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The SEC settled with Nashville-based Linus Financial, Inc. for not registering its crypto lending product, appreciating its cooperative stance and swift corrective measures. The Securities and Exchange Commission (SEC) settled charges against Linus Financial, Inc., stemming from its failure to register offers and sales related to its crypto lending product, the Linus Interest Accounts. The regulator opted against imposing civil penalties, citing Linus Financial’s cooperation and immediate rectification steps. In March 2020, Linus Financial introduced the Linus Interest Accounts in the U.S., allowing investors to exchange U.S. dollars for a promise of interest. These funds were converted into crypto currency assets, with Linus Financial pooling them and overseeing their utilization to generate revenue for both the company and the interest payments for investors. The SEC determined these accounts were marketed and sold as securities, making their offers and sales liable for SE...

Justice Department Takes Action Against Mt. Gox Hackers According to the statement released by the DOJ, Bilyuchenko, 43, and Verner, 29, are accused of conspiring to launder approximately 647,000 Bitcoins that were stolen during the Mt. Gox hack. As reported earlier on CoinGape, Mt. Gox — once the largest Bitcoin exchange globally — faced a catastrophic collapse in 2014 after losing around $500 million worth of the digital currency. At the current Bitcoin price, the value of the stolen Bitcoins amounts to over $17 billion. Read More: Cathie Wood Predicts Bitcoin’s Price To Reach $1Mn By 2030 The incident came to light when Ryan Selkis, the founder of Messari, published an internal document in February 2014, revealing the loss of nearly 750,000 BTC by Mt. Gox. This disclosure led to a halt in the exchange’s operations and sent shockwaves through the cryptocurrency community. Russian Nationals Face Charges For Money Laundering Scheme Additionally, the DOJ has charg...

Also Read: Terra Luna Classic Validator To Fund USTC Repeg Team As Community Rejects Proposal advertisement US SEC’s Attorney Withdraws From XRP Lawsuit In a filing dated August 23, 2022, the federal regulatory agency said that attorney Guerrier is no longer a part of the lawsuit against Ripple Labs. However, other counsels recorded previously continue to represent the agency, it said in the filing. “Ms. Guerrier is no longer participating in this matter. The SEC continues to be represented by the other counsel of record in this matter.” In this context, it is unknown as of now as to whether the attorney had asked to withdraw over disagreements with the SEC’s position. The agency officials have been at the receiving end of criticism over the stringent enforcement actions it took against crypto businesses since the beginning of 2023. On the other side, the US lawmakers have been expressing concerns on the threat of dedollarization ...

The United States Securities and Exchange Commission isn't likely to block the debut of Ethereum futures ETFs, according to sources. The price of Ether (ETH) surged around 11% to $1,700 following news that the United States Securities and Exchange Commission is set to allow the first exchange-traded funds (ETFs) based on Ether Futures. According to an Aug. 17 report from Bloomberg — which cited anonymous sources familiar with the matter — the regulator does not look as though it will block the applications of nearly twelve companies, including ProShares, Volatility Shares, Bitwise and Roundhill, that have filed to launch Ether (ETH) futures ETFs in recent weeks. Breaking The SEC is expected to green light an ETH futures ETF The beginning of something potentially massive here… pic.twitter.com/x9KtOpCqei — Bankless (@BanklessHQ) August 17, 2023 It remains unclear which ETF applications would be approve d by the SEC; however, officials indicated that several of the filings may be...

The company has 400 MW of capacity spread across three continents, but most of its power is concentrated in Texas. Bitcoin miner Genesis Digital Assets (GDA) announced on Aug. 1 that it has launched three new data centers in the U.S. state of South Carolina. The facilities came online in February and March. The facilities are located in the western part of the state, with the first opening in the town of Anderson on the site of an abandoned warehouse. It has a capacity of 18 MW. Facilities were opened between the towns of Union and Lockhart the following month that had a combined capacity of 15 MW. Genesis Digital Assets in South Carolina. Source: Genesis Digital Assets The company said in a statement that the new facilities were part of an expansion in the United States. GDA North American head Ankit Joshi said, “We were impressed to see how these local communities welcomed us so warmly as an opportunity for their economy.” Time for another WARNING! We are NOT onboarding new cus...

US House To Markup Crypto Bills The US House Financial Services Committee to markup H.R. 4763, the “Financial Innovation and Technology for the 21st Century Act”, H.R. 1747, the “Blockchain Regulatory Certainty Act” and H.R. 2969, the “Financial Technology Protection Act of 2023.” advertisement The bills define when a crypto is a security or a commodity, establish a regime for stablecoins regulation, and clarity over US SEC and CFTC jurisdiction and oversight. It will follow a full vote by the House of Representatives and forward to the Democrats-led Senate for approval of a regulatory framework for crypto in the US. This will be another milestone for the crypto industry after Ripple’s partial win against the US SEC. Kristin Smith, CEO of the Blockchain Association, said: “Obviously we’ve had some important decisions come from the courts in the past, but this is by far the most significant legislative moment ...

Binance, its CEO Changpeng Zhao (CZ), and the company’s former compliance chief Samuel Lim seek to dismiss the complaint filed by the US CFTC. On March 27, 2023, the Commodity Futures Trading Commission took legal action against Binance for violating the Commodity Exchange Act and offering futures trades without registering as a futures commission merchant (FCM). You might also like: US CFTC takes legal action against Binance, crypto markets fall Moreover, according to the motion , the defendants seek to file two separate motion s to dismiss CFTC’s lawsuit . Binance and CZ file a joint motion while Lim goes independent. The defendants requested the court to allow them to respond with a 50-page motion while currently limited to only 15 pages. Per the document, the defendants’ response against the CFTC needs to be submitted by July 27 to the US District Court for the Northern District of Illinois. Last month, the US Securities and Exchange Commission (SEC) sued Binan...