SEC Financial News

Congress must determine which regulator has authority over cryptocurrency markets,U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce said Wednesday—as her organization cracks down on crypto companies and market participants seek greater regulatory clarity.

The XRP price has dropped by 0.5% in the past 24 hours, dipping to $0.425301 amid a similar fall for the cryptocurrency market as a whole.

Crypto exchange Binance has acknowledged that a crackdown on cryptocurrencies has made it challenging to conduct business in the United States, and it is now looking to be regulated in the United Kingdom.

Bankrupt cryptocurrency exchange Bittrex Inc received court permission Wednesday to borrow $7 million in bitcoin to fund the start of its Chapter 11 case. Seattle-based Bittrex filed for bankruptcy Monday, saying it intended to return customer funds and wind down its U.S. operations. The company's international affiliates will continue to operate crypto exchanges for customers outside of the U.S., but Bittrex said that the U.S. regulatory environment had become untenable after the SEC sued the company for allegedly running an unregistered securities exchange. Before filing for bankruptcy, Bittrex stopped accepting new deposits from U.S. customers and told its existing users to withdraw their crypto from the platform. Bittrex's U.S. operations made up a minority of its overall users. Affiliated exchanges based in Liechtenstein and Bermuda accounted for about 77% of the company's 5.4 million users as of March 27, according to court filings.

Bitcoin (BTC) miner Marathon Digital has disclosed that it received another subpoena from the United States Securities and Exchange Commission (SEC) relating to its 100-megawatt data center in Hardin, Montana.

In a sign of dedication to its efforts to launch a spot Bitcoin Exchange Traded Fund (ETF) in the US, Grayscale Investments is trying a new approach.

The newly launched governance token, $BEN is a meme coin project designed for BitBboy’s Decentralized Autonomous community, Ben DAO. 

Some members of the United States House of Representatives’ Financial Services and Agriculture Committees pointed to crypto asset frameworks being employed outside the country when discussing regulatory gaps at home.

US lawmakers drifted the idea of regulating cryptocurrency through a self-regulatory organization putting both the Securities and Exchange Commission and the Commodity Futures Trading Commission in charge.

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The extended crypto winter has pushed crypto event organizers to tone down on the lavishness, allowing attendees to focus on asking more “intelligent questions” about regulation and tax.

Cboe Global Markets filed a proposal to list and trade shares of a spot bitcoin exchange-traded fund, marking the third time the firm has tried to get US regulatory approval. 

Despite this, last month the SEC charged the firm, and co-founder and former CEO William Shihara, for operating an unregistered securities exchange, broker, and clearing agency.Now the company has filed Chapter 11 bankruptcy in federal court in Delaware, saying it believes it has more than 100,000 creditors, with estimated liabilities and assets both within the $500 million to $1 billion range."For those customers who did not withdraw their funds from the platform prior to the end of April, your funds remain safe and secure, and our main priority is to ensure that our customers are made whole," says a statement.The move does not affect Bittrex Global, which will continue to operate as normal serving customers outside of the US.The firm joins FTX, Celsius, Voyager and BlockFi among the crypto outfits to file for bankruptcy over the last year.

Financial technology company PayPal recently disclosed its cryptocurrency holdings in a quarterly report filing to the Securities and Exchange Commision (SEC). 

Coinbase’s chief legal officer called a newly proposed US rule tightening cryptocurrency custody requirements “misguided” and said some parts need to be changed. 

Crypto exchanges based in the US may have listed multiple tokens deemed by the Securities and Exchange Commission (SEC) to be unregistered securities, according to a Wall Street Journal report.

Bittrex US has filed for bankruptcy in a federal court in Delaware less than a month after the US Securities and Exchange Commission accused the crypto platform of running an unregistered securities exchange.

Coinbase legal chief has requested that the U.S. Securities and Exchange Commission (SEC) make several revisions to its proposed regulation on the responsibilities of registered investment advisers (RIAs) to store client assets with qualified custodians.

The XRP price has dropped by 2.5% in the past 24 hours, falling to $0.425150 as the cryptocurrency market as a whole declines by 1%.

A proposal by the United States securities regulator to tighten rules around crypto custody has been met with opposition from at least two proponents of the industry, according to recently filed letters.

Ripple has spent $200 million defending the case brought against it by the United States Securities Exchange Commission (SEC), according to CEO Brad Garlinghouse.