OCC Chief says Crypto Could Destabilize the Financial System Like Derivatives in 2008

Michael Hsu, Chief of the US Office of the Comptroller of the Currency (OCC), isn’t very keen on cryptocurrency. He recently called the industry a threat to the financial system that could unravel into a 2008-style collapse. Hsu’s Concerns Surrounding Crypto Hsu voiced his criticisms of the digital asset space in a webcast with The Blockchain Association on Tuesday. During the call, he compares the threat of cryptocurrencies to credit-default swaps that led to the banking meltdown of 2008. Like cryptocurrency and…

New US SEC Chairman to Receive Payments from Banking Giant Goldman Sachs

Gary Gensler, the new chairman of the US Securities and Exchange Commission (SEC), came under fire after a recent disclosure. The report highlighted that the SEC head could receive over $11,724 a year in payments from Goldman Sachs. The revelation showed that Gensler might use his new role as SEC chair to attack retail investors. Some in the crypto sphere questioned Gensler's pension plan from Wall Street giant Goldman Sachs. They argued that the new SEC head could be more inclined to protect…

Crypto Market Spells Uncertainty as Analyst Believes SEC Will Approve BTC ETFs Soon

According to analysts from Santiment, there's fear and uncertainty among crypto enthusiasts. They noted that investors are somewhat skeptical about buying BTC in its recent dip status.  Moreover, the analysis showed high FUD levels, and HODLers and Traders hold fearful positions. Contrary to the norm, none of the latter or former is quite active in the buying bitcoin front. Why Not Buy the Dip? Analysts from Santiment mentioned how faint-hearted the 'buy the dip' crowd is during the recent BTC price…

Fidelity Implores the SEC to Approve Bitcoin ETFs in an Exclusive Meeting

Fidelity investment firm argues that Bitcoin global markets have already reached maturity. The financial firm recently urged the United States Securities and Exchange Commission (SEC) to approve Bitcoin ETFs. Fidelity presented its Bitcoin exchange-traded fund (ETF) to SEC officials on September 8th. The officials present in the private meeting included several SEC officials. Also, six Fidelity firm executives and Tom Jessop – Fidelity Digital Asset President, were also there. Furthermore, the finance executives present laid out reasons SEC regulators should approve EFT. Some of…

New York Court Closes Down Coinseed for Unlawfully Handling Customers’ Funds

On September 13th, the New York Attorney General won a lawsuit against Coinseed. NYAG Letitia James ordered Coinseed to stop their operations for its improper dealings. The crypto exchange platform defrauded customers by converting their funds into Dogecoin without their consent. The Federal court instructed Coinseed to pay $3 million in fines for its illegal dealings. The company further emptied its bank accounts and issued unlicensed securities. Unfortunately, it is not the first time Coinseed has been on the wrong side of…

Coinbase Sets out to Raise About $1.5 Billion via Bond Sales

On Monday 13th, Coinbase announced plans to raise around $1.5 billion in a bond sale. The announcement comes after SEC's threats of legal actions if Coinbase launches lending services. In fact, some investors see this as Coinbase's alternative to their last week's planned lending project. The trading entity is the most popular crypto exchange, with over $5.6 billion daily trading volume. It announced on Monday plans to launch a debt offering worth $1.5 billion. This offering will raise capital to grow Coinbase and bolster…

The SEC Still Demands Steven Seagal Pays Crypto Fine despite Moving to Russia

Famous actor Steven Seagal is in trouble with U.S. (SEC) for failing to pay his total fine for illegally touting an ICO. The celebrity settled the cryptocurrency fraud case in February 2020. And agreed to pay disgorgement amounting to $330K. However, according to SEC lawyer Maureen Peyton King, Seagal only made one $75,000 payment. More so, he has yet to clear the rest of the fine. The Hollywood star moved to Moscow in 2016 after president Putin granted him Russian…

USDC’s Circle Files with SEC to Become a Commercial Bank

According to a post on Circle's website by Founder and CEO Jeremy Allaire, the USDC stablecoin has filed with the Securities and Exchange Commission to become a U.S. federally-chartered national commercial bank. This happens amid executives at Tether, its larger rival, facing a criminal probe by U.S. prosecutors. Though the firm officially announced its decision to become a bank in its August 9th blog post, their  S-4 filing to the SEC on August 6th insinuated its plans to become a…

The SEC May Try to Settle with Ripple Before Case Reaches Trial

The drawn-out legal dogfight between Ripple and the Securities and Exchange Commission (SEC) may have taken a dramatic twist in favor of the blockchain-based digital payment company. According to a recent tweet from Attorney Jeremy Hogan, the SEC may try to settle with Ripple before the case ever reaches trial. He explained that less than 10% of criminal and civil lawsuits ever make it to trial due to resource pressures faced by the U.S. legal system.  The attorney gave his…

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