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VOICE ARCHIVE

Mike Selig

@mikeseligesq
13 posts
2024-03-28
Significant setback for SEC w/ Judge Failla granting Coinbase's motion to dismiss SEC's claim that Coinbase acted as a broker by offering non-custodial digital wallet software. SEC aimed to discourage builders from developing peer-to-peer software. Didn't work.
2024-03-28 View on X
Reuters

A US judge rules that the SEC's lawsuit against Coinbase can proceed, but dismisses one claim that Coinbase acted as an unregistered broker via Coinbase Wallet

2023-08-12
Bittrex was the exchange for trading ICO tokens during the 2017 bull. SEC sued Bittrex in 2023 for operating an unregistered securities exchange after it had largely winded down (as had most 2017 vingage ICOs). Today SEC and Bittrex settled for a $24mil penalty. End of an era.
2023-08-12 View on X
Reuters

Filing: Bittrex agrees to pay $24M to settle US SEC claims that the crypto exchange failed to register with the agency; Bittrex doesn't admit to the allegations

Agrees to Pay $24 Million Rick Morgan / Seattle Business Journal : Seattle crypto exchange Bittrex reaches $24M settlement with SEC Dimitar Dzhondzhorov / CryptoPotato : Embattled ...

2023-08-11
Bittrex was the exchange for trading ICO tokens during the 2017 bull. SEC sued Bittrex in 2023 for operating an unregistered securities exchange after it had largely winded down (as had most 2017 vingage ICOs). Today SEC and Bittrex settled for a $24mil penalty. End of an era.
2023-08-11 View on X
Reuters

Filing: Bittrex agrees to pay $24M to settle US SEC claims that the crypto exchange failed to register with the agency; Bittrex doesn't admit to the allegations

Bittrex has agreed to pay $24 million to settle claims by the U.S. Securities and Exchange Commission that the cryptocurrency exchange failed …

2023-08-08
Banking regulators have essentially said banks can only issue stablecoins on private blockchains. PayPal will issue its stablecoin on Ethereum. This regulatory arbitrage has to put pressure on Congress to pass a stablecoin bill ASAP.
2023-08-08 View on X
Bloomberg

PayPal debuts PYUSD, a Paxos-issued stablecoin and fully backed by USD deposits, short-term Treasuries, and cash equivalents, rolling out to US users gradually

Press Releases  —  McHenry Statement on PayPal Announcing Launch of Payment Stablecoin Shaurya Malwa / CoinDesk : PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on Ethereum ...

2023-08-05
CB motion to dismiss advances a strong argument that “contract, transaction or scheme” under Howey means a contractual undertaking to deliver value at a later date (whether in a standalone contract or as a component of a transaction or scheme). Crypto assets aren't contracts.
2023-08-05 View on X
The Verge

Coinbase asks a judge to dismiss the SEC's lawsuit, arguing that the case “falls outside the agency's delegated authority” as Coinbase doesn't trade securities

we do not offer “investment contracts” as that term has been construed by decades of Supreme Court and other binding precedent. 1/3 https://assets.ctfassets.net/ ... @iampaulgrewal...

2023-05-18
We now have regulation by comment with the SEC deeming Filecoin to be a security through a comment to Grayscale's trust product application without providing any supporting legal analysis. https://twitter.com/...
2023-05-18 View on X
CoinDesk

Grayscale says the US SEC warned that the Filecoin token meets the definition of a security and asked Grayscale to withdraw its Filecoin Trust application

Grayscale announced last month that the SEC suggested FIL might be a security.  —  to withdraw its Form 10 that sought …

2023-04-18
SEC alleges Bittrex operated an unregistered national securities exchange, broker, and clearing agency. Yet it would be impossible for Bittrex to register and comply. SEC is building up as many legal theories as it can to target crypto intermediaries and force them offshore. https://twitter.com/...
2023-04-18 View on X
CoinDesk

The US SEC sues Bittrex and its ex-CEO for allegedly operating an unregistered securities exchange, claiming tokens like Algorand and Omise Go are securities

4 recent SEC events indicate that crypto-exchanges … Tweets: @secgov : Today we charged crypto asset trading platform Bittrex Inc. and its co-founder and former CEO William Shihara...

2023-04-17
SEC end game is no doubt to force the developers of open-source peer-to-peer software protocols to register as national securities exchanges and broker-dealers. An impossible task. This will only serve to drive defi offshore. https://twitter.com/...
2023-04-17 View on X
Bloomberg

The US SEC reopens public comment for a draft rule that expands its crypto regulatory power, adding explicit language covering digital asset and DeFi exchanges

The US Securities and Exchange Commission on Friday altered a proposed rule to make more explicit that digital-asset exchanges …

2023-04-16
SEC end game is no doubt to force the developers of open-source peer-to-peer software protocols to register as national securities exchanges and broker-dealers. An impossible task. This will only serve to drive defi offshore. https://twitter.com/...
2023-04-16 View on X
Bloomberg

The US SEC reopens public comment for a draft rule that expands its crypto regulatory power, adding explicit language covering digital asset and DeFi exchanges

The US Securities and Exchange Commission on Friday altered a proposed rule to make more explicit that digital-asset exchanges …

2023-02-18
SEC complaint against TFL and Do Kwon alleges that LUNA and UST are securities. In a novel theory, the SEC not only characterizes UST as an investment contract but as a security bc it could be exchanged for a security (LUNA). Under this theory, nearly anything can be a security.
2023-02-18 View on X
Bloomberg

The SEC sues Terraform Labs and Do Kwon, accusing them of selling unregistered securities and perpetrating a fraudulent scheme that lost $40B+ in market value

Takeaways from SEC complaint Cosmos Ecosystem Chat Newsletter : SEC Charges Do Kwon, Mars on Crescent, Turkey Earthquake Aid Proposal - CEC Issue #25 The Block : U.S. investigation...

SEC complaint against TFL and Do Kwon alleges that LUNA and UST are securities. In a novel theory, the SEC not only characterizes UST as an investment contract but as a security bc it could be exchanged for a security (LUNA). Under this theory, nearly anything can be a security.
2023-02-18 View on X
The Block

Sources: Jump is the unnamed “US trading firm” that the SEC said helped support the TerraUSD stablecoin in May 2021; the SEC has not accused Jump of wrongdoing

Published 1 hour and 25 minutes earlier on  — Jump is the unidentified “U.S. trading firm” …

2023-02-17
SEC complaint against TFL and Do Kwon alleges that LUNA and UST are securities. In a novel theory, the SEC not only characterizes UST as an investment contract but as a security bc it could be exchanged for a security (LUNA). Under this theory, nearly anything can be a security.
2023-02-17 View on X
Bloomberg

The SEC sues Terraform Labs and Do Kwon, accusing them of selling unregistered securities and perpetrating a fraudulent scheme that lost $40B+ in market value

The US Securities and Exchange Commission is preparing to sue the company behind TerraUSD, a crypto stablecoin whose collapse …

2023-01-21
SEC taking the view that MNGO is a security. This will be a real test for the governance token model. But by bringing suit against Eisenberg rather than Mango team the SEC may get an easy win. Hopefully bad facts don't make bad law. https://www.sec.gov/...
2023-01-21 View on X
The Block

The US SEC charges Avraham Eisenberg with manipulating Mango Markets' governance token MNGO to steal $116M of crypto assets and says MNGO was sold as a security

- The SEC brought charges against Avraham Eisenberg on Friday after the U.S. securities regulator said Eisenberg stole $116 million from Mango Markets.