The Digital Chamber (TDC) has recently urged Congress to pass legislation that would define certain non-fungible tokens (NFTs) as consumer goods rather than financial products. This move comes in response to the Securities and Exchange Commission’s (SEC) increased enforcement actions, including a Wells notice issued to NFT marketplace OpenSea. TDC argues that NFTs, particularly those
Regulation
SEC Commissioner Hester Peirce has expressed ongoing concerns regarding the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). She raised these concerns following a speech by SEC Chief Accountant Paul Munter on September 9, where Munter reiterated the Commission’s stance on SAB 121. Despite the increasing attention the regulation has garnered, Munter emphasized that the
In 2024, the US Securities and Exchange Commission (SEC) made a significant impact on the crypto industry by imposing a record-breaking $4.68 billion in fines against various companies. This marked a drastic increase from previous years and signaled a new era of heightened regulatory scrutiny in the digital asset market. The SEC’s enforcement actions have
Robinhood Crypto, a division of the popular trading app Robinhood, recently came under fire for agreeing to pay a hefty $3.9 million fine to settle a California investigation. The investigation revealed a series of questionable practices that had been ongoing from 2018 to 2022. Perhaps the most concerning issue was Robinhood Crypto’s prevention of users
Recent news from the US Securities and Exchange Commission (SEC) sheds light on the importance of complying with investor protection regulations in the crypto industry. The SEC charged and settled with hedge fund Galois Capital Management LLC over a private fund managed by the firm that primarily invested in crypto assets. The charges stemmed from
US Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda has recently raised concerns regarding the inadequacy of current S-1 registration forms for digital asset securities. During a speech at the Korea Blockchain Week 2024 event, Uyeda emphasized the importance of updating regulatory tools to address the unique features of digital assets. While the S-1
The US Securities and Exchange Commission (SEC) has recently expressed concerns over the proposed repayment strategy in the ongoing FTX bankruptcy case. This plan, which involves repaying creditors through stablecoins or other digital assets, has raised red flags for the SEC, leading to potential legal challenges under federal securities laws. The SEC’s filing has added
After being released from prison, Telegram CEO Pavel Durov has been placed under judicial supervision with strict conditions. These conditions include a €5 million bond, a prohibition from leaving French territory, and the requirement to report to the police station twice a week. Durov has officially been charged with six offenses, including complicity in managing
Congressman Wiley Nickel from North Carolina has taken a stand against the US Securities and Exchange Commission (SEC), accusing the agency of damaging trust in the regulatory system with its enforcement-first approach. Nickel has criticized the SEC’s “regulation by enforcement” strategy, labeling it as a misuse of power that could impede digital innovation in the
The US Securities and Exchange Commission (SEC) has brought to light the pressing issue of retail investors lacking timely access to fund portfolio data. Commissioner Jaime E. Lizárraga pointed out that the current regulatory framework requires registered investment companies to provide periodic portfolio holdings data to the Commission and investors. This data delay affects around
