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SEC nets record $8.2B from enforcement, mostly from Terraform Labs

Coin Telegraph
SEC nets record .2B from enforcement, mostly from Terraform Labs
Coin Telegraph

Terraform Labs’ near $4.5 billion settlement with the SEC has contributed to a record year for the agency’s financial penalties.

The United States Securities and Exchange Commission hit a new record for penalties and fines from its enforcement actions in the fiscal year 2024 — due mainly to a massive settlement with crypto firm Terraform Labs.

The agency net $8.2 billion in financial remedies for the year ending Sept. 30 — “the highest amount in SEC history,” it said in its Nov. 22 annual report — despite the number of cases declining 26% from last year to 583.

Over half of the total came from the SEC’s court win against Terraform and former CEO Do Kwon, who paid a $4.47 billion settlement after being found liable for fraud over its blockchain ecosystem’s collapse in 2022 that wiped billions of dollars.

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Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

SEC Charges Cumberland DRW for Unregistered $2 Billion Crypto Securities Dealings

Bitcoin.com
SEC Charges Cumberland DRW for Unregistered Billion Crypto Securities Dealings
$2 Billion
SEC Charges Cumberland DRW for Unregistered Billion Crypto Securities DealingsThe U.S. Securities and Exchange Commission (SEC) has charged Cumberland DRW LLC, a Chicago-based firm, for operating as an unregistered dealer in over $2 billion of crypto assets classified as securities. The SEC claims that Cumberland violated federal securities laws by failing to register, raising concerns over investor protection. The charges seek injunctive relief and […]
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Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Senator Warren Slams Citibank’s Ongoing Failures — Suggests Breaking up Citi

Bitcoin.com
Senator Warren Slams Citibank’s Ongoing Failures — Suggests Breaking up Citi
Banking
Senator Warren Slams Citibank’s Ongoing Failures — Suggests Breaking up CitiSenator Elizabeth Warren has called for bold action from regulators, urging the acting head of the Office of the Comptroller of the Currency (OCC) to address Citibank’s persistent operational failures. Warren stated that Citibank may be “too-big-to-manage,” citing years of regulatory missteps and mishandled reforms, despite ongoing penalties. The letter suggests that breaking up the […]
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Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

CFTC Sues Over $3.6M Digital Asset Fraud Targeting Asian Americans

Bitcoin.com
CFTC Sues Over .6M Digital Asset Fraud Targeting Asian Americans
Aipu Ltd.
CFTC Sues Over .6M Digital Asset Fraud Targeting Asian AmericansThe U.S. Commodity Futures Trading Commission (CFTC) has initiated legal action against a fake trading platform and its associates for defrauding investors out of $3.6 million. The scheme, which targeted Asian Americans, involved soliciting funds in fiat and digital assets, with false promises of trading in commodity futures. Instead, the funds were misappropriated and diverted […]
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Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

SEC Takes Action Against Fake Crypto Platforms Using Social Media to Deceive Investors

Bitcoin.com
SEC Takes Action Against Fake Crypto Platforms Using Social Media to Deceive Investors
Assets
SEC Takes Action Against Fake Crypto Platforms Using Social Media to Deceive InvestorsThe U.S. Securities and Exchange Commission (SEC) has cracked down on two crypto investment scams, targeting platforms Nanobit and Coinw6. Involving fake relationships to deceive victims via social media, these schemes siphoned millions from unsuspecting investors. The charges mark the first SEC enforcement actions against such scams. SEC Targets Crypto Scams in Latest Enforcement Action […]
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Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

SEC Fines Prager Metis $1.95M Over Negligent FTX Audits

Bitcoin.com
SEC Fines Prager Metis .95M Over Negligent FTX Audits
Alameda Research
SEC Fines Prager Metis .95M Over Negligent FTX AuditsThe U.S. Securities and Exchange Commission (SEC) has reached a $1.95 million settlement with Prager Metis CPAs LLC and its affiliate over serious allegations related to their audits of crypto exchange FTX. The case highlights critical oversights and violations of key industry standards, raising questions about the firm’s practices and the risks it missed. “Prager’s […]
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Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Better Markets CEO Says SEC Has 90% Chance of Winning in Ripple Appeal — Criticizes Judge’s XRP Ruling

Bitcoin.com
Better Markets CEO Says SEC Has 90% Chance of Winning in Ripple Appeal — Criticizes Judge’s XRP Ruling
Appeal
Better Markets CEO Says SEC Has 90% Chance of Winning in Ripple Appeal — Criticizes Judge’s XRP RulingDennis Kelleher, CEO of Better Markets, says the U.S. Securities and Exchange Commission (SEC) has a 90% chance of winning an appeal in the Ripple lawsuit over XRP. He criticized the court ruling as flawed, arguing that the judge in the Ripple case misapplied the law. Better Markets CEO on SEC Appeal Against Ripple Dennis […]
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Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Taiwan proposes tougher AML measures for crypto service providers

Coin Telegraph
Taiwan proposes tougher AML measures for crypto service providers
aml regulations

Taiwan’s Ministry of Justice proposed four amendments to the country’s AML regulations focused on cryptocurrency firms that plan to impose hefty penalties for noncompliance.

Taiwan wants to amend its Anti-Money Laundering (AML) regulations to combat fraud and AML measures for virtual asset service providers (VASPs). 

Taiwan’s Ministry of Justice has proposed amendments to existing AML laws that could impose jail terms of up to two years for noncompliant firms and fines of up to $1.5 million. The proposed amendments will be sent to Taiwan’s national parliament, the Legislative Yuan, for review.

The “New Four Laws to Combat Fraud” was proposed by Taiwan’s Executive Yuan. The amendments aim to strengthen the crackdown on fraud and strictly regulate money laundering prevention measures for crypto service providers.

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Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Senate Banking Committee Holds Hearing on Recent Bank Collapses, Calls for Tougher Regulations

Bitcoin.com
Senate Banking Committee Holds Hearing on Recent Bank Collapses, Calls for Tougher Regulations
bank executives
Senate Banking Committee Holds Hearing on Recent Bank Collapses, Calls for Tougher RegulationsOn Tuesday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, also known as the Senate Banking Committee, held a hearing to discuss the recent bank collapses in the United States and the regulatory response. Throughout the testimonies, digital assets and crypto businesses were mentioned. Senate Banking Committee chairman Sherrod Brown claimed on Tuesday […]
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Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Controversial ‘Tiktok Ban Bill’ Sparks Concerns Among Cryptocurrency and Technology Advocates

Bitcoin.com
Controversial ‘Tiktok Ban Bill’ Sparks Concerns Among Cryptocurrency and Technology Advocates
Americans
Controversial ‘Tiktok Ban Bill’ Sparks Concerns Among Cryptocurrency and Technology AdvocatesCryptocurrency and technology proponents have recently been discussing a new bipartisan bill called the “Restricting the Emergence of Security Threats that Risk Information and Communications Technology (RESTRICT)” Act. In addition to targeting firms such as Kaspersky, Huawei, and Tiktok, opponents of the bill believe one of its provisions will punish ordinary Americans for leveraging a […]
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Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process

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