State New Jersey Financial News

Creditors of the bankrupt landing firm Celsius have amended their lawsuit to include Wintermute. 

Creditors of bankrupt cryptocurrency lending platform Celsius have alleged that crypto market maker Wintermute assisted Celsius executives in manipulating the prices of CEL (CEL) through the use of “wash trading.”

Algorithmic and high-frequency trading firm Jump Trading is seeking to have the class action lawsuit against the firm moved from Illinois to a Northern district court in California, arguing that it would significantly speed up legal proceedings.

The New Jersey Bureau of Securities has issued a Summary Cease and Desist Order against leading cryptocurrency exchange Coinbase, Inc. for allegedly offering unregistered securities tied to its cryptocurrency staking services. The Bureau has further levied a hefty penalty of $5 million against Coinbase.

A rapidly growing decentralized Twitter competitor, Nostr, is collaborating with Zebedee to design a new social media. 

Following the Securities and Exchanges Commission (SEC) lawsuit, US-based crypto exchange, Coinbase, has received multiple Show Cause orders from US states. 

Coinbase was dismissed by the US Securities and Exchange Commission with no response after months of discussing how to register with the agency, the crypto exchange’s chief legal officer told lawmakers on Tuesday.

The stock of cryptocurrency exchange Coinbaseplunged more than 20% at the open on June 6. At the time of publication, shares have pared some losses and are currently trading at $50.14, compared to an intra-day low of $46.43. The company's market capitalization currently stands at $13.7 billion. 

According to a statement published by the Alabama Securities Commission on June 6, a multi-state task force comprising of state regulators from Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Caroline, Vermont, Washington, and Wisconsin have issued a Show Cause Order against cryptocurrency exchange Coinbase. The order alleges that "Coinbase violates the securities law by offering its staking rewards program accounts to Alabama residents without a registration to offer or sell these securities."

The U.S. Department of Justice (DOJ) has indicted a Russian man for his alleged participation in several ransomware schemes.

Disgruntled creditors of the bankrupt cryptocurrency lending firm BlockFi have submitted a new court filing in response to the company’s latest restructuring plan.

Jump Trading has been sued for conspiring to manipulate the price of TerraUSD (UST) following the stablecoin’s unprecedented collapse.

Two United States Senators from opposite sides of the political aisle have reintroduced legislation from 2022 aimed at mitigating perceived risks posed by El Salvador’s adoption of Bitcoin as a legal currency.

A federal judge has sentenced Ishan Wahi, the former product manager at Coinbase Global accused of insider trading, to 24 months in prison.

The influx of new crypto projects in the market, seeking to leverage the growing interest in artificial intelligence, has attracted US regulators. 

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

BlockFi, a lender of digital assets, was given additional time to submit a bankruptcy exit plan by a New Jersey bankruptcy judge in the United States on April 19.

The California Department of Financial Protection and Innovation said that the company behind cryptocurrency and stock trading platform Robinhood will likely pay more than $10 million in penalties “for operational and technical failures that harmed main street investors.”

US banks, already hesitant to work with crypto customers, are now even warier of providing services to the industry after a string of regional-lender collapses and amid heightened scrutiny by regulators. The closure of crypto-friendly Silvergate Capital Corp. and seizure of Signature Bank has left crypto firms struggling to find new banks for depository and payment services. While there's no blanket ban on serving crypto clients, financial firms are imposing lengthy application procedures, turning away smaller companies and some retail platforms, and in some cases shutting the door on crypto businesses altogether, according to industry participants, investors and bank executives. Cross River Bank, for example, received requests from more than 100 new clients not all of whom were crypto companies seeking a safe harbor for their deposits within days of SVB Financial Group's Silicon Valley Bank and Signature collapsing, according to a person with direct knowledge of the bank's business. The closely held company turned down almost all those requests, the person said. The bank is «only considering companies with existing relationships with Cross River that are blue-chip customers and integral to the fintech ecosystem,» said Eden Hoffman, a spokesperson for the Fort Lee, New Jersey-based lender. Among the few crypto companies that have won over the bank is stablecoin issuer Circle Internet Financial., which expanded a partnership with Cross River, announced after Silicon Valley Bank failed.

The popular stablecoin USD Coin (USDC) has seen outflows of around $3 billion over three days this week, issuer Circle said in a blog post on Thursday.

The Securities and Exchange Commission (SEC) has charged the exiled Chinese business tycoon Miles Guo with fraud related to crypto and other assets.