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Enforcement Actions

All articles tagged with #enforcement actions

cryptocurrency-regulation2 years ago

SEC Rejects Coinbase's Request for Custom Crypto Regulations

The U.S. Securities and Exchange Commission (SEC) has rejected Coinbase's petition for tailored regulations for cryptocurrencies, stating that the existing securities regime is sufficient. The SEC argues that it already has the authority to regulate crypto assets and has been engaging in rule proposals and enforcement actions. Two of the five commissioners disagreed with the decision. Coinbase had sought a response from the SEC since 2022 and even filed a lawsuit to force a reply. While the SEC opposes tailored rules, the wider Financial Stability Oversight Council has concluded that Congress should intervene with crypto regulations.

via CoinDesk|
#coinbase#crypto-regulations#cryptocurrency-regulation
finance2 years ago

SEC Achieves Record Financial Recovery and Crypto Enforcement Actions in Fiscal Year 2023

The Securities and Exchange Commission (SEC) announced its enforcement results for fiscal year 2023, revealing that it filed 784 enforcement actions, obtained orders for nearly $5 billion in financial remedies, and distributed nearly $1 billion to harmed investors. The enforcement actions covered a wide range of violations in the securities industry, including fraud, cybersecurity threats, and misconduct by market participants. The SEC also highlighted its efforts to protect whistleblowers and promote investor protection. Additionally, the SEC saw record-breaking results in its whistleblower program, with over $600 million awarded to whistleblowers and a significant increase in tips received. The SEC's enforcement efforts in the crypto asset securities space were also highlighted, with actions taken against fraudsters, unregistered offerings, and non-compliant intermediaries.

via SEC.gov|
#crypto-asset-securities#enforcement-actions#finance
technology2 years ago

"Xbox's AI-powered solution tackles content flood with moderation team support"

Microsoft is using AI tools to enhance its Xbox moderation efforts, automating the flagging of content for human review without relying solely on player reports. The company's transparency report highlights two tools, Community Sift and the Turing Bletchley v3 AI model, which help scale up moderation capabilities and reduce exposure to sensitive content. Community Sift has filtered over 36 million Xbox player reports in 22 languages, while the Bletchley system scans user-generated imagery, blocking 4.7 million images in the first half of 2023. Microsoft has also seen a significant increase in enforcement actions against inauthentic accounts, up 276% from the previous year.

via Ars Technica|
#ai#community-standards#content-moderation
cryptocurrency-regulation2 years ago

SEC Chair Gensler Highlights Crypto Risks and Ripple Ruling Impact in Budget Request

SEC Chair Gary Gensler has requested over $2.4 billion for the commission's 2024 fiscal budget, citing the need for additional resources to address misconduct in the crypto space. Gensler referred to the "Wild West of the crypto markets" and the prevalence of noncompliance as reasons for the budgetary request. He expressed the intention to increase the number of full-time positions at the SEC and highlighted the impact of rapid technological innovation on misconduct in the crypto industry. Gensler's remarks came after a recent ruling in the SEC v. Ripple lawsuit, indicating that his stance on regulation by enforcement may not have changed.

via Cointelegraph|
#budget-request#crypto-markets#cryptocurrency-regulation
finance2 years ago

Federal Reserve Board Takes Action Against Deutsche Bank AG and U.S. Affiliates

The Federal Reserve Board has announced two enforcement actions against Deutsche Bank AG, its New York branch, and other U.S. affiliates. The first action includes a consent order and a $186 million fine for unsafe and unsound practices and violations of previous consent orders relating to sanctions compliance and anti-money laundering controls. The second action is a Written Agreement addressing general deficiencies in Deutsche Bank's governance, risk management, and controls.

via Federal Reserve|
#anti-money-laundering-controls#deutsche-bank#enforcement-actions
cryptocurrency-regulation2 years ago

"Blockchain Association Calls for Gensler's Recusal in Crypto Enforcement"

The Blockchain Association has claimed that SEC Chair Gary Gensler must step back from digital assets according to federal law. The association argues that Gensler has shown bias against the crypto space and has failed to provide clear rules and guidance. They believe that Gensler's preconceived notions about digital assets could taint future legal proceedings and have called for his recusal. This is not the first time such a request has been made, with Ripple and LBRY previously stating that Gensler's public comments disqualify him from participating in future legal proceedings.

via Blockworks|
#blockchain-association#cryptocurrency-regulation#digital-assets
cryptocurrency-regulation2 years ago

"SEC Chair Gensler's Recusal Urged by Blockchain Association for Crypto Enforcement"

The Securities and Exchange Commission (SEC) Chair Gary Gensler is facing calls to recuse himself from decisions related to the enforcement of the American digital assets industry. Critics argue that Gensler's relentless pursuit against the industry, without providing clear rulemaking and guidance, demonstrates bias and a disregard for due process. They claim that Gensler's preconceived notion that all digital assets, except Bitcoin, are securities undermines the fairness of the enforcement process and deprives targets of their due process rights. Recusal is necessary to ensure a fair and unbiased supervision of the digital assets industry.

via Fortune|
#cryptocurrency-regulation#digital-assets#due-process
cryptocurrency-regulation2 years ago

SEC Chair Gensler and US Senator Lummis clash over crypto regulation

Former SEC attorney, John Reed Stark, has warned crypto investors to get out of crypto platforms due to the regulatory and law enforcement siege that has only just begun. Stark emphasized that crypto trading platforms are high-risk, perilous, and inherently unsafe, lacking the protections afforded to participants in other financial markets that fall under the purview of the SEC. He argued that the crypto industry has been operating outside the bounds of what financial markets in the U.S. have traditionally had to adhere to and needs to come into regulatory compliance.

via Kitco NEWS|
#crypto-trading-platforms#cryptocurrency-regulation#enforcement-actions
regulation2 years ago

SEC Reverses Stance on Labeling Digital Assets

The US Securities and Exchange Commission (SEC) removed its first formal definition of "digital asset" from its latest hedge fund rule, stating that it is still considering the term and not adopting it at this time. The SEC has been actively considering crypto matters, including reopening a previously proposed rule redefining the term "exchange" to include decentralized finance (DeFi). The agency's decision to remove the definition of digital assets from the hedge fund rule may be due to concerns that any recognition of their uniqueness as a novel product weakens their litigation stance that digital assets are securities and subject to SEC securities laws.

via CoinDesk|
#definition#digital-assets#enforcement-actions
cryptocurrency2 years ago

Coinbase takes legal action against SEC over crypto regulations.

Coinbase has filed a lawsuit against the SEC, asking the regulator to publicly share its answer to a petition from July 2022 on whether the crypto industry can be regulated using existing SEC frameworks. The SEC has not offered a specific public response to Coinbase's petition, but has ramped up enforcement actions and warnings against crypto exchanges in recent months. Coinbase's move comes a little over a month after it was warned by the SEC of pending legal action through a Wells notice.

via CNBC|
#coinbase#cryptocurrency#digital-assets
finance2 years ago

House GOP Criticizes SEC Chair Gensler's Regulatory Agenda and Rulemaking.

SEC Chair Gary Gensler defended the agency's regulatory agenda during a contentious hearing before the House Financial Services Committee as Republicans accused him of overreaching. The hearing largely focused on cryptocurrencies and climate change disclosure rules. Gensler reiterated that the vast majority of crypto tokens are securities and signaled he intends to continue pushing more enforcement action against crypto firms. He also warned of the impact on capital markets if the US failed to raise the nation's borrowing limit.

via Yahoo Finance|
#climate-change#cryptocurrencies#enforcement-actions
social-media2 years ago

Twitter to Label "Hateful" Tweets When Restricted.

Twitter is introducing new labels that will appear on tweets that violate its Hateful Conduct policy and are restricted by the company. The labels will make it clear that the tweets have been limited and won't affect a user's account. Twitter plans to expand the labels to other policy areas and allow users to appeal its decisions in the future. The move is part of Twitter's broader direction to take less severe actions against accounts that break its rules.

via The Verge|
#content-moderation#enforcement-actions#hateful-conduct