The number of crypto-related enforcement actions in the United States grew notably in 2022, according to a survey released by blockchain risk monitoring firm Solidus Labs. Both federal and state regulators broke records for enforcement actions. There were 58 actions carried out by the four main U.S. federal agencies engaged in crypto enforcement in 2022. That number surpassed the previous high of 40 recorded in 2020 and rose 65% over the 38 actions seen in 2021. The agencies – the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN) and the Office …

Recent charges brought against Mango Markets exploiter Avraham Eisenberg will have a positive impact on the decentralized finance (DeFi) space, according to credit rating firm Moody’s. In a Jan. 31 note from Moody’s Investor Service, AVP of decentralized finance Cristiano Ventricelli stated that enforcement actions brought by the two leading U.S. market regulators in January mean that DeFi is moving towards a “safer and more welcoming environment.” “The fact that both the SEC and CFTC took action against market manipulation by an alleged rogue trader is a credit positive for the industry as a whole. Ventricelli stated that these actions …

The holding company for the crypto-friendly bank, BankProv, has revealed it’s no longer providing loans secured by cryptocurrency mining rigs after writing off $47.9 million in loans primarily secured by them throughout 2022. According to a Jan. 31 filing with the United States Securities and Exchange Commission (SEC), BankProv has already nearly halved the proportion of its digital asset portfolio consisting of rig-collateralized debt since the quarter ending Sep. 30, 2022. The bank held $41.2 million in digital asset-related loans as of Dec. 30 last year consisting of $26.7 million worth of loans collateralized by crypto mining rigs which “will …

The United States Securities and Exchange Commission (SEC) admitted on record that the sale of LBRY tokens in the secondary market doesn’t constitute a security. The settlement came during an appeal hearing in the LBRY vs. SEC case on Jan. 30. LBRY Hearing: The Stakes for ALL Crypto https://t.co/YPbrBkw0Od — CryptoLaw (@CryptoLawUS) January 30, 2023 In what many called a victory for the entire crypto industry against SEC’s overreach regulation by enforcement, Attorney John Deaton settled a major debate during the appeal hearing. SEC was awarded summary judgment in its favor during the Nov. 07 hearing. The judgment categorized each …

The Philippines Securities and Exchange Commission (SEC) is seeking to bring cryptocurrencies under its scope and beef up its authority over the local cryptocurrency industry under new draft rules. According to a Jan. 25 report in local media outlet, the Manila Bulletin, the securities regulator put forward for public comment draft rules relating to financial products and services which also cover cryptocurrencies and digital financial products. The SEC said in a statement the draft rules will operationalize a newly signed law and give it “rule-making, surveillance, inspection, market monitoring, and more enforcement powers.” The guidelines expand the definition of a …

Monica Long has been named the new president of Ripple, moving up from the general manager position. Long joined the company in 2013 as director of communications and expanded her role last year from general manager of RippleX, the blockchain development side of the business, to general manager of the company as a whole, adding RippleNet, the company’s financial network, to her purview. The presidency of Ripple has been a somewhat nebulous position until now, with the title being ascribed to both co-founders Brad Garlinghouse and Chris Larsen at various times. Long’s promotion comes at a good moment for the …

The United States Securities and Exchange Commission (SEC) has been probing traditional Wall Street investment advisors that may be offering digital asset custody to its clients without the proper qualifications. A Jan. 26 Reuters report citing “three sources with knowledge of the inquiry” said the SEC’s investigation has been going on for several months already but accelerated after the collapse of crypto exchange FTX. The investigations by the SEC have not been known previously before as the agency’s inquiries are not public, said the sources. As per the Reuters report, much of the SEC’s efforts in this inquiry are looking …

The Web3 Foundation, which supports the Polkadot protocol, has again presented its argument that its native DOT (DOT) token is not a security. In a Twitter thread, the foundation emphasized its efforts to comply with U.S. securities laws, as well as Securities and Exchange Commission guidance on digital assets, and declared that DOT had successfully “morphed” and is software, not a security. The Web3 Foundation reposted an excerpt from a December Twitter Space where Angela Dalton, identified as an adviser to the foundation, described how representatives accepted the SEC’s invitation to “come in and talk to us.” Subsequently, the foundation …

United States Senator and crypto skeptic Elizabeth Warren wants the Securities Exchange Commission (SEC) to “double down” on its crypto enforcement efforts, highlighting that the cryptocurrency industry is running “scared” for what’s to come next. Warren’s comments came from an interview with American Economic Liberties Projects on Jan. 25. The Senator opined that since Gensler was sworn in as SEC Chairman in April, 2021, the Commission “has made a good start” on fixing some of the problems created by the former SEC leaders under the Trump Administration. Warren claimed that the previous SEC administration “essentially gave the green light” to …

A spokesperson for USD Coin (USDC) issuer Circle has denied reports that it blames the United States Securities and Exchange Commission (SEC) over its failed $9 billion plan to go public in December. The stablecoin issuer representative was responding to a Jan. 25 Financial Times article which characterized Circle as having “blamed” the securities regulator for its “derailed” listing as a result of dragging its feet on the approval of a merger agreement. However, a Circle spokesperson clarified to Cointelegraph that was not the case and that it doesn’t hold any blame over the SEC for the termination of its …

Crypto-versed lawyers will play an increasingly important role in Web3 firms — particularly after the implosion of FTX and the industry braces for regulatory turbulence, two legal academics believe. Boston Law School professor and chief compliance officer at crypto exchange Bitstamp, Thomas Hook, told Cointelegraph that Web3 lawyers will soon become “business differentiators” because they’ll be faced with the tough task of helping firms navigate through legal and regulatory uncertainties. This will ultimately determine how fast firms can take their products and services to market, Hook explained: “Given the lack of clarity in many regulations and the complexity, Web3 companies …

A United States appeals court is set to hear the oral arguments relating to Grayscale Investment’s lawsuit against the Securities and Exchange Commission (SEC) over its decision to deny Grayscale’s Bitcoin (BTC) spot exchange-traded fund (ETF). As per a court motion filed on Jan. 23, both sides will present their arguments at the District of Columbia Court of Appeals on Mar. 7, 2023, at 9:30 am local time. Oral arguments are spoken presentations delivered by attorneys summarizing why their clients should win the case. Each party in the case takes turns directly speaking to and answering questions from the judge …