Robinhood’s crypto division has recently agreed to pay a hefty fine of $3.9 million as a settlement in response to a California investigation into its past practices. The California Attorney General, Rob Bonta, revealed that the investigation was initiated due to Robinhood Crypto’s actions of preventing users from withdrawing their digital assets between 2018 and
Regulation
Recently, the US Securities and Exchange Commission (SEC) charged and settled with hedge fund Galois Capital Management LLC regarding a private fund managed by the firm that primarily invested in cryptocurrency. The SEC accused Galois Capital of failing to comply with client asset safeguarding requirements, particularly with regards to crypto assets that were labeled as
Digital asset securities have been gaining traction in the financial industry, presenting unique challenges for regulators like the US Securities and Exchange Commission (SEC). In a recent address at the Korea Blockchain Week 2024 event, SEC Commissioner Mark T. Uyeda called for the development of specialized S-1 registration forms tailored specifically for digital asset securities.
The recent filing by the US Securities and Exchange Commission (SEC) regarding FTX’s bankruptcy repayment strategy has raised significant concerns within the cryptocurrency industry. The plan to repay creditors using stablecoins or other digital assets has sparked a debate over its legality under federal securities laws. The SEC’s filing has cast a shadow of uncertainty
Recently, Telegram CEO Pavel Durov found himself in legal trouble in France. He was released from prison but placed under judicial supervision with specific conditions, including a hefty €5 million bond. Durov is also restricted from leaving French territory and must report to the police station twice a week as part of his bond conditions.
Congressman Wiley Nickel (D-NC) recently criticized the US Securities and Exchange Commission (SEC) for its “regulation by enforcement” approach. He argued that this strategy undermines trust in the regulatory system and risks stifling digital innovation across the US. Nickel emphasized the need for a collaborative and transparent regulatory process that includes public input to develop
The US Securities and Exchange Commission (SEC) has recognized the importance of retail investors having more timely access to fund portfolio data. Currently, the regulatory framework requires registered investment companies to provide periodic portfolio holdings data, but this information is often delayed. This delay affects millions of US households and can leave investors with outdated
Crypto firms are facing increasing challenges in the UK due to burdensome and time-consuming regulatory processes. According to a report from the Financial Times, registrations for crypto asset exchanges and custodian wallet providers with the UK’s Financial Conduct Authority (FCA) have dropped by more than 50% in the past three years. This signals a growing
Recently, the Nigerian Securities and Exchange Commission (SEC) has given the green light to two local crypto exchanges, Busha Digital Limited and Quidax, to operate under the Accelerated Regulatory Incubation Program (ARIP). This Approval-in-Principle marks a significant step towards complying with upcoming regulations on virtual asset service providers, set to be released in May 2022.
OpenSea CEO, Devin Finzer, recently announced that the company has received a Wells Notice from the US Securities and Exchange Commission (SEC) due to the regulator’s belief that NFTs on the platform are securities. In a statement, Finzer expressed shock at the SEC’s aggressive stance against creators and artists, stating that they are prepared to