Fun

News Feed - 2023-09-12 10:09:57

Tom Mitchelhill7 hours agoSEC’s Gary Gensler to hold firm on crypto enforcement in Senate hearingDespite his agency suffering a slew of losses in the courts, Gensler is sticking to his guns at the Senate Banking Committee hearing.2422 Total views25 Total sharesListen to article 0:00NewsJoin us on social networksSeemingly unfazed by a recent slew of court setbacks, United States Securities and Exchange Commission Chair Gary Gensler remains resolute that his agency should be the one to reign over crypto, and plans to tell lawmakers the same on Sept. 12. 


In the last two months, the securities regulator lost to both Grayscale and Ripple — seen as huge blows to the agency.


In his prepared testimony for the Senate Banking Committee hearing, however, Gensler will reiterate the view that crypto assets are, in fact, securities and should be regulated by his agency. The Senate hearing is regarding the SEC’s oversight on certain matters. 


“Given this industry’s wide-ranging noncompliance with the securities laws, it’s not surprising that we’ve seen many problems in these markets. We’ve seen this story before. It’s reminiscent of what we had in the 1920s before the federal securities laws were put in place,” reads Gensler’s prepared testimony.NEW: Ahead of tomorrow’s @BankingGOP hearing, @GaryGensler released the testimony he will give to the committee. Here’s what he will have to say about crypto tomorrow pic.twitter.com/jSGwaWvOi0— Taylor Barr (@taylorjbarr) September 11, 2023


Sticking to a consistent theme, Gensler asserted that almost all crypto assets meet the Howey test — a legal test that determines whether or not an asset or transaction can be deemed a security.“The vast majority of crypto tokens likely meet the investment contract test.”


“Given that most crypto tokens are subject to the securities laws, it follows that most crypto intermediaries have to comply with securities laws as well,” Gensler added.


On July 13, Judge Analisa Torres handed down the SEC’s first major legal defeat, after she ruled partially in favor of Ripple. Judge Torres found that the sales of XRP tokens to retail consumers did not violate federal securities laws.


While the SEC is currently pursuing an appeal of this decision, it’s expected that many other crypto companies staring down lawsuits from the regulator will reference it in their respective dismissal motions.


Related:Ripple lawyer calls SEC’s latest filing “hypocritical pivot”


On Aug. 29, the SEC suffered its second major loss against Grayscale over the prior rejection of its request to convert its over-the-counter Bitcoin Trust into a Bitcoin exchange traded fund (ETF). Without mincing words, the judge declared that the SEC’s rejection of Grayscale’s request was “arbitrary and capricious.”


These high-profile losses appear to have inspired an appeal from blockchain-based payments network LBRY, who was found guilty of violating securities laws in July.LBRY has filed a Notice of Appeal against the SEC. pic.twitter.com/Zp9S0TP0Qw— LBRY (@LBRYcom) September 7, 2023


On Sept. 7, LBRY filed a notice of appeal against the ruling, a move that has reversed its previous decision to wind down and shown that it will choose to fight the court ruling that sided with the SEC.


Magazine:How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in# Cryptocurrencies# Law# Business# Ripple# SEC# Adoption# United States# Grayscale# RegulationAdd reactionAdd reactionRead moreHow to send and receive payments on the Lightning NetworkHuman vs. AI: Who is better at crypto investing?10 years later, still no Bitcoin ETF — but who cares?

News Feed

Helen Partz13 hours agoMetaMask security partner Blockaid secures $33M fundingIn conjunction with the $33 million raise, Blockaid said it’s coming out of stealth with customers like MetaMask and OpenSea.1691 Total view
Amaka Nwaokocha13 hours agoKraken ordered by court to disclose user data to IRS for tax complianceKraken is required to provide details of users who engaged in transactions exceeding $20,000 within a calendar year.7818 T
Tom Blackstone7 hours agoLayer 2 networks hit $13B TVL, but challenges still remainData from L2Beat shows that layer 2s are seeing greater adoption than ever before as users continue to desire lower gas fees.4528 Total v
Digital Transformation Law Draft Would Allow Users to Pay Mortgages With Crypto in Spain
Digital Transformation Law Draft Would Allow Users to Pay Mortgages With Crypto in Spain A new proposal of a digital transformation law, written by a group of la
Marathon Buys Additional 10,000 Antminers to Become Largest US Bitcoin Miner
Marathon Buys Additional 10,000 Antminers to Become Largest US Bitcoin Miner Nasdaq-listed Marathon Patent Group is buying 10,000 of the more efficient Antminer
Russia Negotiating Free Trade Deal With India to Facilitate Imports in the Face of Sanctions
Russia Negotiating Free Trade Deal With India to Facilitate Imports in the Face of Sanctions Russia is in the process of negotiating a free trade deal with India in order to substi
Tom Blackstone10 hours agoImmunefi launches on-chain bug bounties through ‘Vaults’ systemThe Web3 security platform now allows projects to deposit bounty funds to a Safe smart contract, proving the funds are availabl
PEPE Pumps 2.67% – Is The Memecoin Preparing For A Major Rebound?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Gareth Jenkinson14 hours agoBorneo authorities seize illegal crypto miners running off stolen powerA Malaysian energy supplier uncovered an illegal cryptocurrency mining operation stealing power from the local grid on th
Bitcoin gains $1.2K in 1 hour as BTC price rebounds on Ether ETF launch
William Suberg8 hours agoBitcoin gains $1.2K in 1 hour as BTC price rebounds on Ether ETF launchBitcoin and Ether volatility continue as crypto traders react positively to Ether ETF trading volumes.6146 Total views9 Tota
The ‘Lunatic’ Movement: A Look at Terra LUNA’s Inception and the People That Helped Do Kwon Rise
The "Lunatic" Movement: A Look at Terra LUNA"s Inception and the People That Helped Do Kwon Rise After the LUNA and UST meltdown, many crypto investors have been curious about the
Malaysian Police Bust Gang That Stole $2.15 Million Worth of Electricity to Mine Bitcoin
Malaysian Police Bust Gang That Stole $2.15 Million Worth of Electricity to Mine Bitcoin Police in Malaysia’s Jahor state have busted a seven-men gang that