Connect with us

24/7 Cryptocurrency News

CLO Demands Relief From Court Citing SEC Refusal To Produce Full Records

Published

3 months ago

on


In the latest development on the Coinbase Vs SEC lawsuit, the crypto exchange has filed a motion demanding relief from the court. CLO Paul Grewal cited the SEC’s refusal to produce full records as a major obstacle in the ongoing legal battle with the U.S. Securities and Exchange Commission. The exchange claims that the inconsistent regulatory approach towards digital assets and the SEC’s refusal to release essential documents, including emails of Gary Gensler, are impacting the fairness of the case.

Coinbase Vs SEC Case: Exchange Urges Court Relief

The latest filing in Coinbase Vs SEC battle comes as a response to what it believes to be the US SEC’s unfair and “inconsistent” regulatory tactics. The exchange argues that the agency is deliberately refusing to provide the documents that are crucial for the case.

Notably, the crucial documents include communications from SEC Commissioners and staff outside the Enforcement Division, particularly those involved with the digital asset regulations. The crypto exchange claims that these documents are crucial to understanding the SEC’s stance on digital assets and how they apply securities laws to them.

In addition, the crypto giant also challenges the regulatory reluctance to search for specific custodians who might have relevant information. Despite the initial refusal from the US SEC, Coinbase provided evidence that these documents exist and are crucial to the case.

On the other hand, the agency’s refusal to log and review non-enforcement documents has further fueled the exchange’s frustration. The exchange argues that it is a violation of the previous court order. In addition, it argues that without access to these documents, the exchange cannot challenge the SEC’s privilege assertions or mount a fair defense.

US SEC’s Defense Stance

In an August 5 filing, the US SEC continued defending its decision to hold back certain documents, arguing that the exchange’s discovery requests are overly broad and irrelevant to the case. In addition, it also accused the crypto giant of engaging in a “fishing expedition” and has cited Federal Rule of Civil Procedure 26(b)(1) to support its stance. The agency further claims that the requested documents do not meet the relevance and proportionality criteria required by the rule.

The SEC also took issue with the exchange’s fair notice defense, which argues that the crypto regulations lack clarity. The agency has dismissed this defense as insufficient to justify the exchange’s sweeping discovery requests. Besides, the regulatory body refused to examine SEC Chair Gary Gensler’s personal emails for relevant communications, despite the exchange’s insistence that these records could provide crucial insights.

Meanwhile, as the Coinbase Vs SEC battle intensifies, the exchange has also challenged a recent SEC proposal to broaden the definition of “exchange” to include Decentralized Exchanges (DEXs). Grewal, in a recent X post, criticized the proposal, arguing that it lacked critical analysis and would have severe consequences for the crypto industry.

With both sides entrenched in their positions, the Coinbase vs. SEC lawsuit has gained notable traction lately. With the latest conclusion in the Ripple Vs SEC lawsuit, the market is now keeping a close watch on this legal battle, which may have a significant impact on the US crypto regulation.

✓ Share:

Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading

24/7 Cryptocurrency News

Solana Hits New ATH On Huge Whale Accumulation, More Gains Ahead?

Published

7 hours ago

on

November 22, 2024

By


Solana has once again caught the attention of market participants as it hit a new ATH on Friday. Notably, SOL witnesses a sustained rally against the backdrop of massive whale accumulations. Now, as the crypto is noting a buying pressure amid the bull market, market watchers anticipate further gains in the crypto ahead.

Solana Hits New ATH Amid Massive Whale Buying

According to data by Lookonchain on November 22, whales continue to accumulate Solana amid its upside movement to a new ATH. According to the data, a fresh wallet was recorded accumulating 42,443 SOL, worth $11.14 million, from Binance over the past two days. This accumulation was made by the wallet address “Au1VJ…q8hF8”, per Solscan’s data.

Simultaneously, another massive accumulation recorded over the past day has weighed the scales toward the bullish side of the asset. Lookonchain revealed that a whale bagged 100K SOL, worth $23.86 million, and staked it over the last two days. Notably, Solscan’s data showed this whale address as 7L1HBfMH.., while the whale’s SOL holdings totaled $55.58 million.

Overall, these accumulations, underscoring increased buying pressure on the asset, birthed significant market optimism on future price movements. For context, large-scale investors’ accumulations signaled heightened market confidence in the asset’s potential to offer gains ahead.

Moreover, with the soaring odds of a Solana ETF further weighing in, the current market sentiment for one of the leading crypto by market cap remains highly bullish. A recent CoinGape Media report further revealed that the SEC has now started engaging with the SOL ETF issuers regarding the filed S-1 registration statements. Besides, Bitwise has also filed for Solana ETF recently, further fueling market interest.

Coin Price Gians 8% Breaking ATH

SOL price today witnessed gains worth 8% intraday and was trading at $262.51 at the time of reporting. The coin’s 24-hour low was $237.33, whereas the current price level marked a new ATH. Notably, the weekly chart illustrated a 26% pump for the coin, followed by a monthly upswing of 59%. This bullish movement falls in line with massive buying pressure on the asset, as seen by the abovementioned whale transactions.

Simultaneously, Coinglass data indicated that the coin’s futures OI surged 15% to $6.01 billion. Moreover, the derivatives volume noted a 61% uptick to $19.03 billion. Overall, this stat indicated a burgeoning market interest in the asset, further paving an optimistic path for future price movements.

Also, a recent Solana price analysis by CoinGape Media pointed out that the coin eyes a $5,000 price target as it has already noted a significant surge from its 2023 lows. Crypto market watchers continue to monitor the token for further price action shifts in light of the abovementioned statistics.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

“Crypto Dad” Chris Giancarlo Emerges Top For White House Crypto Czar Role

Published

11 hours ago

on

November 22, 2024

By


Chris Giancarlo, widely known as “Crypto Dad,” has emerged as the leading candidate for a newly proposed role of crypto czar in the White House under President-elect Donald Trump’s administration. The potential appointment underscores a strategic effort to advance crypto regulations and foster blockchain innovation in the United States.

This proposed position would be the first of its kind in the White House, aiming to bring clarity to the growing $3 trillion digital asset market. Chris Giancarlo, the former Chair of the Commodity Futures Trading Commission (CFTC), is known for his progressive approach to digital currencies and blockchain technologies.

Chris Giancarlo Leads Race for White House Crypto Czar Role Under Donald Trump

According to a Fox Business report, Chris Giancarlo is the top contender for the position of White House crypto czar, a role being considered by the Trump transition team to streamline crypto regulations and foster blockchain development.

As CFTC Chair from 2017 to 2019, Chris Giancarlo oversaw critical advancements in the digital asset space. This includes the launch of the first Bitcoin futures. He later co-founded the Digital Dollar Project, a nonprofit initiative exploring the potential of a U.S. central bank digital currency (CBDC). Giancarlo’s regulatory expertise and understanding of digital innovation position him as a key figure in shaping the future of the crypto sector.

The Trump administration aims to utilize this position to address industry concerns over the Biden administration’s perceived heavy-handed enforcement. The crypto czar would also collaborate with federal agencies to establish a framework for the $180 billion stablecoin market and enhance the overall regulatory landscape for blockchain and digital currencies.

Trump’s Strategic Approach to Digital Asset Policy

President-elect Donald Trump has expressed plans to make the U.S. a global leader in cryptocurrency and blockchain innovation. Part of this strategy includes appointing a crypto czar to advance policies to support the industry’s growth.

Trump has also proposed the establishment of a presidential crypto advisory council to address ongoing regulatory challenges. This initiative aims to align federal policies with industry needs, fostering a competitive environment for blockchain businesses. The council will explore the creation of a Bitcoin reserve as part of the administration’s broader crypto policy agenda.

The transition comes as current SEC Chair Gary Gensler announced his resignation effective January 20, 2025, coinciding with Trump’s inauguration. Gensler faced criticism during his tenure for his enforcement-driven approach to crypto regulations.

Amid speculation, Chris Giancarlo clarified that he is not pursuing the SEC Chair role. Giancarlo said in a recent statement,

“I’ve already cleaned up earlier Gary Gensler mess at the CFTC and don’t want to have to do it again.”

His focus remains on advancing crypto-friendly policies through a potential new role. According to the report, the “Crypto Dad” stated,

“I would be honored to be considered for the role.”

The creation of the crypto czar position could mark a pivotal moment in the evolution of U.S. crypto policy. With Chris Giancarlo leading the race, the industry anticipates advancements in crypto regulations under the new administration.

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

Donald Trump Proposed Crypto Advisory Council To Set Up Strategic Bitcoin Reserve

Published

15 hours ago

on

November 21, 2024

By


Donald Trump plans to establish an advisory council to position the U.S. as a leader in the cryptocurrency space. The council will spearhead policy changes, coordinate with Congress on crypto legislation, and oversee the creation of a strategic Bitcoin reserve.

The advisory council will also operate under the White House’s National Economic Council or a similar executive body. Industry executives have revealed that the council will collaborate with federal agencies like the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and the Treasury to streamline regulatory frameworks for the crypto industry.

Donald Trump To Establish Bitcoin Reserve Amid Crypto Council Formation

According to a recent report, Donald Trump’s crypto advisory council will advise on digital asset policies and oversee the creation of a strategic Bitcoin reserve. The reserve aims to position Bitcoin as a core element of the United States’ economic strategy. This will enhance the nation’s leadership in the global crypto space.

The council will work with Congress to draft legislation and coordinate between agencies such as the SEC, CFTC, and Treasury. The initiative seeks to establish clear regulatory guidelines within the crypto sector. More so, the idea of a Bitcoin reserve reflects a commitment to integrating blockchain technology into national economic frameworks.

Additionally, the move comes amid rising discussions on why the United States should consider Bitcoin as part of its national reserves, particularly in light of countries like El Salvador and Bhutan already adopting it. Advocates like Anthony Pompliano stress the urgency for the U.S. to act to maintain its leadership in the evolving digital economy.

Industry Leaders Compete for Seats on Trump’s Crypto Council

Several players in the industry, including Ripple, Kraken, Coinbase, and Circle, are vying for a position on Donald Trump’s council. These companies aim to influence the administration’s approach to crypto regulation and advocate for pro-industry policies. Executives from Paradigm and Andreessen Horowitz’s crypto arm, a16z, are also expected to play key roles in shaping the council.

Ripple and Circle, represented by their executives, have already expressed interest in contributing to the council. Circle CEO Jeremy Allaire recently emphasized the importance of building a robust, crypto-friendly infrastructure under Trump’s administration. Industry leaders hope this council will bring an end to enforcement actions seen under the previous administration.

Most recently, Cardano founder Charles Hoskinson endorsed Coinbase CEO Brian Armstrong for the potential White House crypto role under Donald Trump’s administration. Hoskinson praised Armstrong’s neutrality and deep understanding of the crypto industry, emphasizing his ability to guide regulatory progress.

Meanwhile, this major push comes as the current SEC Chair, Gary Gensler, announced he is set to resign on January 20, 2025, coinciding with Donald Trump’s inauguration as U.S. President. Ripple’s CLO, Stuart Alderoty, emphasized the need for a new Chair who will establish clear rules for crypto. 

Notably, former regulators, including Heath Tarbert, former CFTC Chair and now Circle’s chief legal officer, and Brian Quintenz, a16z’s head of policy, are reportedly advising Donald Trump’s transition team. These individuals bring extensive regulatory experience to the development of the Crypto Council and its proposed Bitcoin reserve.

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon