Fun

News Feed - 2023-10-26 09:10:38

Prashant Jha11 hours agoGary Gensler teases details of SEC’s $5B take from enforcement actions, shades cryptoGensler revealed that the SEC took 780 enforcement actions, including 500 standalone cases, and distributed $930 million to harmed investors.5215 Total views20 Total sharesListen to article 0:00NewsJoin us on social networksUnited States Securities and Exchange Commission (SEC) Chair Gary Gensler’s speech at the 2023 Securities Enforcement Forum shed light on the regulatory body’s enforcement actions amounting to $5 billion in judgments and orders. However, Gensler’s dig at the cryptocurrency market became a talking point for the crypto community on social media when he said: “Don’t get me started on crypto. I won’t even name all the individuals we’ve charged in this highly noncompliant field.”


While talking about the economic perspective of the SEC’s enforcement action, Gensler noted that the agency filed more than 780 enforcement actions in 2023, including over 500 standalone cases. The enforcement actions led to judgments and orders totaling $5 billion, of which $930 million was distributed to harmed investors.


Gensler added that the SEC had filed lawsuits against 40 firms for violations of various rules and regulations since December 2021, leading to more than $1.5 billion in penalties. Gensler revealed that the SEC settled recordkeeping-related charges with 23 firms in the last fiscal year alone.


In his speech, the SEC chief reiterated his earlier stance on crypto, claiming that most of the crypto market falls under the securities bracket and must be governed under the same law. In his explanation of the broad definition of security, Gensler explained the concept of an investment contract and why a major chunk of the cryptocurrency market resembles it. According to Gensler, most cryptocurrency assets will pass the investment contract test, bringing them under securities regulations.


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


Gensler went on to draw comparisons between the current crypto ecosystem and the financial landscape of the 1920s when securities laws were not in place. Gensler said the crypto ecosystem suffers from the same situation as the financial landscape before clear regulations, leading to several scams, frauds and bankruptcies. He argued these issues necessitate stricter regulations.“Without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.”


Gensler’s criticism of the crypto market is nothing new, reiterating a similar stance for several years. However, members of Congress, the crypto community and some key businesses operating in the U.S., have called on Gensler to offer more clarity on crypto regulations.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in# Bitcoin# Blockchain# Cryptocurrencies# Business# Security# SEC# RegulationAdd reactionAdd reactionRead moreHow Google’s AI legal protections can change art and copyright protectionsBitcoin is evolving into a multi-asset networkIBM, Microsoft, others form post-quantum cryptography coalition

News Feed

Canto blames ‘secondary effects’ as chain halts again 90 mins after restart
Stephen Katte6 hours agoCanto blames ‘secondary effects’ as chain halts again 90 mins after restartThe Canto blockchain has gone down again after briefly resuming. The team is currently working on a fix for the newly
Snowden Puzzled by Bitcoin’s Lack of Scaling and Privacy, Says Devs ‘Had Years to Do It’
Snowden Puzzled by Bitcoin"s Lack of Scaling and Privacy, Says Devs "Had Years to Do It" Just recently, the film producer and well known Youtuber, Naomi Brockwel
Maker’s ‘Endgame’ readies launch, aims for 100B DAI to take on Tether
Martin Young2 hours agoMaker’s ‘Endgame’ readies launch, aims for 100B DAI to take on TetherThe DeFi lending pioneer is poised to launch Phase 1 of its “Endgame” plan, which begins with rebranding, new tokens a
SHIB Community Members and Countdown Clock Hint Shibarium Launch Is Imminent
SHIB Community Members and Countdown Clock Hint Shibarium Launch Is Imminent According to a myriad of social media posts, the meme crypto project Shiba Inu is planning to launch th
Turkey Seizes $40 Million in Crypto, Detains 46 Suspects in Criminal Investigation: Report
Turkey Seizes $40 Million in Crypto, Detains 46 Suspects in Criminal Investigation: Report Turkish authorities have reportedly seized $40 million in cryptocurrency and detained 46
Debridge Finance Suspects North Korean Hacking Syndicate Lazarus Group Attacked the Protocol’s Team
Debridge Finance Suspects North Korean Hacking Syndicate Lazarus Group Attacked the Protocol"s Team According to the co-founder of Debridge Finance, Alex Smirnov, the infamous Nort
Bitfinex and Tether Fined $18.5M in Settlement With NY Attorney General, Both Firms Barred From Trading in the City
Bitfinex and Tether Fined $18.5M in Settlement With NY Attorney General, Both Firms Barred From Trading in the City Bitfinex and Tether have been banned from ope
Bitcoin wzrósł do 94 000 USD – czy prognoza ceny BTC przewiduje kolejny rajd?
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
Shiraz Jagati10 hours agoHow AI analysis can change finance and crypto tradingFrom offering quality trade predictions to identifying real-time threats to gauging market sentiment instantaneously, here’s how AI is resha
Gareth Jenkinson10 hours agoBNB Smart Chain Optimism-powered layer-2 opBNB hits mainnetBinance’s Ethereum layer-2 scaling platform, opBNB, is now publicly available, following extensive testing of the OP Stack-based pl
An In Depth Look at Bitcoin’s First Chain Split: Satoshi Helps Reverse the Creation of 184 Billion BTC
An In Depth Look at Bitcoin"s First Chain Split: Satoshi Helps Reverse the Creation of 184 Billion BTC Since January 3, 2009, the Bitcoin network has been functi
NYC Mayor Eric Adams Converts First Paycheck to Bitcoin and Ether via Coinbase
NYC Mayor Eric Adams Converts First Paycheck to Bitcoin and Ether via Coinbase The mayor of New York City, Eric Adams, has received his first paycheck in bitcoin and ether via Coin