Securities, Exchange Commission, Banking, Housing, Urban Affairs, SEC, CNBC, ADA, Labs, Polygon, Solana Locations: Cardano, Solana

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