Sec lawsuit Financial News

The legal battle between Coinbase and the SEC heated up on July 3 as the cryptocurrency exchange sought to gain access to emails from SEC Chair Gary Gensler, claiming they held crucial evidence for its defense.

Terraform Labs Pte. Ltd. (Movant), has filed a motion to compel market maker Citadel Securities, LLC to divulge crucial trading data. This data, pertinent to a third-party subpoena, is deemed critical for Terraform Labs' defense against a lawsuit initiated by the U.S. Securities and Exchange Commission (SEC). The lawsuit, presided over by the U.S. District Court for the Southern District of New York, delves into allegations of market destabilization due to purported intentional actions by certain market players to «short» and consequently cause the TerraUSD (UST) stablecoin to depeg from its $1 benchmark.

Kristina Campbell, the chief financial officer of Ripple, has left the crypto payments platform for a comparable position at the virtual healthcare provider Maven Clinic.

Binance, Binance.US, and Changpeng Zhao have jointly filed a motion to dismiss a lawsuit brought by the United States Securities and Exchange Commission (SEC). 

In the ongoing legal clash between Binance, the prominent cryptocurrency exchange, and the US Securities and Exchange Commission (SEC), a significant hearing date has been scheduled for two crucial motions.

Cryptocurrency exchange Gemini has filed a reply brief in response to a lawsuit initiated by the United States Securities and Exchange Commission (SEC). The lawsuit, which is being heard in the U.S. District Court for the Southern District of New York, alleges that Gemini's service, Gemini Earn, violated securities regulations by offering «unregistered securities.»

The Bitcoin Cash price has risen by 15% in the past 24 hours, with its jump to $219.44 following yesterday's news that Grayscale has won a court appeal against the Securities and Exchange Commission.

Crypto asset manager Grayscale Bitcoin Trust (GBTC) has scored a major victory against the United States Securities and Exchange Commission (SEC) in its efforts to convert its over-the-counter GBTC application into a listed Bitcoin ETF.

The Winklevoss twins' crypto exchange Gemini has filed a response to the US Securities and Exchange Commission (SEC) lawsuit, seeking the dismissal of allegations over unregistered securities.

Coinbase plans to file an order seeking dismissal of the lawsuit by the Securities and Exchange Commission on Aug. 4, with the crypto exchange’s legal chief saying it expects to win the case.

On Tuesday, the trading value of Bitcoin dropped by nearly 2% to $28,912 amidst significant developments in the cryptocurrency landscape. 

Terraform Labs, the development firm behind Terra network and the failed stablecoin TerraUSD (USTC), is seeking permission from a court to get access to data from the bankrupt crypto exchange FTX.

Coinbase, the US-based cryptocurrency exchange, has temporarily paused its staking services in four states in response to legal proceedings from Securities and Exchange Commission (SEC).

However, Ripple's victory in the case brought by the SEC was only partial, with US district judge Analisa Torres also ruling that institutional sale of XRP did violate federal securities law.Nevertheless, the news sent XRP's price soaring 75% late on Thursday, with Ripple CEO Brad Garlinghouse telling Reuters that the ruling is a “a huge win for Ripple but more importantly for the industry overall in the US”.Crypto exchange Coinbase quickly said it will add XRP back to its platform and saw its own share price jump by over 20%.The SEC filed suit against Ripple, Garlinghouse and co-founder Christian Larsen in 2020, alleging that they "raised over $1.3 billion through an unregistered, ongoing digital asset securities offering".The judge has ruled that "programmatic" sales - through exchanges and algorithms - were not offers of securities under the law because it could not be said with certainty that buyers had “a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others".

Despite lingering concerns over the Ripple vs SEC lawsuit, XRP has demonstrated significant growth in multiple areas of its protocol during the second quarter (Q2) of this year, as revealed by a recent report from crypto analytics platform Messari.

Crypto exchange Gemini has announced plans to expand into the Asia-Pacific (APAC) region to capture the “next wave of growth for crypto.”

The United States Securities and Exchange Commission filed a lawsuit against Binance along with its U.S. platform and CEO Changpeng Zhao on June 5 in a Washington, D.C. federal district court for allegedly violating securities laws and offering unregistered securities. 

Binance’s US-based exchange, Binance.US, has seen a sharp decline in its share of the trading volume among exchanges that support USD-to-crypto trading.

The Terra Luna Classic price has fallen by 2% in the past 24 hours, although its drop to $0.00009607 today represents a 13% gain in the past fortnight, as the altcoin compensates for some of the losses caused by the SEC's recent legal actions.

The lawsuit brought by the United States Securities and Exchange Commission (SEC) against Coinbase Global on June 6 is raising questions about the crypto exchange's approach to managing the ongoing crypto crackdown.

Binance.US has bulked up its legal expertise and added four lawyers to fight recent charges from the US Securities and Exchange Commission.