The Bank of New York Mellon (BNY) has secured an exemption from the SEC’s controversial SAB 121 rule, allowing it to offer cryptocurrency custody services for exchange-traded product (ETP) clients. This move marks a significant step towards the broader adoption of digital assets by traditional financial institutions.
The U.S. Securities and Exchange Commission (SEC) has accused crypto companies TrustToken and TrueCoin of defrauding investors through the sale of unregistered investment contracts involving the TrueUSD (TUSD) stablecoin. The SEC alleges that the companies misrepresented the backing of TUSD and the safety of investment opportunities, placing investors at risk.
The U.S. Securities and Exchange Commission (SEC) has approved the listing and trading of options for BlackRock’s spot Bitcoin ETF, opening new avenues for institutional investors to engage with the cryptocurrency market. This move signifies a major milestone for Bitcoin, allowing for more efficient hedging strategies and potentially attracting a wider range of investors. The approval is also likely to influence Bitcoin’s price, with analysts suggesting that a potential Trump victory could propel Bitcoin to new highs, while a Harris win might result in a price dip.
The SEC is pressing for sanctions against Elon Musk after he twice ignored court orders to appear for a deposition regarding his 2022 Tesla stock sale and Twitter acquisition. Musk, who claims he was overseeing a high-risk SpaceX mission, faces potential contempt charges and further legal action if he continues to avoid the SEC investigation.
ConsenSys, the company behind Ethereum infrastructure projects like MetaMask, faced a setback in its lawsuit against the SEC. While the SEC dropped its investigation into Ethereum, it filed new charges against ConsenSys for operating MetaMask as an unregistered securities broker. The outcome highlights the ongoing regulatory scrutiny of the blockchain industry and the debate over the legal status of cryptocurrencies.
Rep. Ritchie Torres is questioning the SEC’s use of the term ‘digital asset security,’ arguing that it lacks legal basis and was invented without any statutory or regulatory support. This comes after the SEC has faced criticism for its aggressive approach towards cryptocurrencies, particularly with the Binance lawsuit and the Ripple case.
C3 Pharmaceuticals, a cannabinoid-focused biopharmaceutical company, has secured $99.3 million in funding to expand its manufacturing operations and introduce its cannabis-based tablet, Idrasil, to the U.S. and international markets. The company is also facing legal challenges related to Idrasil, with the SEC pursuing a lawsuit against its co-founders.
Republican lawmakers Tom Emmer and Patrick McHenry have sent a letter to SEC Chair Gary Gensler, urging for clear guidance on the regulatory status of crypto airdrops. They argue that the SEC’s current approach could stifle innovation in the burgeoning digital asset space.
Icahn Enterprises stock climbed higher on Tuesday following a 14% jump the previous day. The boost came after a U.S. District Court judge dismissed a class action lawsuit against the company, finding that the claims made by short seller Hindenburg Research lacked merit. This positive news comes on the heels of a settlement with the SEC regarding disclosures about Icahn’s personal margin loans.
A new report from the National Center for Energy Analytics (NCEA) argues that the Securities and Exchange Commission’s (SEC) proposed climate rules will severely harm the U.S. financial market. The report, authored by NCEA Advisor Paul H. Tice, claims the rules will create excessive regulatory burdens, increase dependence on foreign energy sources, and lead to a more volatile and risky financial landscape. The report also criticizes the SEC for exceeding its mandate by implementing climate policy, a domain reserved for Congress.
