Coinbase, one of the leading cryptocurrency exchanges in the US, has accused the Securities and Exchange Commission (SEC) of overstepping its authority. In a court filing, Coinbase argued that the SEC’s classification of crypto assets as securities goes beyond its jurisdiction. The exchange also claimed that the regulatory body is attempting to redefine the criteria […]
The United States Internal Revenue Service (IRS) has extended the comment period for proposed crypto tax reporting rules. The public consultation will now last until November 13th. The proposed regulations, titled “Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions,” aim to streamline tax submissions and […]
The cryptocurrency exchange Coinbase has argued that the Securities and Exchange Commission (SEC) exceeded its authority by classifying the cryptocurrencies listed on its platform as securities. In a recent court filing, Coinbase criticized the SEC’s definition of securities, stating that it was too broad and that the cryptocurrencies listed on the exchange should not fall […]
BlockFi, a cryptocurrency lending platform, has announced that it has emerged from bankruptcy and will now proceed with its bankruptcy plan. The company will continue to distribute client assets and allow wallet customers to request withdrawals until December 31. In early 2024, BlockFi plans to enable withdrawals for BlockFi Interest Account (BIA) and Retail Loan […]
Republican members of the United States House of Representatives have selected Tom Emmer as their nominee for the next Speaker. This decision comes after previous candidates, Jim Jordan and Steve Scalise, were unable to secure enough votes. The Speaker seat has been vacant since October 3, when Kevin McCarthy was removed from the position. In […]
In a significant development, Ripple executives Brad Garlinghouse and Chris Larsen have emerged victorious in their legal battle against the U.S. Securities and Exchange Commission (SEC). On Monday, October 23, 2023, U.S. District Judge Analisa Torres dismissed the SEC’s case against them, putting an end to the charges. The dismissal was marked with prejudice, which […]
US District Judge Analisa Torres has dismissed the case against Ripple executives Brad Garlinghouse and Chris Larsen, according to an order signed on October 23, 2023. The dismissal order specifically refers to “Institutional Sales” of XRP by the executives, omitting the categories of “Programmatic Sales” and “Other Distributions.” This strategic decision means that while Garlinghouse […]
The iShares spot Bitcoin exchange-traded fund (ETF) proposed by BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), indicating potential approval by the United States Securities and Exchange Commission (SEC). This development is seen as a significant step towards bringing a crypto ETF to the market. The ETF, with a ticker symbol […]
Investment manager BlackRock has revealed plans to provide initial funding for its spot Bitcoin exchange-traded fund (ETF), according to recent securities filings. The company’s S-1 amendment details the process of seeding an ETF, whereby a bank or broker-dealer purchases Bitcoin in exchange for ETF shares. This move by BlackRock is seen as a significant display […]
BlackRock and Fidelity, two major asset managers, have applied for spot Bitcoin exchange-traded funds (ETFs), reflecting the growing interest in these products. SEC Commissioner Hester Peirce, who has been supportive of such investment vehicles since 2018, commented on the increasing interest from firms and investors in Bitcoin ETFs. However, she cautioned against speculating on how […]
