‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInWhy Coinbase Will Lose Its Battle with the SEC | LinkedIn
Though Coinbase has fired the first salvo with its Blog and Twitter barrages, the SEC will undoubtedly respond with its own thunderous bombardment of devastating canon and ordinance – in the form of a hefty and far-reaching enforcement action. And just like other SEC forays into crypto-enforcement, when the gunsmoke settles, the SEC will be […]
SEC Charges Global Crypto Lending Platform and Top Executives in $2 Billion Fraud
The Securities and Exchange Commission announced today that it has filed an action against BitConnect, an online crypto lending platform, its founder Satish Kumbhani, and its top U.S. promoter and his affiliated company, alleging that they defrauded retail investors out of $2 billion through a global fraudulent and unregistered offering of investments into a program […]
UK’s FCA says it is ‘not capable’ of supervising crypto exchange Binance | Financial Times
The UK financial regulator has conceded it is “not capable” of properly supervising Binance despite the “significant risk” posed by the cryptocurrency exchange’s products, which allow consumers to take supercharged bets. In a supervisory notice two months after starting a crackdown on the exchange, the Financial Conduct Authority — one of the most influential financial […]
Coinbase slammed for terrible customer service after hackers drain user accounts
After CNBC inquired about what happened to the couple, Coinbase sent Tanja an email on Aug. 20 that said the company “does not have the ability to reverse crypto transfers sent off our platform. Unlike traditional banks or credit card companies, once crypto currency transfers are confirmed on the blockchain, they are permanent.” “Because this […]
Crypto firms are rushing to hire former regulators as federal agencies look to tame the ‘Wild West’ industry
In the past few months, the biggest crypto exchange has brought on a small army of former regulators – including former acting Comptroller of the Currency Brian Brooks, Senate Finance Committee chair Max Baucus, IRS criminal investigator Greg Monahan, and California’s chief financial regulator Manuel Alvarez. Since May, Binance says they have added 110 new […]
‘Massive wake-up call’: Crypto faces growing legal crackdown – POLITICO
The enforcement actions are fueling debate about how cryptocurrency players fit into financial regulations. Federal regulators say the new digital currency platforms must adhere to existing rules, but industry players counter that it’s not that simple and that it’s time for Congress to pass new laws that are more tailored to crypto. “This regulation by […]
Ex-SEC Director Brett Redfearn Leaves Coinbase After 4 Months – CoinDesk
Coinbase VP of Capital Markets Brett Redfearn is out after just four months on the job, a Coinbase spokesperson told CoinDesk. The Wall Street Journal was first to report the news of the former Securities and Exchange Commission (SEC) official leaving the company at the end of July. The rift points to a strategy shift […]
New SEC Chief Aims to Tame Crypto ‘Wild West’ – CFO
“This asset class is rife with fraud, scams and abuse in certain applications,” he told the Aspen Security Forum. “We need additional congressional authorities to prevent transactions, products and platforms from falling between regulatory cracks.” Gensler suggested Congress should be prioritizing granting financial regulators clear oversight of crypto trading, lending, and peer-to-peer decentralized finance (DeFi) […]
Infrastructure Deal Puts Cryptocurrencies in Washington’s Cross Hairs – The New York Times
By strengthening tax enforcement on such digital assets, the federal government could raise $28 billion over a decade, according to an estimate by the Joint Committee on Taxation, which analyzed the plan. While that would be just a small fraction of the $550 billion that lawmakers have proposed in new federal spending on infrastructure, it […]
Visa says crypto-linked card usage tops $1 billion in first half of 2021
Visa said Wednesday that more than $1 billion worth of cryptocurrency was spent by consumers globally on goods and services through their crypto-linked cards in the first six months of the year. By comparison, Visa estimated crypto spending at only a fraction of that amount in the same periods last year and in 2019. The […]