• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

SEC listing 9 tokens as securities in insider trading case ‘could have broad implications’ — CFTC

Jon Hartney by Jon Hartney
July 21, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

CFTC Commissioner Caroline Pham took issue with the SEC labeling certain crypto assets as securities in an example of “regulation by enforcement.”

Caroline Pham, one of five commissioners with the United States Commodity Futures Trading Commission, or CFTC, has expressed concerns about the possible implications of a case the Securities and Exchange Commission, or SEC, brought against a former product manager at Coinbase.

In a Thursday statement, Pham said the SEC complaint against former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi and an associate Sameer Ramani “could have broad implications” beyond the case, given its labeling nine tokens as “crypto asset securities” falling under regulatory body’s purview. The complaint alleged the Wahis and Ramani engaged in insider trading by using confidential information Ishan obtained from Coinbase in regard to which tokens would be listed on the exchange to make purchases in advance.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Specifically, the SEC referred to Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Amp (AMP), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX, and XYO — 9 of the 25 different cryptocurrencies the trio allegedly used to reap $1.1 million in gains — as securities. Pham said the SEC’s actions constituted an example of “regulation by enforcement” rather than addressing the question of certain crypto assets as securities “through a transparent process that engages the public to develop appropriate policy with expert input.”

“Regulatory clarity comes from being out in the open, not in the dark,” said Pham. “​​Given the overriding public interest and the open questions on the legal statuses of various digital assets, such as certain utility tokens and DAO-related tokens, the CFTC should use all means available to fulfill its statutory mandate to vigorously enforce the law and uphold the Commodity Exchange Act.”

Read my statement on #SEC v. Wahi, regulation by enforcement & #CFTC authority #crypto #digitalassets #DAO pic.twitter.com/xbHvyshx8l

— Caroline D. Pham (@CarolineDPham) July 21, 2022

A Thursday update to an April blog post from Coinbase in response to the case hinted at similar concerns by referring to the SEC charges as an “unfortunate distraction.” The U.S. Attorney’s Office for the Southern District of New York also filed an indictment in parallel with the SEC’s case, but did not label any of the tokens involved — including Tribe (TRIBE), Alchemix (ALCX), Gala (GALA), Ethereum Name Service (ENS), POWR, and XYO — as securities.

“The DOJ did not charge securities fraud,” said the company. “No assets listed on our platform are securities.”

SEC enforcement director Gurbir Grewal said its case against the Wahis and Ramani was based on the “economic realities of an offering,” alleging some of the crypto assets used were securities. The regulator said it sought permanent injunctive relief, disgorgement and civil penalties.

Related: CFTC labels 34 crypto and forex firms as unregistered foreign entities

The CFTC and SEC often claim overlapping jurisdictions when it comes to regulating digital assets in the United States, labeling them as either commodities or securities based on their respective agencies. In June, Senators Cynthia Lummis and Kirsten Gillibrand introduced a bill aimed at providing regulatory clarity fort the space, giving the CFTC “clear authority over applicable digital asset spot markets.” However, Lummis said in a Tuesday interview that the legislation was “more likely to be deferred until next year.”

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$22,878.00-1.78%
  • ethereumEthereum(ETH)$1,640.68-2.27%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$325.70-1.91%
  • usd-coinUSD Coin(USDC)$1.000.02%
  • rippleXRP(XRP)$0.396966-1.32%
  • Binance USDBinance USD(BUSD)$1.00-0.06%
  • cardanoCardano(ADA)$0.387765-2.80%
  • dogecoinDogecoin(DOGE)$0.089467-3.43%
  • matic-networkPolygon(MATIC)$1.270.21%
  • OKBOKB(OKB)$44.58-2.91%
  • SolanaSolana(SOL)$22.81-4.56%
  • Lido Staked EtherLido Staked Ether(STETH)$1,640.08-2.26%
  • polkadotPolkadot(DOT)$6.71-3.69%
  • Shiba InuShiba Inu(SHIB)$0.000013-6.93%
  • litecoinLitecoin(LTC)$98.03-3.14%
  • AvalancheAvalanche(AVAX)$19.90-4.20%
  • tronTRON(TRX)$0.0664810.47%
  • daiDai(DAI)$1.00-0.04%
  • UniswapUniswap(UNI)$6.73-3.52%
  • cosmosCosmos Hub(ATOM)$14.89-1.75%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,884.00-1.54%
  • chainlinkChainlink(LINK)$7.13-0.91%
  • ToncoinToncoin(TON)$2.28-3.69%
  • ethereum-classicEthereum Classic(ETC)$22.48-2.80%
  • leo-tokenLEO Token(LEO)$3.36-0.35%
  • moneroMonero(XMR)$166.39-0.95%
  • bitcoin-cashBitcoin Cash(BCH)$130.62-3.57%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • stellarStellar(XLM)$0.090349-1.83%
  • AptosAptos(APT)$14.57-10.03%
  • Lido DAOLido DAO(LDO)$2.807.01%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.573.55%
  • CronosCronos(CRO)$0.082634-1.23%
  • ApeCoinApeCoin(APE)$5.66-6.18%
  • filecoinFilecoin(FIL)$5.29-4.79%
  • algorandAlgorand(ALGO)$0.280294-0.08%
  • QuantQuant(QNT)$138.30-2.20%
  • HederaHedera(HBAR)$0.073585-0.60%
  • vechainVeChain(VET)$0.025525-4.30%
  • Internet ComputerInternet Computer(ICP)$5.65-3.26%
  • The GraphThe Graph(GRT)$0.177159-10.74%
  • The SandboxThe Sandbox(SAND)$0.83-7.18%
  • FantomFantom(FTM)$0.51-12.38%
  • Axie InfinityAxie Infinity(AXS)$11.861.32%
  • decentralandDecentraland(MANA)$0.75-6.53%
  • AaveAave(AAVE)$85.22-3.76%
  • eosEOS(EOS)$1.08-3.85%
  • FlowFlow(FLOW)$1.10-8.73%
  • MultiversXMultiversX(EGLD)$45.71-4.95%
  • theta-tokenTheta Network(THETA)$1.13-5.50%
  • tezosTezos(XTZ)$1.21-2.40%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000179-3.06%
  • FraxFrax(FRAX)$1.00-0.26%
  • Frax ShareFrax Share(FXS)$13.426.58%
  • paxos-standardPax Dollar(USDP)$1.000.05%
  • true-usdTrueUSD(TUSD)$1.000.25%
  • Rocket PoolRocket Pool(RPL)$46.8310.66%
  • huobi-tokenHuobi(HT)$5.31-7.21%
  • Curve DAOCurve DAO(CRV)$1.10-0.87%
  • kucoin-sharesKuCoin(KCS)$8.63-1.77%
  • havvenSynthetix Network(SNX)$2.64-10.07%
  • bitcoin-cash-svBitcoin SV(BSV)$42.68-2.10%
  • ChilizChiliz(CHZ)$0.152240-7.73%
  • ImmutableXImmutableX(IMX)$1.00-11.72%
  • PancakeSwapPancakeSwap(CAKE)$4.611.17%
  • USDDUSDD(USDD)$0.99-0.14%
  • eCasheCash(XEC)$0.000037-3.39%
  • BitTorrentBitTorrent(BTT)$0.000001-1.59%
  • dashDash(DASH)$62.97-5.23%
  • makerMaker(MKR)$770.57-4.45%
  • BitDAOBitDAO(BIT)$0.59-1.96%
  • Mina ProtocolMina Protocol(MINA)$0.81-7.13%
  • iotaIOTA(MIOTA)$0.242421-3.65%
  • KlaytnKlaytn(KLAY)$0.207568-3.90%
  • GateGate(GT)$4.43-0.74%
  • neoNEO(NEO)$9.05-1.59%
  • Trust WalletTrust Wallet(TWT)$1.53-5.09%
  • OKCOKC(OKT)$33.423.24%
  • ArweaveArweave(AR)$11.62-9.62%
  • OptimismOptimism(OP)$2.71-12.29%
  • OsmosisOsmosis(OSMO)$1.10-0.89%
  • cUSDCcUSDC(CUSDC)$0.022749-0.01%
  • zcashZcash(ZEC)$44.72-4.49%
  • gemini-dollarGemini Dollar(GUSD)$1.000.19%
  • THORChainTHORChain(RUNE)$1.87-4.54%
  • singularitynetSingularityNET(AGIX)$0.459020-28.72%
  • GMXGMX(GMX)$65.91-6.87%
  • cDAIcDAI(CDAI)$0.022155-0.02%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.0000000.42%
  • Tokenize XchangeTokenize Xchange(TKX)$6.80-0.31%
  • RenderRender(RNDR)$1.69-19.66%
  • RadixRadix(XRD)$0.050292-0.39%
  • PAX GoldPAX Gold(PAXG)$1,868.140.24%
  • enjincoinEnjin Coin(ENJ)$0.493833-5.47%
  • Fetch.aiFetch.ai(FET)$0.466130-19.49%
  • zilliqaZilliqa(ZIL)$0.030048-2.90%
  • cETHcETH(CETH)$33.20-1.55%
  • Convex FinanceConvex Finance(CVX)$6.30-5.58%