Washington Financial News

crypto industry, and said many companies in the space had made a «calculated economic decision» to flout its rules. Speaking at a Piper Sandler conference in New York, Gary Gensler also reiterated his view that the «vast majority» of crypto tokens meet the test for being a security and should be registered with the SEC. That means most crypto exchanges have to comply with the securities laws too, he added. «When crypto asset market participants go on Twitter or TV and say they lacked 'fair notice' that their conduct could be illegal, don't believe it,» he said. «They may have made a calculated economic decision to take the risk of enforcement as the cost of doing business.» The crypto industry has attacked Gensler in recent days after the SEC sued two of the world's largest crypto exchanges, Coinbase and Binance, for allegedly breaking securities laws by failing to register their operations with the agency.

The market capitalization of BNB (BNB) has dropped by more than $7 billion since June 5 when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance.

Cryptocurrency-related enforcement actions undertaken by the United States securities regulator significantly increased in the six months following the bankruptcy of cryptocurrency exchange FTX.

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

The United States securities chair has hinted at “parallels” between crypto exchange Binance and collapsed exchange FTX — namely their alleged use of sister firms to move funds. 

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 Manhattan federal court has convicted the former co-owner of the Minnesota Vikings, Reginald Fowler, for a $700 million crypto scam. 

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."

Washington DC-based Blockchain Association filed an amicus brief in support of crypto think tank Coin Center’s lawsuit against the US Treasury Department over its sanctions against Tornado Cash.

In this article

JPMorgan Chase & Co CEO Jamie Dimon on Wednesday called for «real engagement» between policymakers in Washington and Beijing, as Sino-U.S. relations continue to fray.

Coinbase CEO Brian Armstrong criticized US lawmakers and regulators over their approach to bringing “regulatory clarity” to cryptocurrency and warned that innovation is moving offshore.

Brad Smith, the president of Big Tech firm Microsoft, has called on governments to “move faster” and corporations “step up” amid a massive acceleration in artificial intelligence development.

JPMorgan Chase is developing a ChatGPT-like software service that leans on a disruptive form of artificial intelligence to select investments for customers, CNBC has learned.

Officials in the United States are making efforts to keep tabs on the development of artificial intelligence (AI), as new plans surface to examine workers’ experience with AI surveillance. 

Cryptocurrency exchange Coinbase is honing in on Washington DC with a new TV campaign set to launch this week promoting the future of crypto amid its own fight with US regulators.

A bitcoin-spot exchange traded fund may not be in the cards for investors any time soon, VanEck CEO Jan van Eck alluded to last week. 

US President Joe Biden has said he is not willing to ink a debt ceiling agreement that would benefit crypto traders.

United States President Joe Biden expressed opposition to a debt ceiling agreement with Republican leaders that would allegedly benefit crypto traders. Attending the Group of Seven (G7) Summit, Biden reportedly classified Republicans' proposed terms as "unacceptable" during a press conference.

The United States stock market recovered sharply on May 17 and May 18 on hopes that the debt ceiling agreement could be reached, but the market gave back some of it gains on May 19 on reports of a temporary halt in the talks.