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State of Crypto
Coinbase and Custodia both lost early and preliminary court fights. The Coinbase loss was more or less expected – companies rarely win much on a motion for judgment at such an early stage – but still pretty enlightening.
Binance is having a weird moment, perhaps most clearly illustrated by the fact that a national government detained two of its executives for a month now – and one is only free because he seemingly escaped custody.
A federal judge ruled that secondary-market transactions for certain cryptocurrencies violated securities law. The catch: This was a default judgment. The defendant never showed up, and no one filed amicus briefs to oppose the Securities and Exchange Commission’s motion for a default ruling.
Sam Bankman-Fried’s new legal team filed his sentencing memo, alongside 29 different character references and other supporting documents, arguing he shouldn’t face a lengthy prison term after his conviction last November on two fraud and five conspiracy charges.
(Nikhilesh De/CoinDesk)
While our attention was focused on exchange-traded funds earlier this month, federal regulators in the U.S. announced charges or sentences for various crypto parties.
Last October, the Financial Crimes Enforcement Network proposed implementing a new regulatory regime for crypto mixing services that would treat the entire class of privacy tools as money laundering threats and force new recordkeeping rules on U.S. people or entities that use them. The industry had a chance to weigh in. Here’s the gist of their responses.
Earlier this week, a federal judge asked attorneys with the U.S. Securities and Exchange Commission why – “big picture” – there wasn’t any sort of uniting regulation addressing crypto.
Last summer, the U.S. Securities and Exchange Commission (SEC) sued crypto exchanges Coinbase and Binance, alleging they listed and traded unregistered securities in the form of various cryptocurrencies. This week, the regulator’s legal teams faced the exchanges in court as the companies argued the SEC did not make the case that those cryptos are securities.
Excitement over a spot bitcoin ETF – a regulated financial product that would give institutional and retail investors easier exposure to bitcoin’s price without requiring them to invest directly in the asset – continues to grow.