Lawsuits Financial News

As the United States Securities and Exchange Commission (SEC) continues to clamp down on Binance and Coinbase exchanges, the entire crypto and financial markets remain attentive, with the likes of eToro weighing in.

Securities and Exchange Commission Chair Gary Gensler laid into the crypto industry on Thursday, arguing that it is possible for exchanges to register with the agency, despite platforms’ assertions that they tried to do just that. 

In the aftermath of Gary Gensler's latest SEC enforcement actions against the crypto industry, capital is surging to rotate out of top cryptocurrencies ensnared by the SEC v. Binance and SEC v. Coinbase lawsuits.

Court filings have revealed the names of the two United States District Court Judges that will preside over the Coinbase and Binance lawsuits brought against them by the U.S. Securities and Exchange Commission.

Coinbase on Tuesday, the second lawsuit in two days against a major crypto exchange, in a dramatic escalation of a crackdown on the industry and one that could dramatically transform a market that has largely operated outside regulation. The U.S. Securities and Exchange Commission (SEC) on Monday took aim at Binance, the world's largest cryptocurrency exchange. The SEC accuses Binance and its CEO Changpeng Zhao of operating a «web of deception». If successful, the lawsuits could transform the crypto market by successfully asserting the SEC's jurisdiction over the industry which for years has argued that tokens do not constitute securities and should not be regulated by the SEC. «The two cases are different, but overlap and point in the same direction: the SEC's increasingly aggressive campaign to bring cryptocurrencies under the jurisdiction of the federal securities laws,» said Kevin O'Brien, a partner at Ford O'Brien Landy and a former federal prosecutor, adding, however, that the SEC has not previously taken on such major crypto players.

The XRP price has risen by 3% in the past 24 hours, with its move to $0.529440 outperforming many rival altcoins which have fallen in the wake of the SEC's legal actions against Coinbase and Binance.

A number of memecoins drawing their likeness from the United States Securities Exchange Commission (SEC) and its chair Gary Gensler have seen a sharp spike in price following the regulator's lawsuits against crypto exchanges Coinbase and Binance.

The net worths of Coinbase CEO Brian Armstrong and Binance CEO Changpeng Zhao (CZ) have suffered heavy blows due to recent lawsuits by the United States securities regulator.

Crypto influencers are taking an extra cautious approach to endorsement deals since the collapse of crypto exchange FTX last year, which has seen several celebrities hit with a lawsuit for their alleged role in its promotion. 

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

A California judge has combined three investor lawsuits against defunct crypto bank Silvergate Bank involving the bankrupt crypto exchange FTX.

Jamie Dimon, the veteran JPMorgan Chase CEO and chairman, will be deposed over his bank's links to disgraced former financier Jeffrey Epstein, according to a person with knowledge of the matter.

Today, the US Supreme Court is set to hear arguments in Coinbase's efforts to push two class-action lawsuits against it into arbitration. This is a historic event too, as it will be the first time the nine Justices of this court will face a crypto-related case. 

A federal judge in Florida, United States, is considering dismissing former NBA superstar Shaquille O’Neal and tennis athlete Naomi Osaka from the FTX lawsuit, pointing out that it’s unclear whether the two had been served. 

The stunning collapses of Celsius and FTX destroyed many lives — early adopters who had the foresight to understand the unique value propositions of Bitcoin (BTC) and crypto were left with practically nothing when both platforms halted withdrawals, shuttered their doors and eventually filed for bankruptcy. While there’s still hope that creditors will be made partially whole again, the road to recouping financial losses is expected to be long. While they’re waiting, creditors are banding together to sue these firms for various alleged infractions. 

A New York judge has put cases against the former FTX CEO brought by the Securities and Exchange Commission and the Commodity Futures Trading Commission on hold until the criminal cases against him are concluded.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

The number of lawsuits against former FTX CEO Sam Bankman-Fried has been racking up since the fall of his crypto empire, with the former “white knight” of crypto finding himself a defendant in seven class action lawsuits filed since FTX’s bankruptcy.

The London Metal Exchange has defended its decision to cancel billions in nickel trades earlier this year as it fights back against lawsuits from major investors Elliott Management and Jane Street.

Women who accused Jeffrey Epstein of sexual abuse are suing Deutsche Bank and JPMorgan, saying the banks facilitated Epstein’s alleged sex-trafficking operation and ignored red flags about their wealthy client.

The Coinbase drama, which started at the end of July, continues with new developments. Last week, former Coinbase Global product manager Ishan Wahi pleaded not guilty to two counts of wire fraud conspiracy and two counts of wire fraud in a Manhattan federal court. Wahi was arrested during his attempt to board a flight from the United States to India in May and accused of insider trading.