Crypto Lender BlockFi Says It’s Taken Major Step Toward Emerging From Bankruptcy

The beleaguered crypto lender was among a rash of digital asset companies that froze their customers’ accounts and eventually collapsed after FTX blew up last fall. The restructuring plan, which more than 90% of creditors approved, will enable BlockFi to recover the assets it lost to crypto exchange FTX and failed hedge fund Three Arrows […]

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SEC’s Gensler Throws Crypto Punches, Dodges Bitcoin ETF Query in Congressional Hearing

Much of the hearing focused on non-crypto issues, including a looming shutdown of the federal government and whether the SEC is focusing too much on climate or other issues. As in previous hearings, Wednesday’s meeting saw an acute partisan divide, with influential Democrats praising Gensler and Republicans alleging he was harming consumers or small businesses.

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Binance, U.S. Affiliate, Changpeng ‘CZ’ Zhao File to Dismiss SEC Lawsuit

“Indeed, since 2019, Congress has considered more than a dozen proposals that would provide a coherent and workable framework for crypto assets and their trading platforms,” the filing said. “Critically, none of those proposals would confer sole regulatory jurisdiction over the crypto industry to the SEC. Despite this, the SEC now seeks to expand its […]

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Judge Makes No Ruling in SEC-Binance Document Dispute

Rather, Magistrate Judge Zia Faruqui urged the two parties to work on the various discovery requests together, asking the SEC to narrow its request for information but allowing it to depose certain shard holders to establish whether Binance.US’s funds are safe. The crypto exchange, a branch of the global Binance entity, should share more information […]

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U.S. SEC Rips Into Binance.US Over ‘Shaky’ Client Asset Custody, Ties to Ceffu

In June, the watchdog sued Binance.US, the exchange’s global parent Binance Holdings and founder Changpeng “CZ” Zhao, alleging they ran an unlicensed securities exchange. The SEC’s findings in the case so far demonstrate “the urgent need for an inspection,” Monday’s filing said, as the regulator restated its worries about Binance’s use of custody platform Ceffu.

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Dueling CBDC Bills Heading for U.S. Digital Dollar Debate in Congressional Hearing

“If not designed to be open, permissionless, and private – emulating cash – a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life,” he said in a statement, accusing President Joe Biden’s administration – even in the absence of any actual policy – […]

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Gensler’s SEC Hearing Shows Key U.S. Senate Democrat Brown Digging in Heels on Crypto

“The problems we saw at FTX are everywhere in crypto – the failure to provide real disclosure, the conflicts of interest, the risky bets with customer money that was supposed to be safe,” said Brown, the Senate Banking Committee’s chairman, whose committee will probably have to agree to any crypto legislation to provide the industry […]

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U.S. SEC Counters Ripple in Ongoing Effort to Appeal Groundbreaking XRP Ruling

Judge Torres ruled in July that Ripple violated federal securities law in how it sold XRP to institutional investors, but that it had not done so with retail investors. Another judge in the same court, Judge Jed Rakoff, disagreed with the judgment when he ruled on a different case, also brought by the SEC. The […]

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CFTC Goes After Opyn, ZeroEx, Deridex DeFi Operations in Enforcement Sweep

The three firms face a number of accusations based on their use of blockchain-based protocols and smart contracts to function as trading platforms, according to the CFTC. The U.S. derivatives regulator is ordering Opyn, ZeroEx, and Deridex to cease those violations and pay penalties of $250,000, $200,000, and $100,000, respectively. The companies agreed to these […]

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