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SEC seeks additional comments on WisdomTree’s Bitcoin ETF proposal

The Securities and Exchange Commission has asked for additional comments on issuer WisdomTree’s proposal to list a spot bitcoin exchange-traded fund (ETF). WisdomTree refiled for a spot-bitcoin product in February of this year after receiving a rejection in December 2021. At the time, the SEC cited a lack of surveillance sharing agreements and the subsequent inability to curb fraudulent or manipulative practices in the spot market. The December rejection was the second in a wave of denials from the US …

The SEC has already sued Terraform Labs. It has every reason to investigate UST, lawyers say

The Securities and Exchange Commission is likely already investigating what happened to UST over the past week, two former SEC lawyers tell The Block.  “The SEC is already on the scene as they are investigating the Mirror protocol,” said Philip Moustakis, who left the SEC’s enforcement division for law firm Seward & Kissel in 2019, in conversation with The Block. A spokesperson for the SEC told The Block: “The SEC does not comment on the existence or nonexistence of a …

GPU maker NVIDIA settles with the SEC over crypto mining disclosure issues

Computing hardware maker NVIDIA has settled with the Securities and Exchange Commission (SEC) for $5.5 million over alleged “inadequate disclosures concerning the impact of cryptomining on the company’s gaming business.” The SEC announced the news today, saying that its order found that the company failed to disclose mining as a significant element of its revenue growth. During consecutive quarters in fiscal year 2018, the company did not disclose that crypto mining was a main driver of the sale of its …

What DEXs can do about market manipulation

Decentralized exchanges are a cornerstone of crypto markets and, in many ways, the cutting edge of disintermediated finance.  That new technology is at the center of debates about the next generation of market manipulation, as well as potential regulatory response.  This feature story is available to subscribers of The Block News Plus. You can continue reading this News Plus feature on The Block.

Republican lawmakers accuse SEC of restricting crypto exchanges in recent rulemakings

Two Republican lawmakers have taken issue with the Securities and Exchange Commission’s recent rule changes. On April 18, Representatives Patrick McHenry (R-NC) and Bill Huizenga (R-MI) wrote to SEC Chair Gensler criticizing the commission’s recent rulemakings as they relate to crypto. The two proposals in question — one from January and one from March — push for expanded definitions of terms that appear in the 1934 Securities Exchange Act. In general, the rulemakings seem to require crypto exchanges to register …

Judge orders SEC to produce materials related to Hinman speech in ongoing Ripple legal fight

Ripple is celebrating a new order from US Magistrate Judge Sarah Netburn amid the firm’s ongoing dispute with the Securities and Exchange Commission (SEC). The legal fight between Ripple and the SEC dates back to December 2020, when the US securities regulator filed suit against the distributed ledger tech company and alleged that it conducted an unregistered securities offering by selling XRP. Ripple has fought the case, maintaining that XRP is not a security and that the SEC’s guidance on …

Nasdaq survey indicates financial advisors are eager for a spot crypto ETF

Financial advisors surveyed by Nasdaq said that the existence of a spot crypto exchange-traded fund (ETF) would encourage them to invest more in crypto. Nasdaq surveyed 500 financial advisors who are either investing client assets in crypto or considering it and found that 72% of them would be more likely to do so if there was a spot ETF product available. The study was announced on Monday and also found that a much smaller percentage (38%) of respondents believed regulators …

SEC chair Gensler calls for more regulation on stablecoins and crypto firms’ custody, market-making arms

The Securities and Exchange Commission is considering new firewalls for custody and market-making businesses at crypto firms and pushing for more SEC oversight of stablecoins. During an April 4 speech to the University of Pennsylvania’s law school, SEC chair Gary Gensler said:  “Unlike traditional exchanges, currently centralized crypto trading platforms generally take custody of their customers’ assets. Last year, more than $14 billion of value was stolen. I’ve asked staff how to work with platforms to get them registered and …

One in five Americans has dabbled in cryptocurrency, poll finds

Cryptocurrency has been used, invested in, or traded by one in five Americans, according to a recent poll by NBC News. The poll was conducted between March 18 and 22 and involved 1,000 Americans. Among the key findings: 21% of participants have already gotten involved with crypto in some capacity.  Men aged 18 to 49 were the biggest share of demographic groups, as about half said they had been involved with crypto. They were joined by 42% of people aged …

SEC shoots down Ark 21Shares in latest spot bitcoin ETF rejection

The ARK Investments and 21Shares collaborative spot bitcoin exchange-traded fund (ETF) has reached the end of the line with a rejection order from the Securities and Exchange Commission (SEC). The firms proposed the ARK 21Shares Bitcoin ETF, a joint submission that set 21Shares as the sponsor of the trust and ARK as the lead in marketing the shares. The firms first filed in June of 2021. Cboe BZX Exchange subsequently filed a rule change to list the product, putting the …