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☆ Before suing Coinbase, SEC asked it to trade only in bitcoin -FT
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - The U.S. Securities and Exchange Commission (SEC) had asked Coinbase (COIN.O) to stop trading in all cryptocurrencies except bitcoin before suing the cryptocurrency platform in June, the Financial Times reported on Monday, citing CEO Brian Armstrong. The SEC told FT that its enforcement division did not make formal requests for "companies to delist crypto assets". The regulator sued Binance in June, with both civil cases part of SEC Chair Gary Gensler's push to assert jurisdiction over the crypto industry. Gensler has labeled the crypto industry a "Wild West" that has undermined investor trust in the U.S. capital markets. The SEC and Coinbase did not immediately respond to a Reuters request for comment on the report.

Persons: Coinbase, Brian Armstrong, Armstrong, let's, Gary Gensler's, Gensler, Juby Babu, Sonia Cheema, Savio D'Souza Organizations: U.S . Securities, Exchange Commission, SEC, Financial Times, Binance, Thomson Locations: Solana, Cardano, U.S, Bengaluru

☆ Bitcoin was the only cryptocurrency the SEC asked Coinbase not to delist, CEO says
▼ + stars: | 2023-07-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The Securities and Exchange Commission asked Coinbase to delist over 200 crypto assets, CEO Brian Armstrong said. If Coinbase followed through, the recommendation would have halted the trading of over 200 crypto assets. The SEC request was made on the argument that, aside from bitcoin, each of the cryptocurrencies was an unregistered security. A day prior, it also sued crypto competitor Binance, also citing the unauthorized sale of securities. But in mid-July, the ongoing debate about the nature of crypto assets took a turn against the regulator, when the SEC lost its lawsuit against Ripple's XRP token.

Persons: Coinbase, Brian Armstrong, Armstrong, that's, we're, Gary Gensler, it's, Ripple's, XRP Organizations: Securities, Exchange Commission, Financial Times, Service, US Securities and Exchange Commission, SEC, Bloomberg Locations: Wall, Silicon, bitcoin, XRP

☆ Crypto sector is rife with 'fraud' and 'hucksters,' warns SEC chair Gary Gensler
▼ + stars: | 2023-07-28 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

SEC chair Gary Gensler warned investors about the lack of regulation for cryptocurrencies. He told Bloomberg TV the sector was rife with "fraud" and "hucksters," leaving investors at risk. Gensler said some crypto platforms were "co-mingling and trading against" investors. Gary Gensler warned investors Thursday to consider the lack of full regulatory oversight for crypto, which he said was "rife with fraud, rife with hucksters." "The securities laws are there to protect you, and this is a field rife with fraud, rife with hucksters.

Persons: Gary Gensler, Gensler, it's Organizations: SEC, cryptocurrencies, Bloomberg, Service, Securities, Exchange Commission, New York Stock Exchange, Nasdaq, Reuters Locations: Wall, Silicon

☆ The SEC wants corporate America to tell investors more about cybersecurity breaches and what's being done to fight them
▼ + stars: | 2023-07-26 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The Securities and Exchange Commission wants corporate America to tell investors more about cybersecurity breaches and what's being done to fight them. The SEC has voted 3-2 to adopt new rules on cybersecurity disclosure. It will require public companies to disclose "material" cybersecurity breaches within 4 days after a determination that an incident was material. Corporate America is pushing back, claiming that the short announcement period is unreasonable, and that it would require public disclosure that could harm corporations and be exploited by cybercriminals. Current cybersecurity rules are fuzzyCurrent rules on when a company needs to report a cybersecurity event are fuzzy.

Persons: Gary Gensler, Hope, cybersecurity, CISA, SIFMA, Gensler, Jensen Organizations: Securities, Exchange Commission, SEC, Corporate America, Federal Register, prudential, Securities Industry, Financial Markets Association, Industry, NYSE Group, Nasdaq, FBI, Infrastructure Security Agency, Department of Homeland Security, Williams Locations: America

☆ Why big banks like JPMorgan and Citi want to put Wall Street on a blockchain
▼ + stars: | 2023-07-26 | by ( Jordan Smith | ) www.cnbc.com time to read: +1 min

Banking titans such as JPMorgan and Citi want to supercharge Wall Street by borrowing a tool from crypto — tokenizing assets on a blockchain. The firm projects $5 trillion in assets could be tokenized on blockchains over the next five years. It takes time to transfer ownership of an asset on Wall Street. U.S. agencies like the Securities and Exchange Commission are cracking down on crypto companies. Watch the video above to learn why big banks are spending millions on tokenization.

Persons: Elliot Han, Cantor Fitzgerald, Bernstein, Banks, James Angel, Gary Gensler Organizations: Banking, JPMorgan, Citi, Georgetown University, Securities and Exchange Commission Locations: U.S

☆ US SEC adopts new cyber rule, unveils brokerage AI proposal
▼ + stars: | 2023-07-26 | by ( Douglas Gillison | ) www.reuters.com time to read: +2 min

The new cybersecurity rule will require companies to disclose a cyber breach within four days after determining it is serious enough to be material to investors. The rule would allow delays if the Justice Department deems them necessary to protect national security or police investigations, according to the SEC. The AI proposal, if issued by the commission, would require broker-dealers to "eliminate or neutralize" any conflict of interest that occurs if a trading platform's predictive data analytics puts the broker's financial interest ahead of that of the firm's clients. SEC Chair Gary Gensler had previewed the AI rule in recent weeks, noting the use of AI also posed a danger to financial stability. According to a regulatory agenda, the SEC is also planning to issue a similar proposal governing the use of AI by investment advisers.

Persons: Gary Gensler, Douglas Gillison, Chris Reese, Mark Porter Organizations: U.S . Securities, Exchange Commission, Justice Department, SEC, Companies, Investment, Thomson

☆ Coinbase is a crypto conundrum, squared
▼ + stars: | 2023-07-20 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +7 min

Shares in Coinbase got a major boost after money management behemoth BlackRock (BLK.N) applied to launch a bitcoin-backed exchange-traded fund this month with Coinbase as its custodian. Coinbase shares are up nearly 54% in July, handily beating the tech-heavy Nasdaq Composite Index (.IXIC), which rose 4%. Price targets range widely: analysts polled by Refinitiv think Coinbase is worth anywhere from $8 billion to nearly $50 billion. Coinbase investors would therefore be unwise to count on a judge delivering Coinbase a win. Given bitcoin’s current $584 billion market capitalization, that suggests $74 billion of ETFs would not be much of a stretch.

Persons: Brian Armstrong, Coinbase, behemoth BlackRock, –, Gary Gensler, there’s, Goldman Sachs, Cowen, Refinitiv, Armstrong, Sam Bankman, Larry Fink, Charles Schwab, doubters, Ripple, John Foley, Streisand Neto Organizations: YORK, Reuters, Securities and Exchange, Nasdaq, SEC, Citigroup, Commodity Futures, BlackRock, Bank, New York Mellon, Interactive, Securities and Exchange Commission, Thomson Locations: Washington, United States, U.S

☆ Coinbase CEO to meet US House Democrats on Wednesday
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

July 17 (Reuters) - Coinbase (COIN.O) Chief Executive Brian Armstrong will meet privately with a group of U.S. House of Representatives Democrats on Wednesday morning and plans to make remarks on the future of digital asset legislation. At the meeting, Armstrong will also touch upon related issues, such as tax, national security, privacy, and climate, a New Democrat Coalition spokesperson said in an emailed statement. Coinbase did not immediately respond to a request for comment outside business hours. Both Coinbase and Binance deny the SEC's allegations and have pledged to vigorously defend themselves in court. Armstrong is an outspoken SEC critic who has called SEC Chair Gary Gensler an "outlier" among Washington policymakers.

Persons: Brian Armstrong, Armstrong, Coinbase, Binance, Gary Gensler, Mrinmay Dey, Shubhendu, Jacqueline Wong, Edwina Gibbs Organizations: . House, U.S . Securities, Exchange Commission, New Democrat Coalition, SEC, Shubhendu Deshmukh, Thomson Locations: Washington, Bengaluru

☆ US startups are having a bad year. Relief isn’t coming
▼ + stars: | 2023-07-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Across the country, in Silicon Valley, the situation isn’t quite as good. For decades Silicon Valley has been a dominant contributor to the US economy and an integral part of the country’s culture. Bankruptcy filings…less so.”Pitchbook and The National Venture Capital Association’s most recent report on the industry also takes a pessimistic view of the situation. What it means: While startups are certainly far from extinct, there has been a serious culling in Silicon Valley that will likely continue on for some time. Just 19% of venture capital deals were made with startups based in the Bay Area this year; that’s down from 22% in 2020.

Persons: haven’t, Tom Loverro, IVP, Pitchbook, ”, dealmakers, Goldman Sachs, Morgan Stanley, they’ll, they’re, Elizabeth Warren, Tesla, Elon Musk, Ramishah Maruf, Elon, “, ” Warren, funneling Tesla, Warren, Gary Gensler, Linda Yaccarino, Musk, CNN’s Justin Gamble, Bill Clinton, Jonah Bryson, “ We’ve, Michael D, Smith Organizations: CNN Business, Bell, New York CNN, Apple, Microsoft, Venture, National Venture Capital, Goldman, Center for Research, Bank, SEC, Twitter, Securities and Exchange, AmeriCorps, CNN Locations: New York, Silicon Valley, Silicon, Massachusetts, America

☆ US securities regulator 'disappointed' with defeat over Ripple's XRP
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, July 17 (Reuters) - The head of the U.S. securities regulator said Monday the agency was "disappointed" with a judge's recent ruling that Ripple Labs Inc did not violate federal securities laws in a major blow to its efforts to rein in the cryptocurrency sector. The SEC has sued a number of crypto firms in recent months, arguing that most crypto tokens are securities that should be registered with the agency. AI could also amplify the world financial system's interconnectedness, something for which current risk management models may not be prepared, Gensler said. "Many of the challenges to financial stability that AI may pose in the future ... will require new thinking on system-wide or macro-prudential policy interventions." Gensler's remarks echoed statements he has made in recent months on managing risks created by the use of AI in finance.

Persons: Gary Gensler, Gensler, Gensler's, We've, It's, Douglas Gillison, Andrea Shallal, Hannah Lang, Matthew Lewis, David Evans, Nick Zieminski Organizations: Ripple Labs, U.S . Securities, Exchange, SEC, prudential, Thomson Locations: cryptocurrency, U.S, Washington

The crypto industry is in a tug-of-war with the SEC and its Democratic chair Gary Gensler, who has described the crypto market as a "Wild West" riddled with fraud. Saying most crypto tokens are securities, the SEC has cracked down on crypto trading platforms, including the top U.S. exchange Coinbase, in an effort to bring the industry under its oversight. Crypto firms have long disputed the SEC's jurisdiction but until Thursday no court had supported that view. The two sources, for example, said firms are considering ways to use the Judge's ruling for their defense. However, she also ruled Ripple's direct sales of XRP to investors should have been registered as securities, handing the SEC a partial victory.

Persons: Coinbase, Gary Gensler, Robert Frenchman, Mukasey Frenchman, Analisa Torres, XRP, Crypto, Teresa Goody Guillén, Spokespeople, Binance, Carol Goforth, Stuart Alderoty, Philip Moustakis, Jody Godoy, Chris Prentice, Hannah Lang, Tom Hals, Michelle Price, David Gregorio Our Organizations: U.S . Securities, Exchange Commission, SEC, Ripple Labs, Democratic, Mukasey Frenchman LLP, San Francisco, U.S, District, Baker, Hostetler, University of Arkansas, Reuters, Circuit, Seward, Washington , D.C, Thomson Locations: Mukasey, New York, Washington, New York , Connecticut, Vermont, Washington ,

☆ Elizabeth Warren asks SEC to investigate Tesla
▼ + stars: | 2023-07-17 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Democratic Senator Elizabeth Warren asked the SEC to investigate Tesla and its board of directors to determine whether they violated securities laws after CEO Elon Musk took over Twitter last year. Warren wrote that that disorder has spilled over into Musk’s management of one of the most influential electric car companies in the United States. “Tesla is publicly owned, and Mr. Musk and the Board have responsibilities to shareholders and the public in their management of the company,” Warren wrote. “These close relationships may explain the board’s persistent inability or unwillingness to address the concerns posed by Mr. Musk’s actions,” Warren wrote. Last December, the Democratic senator wrote Tesla shareholders may be hurt by its CEO’s ownership of Twitter in a letter to company chair Robyn Denholm.

Persons: Elizabeth Warren, Tesla, Elon Musk, Elon, “, ” Warren, funneling Tesla, Warren, Gary Gensler, Linda Yaccarino, Musk, Cathie Wood, “ Mr, Tesla’s, –, It’s, Robyn Denholm, missive Organizations: New, New York CNN, Democratic, SEC, Twitter, Securities and Exchange, Oppenheimer, Co, Wall, Audi, GM, Tesla, CNN Locations: New York, Massachusetts, United States

☆ Elizabeth Warren urges SEC to investigate Tesla over Twitter ties, corporate governance
▼ + stars: | 2023-07-17 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Sen. Elizabeth Warren, D-Mass., sent a letter urging the U.S. Securities and Exchange Commission to investigate Tesla and its board of directors over possible "conflicts of interest, misappropriation of corporate assets, and other negative impacts to Tesla shareholders" related to CEO Elon Musk's Twitter takeover. The take-private deal included $13 billion in debt, and Musk reportedly sold billions of dollars worth of his Tesla shares to finance the transaction. In recent weeks, Musk appointed Linda Yaccarino, who previously ran global advertising for Comcast's NBCUniversal, to the role of Twitter CEO. Her hiring stirred hope that Twitter's beleaguered advertising business would soon recover and that Musk would return to focus on Tesla and SpaceX. Tesla is scheduled to report its second-quarter earnings after the bell on Wednesday of this week.

Persons: Elon Musk, Finances Bruno Le Maire, Sen, Elizabeth Warren, Tesla, Elon, Gary Gensler, Warren, Robyn Denholm, Musk, Linda Yaccarino, Comcast's, Yaccarino Organizations: French, Finances, Chateau, U.S . Securities, Exchange Commission, Twitter, SEC, CNBC, Public Affairs, Tesla, SpaceX Locations: Versailles, Paris

☆ Binance lays off employees days after executive exodus
▼ + stars: | 2023-07-14 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

July 14 (Reuters) - Cryptocurrency exchange Binance has cut jobs just days after it was hit by a wave of executive exits, a source familiar with the matter told Reuters on Friday. The layoffs at the world's biggest crypto exchange come at a time when the industry's future in the U.S. market is uncertain, with regulators aggressively clamping down on what they deem are illegal activities. Last month, the Securities and Exchange Commission (SEC) sued Binance and its CEO Changpeng Zhao for allegedly operating a "web of deception." Last week, a string of executives quit Binance, which included its Chief Strategy Officer Patrick Hillmann. Reporting by Kanjyik Ghosh and Jaiveer Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Binance, Changpeng Zhao, Gary Gensler's, Patrick Hillmann, Kanjyik Ghosh, Jaiveer, Shailesh Organizations: Reuters, Securities and Exchange Commission, SEC, Labs, BlackRock, Fidelity, Wall Street, Thomson Locations: U.S, Bengaluru

☆ Crypto scores a key legal victory in long-running regulatory feud
▼ + stars: | 2023-07-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The news sent the price of XRP, a token designed for cross-border payments, up some 70% to about 92 cents. Torres’ ruling did fall partly in the SEC’s favor, as she found that some of Ripple’s sales — to hedge funds and other sophisticated buyers — did violate securities laws. Gensler has said that most crypto tokens — with bitcoin as a notable exception — are securities that fall under the SEC’s jurisdiction. ‘Some much needed sunlight’Despite the nuance of Torres’ ruling, crypto investors are cheering it as a long overdue win. “This ruling, although nuanced, provides some much needed sunlight and cheer into the altcoin space, those non-Bitcoin tokens.”

Persons: Analisa Torres, XRP, Gary Gensler, Torres ’, Stuart Alderoty, ”, “ XRP, “ We’ll, Gensler, Teresa Goody Guillén, Coinbase, Torres, Sam Bankman, Alex Mashinsky, Mashinsky, Antoni Trenchev Organizations: New, New York CNN, Securities and Exchange Commission, Southern, of, SEC Locations: New York, of New York, United States

☆ House Republicans target proxy advisors in latest hearing picking apart ESG investing
▼ + stars: | 2023-07-13 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — A Republican-led House Financial Services subcommittee held a second hearing Thursday scrutinizing the Biden administration's environmental, social and governance disclosure proposals for public U.S. companies. The hearing zeroed in on the influence of proxy advisors on shareholder voting decisions on questions related to ESG investing. Republicans pushed back against what they called the prioritization of ESG shareholder resolutions, while Democrats say shareholders deserve to be informed of all possible risks to their investments. The hearing was the second of six scheduled this month on ESG investing by House Republicans. The GOP's push against policies designed to promote ESG investing has garnered the support of some of the largest business advocacy groups, such as the Business Roundtable and the National Association of Manufacturers.

Persons: WASHINGTON —, Ann Wagner, Glass Lewis, Wagner, Gary Gensler, Trump, Chris Netram, — rescinding, Netram Organizations: Republican, Financial Services, Biden, Capital Markets, House Republicans, GOP, SEC, Securities, Exchange, Business, National Association of Manufacturers, NAM Locations: Bonn, Germany

WASHINGTON, July 13 (Reuters) - Partnering with Coinbase Global (COIN.O) may hinder rather than help Nasdaq's (NDAQ.O) bid to win regulatory approval for a bitcoin exchange-traded-fund it wants to launch with BlackRock (BLK.N). The SEC has denied previous spot bitcoin ETF proposals on the basis that they would be vulnerable to manipulation. The SEC last month sued Coinbase, escalating SEC chair Gary Gensler's crackdown on the crypto industry. And with roughly 56% of U.S. dollar bitcoin trading, according to Nasdaq's filing, Coinbase is integral to the U.S. bitcoin market. All told, the SEC has 240 days after it accepts the bitcoin ETF filing applications to make a decision.

Persons: Larry Fink, Bitcoin, Coinbase, Gary Gensler's, John Reed Stark, Sui Chung, Gensler, Joseph Silvia, Dickinson Wright, Silvia, Chung, Richard Marshall, Katten, Marshall, Michelle Price, John McCrank, Hannah Lang, Will Dunham Organizations: Coinbase, BlackRock, Nasdaq, U.S . Securities, Exchange Commission, SEC, Cboe Global, Fidelity, FOX Business, Internet Enforcement, BlackRock's, Reuters, Thomson Locations: BlackRock, U.S

☆ US SEC scraps contentious pricing proposal in final money market fund reforms
▼ + stars: | 2023-07-12 | by ( John Mccrank | ) www.reuters.com time to read: +3 min

Money market funds saw massive outflows in March 2020 at the onset of the COVID-19 pandemic, prompting the U.S. government to intervene to stabilize them. The panic was reminiscent of 2008 when a run on money market funds threatened to freeze up global markets and prompted the government to backstop the sector. Critics have said money market funds, which are a key source of short-term corporate and municipal funding, now enjoy an implicit government guarantee. In December 2021, the SEC proposed new liquidity requirements for money market funds, as well as scrapping redemption fees and restrictions. "I believe that liquidity fees, compared with swing pricing, offer many of the same benefits and fewer of the operational burdens."

Persons: Gary Gensler, John McCrank, Douglas Gillison, Michelle Price, Nick Zieminski, Emelia Organizations: YORK, U.S . Securities, Exchange Commission, SEC, BlackRock, Vanguard, Fidelity, U.S, Securities Industry, Financial Markets Association, Investment Company Institute, U.S . Chamber of Commerce, Thomson

☆ Lawmakers tussle over GOP efforts to thwart ESG investing
▼ + stars: | 2023-07-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — House lawmakers clashed Wednesday over federally mandated environmental, social and governance disclosure requirements for companies rolled out amid concerns over growing climate disasters. The GOP majority committee members decried the disclosure rules as part of a broader push to discourage ESG investing nationwide. Democrats defended them as necessary to promote responsible investing to reduce inequities and curb climate change. "These politically motivated regulations not only discouraged private companies from going public but also hinder the competitiveness of American public companies." Democratic Rep. Maxine Waters, meanwhile, criticized Republicans' attempts to undermine what she called the federal government's responsibility to hold public companies accountable for ESG.

Persons: Patrick McHenry, Maxine Waters, David Marcus, Facebook’s Calibra, Biden, Waters, Gary Gensler, Joe Biden, Andy Barr, Benjamin Zycher, Zycher, Juan Vargas, Vargas Organizations: Financial, Consumers, Investors, American, WASHINGTON —, Republican, Financial Services, GOP, Securities and Exchange, SEC, Democratic, ESG, European Union, Labor Department, Republicans, American Enterprise Institute Locations: Washington , U.S, McHenry, R, Ky

☆ SEC seeks rule change that could cause fund managers to take less risk
▼ + stars: | 2023-07-07 | by ( Leslie Picker | ) www.cnbc.com time to read: +3 min

A sweeping change sought by the Securities and Exchange Commission would take fund managers' culpability a step further than current standards if they don't effectuate a greater standard of care. The rule change involves lowering the bar for indemnification of fund managers to "ordinary negligence" from "gross negligence." "It would monumentally change the relationship between fund managers and investors," said Marc Elovitz, partner and chair of the regulatory practice at Schulte Roth & Zabel, in an interview for the Delivering Alpha Newsletter. And investment managers are going to have a hard time protecting themselves from being on the hook for those risks." However, ILPA said that, "an ordinary negligence standard as applied to breach of contract would assure meaningful progress."

Persons: Marc Elovitz, Schulte Roth, Zabel, Schulte's Elovitz, ILPA, Gary Gensler Organizations: New York Stock Exchange, Securities and Exchange, Alpha, Institutional Limited Partners Association, SEC, Fund Advisers Locations: New York City

☆ RFK Jr. touted bitcoin, but said he wasn't an investor. Financial records show otherwise
▼ + stars: | 2023-07-07 | by ( Brian Schwartz | ) www.cnbc.com time to read: +6 min

Robert F. Kennedy Jr., son of former US Senator Robert F. Kennedy, speaks during the Bitcoin 2023 conference in Miami Beach, Florida, US, on Friday, May 19, 2023. Since the conference, Kennedy has continued to tout bitcoin. Kennedy said at the Miami bitcoin conference that if he were to become president he would "make sure that your right to hold and use bitcoin is inviolable." Kennedy, 69, is the son of former Attorney General Robert F. Kennedy and the nephew of former President John F. Kennedy, both of whom were assassinated in the 1960s. In May, days before he took the stage the Miami bitcoin conference, Kennedy tweeted: "Cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine.

Persons: Robert F, Kennedy Jr, Kennedy, Virginia Canter, Cheryl Hines, Canter, Hines, I'm, Gamble, Mr, Joe Biden's, Gary Gensler, headwinds, Biden, John F, Kennedy's, Jack Dorsey, David Sacks, Chamath, Omeed Malik, bitcoin Organizations: Democratic, CNBC, Procter, Miami bitcoin, Securities, Exchange, SEC, Biden, Quinnipiac, Children's Health Defense, CHD, U.S Locations: Miami Beach , Florida, Miami, bitcoin, Washington, cryptocurrencies, U.S

"The SEC can pursue its claims only if the tokens and staking services it has identified are 'securities,'" Coinbase said. The SEC sued Coinbase on June 6, saying it made billions of dollars acting as a middleman including by trading at least 13 crypto assets, or tokens, such as Solana, Cardano and Polygon that should have been registered as securities. The lawsuit was filed one day after the SEC sued Binance, the world's largest cryptocurrency exchange, accusing it of inflating trading volumes, mishandling customer funds and lying about its operations. In a separate 177-page filing denying the SEC's substantive claims, Coinbase said it "welcomes regulation," but that the regulator was arbitrarily and without Congress' permission trying to fill the "regulatory gap" over crypto assets. The case is SEC v Coinbase Inc et al, U.S. District Court, Southern District of New York, No.

Persons: Coinbase, Binance, Gary Gensler, Jonathan Stempel, Richard Chang Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Agency, Nasdaq, Coinbase, Court, Southern District of, Thomson Locations: U.S, Manhattan, Solana, Cardano, Southern District, Southern District of New York, New York

☆ Fidelity preparing to submit spot bitcoin ETF filing - The Block
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

June 27 (Reuters) - Asset management giant Fidelity is close to submitting its filing for a spot bitcoin exchange-traded fund (ETF), the Block reported on Tuesday citing a source familiar with the matter. The filing, expected as soon as Tuesday according to the report, will make Fidelity the second major asset manager in recent days to submit an ETF application. A spot bitcoin ETF is a publicly-traded investment vehicle that tracks the price of bitcoin and offers investors exposure to the asset class. Fidelity had previously dipped its toes in the crypto ETF space. It applied for a spot bitcoin ETF in 2021, but its proposal was rejected by the SEC, which said it did not meet the standards to prevent fraudulent and manipulative practices.

Persons: Gary Gensler's, Niket, Krishna Chandra Organizations: Fidelity, BlackRock, Coinbase, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Bengaluru

☆ A debate raging in Washington DC over the definition of who qualifies to be an accredited investor could transform the way startups raise money
▼ + stars: | 2023-06-26 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +9 min

Lawmakers and federal regulators are contemplating changing the definition of "accredited investor." There's a philosophical debate raging in Washington that could transform the multitrillion-dollar capital markets and change the way startups raise money. The origins of the definition of "accredited investor" trace back to the Great Depression and the Securities Act of 1933. And since the Reg D exemption's creation, private markets have become the dominant way for most issuers to access capital markets. According to analysis from the Brookings Institution, in 2020, 13.85% of US households qualified as accredited investors, compared with just 1.8% in 1983.

Persons: Gary Gensler, Elizabeth Holmes, Sam Bankman, Ronald Reagan, Reg D, Maxine Waters, Elizabeth Warren of Massachusetts, Micah Hauptman, Hauptman, haven't, Marcia Dawood, Dawood, Tyler Gellasch, Gellasch, Theranos Organizations: Securities and Exchange Commission, SEC, Apple, Securities, Financial Services, Politico, Consumer Federation of America, Yale Endowments, Brookings Institution, Angel Capital Association, ACA, Healthy Markets Association Locations: Washington, of Arkansas, California

Violations were found in 25-50% of audits reviewed, depending on the audit standard at issue, the SEC said. "Marcum neglected its essential gatekeeper function in service to its own growth," said SEC Chair Gary Gensler in a statement. The SEC found the deficiencies were not limited to Marcum's SPAC clients. In addition to the civil penalty, settlement requires Marcum undertake remedial actions including hiring an independent consultant to review its policies procedures and to abide by certain restrictions when taking on new clients. Reporting by Chris Prentice; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Marcum, Nikola, Gary Gensler, Chris Prentice, Conor Humphries Organizations: Nikola, U.S . Securities, Exchange Commission, SEC, SPACs, Marcum, DraftKings Inc, Thomson

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