SEC will not pursue enforcement action against Paxos

July 11, 2024 Coin Telegraph

Binance USD

The stablecoin issuer received an SEC Wells notice in February 2023 warning of a potential lawsuit over Binance USD as an unregistered security.

The United States Securities and Exchange Commission intends to drop its investigation into stablecoin issuer Paxos and not file an enforcement case.

According to a July 9 letter by Jorge Tenreiro, acting chief of the crypto assets and cyber unit, the SEC will not recommend an enforcement action against Paxos over the Binance USD (BUSD) token. In February 2023, Paxos received an SEC Wells notice claiming that BUSD was an unregistered security and that the platform violated federal securities laws.

“Paxos Trust Company has always maintained that its USD-backed stablecoins are not securities under federal securities laws and that the Wells Notice was unwarranted and unjustified,” said Paxos in a July 11 statement. “We are proud of our relentless advocacy for stable-value digital assets and that the SEC staff determined it will not bring enforcement action against Paxos in connection with BUSD.”

Bitget Now Supports Bank Transfers in Vietnam via QR Codes

Supreme Court ruling ‘changes the game’ for US crypto firms

July 11, 2024 Coin Telegraph

CFTC

The high court’s decision further bolsters the argument “that Congress, not an agency, should decide if — and how — to regulate Web3.”

The impact of the United States Supreme Court’s Loper Bright vs. Raimondo decision is potentially profound for the cryptocurrency industry.

At the highest level, it may nudge the balance of power between the judicial and executive branches of the US government.

As a result of the 6–3 decision, US courts will no longer be required to “defer” to federal agencies when interpreting ambiguous statutes — as had been the case since the high court’s Chevron USA Inc. vs. Natural Resources Defense Council ruling in 1984.

Bitget Now Supports Bank Transfers in Vietnam via QR Codes

CFTC chair reiterates BTC and ETH are commodities in testimony

July 11, 2024 Coin Telegraph

CFTC

The head of the US commodities regulator, Rostin Behnam, has again argued that the agency should be given regulatory oversight of Bitcoin and Ethereum to better protect investors.

The United States commodities regulator chief has again argued that Bitcoin and Ether — the two largest cryptocurrencies by market cap — are commodities, and his agency should be given oversight of them.

Speaking on July 9 before the US Senate Committee on Agriculture, Nutrition, and Forestry, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam argued that a recent court ruling in Illinois stated that Bitcoin (BTC) and Ether (ETH) are commodities.

The July 3 ruling was part of a $120 million Ponzi case involving an Oregon man accused of fraud. In the order, the Illinois district court judge said both assets qualified as commodities.

Bitget Now Supports Bank Transfers in Vietnam via QR Codes

BitMEX pleads guilty to Bank Secrecy Act violation

July 10, 2024 Coin Telegraph

BitMex

BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed pleaded guilty to similar criminal charges in 2022 and received probation.

Officials with the US Department of Justice announced that cryptocurrency exchange BitMEX pleaded guilty to violating the Bank Secrecy Act (BSA) by operating without “any meaningful” Anti-Money Laundering (AML) program.

In a July 10 notice, US Attorney Damian Williams said BitMEX “willfully fail[ed] to establish, implement, and maintain” an adequate AML program from 2015 to 2020. The charges seem to result from testimony during 2022 criminal proceedings against some of the exchange’s founders and employees.

“BitMEX opened itself up as a vehicle for large-scale money laundering and sanctions evasion schemes, posing a serious threat to the integrity of the financial system,” said Williams. “Today’s guilty plea indicates again the need for cryptocurrency companies to comply with US law if they take advantage of the US market.”

Bitget Now Supports Bank Transfers in Vietnam via QR Codes

Sentencing for ex-FTX execs set for October, November

July 9, 2024 Coin Telegraph

Coin Telegraph

Former FTX executives Nishad Singh and Gary Wang, who both testified at Sam Bankman-Fried’s criminal trial, are scheduled to be sentenced later this year.

A federal judge who oversaw the trial of former FTX CEO Sam “SBF” Bankman-Fried has scheduled sentencing hearings for FTX co-founder Gary Wang and former engineering director Nishad Singh.

In a July 9 docket entry in the US District Court for the Southern District of New York, Judge Lewis Kaplan said Singh’s sentencing would be held on Oct. 30, and Wang’s was set for Nov. 20. There was no mention of Caroline Ellison, the former CEO of Alameda Research who testified at SBF’s 2023 trial, at the time of publication.

Wang and Ellison were among the first to plead guilty to charges related to their roles in the collapse of the now-defunct cryptocurrency exchange FTX in 2022. Singh pleaded guilty to multiple felony counts, including fraud and money laundering, in February 2023. The three former executives testified against Bankman-Fried in his criminal trial, which likely contributed to Judge Kaplan sentencing the former CEO to 25 years in prison.

Bitget Now Supports Bank Transfers in Vietnam via QR Codes

Cynthia Lummis backs Ian Cain over crypto lawyer John Deaton for Senate

July 8, 2024 Coin Telegraph

Coin Telegraph

Pro-crypto Senator Cynthia Lummis cited Republican Ian Cain’s understanding of blockchain technology and the digital economy in his campaign to unseat Democrat Elizabeth Warren.

Wyoming Senator Cynthia Lummis, one of the more outspoken cryptocurrency advocates in the United States Congress, has endorsed Republican Ian Cain for a Massachusetts Senate seat.

In a July 8 announcement, Cain’s campaign said Senator Lummis was backing the Republican candidate, citing his understanding of the “digital economy” and his embrace of innovation. The endorsement could give Cain an edge in a primary between his opponents, including engineer Robert Antonellis and crypto-focused lawyer John Deaton.

“From the border to blockchain, Ian Cain understands the issues facing his community and he will fight hard everyday for the Commonwealth,” said Senator Lummis.

Bitget Now Supports Bank Transfers in Vietnam via QR Codes

Microsoft, Google, Nvidia and more filed SEC warnings that AI could ruin business

July 4, 2024 Coin Telegraph

Coin Telegraph

The reasons ranged from cannibalizing their own businesses to releasing potentially inferior products.

Over a dozen of the biggest names in the United States technology industry have filed “risk factor” reports with the Securities and Exchange Commission (SEC) indicating that artificial intelligence (AI) could threaten company finances.

While not uncommon, these risk reports outline internal thinking when it comes to the potential pitfalls of dedicating resources and funds to the development of nascent technologies such as AI.

Those filing warnings, according to a report from Bloomberg, include Adobe, Dell, Google, Meta, Microsoft, Nvidia, Oracle, Palo Alto Networks, Uber and at least a few others.

Bitget Now Supports Bank Transfers in Vietnam via QR Codes

Robinhood is now available in Hawaii and select US territories

July 2, 2024 Coin Telegraph

Coin Telegraph

The brokerage platform took advantage of Hawaii’s recent change to money transmitter licensing to expand to the non-contiguous United States.

Robinhood has expanded its services to Hawaii, Puerto Rico and the U.S. Virgin Islands, the brokerage platform announced on July 2, following a significant regulatory change by Hawaii’s Department of Commerce and Consumer Affairs (DCCA).

On June 28, the Hawaiian regulator announced that cryptocurrency services no longer needed a money transmitter license to operate in the state. This shift marks a big win for the industry, considering Hawaii represents one of the strictest financial regulatory climates in the United States, along with California and New York.

According to a recent Bloomberg article, Robinhood is also considering using the regulatory licenses held by Bitstamp to offer crypto futures trading to customers in the U.S. and Europe.

Bitget Now Supports Bank Transfers in Vietnam via QR Codes

Roaring Kitty GME class action lawsuit dropped after 3 days

July 2, 2024 Coin Telegraph

Coin Telegraph

A GameStop investor who accused Roaring Kitty of committing securities fraud has voluntarily dropped the complaint "without prejudice" meaning he can file another similar lawsuit again in the future.

A GameStop (GME) investor who sued Keith ‘Roaring Kitty’ Gill over alleged securities fraud has dropped his lawsuit just three days after filing it.

Plaintiff Martin Radev dropped the suit on June 1 after submitting a voluntary motion to dismiss in the Eastern District Court of New York.

It’s not clear why the lawsuit was dropped so quickly and the law firm representing Radev — Pomerantz Law — did not immediately respond to Cointelegraph’s request for comment.

Bitget Now Supports Bank Transfers in Vietnam via QR Codes

Hawaii crypto firms no longer need MT license, regulator rules

July 1, 2024 Coin Telegraph

AML

While being exempt from the Money Transmitter License requirement, crypto firms in Hawaii will still have to comply with any federal licensing laws.

Cryptocurrency firms in Hawaii are now officially exempt from the requirement to receive a Money Transmitter License (MTL) to run business in the state.

The Hawai‘i Department of Commerce and Consumer Affairs (DCCA) informed the public that the state concluded the collaborative crypto research project Digital Currency Innovation Lab (DCIL) on June 30, 2024.

Initiated in 2020, DCIL aimed to explore the landscape of digital currency activity within the state as well as assess the regulatory framework required for crypto-related companies.

United States

Share this video