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Cryptocurrencyregulation

All articles tagged with #cryptocurrencyregulation

cryptocurrencyregulation2 years ago•2 min saved

"2024: The Year of US Crypto Regulation and Enforcement Clarity?"

The year 2024 is anticipated to be pivotal for cryptocurrency regulation in the United States, with several major legal cases and proposed rules potentially bringing clarity to the industry. Key developments include a Coinbase legal challenge to the SEC, a Supreme Court case that could limit federal agencies' power, and the conclusion of Ripple's lawsuit with the SEC. Proposed rules from the SEC, IRS, and Treasury Department could significantly impact the crypto landscape, with outcomes ranging from stifling DeFi development to prompting Congress to establish a regulatory framework. However, the exact direction of U.S. crypto regulation remains uncertain, with industry leaders acknowledging the difficulty in predicting congressional actions.

via Decrypt|

##cryptocurrency #cryptocurrencyregulation

cryptocurrencyregulation2 years ago•1 min saved

Binance's CZ Faces Potential Prison Time, but Exchange Remains Resilient

The U.S. Department of Justice argues that Changpeng 'CZ' Zhao, former CEO of Binance, is a manageable flight risk and should not be allowed to leave the United States despite his voluntary surrender. Prosecutors believe that the potential severity of his sentence for breaking anti-money laundering laws would give him incentive to flee back to the UAE, which has no extradition treaty with the U.S. Zhao pleaded guilty and stepped down as CEO, while Binance agreed to pay $4.3 billion in penalties. Fellow executive Sam Bankman-Fried remains in custody awaiting sentencing.

via CoinDesk|

#binance #changpeng-zhao #cryptocurrencyregulation

cryptocurrencyregulation2 years ago•2 min saved

SEC Takes Legal Action Against Prager Metis for Audit Violations

The SEC has filed a legal complaint against accounting firm Prager Metis, alleging that it committed numerous violations related to auditor independence while providing services to cryptocurrency exchange FTX before its bankruptcy. The SEC claims that Prager Metis offered auditing services while also providing accounting services, which is prohibited under auditor independence rules. The violations allegedly spanned over a three-year period, and the SEC emphasizes that there were "hundreds" of violations. Concerns have also been raised about the impartiality of Prager Metis and another law firm, Fenwick & West, in relation to their services for FTX.

via Cointelegraph|

#auditor-independence #bankruptcy #cryptocurrencyregulation

cryptocurrencyregulation2 years ago•2 min saved

"Latest Developments in Ripple v. SEC Case and Uncertain Future of XRP"

The court has set a briefing schedule for the SEC's anticipated motion to file an interlocutory appeal in the ongoing legal battle between Ripple and the SEC. The SEC has been granted permission to request an early appeal, but it does not guarantee that the appeal will be authorized. The judge could still deny the motion, and it may take several more months for a ruling. Ripple's legal team has filed an opposition to the SEC's anticipated motion, citing wrongful application of facts and lack of a clear legal question. Ripple's chief legal officer is confident in winning on appeal but prefers to follow the ordinary course. The XRP token's price has declined amid the bearish sentiment in the cryptocurrency market.

via Finbold - Finance in Bold|

#cryptocurrencyregulation #interlocutory-appeal #legal-standoff