The U.S. Securities and Exchange Commission (SEC) recently filed charges against John DeSalvo, the mastermind behind Blazar Token, a minor cryptocurrency. DeSalvo managed to raise a significant amount of money from investors before the collapse of the token. This article delves into the details of DeSalvo’s fraudulent scheme, how he targeted specific individuals, and the
Regulation
PayPal recently sent an email to select users notifying them of the temporary suspension of its crypto buying services in the U.K. The service will be paused from October 1, 2023, and is expected to resume in early 2024. While users won’t be able to buy cryptocurrencies during this period, they can still hold and
Bloomberg’s Senior ETF Analyst, Eric Balchunas, has announced that the Security and Exchange Commission (SEC) could reveal a significant decision regarding Grayscale Investments as early as today, August 15, or by the latest, this Friday, August 18. This decision is expected to have significant implications for the approval of Bitcoin exchange-traded products (ETPs), with specific
The Securities and Exchange Commission (SEC) under the chairmanship of Gary Gensler is facing significant regulatory hurdles in approving a Bitcoin spot ETF application. Former SEC attorney John Reed Stark believes that these concerns revolve around the prevention of fraud and the protection of investors. However, what makes this situation even more complex is the
In a recent development, U.S. Senator Cynthia Lummis has come out in support of Coinbase’s motion to dismiss the U.S. Securities and Exchange Commission (SEC) lawsuit. In her amicus brief, Lummis highlights the ongoing debates in Congress surrounding crypto regulation and argues that it should be left to Congress to develop fair and balanced regulations.
Democratic U.S. Congresswoman Maxine Waters recently voiced her criticism of PayPal’s stablecoin, highlighting the need for federal regulation and oversight in the cryptocurrency space. In a statement, she expressed concerns about the lack of a regulatory framework and emphasized the importance of protecting users and ensuring financial stability. Waters argued that the launch of PayPal’s
Bitstamp, one of the leading cryptocurrency exchanges, announced on August 8 that it would cease U.S. trading for several cryptocurrencies that have been declared as securities in recent cases against Binance and Coinbase. The affected tokens include Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near Protocol (NEAR), The Sandbox (SAND), and Solana (SOL).
The Hong Kong Securities and Futures Commission (SFC) issued a warning on Monday, Aug. 7, to virtual asset trading platforms (VATPs) involved in what it practices, emphasizing the potential legal and regulatory consequences. This notice comes on the heels of the SFC’s observation of unlicensed VATPs falsely claiming to have submitted licensing applications, and other
Worldcoin, despite facing early regulatory challenges in various jurisdictions, has reported a doubled demand for its global World ID verifications during the first week of its launch. This surge in demand can be attributed to the release of new Orbs worldwide, which have significantly boosted the weekly verifications numbers. It is important to note that
In a recent announcement, financial technology company Revolut revealed that it will be “suspending” crypto services for its customers in the United States. This decision comes as a result of the evolving regulatory environment and uncertainties surrounding the crypto market in the US. Starting from September 2, 2023, Revolut’s US customers will no longer be
