The cryptocurrency community has criticized Gary Gensler, the current chair of the Securities and Exchange Commission (SEC) and a former professor at the Massachusetts Institute of Technology (MIT), after a video from 2018 surfaced in which he stated that cryptocurrencies are comparable to commodities or cash and are not securities. This has led to criticism … Continue reading Gensler Alleged Crypto Hypocrisy
The US Securities and Exchange Commission (SEC) has fined Coinme, a cryptocurrency exchange, nearly $4 million for allegedly offering unregistered securities and making “misleading statements” about its crypto token, UpToken. Coinme, its subsidiary Up Global SEZC, and its CEO, Neil Bergquist, were charged by the SEC on April 28, with Up Global agreeing to pay … Continue reading Coinme Fined $4 Million by SEC
On July 8, Paul Grewal, the chief legal officer of Coinbase, tweeted a number of times about his displeasure with the Securities and Exchange Commission’s (SEC) approach to cryptocurrency regulation. Grewal said that the SEC disregarded important legal precedents and principles, such as the Howey case judgement from the Supreme Court, which set the standards … Continue reading Coinbase's Legal Chief Fires on SEC's Crypto Regulation Approach
Ripple Labs achieved a partial victory in its case with the U.S. Securities and Exchange Commission (SEC) on July 13, 2023. The U.S. District Court for the Southern District of New York ruled that the offer and sale of Ripple’s XRP token on digital asset exchanges and through algorithms did not amount to offers and … Continue reading Court Ruling Sparks Surge in Ripple's XRP Price and Market Cap
Ripple CEO Brad Garlinghouse recently shared his perspective on the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), predicting a drawn-out appeal process. His insights were shared during a discussion with Bloomberg on July 15, 2023. On July 13, a court ruling partially sided with Ripple Labs in a lawsuit brought by … Continue reading Ripple CEO Foresees Prolonged SEC Appeal Process Following Favorable XRP Ruling
The U.S. Securities and Exchange Commission (SEC) has obtained a temporary asset freeze, restraining order, and other emergency relief against Digital Licensing Inc., a Utah-based entity operating as “DEBT Box,” along with its four principals and 13 other defendants. The action is in connection with an alleged fraudulent scheme involving the sale of crypto asset … Continue reading SEC Freezes Assets of DEBT Box in $50 Million Crypto Fraud Case
The U.S. Securities and Exchange Commission (SEC) launched its first enforcement action targeting a non-fungible token (NFT) provider, Impact Theory, LLC. This unprecedented step by the SEC has not only set a new legal benchmark but also ignited internal discussions within the Commission. This internal divergence is highlighted by a recent statement, “NFTs & the … Continue reading SEC Commissioners Peirce and Uyeda Disagree on Impact Theory Enforcement Action
Commissioners Hester M. Peirce and Mark T. Uyeda of the Securities and Exchange Commission (SEC) have expressed their dissent regarding the Commission’s recent enforcement action on Stoner Cats 2, LLC’s non-fungible token (NFT) settlement. This marks the second time the Commission has taken such an action, with the Commissioners previously dissenting from the first. The … Continue reading Commissioners Dissent on SEC's NFT Enforcement Action on Stoner Cats 2, LLC
On September 29, 2023, Paradigm filed an amicus brief in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Binance, a leading cryptocurrency exchange. Paradigm is not an investor in Binance and has no direct financial interest in the lawsuit’s outcome. However, the firm believes that the SEC’s actions represent a form … Continue reading Paradigm Challenges SEC's Authority in Lawsuit Against Binance
On October 2, 2023, plaintiff Nir Lahav filed a class-action lawsuit in the District Court of Northern California against Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc., and CEO Changpeng Zhao. The lawsuit accuses Binance and Zhao of unfair competition and violations of Security Exchange Commission (SEC) laws. The plaintiff alleges … Continue reading Binance and CEO Changpeng Zhao Face Class-Action Lawsuit Over Alleged Market Manipulation Targeting FTX