President Biden recently vetoed H.J. Res. 109, a resolution that aimed to overturn the SEC’s SAB 121 rule. In his statement, Biden highlighted that he believes SAB 121 represents the considered technical views of SEC staff. He emphasized the importance of the rule in setting guardrails for accounting practices to protect consumers and investors. Biden’s
Regulation
As the cryptocurrency market continues to evolve, the potential launch of US spot Ethereum ETFs is generating a significant amount of buzz. Bloomberg ETF analyst Eric Balchunas recently stated that there is a “legit possibility” that these ETFs could be launched by the end of June. While an earlier mid-June launch is considered a long
SEC commissioner Hester Peirce recently put forward a groundbreaking proposal for a shared digital securities sandbox between the United States and the United Kingdom. This initiative aims to extend the existing digital securities sandbox operated jointly by the Bank of England and the Financial Conduct Authority (FCA) to include participation from US firms. The proposal,
Senator Cynthia Lummis recently expressed her belief that the crypto market will have a significant impact on the US economy, as long as the opportunity is not wasted. Being a strong supporter of pro-crypto legislation, Lummis sees recent victories in Congress as a positive sign of things to come for the sector. She has been
The US District Court for the District of Utah has recently dismissed the case brought by the Securities and Exchange Commission (SEC) against DEBT Box. The court ruled in favor of DEBT Box, imposing fines totaling more than $1.8 million on the SEC for what was described as bad faith conduct. Despite this ruling, the
The European Securities and Markets Authority (ESMA) has identified Maximum Extractable Value (MEV) as a form of illegal market abuse under the proposed technical standards for the Markets in Crypto-Assets (MiCA) regulation. This development, highlighted by Patrick Hansen, a well-known commentator on crypto regulations, has significant implications for the crypto industry. Regulated crypto businesses in
Recently, the U.S. District Court for the Western District of Texas issued a partial summary judgment in favor of the Securities and Exchange Commission (SEC) in a case involving prominent crypto influencer Ian Balina. The court determined that Balina had offered and sold SPRK Tokens as securities in unregistered transactions, a violation of US securities
The approval of a spot Ethereum (ETH) exchange-traded fund (ETF) in the US could potentially pave the way for Solana (SOL) to be classified as a commodity rather than a security. This distinction is crucial as it has far-reaching implications for the entire cryptocurrency market. Commodities are more easily approved for ETFs, while securities face
The Financial Innovation and Technology for the 21st Century (FIT21) Act has been a hot topic of discussion within the cryptocurrency industry. The bill, which aims to provide regulatory clarity to the crypto market, has faced intense criticism from Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC). Gensler expressed strong opposition
Uniswap Labs has taken a strong stance against the SEC’s attempts to regulate decentralized finance (DeFi), stating boldly that the agency’s efforts are misguided and legally unsound. In a recent blog post, the company expressed confidence that it is on the right side of history and asserted that the SEC should not be wasting taxpayer-funded