Robinhood’s cryptocurrency division has recently agreed to pay a $3.9 million fine to settle a California investigation into its past practices. California Attorney General Rob Bonta announced that the settlement was reached after it was discovered that Robinhood Crypto prevented users from withdrawing their digital assets from 2018 to 2022. The company also failed to
Regulation
Galois Capital Management LLC, a hedge fund that primarily invested in crypto, has recently settled with the US Securities and Exchange Commission (SEC) over charges related to client asset safeguarding requirements. The SEC accused Galois Capital of failing to comply with these requirements, particularly with crypto assets that were considered securities. As a result, the
US Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda has recently highlighted the need for specialized S-1 registration forms tailored specifically for digital asset securities. During a speech at the Korea Blockchain Week 2024 event on Sept. 3, Uyeda stressed the importance of updating the SEC’s regulatory tools to accommodate the unique features of
The recent filing by the US Securities and Exchange Commission (SEC) regarding FTX’s proposed repayment strategy in the ongoing bankruptcy case has raised concerns and criticism within the industry. The plan to repay creditors through stablecoins or other digital assets has prompted the SEC to reserve the right to challenge these transactions under federal securities
Telegram CEO Pavel Durov has recently been released from prison in France, but is now under judicial supervision with strict conditions. These conditions include a €5 million bond that Durov is required to deposit. Additionally, he is not allowed to leave French territory and must report to the police station twice a week as part
Congressman Wiley Nickel has recently criticized the US Securities and Exchange Commission (SEC) for its “regulation by enforcement” approach. He believes that this method undermines trust in the regulatory system and risks stifling digital innovation across the US. Nickel has been a strong advocate for regulatory frameworks in the crypto industry to ensure customer protection.
The US Securities and Exchange Commission (SEC) has recognized the importance of retail investors having more timely access to fund portfolio data. This is crucial, as delayed information can significantly impact decision-making processes for investors, especially during times of market turmoil or geopolitical events. The current regulatory framework requires registered investment companies to provide periodic
The Financial Times recently reported that crypto firms are increasingly turning away from the UK due to burdensome regulatory processes. According to law firm Reed Smith, registrations for crypto asset exchanges and custodian wallet providers with the UK’s Financial Conduct Authority (FCA) have plummeted by more than 50% in the past three years. This decline
The Nigerian Securities and Exchange Commission (SEC) recently granted Approval-in-Principle to two local crypto exchanges, Busha Digital Limited and Quidax. This approval falls under the Accelerated Regulatory Incubation Program (ARIP), created to onboard operational firms before the release of the Rules on Virtual Asset Service Providers in May 2022. The SEC’s decision to grant these
The recent announcement by OpenSea CEO Devin Finzer regarding the Wells Notice from the US Securities and Exchange Commission (SEC) has sent shockwaves through the NFT market. The SEC’s classification of NFTs as securities has raised concerns among creators and artists who fear the stifling of innovation in the digital art space. Finzer’s bold statement
