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SEC charges operator of ICO and cloud crypto mining schemes

On December 2, the Securities and Exchange Commission announced charges against Ivars Auzins over a series of digital asset-related investment schemes that the SEC is calling fraudulent. The SEC highlighted a 2018 initial coin offering for a token called Denaro, for which Auzins’ allegedly gathered $11 million worth of investments before the project disappeared. Another scheme, Innovamine, allegedly promised investors the opportunity to mine crypto using cloud computing. Auzins was accused of collecting over $7 million for Innovamine before disappearing …

Congress to hold hearing with execs from Coinbase, FTX, Paxos and others

On December 1, Maxine Waters, who chairs the House Financial Services Committee, announced the witness list to a hearing on cryptocurrencies, which will be heavy on executives from leading U.S. crypto firms. Scheduled for December 8, the hearing is entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.” The witnesses are CEOs from leading crypto firms: Circle’s Jeremy Allaire, FTX’s Sam Bankman-Fried, Bitfury’s Brian Brooks, Paxos’ Chad Cascarilla, Stellar’s …