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How are crypto firms responding to US regulators’ enforcement actions?
Published
9 months agoon
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United States regulators including the Securities and Exchange Commission (SEC) have ongoing civil cases against major cryptocurrency firms including Binance, Coinbase, and Ripple, but not every company has been subject to the same treatment.
Gary Gensler, serving as SEC chair since 2021, has been widely criticized by many lawmakers and industry leaders for a “regulation by enforcement” approach to crypto companies and offerings. Some of the cases have ended up in federal courtrooms to determine what may qualify as a security in the United States, and not all judges’ decisions have necessarily been favorable to the regulator.
The commission filed a lawsuit against Ripple in December 2020 over XRP as an allegedly unregistered offering, but received a partial summary judgment in July that the token was largely not a security. Coinbase, which seemed to expect legal action ahead of the SEC’s lawsuit filed in June, targeted the regulator in response to its case, claiming the exchange tried to “come in and register” without success or proper feedback.
Prometheum, a crypto firm which gained a lot of media attention in June following co-CEO Aaron Kaplan testifying before the House Financial Services Committee on digital asset regulation, received approval from the Financial Industry Regulatory Authority as a special purpose broker-dealer (SPBD) for digital asset securities in May. Some of the firm’s subsidiaries, which also deal in digital assets, have successfully registered with the SEC.
“Prometheum was purpose-built to comply with federal securities laws and create the first digital asset security trading platform subject to those laws including investor protection rules,” Kaplan told Cointelegraph.
Kaplan’s approach would seem to suggest that certain firms like Coinbase, Binance, and Ripple launched services in the U.S. with the intention of trying to change existing regulations. Major players have sometimes lobbied for legislation favorable to crypto firms: Coinbase CEO Brian Armstrong has been a regular presence in Washington DC and encouraged users to back political candidates in support of pro-crypto policies.
According to the Prometheum co-CEO, certain crypto companies “have been working to rewrite or amend existing laws in their favor and to the detriment of retail investors”, speculating that the current frameworks are incapable of dealing with digital assets. Many industry leaders and lawmakers have echoed similar concerns, claiming crypto firms in the U.S. have an uphill battle in recognizing what digital assets qualify as securities.
Four key proposed bills could redefine digital asset regulations. @Prometheum remains at the forefront with plans to offer regulated trading & custody of digital assets. Read more about the crypto bills at Cointelegraph: https://t.co/vxfdDSxPsu#DigitalAssets
— Prometheum (@PrometheumInc) July 25, 2023
Kaplan hinted the fact that Prometheum was able to obtain a SPBD license was evidence that regulatory compliance was at least possible. However, the approval has led to calls to investigate the firm by advocacy groups including the Blockchain Association and crypto-minded members of Congress.
“We are concerned that the [SEC] granted Prometheum a ‘sweetheart’ deal in exchange for support of the Commission’s policy goals, or that Prometheum is leveraging personal connections with the Commission to gain an unfair advantage in the market,” said the Blockchain Association in July. “Most significantly, we are concerned that Chair Gensler is using Prometheum and the SPBD licensure process as a means to thwart congressional efforts toward legislation by continuing to spread the false narrative that the law is already clear with regard to digital asset securities.”
Kaplan added:
“From the moment Prometheum received its SPBD license, there was a seemingly concerted effort by various industry associations and lawmakers to discredit the more than 6 years of hard work we have put in to build our company.”
Related: Binance and CEO Changpeng Zhao ask court to dismiss SEC suit
It’s unclear if Prometheum’s approach will work for existing players in the space in an effort to sidestep enforcement actions, or for up-and-coming projects aware of the regulatory challenges in the United States. David Hirsch, head of the SEC’s crypto enforcement division, reportedly said at a Sept. 19 conference that though the commission was currently embroiled in several civil lawsuits, it would continue to bring actions against firms it saw as violating U.S. securities laws — including decentralized finance projects.
Gensler will be testifying before the U.S. House Financial Services Committee on Sept. 27 in a hearing on SEC oversight. According to a Sept. 22 memo, lawmakers will question the SEC chair on matters including policies on digital asset custodial activities and expansion of the commission’s authority over crypto firms.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
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Digital Shovel Sues RK Mission Critical for Patent Infringement on Bitcoin Mining Containers
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Digital Shovel Holdings Inc. has filed a lawsuit against RK Mission Critical LLC, RK Mechanical LLC, and RK Industries LLC in the US District Court for the District of Colorado, accusing them of patent infringement, according to a press release sent to Bitcoin Magazine. The dispute revolves around Digital Shovel’s V-Shape technology, designed to increase miner density in crypto mining containers.
Digital Shovel developed the V-Shape technology in 2018, securing patents in 2022, 2023, and 2024. These patents enable a 30% increase in miner density, providing significant operational advantages. According to the complaint, Compute North, a client of RK Mission Critical, initially sought to license this technology from Digital Shovel in 2019 but was refused. Despite this, RK Mission Critical allegedly produced containers strikingly similar to Digital Shovel’s, with some staff initially mistaking them for their own products.
“Instead of competing fairly, defendants are exploiting the innovative technologies that Digital Shovel has worked hard to develop and protect through patents,” the complaint stated.
Digital Shovel’s CEO, Scot Johnson, stated that based on RK Mission Critical’s marketing, they believe they’ve sold approximately 850 units which were sold for over $200,000 per unit, resulting in sales of $170 million worth of product.
“A variety of publicly traded mining companies are using the product from RK,” Johnson said. “However, our focus is not on them or any other end user at this time. It’s on enforcing our intellectual property on the company that is building products using our technology and stealing customers from us.”
Despite being aware of the pending patents since 2021, Digital Shovel claims RK Mission Critical continued its production without authorization, and their refusal to engage in settlement negotiations has led Digital Shovel to seek legal redress. The company aims to obtain compensation and a court order to prevent further sales of the infringing containers.
Bitcoin Magazine will be interviewing Johnson in an upcoming spaces on X later today at 1:15PM EST, where those interested in learning more about this lawsuit are encouraged to attend.
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Bitcoin ETF
Spot Bitcoin ETFs Saw Largest Inflow in a Month
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Bitcoin exchange-traded funds (ETFs) in the U.S. saw their largest daily inflow in almost a month on Monday, totalling $129 million. Based on historical price trends, Bitcoin appears poised to start July on a bullish note.
NEW: 🇺🇸 #Bitcoin ETFs saw $130 million in inflows yesterday, the largest in 3 weeks.
We are so back 🚀 pic.twitter.com/ahvdm0hoS2
— Bitcoin Magazine (@BitcoinMagazine) July 2, 2024
This marked the fifth straight day of positive flows and the highest daily amount since June 7th.
Much of Monday’s inflow went to Fidelity’s Wise Origin Bitcoin Trust, which saw $65 million enter the fund. Bitwise’s Bitcoin ETF took in $41 million, while Ark Invest’s fund attracted $13 million. The two largest Bitcoin ETFs, BlackRock’s iShares Trust and Grayscale’s fund, saw no flows.
The fresh inflows are a welcome sign after a tumultuous June that saw Bitcoin ETFs bleed nearly $1 billion in total outflows. The selling pressure mirrored Bitcoin’s price, which dropped below $20,000 briefly in June.
But historically, July has started a bullish period for Bitcoin. Over the last decade, Bitcoin has posted average returns above 11% in July, with positive performance 70% of the time.
Some analysts think seasonality could kick in again this July if spot ETF inflows persist. The theory suggests predictable cycles driven by investors selling around tax season and reentering the market later in the year.
Starting in July, Bitcoin could also face potential selling pressure from unlocked Mt. Gox coins. Its price trajectory depends on whether bullish seasonality can outweigh the bearish macro landscape.
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$105 Billion Electronics Giant Sony To Launch New Bitcoin Exchange
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Sony Group is preparing to launch a Bitcoin and crypto exchange in Japan after acquiring Amber Group’s local subsidiary, Amber Japan. The revamped exchange will be called S.BLOX and aim to boost Sony’s presence in the Bitcoin and crypto space.
JUST IN: 🇯🇵 $103 billion Sony to launch #Bitcoin and crypto exchange. pic.twitter.com/wUAE1l8eq5
— Bitcoin Magazine (@BitcoinMagazine) July 1, 2024
Sony purchased Amber Japan in 2023 through its subsidiary Quetta Web. Amber Japan was originally known as DeCurret before Singapore-based Amber Group took over the Japanese exchange in 2022.
Sony has rebranded its acquired exchange as S.BLOX and plans to upgrade its user interface and mobile app significantly. The exact launch date remains unannounced.
The move reflects Sony’s growing push into Bitcoin and crypto. By leveraging the Amber Japan exchange, Sony can capitalize on its brand recognition and global reach to boost the adoption of its future Bitcoin and crypto offerings.
Japan has emerged as a leading Bitcoin market due to proactive regulation and high consumer awareness. This makes it an ideal place for Sony to debut and expand services.
Major corporations like Sony embracing Bitcoin and crypto signal wider mainstream momentum. Sony’s past acquisitions of companies like CBS Records and Columbia Pictures transformed it from an electronics firm into a global media titan. Its latest acquisition could spark a similar evolution for Bitcoin.
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