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BeInCrypto
BeInCrypto
This Texas-Based Crypto Firm Sued the US Securities and Exchange Commission (SEC)
4 days ago
奔跑财经-FinaceRun
奔跑财经-FinaceRun
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Cryptocurrency exchange Kraken filed a motion in federal district court late Thursday asking the court to dismiss the SEC lawsuit filed in November. A Kraken spokesperson told reporters: "The legal definition is clear. Any assets in the SEC lawsuit do not constitute an 'investment covenant,' and Kraken is not a securities exchange." The motion, filed in the Northern District of California, details the SEC’s latest charges, which come nine months after the agency and Kraken settled previous charges related to cryptocurrency staking. Kraken argued: "The SEC never mentioned the contractual content required for an 'investment covenant.' An investment covenant must contain post-sale obligations that extend to the purchaser from the issuer, which the SEC did not allege and could not satisfy any of the elements of the Howey Rule." Kraken continued: "There is no 'investment,' no 'joint enterprise,' and no 'reasonable expectation of profit based on the efforts of others.'" Kraken’s arguments align with those of the Crypto Freedom Alliance of Texas (CFAT), which yesterday filed a separate lawsuit against the SEC over its regulatory securities definition. CFAT brought up the example of Nike's limited-edition designer sneakers, which are more sought after by collectors than by the people who actually wear them. A Kraken spokesperson said: “The SEC’s case is based on an expanded new theory that will effectively ‘securitize’ a wide range of ordinary assets and commodities. At the same time, the SEC claims that any asset that can appreciate in value will

3 days ago
ZyCrypto
ZyCrypto
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The presiding judge in a lawsuit playing out in the U.S. District Court for the Southern District of New York between the Securities and Exchange Commission and Terraform Labs — creator of the ill-fated UST and Luna cryptocurrencies — is progressing with new pretrial deadlines that have been set. This comes as a court in the tiny Balkan nation of Montenegro ruled that it will honor the U.S. prosecution’s request to deport Terraform Labs co-founder and former CEO Do Kwon to face criminal fraud charges. SEC v. Terra: Pretrial Deadline Set Judge Jed Rakoff has signed an order granting the proposed order setting pretrial deadlines. The legal teams for the SEC and Terra attorneys have until March 11 to submit final oppositions to motions, depositions, and counter-designations. The two parties have agreed to a trial postponement to March 25. Notably, the district judge has ordered the regulator and Terra to serve any new motions in limine on or before Feb. 26, 2024. More crucially, Judge Rakoff instructed the two parties to jointly file a proposed Pretrial Consent Order no later than March 18. “The SEC shall provide to defense counsel draft(s) of the joint sections of the proposed Pretrial Consent Order on or before March 8, and the Defendants shall respond to the SEC’s draft(s) within five days of receipt,” the court filing reads. Alleged Crypto Crook Do Kwon Headed To U.S. Judge Rakoff’s order comes amid news that Montenegro has decided to extradite fallen crypto star Do Kwon to the United States rather than to his native South Korea. According to a Wednesday report from Montenegrin news outlet Pobjeda, the High Court of Podgorica made the decision to deport Kwon to the U.S. and rejected South Korea’s request to extradite him. The extradition decision followed an appeal by Kwon’s defense attorneys, contending that Montenegro’s Justice Minister Andrej Milovic had the final say regarding which country would extradite the South Korean crypto mogul — a claim the high court rebuffed. The Terraform co-founder was arrested in Montenegro last March while trying to travel to Dubai on a falsified passport, after which he was found guilty and sentenced to four months in jail. Kwon is under indictment in his home country because of the notorious depegging of Terraform Labs’ algorithmic stablecoin UST in May 2022, which sank the crypto market into a deep winter and forced several crypto projects with exposure to the project to declare bankruptcy. The U.S. SEC’s lawsuit against Terra and Kwon accuses them of “orchestrating a multi-billion dollar crypto asset securities fraud.” That means the disgraced crypto tycoon could also be on the hook for disgorgement and multi-million dollar penalties.

3 days ago
深南路老九
深南路老九
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It's late at night, and Wall Street elites are about to go to work. Just now, some strong news came from the crypto market, two of which are positive, and one of which is neutral. I don't have time to go into details, so let everyone see it together! 1. The focus of institutions has turned to Ethereum. Since the beginning of this year, Ethereum has grown more than Bitcoin! Ethereum has gained more than Bitcoin this year amid speculation that a spot ETF could be launched. Auntie has already shown a positive trend this year, and everyone predicts the arrival of the next wave of exchange-traded funds (Ethereum ETF). 2. The Hong Kong government proposes a licensing system for stablecoins and over-the-counter crypto transactions! The Hong Kong government aims to submit a licensing bill on stablecoins and over-the-counter (OTC) crypto trading frameworks to regulate the cryptocurrency industry and strengthen investor protection. 3. Huobi HK applied for a virtual asset platform license in Hong Kong and is an independent operator of Huobi HK! Information from the official website of the Hong Kong Securities and Futures Commission (SFC) shows that “Huobi HK” submitted a formal application for a virtual asset trading platform to Hong Kong on February 20. The platform is operated by “HBGL Hong Kong Limited”. Regarding this news, the cryptocurrency exchange Huobi (HTX) has not yet issued any official statement. #BTC #ETH #热门话题

3 days ago
Todayq News
Todayq News
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Bitcoin (BTC), the original crypto, received a heavy backlash from the European Central Bank (ECB), while, it received a spot Exchange-Traded Fund (ETF) approval in the United States. An ECB blog suggests that Bitcoin has failed to become a global decentralised digital currency, instead falling victim to fraud and manipulation. Bitcoin faces backlash The US Securities and Exchange Commission (SEC) approved ETFs for Bitcoin on January 10 sparking optimism in the market. However, the ECB warns against viewing this assent as proof of Bitcoin’s safety and unstoppable success. The Central Bank suggests that Bitcoin’s fair value remains zero despite the ongoing surge. According to the blog, society faces potentially dire consequences due to this. This includes environmental damage and wealth redistribution. The Europen regulators highlighted that Bitcoin has failed to fulfill its original promise of becoming a global decentralized digital currency. It points out that BTC transactions are still inconvenient, slow, and costly.  ECB raised a crucial issue of regulatory efforts to curb criminal activities on the Bitcoin network. However, this also proved to be unsuccessful. The authority underlined that Bitcoin is not a suitable investment as it lacks the essential characteristics of traditional assets.  This is because BTC doesn’t generate cash flow, dividends, or offer social benefits. The blog calls it the allure for retail investors that often stems from the fear of missing out (FOMO). It exposes them to potential financial losses. BTC on its way up? Bitcoin has come a long way from trading around the $16,000 price level in January 2023 to breaching the $52,000 level in February 2024. BTC price is up by around 113% over the last year. The biggest crypto is up by another 28% in the last 30 days. BTC is trading at an average price of $51,625, at the press time. However, Bitcoin is aiming to hit a new all time high (ATH). Its 24 hour trading volume stands at around $29 billion. Bitcoin is nearing its major halving event. Meanwhile, the ECB seems to have a problem regarding BTC’s proof-of-work mining mechanism. The regulator mentions that it continues to have an environmental impact. Higher Bitcoin prices are correlated with increased energy consumption, as miners seek to cover higher operational costs. The ECB further warns of a renewed boom-bust cycle. It cautioned small investors from re-entering the crypto market. However, the cumulative crypto market cap is nearing to reclaim $2 trillion mark with a bullish momentum. Get Premium Crypto Trading Signals from Real Crypto Analysts. Join our official Waiting List at todayq.com.

3 days ago
Coinpedia
Coinpedia
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The post Why XRP Is Down Today? Here’s Are The Possible Factors Pulling The Curtains Down! appeared first on Coinpedia Fintech News As the SEC vs. Ripple lawsuit enters a pivotal phase, both parties are diligently crafting remedies-related briefs. This signifies a notable progression in the legal proceedings, with looming deadlines shaping the direction of the case. Notably, March 13 marks a key milestone for the SEC’s filing, followed by April 12 for opposing motions, and April 29 for final remedies submissions. Hence by April 29th, the court is expected to determine penalties for Ripple’s alleged institutional sales of XRP, potentially offering closure to the protracted legal battle. However in a recent breakout, it went beyond Ripple vs SEC, the SEC is yet again entangled in another legal mess. Here’s what happened and its impact on XRP at a glance.  XRP slips below $0.55 amid ongoing SEC v. Ripple lawsuit developments. March 13 marks a pivotal deadline as court prepares to determine penalties. Meanwhile, LEJILEX crypto exchange and CFAT sue SEC, challenging digital asset sales classification. #Maleyatupdates — Maleyat Group (@MaleyatGroup) February 22, 2024 Legal Battle Intensifies: LEJILEX Exchange Challenges SEC  Surprisingly, the LEJILEX crypto exchange and the Crypto Freedom Alliance of Texas (CFAT) have taken legal action against the SEC. Their lawsuit seeks a declaration affirming that secondary-market sales of digital assets, including those envisioned by LEJILEX, do not constitute sales of securities. This groundbreaking lawsuit underscores the mounting tensions between regulators and the crypto industry, as stakeholders seek clarity on the regulatory landscape. So far, Ripple has set an example in the industry by fighting and winning over the SEC, and this case will bolster efforts to save crypto from SEC manipulation. XRP is Poised for Further Price Correction From a technical point of view, investors and experts pay close attention to how the price of XRP changes. Even though it fell below $0.55, the 6th largest coin is still in the race. Analysts say that if XRP goes down even more, it might test the 23.6% Fibonacci level at $0.5219. But signs like the Moving Average Convergence/Divergence (MACD) show that things are going in the right direction, and the Awesome Oscillator (AO) suggests that the asset’s price trend might be about to change. Looking ahead, market participants are closely monitoring XRP’s behavior, particularly its ability to bounce back to the support levels and attain its upward trajectory. If XRP manages to rebound it could see retesting the 78.6% Fibonacci retracement level at $0.6073.  On the other hand, a sustained drop below $0.5219 may pave the way for further correction, potentially leading to a decline to $0.50. However, optimism remains high that XRP could recover its losses upon surpassing this critical threshold.

4 days ago
CryptoPotato
CryptoPotato
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TL;DR Bitcoin experienced significant price fluctuations in the past few days, soaring to nearly $53,000 before dipping below $51,000, with predictions of future increases based on on-chain metrics and the upcoming halving. Ripple continues to fight the SEC over XRP’s classification as a security, getting partial court victories and expanding globally. Shiba Inu’s Shibarium achieved a milestone in total transactions, hinting at a potential price rally for SHIB. BTC’s Volatility Despite staying well above the $50K milestone, the price of the primary cryptocurrency has passed through severe turbulence as of late. It plateaued at around $51,500-$52,000 over the past weekend and the beginning of the week before taking the offensive and soaring to $53,000 on February 20. The multi-year peak was short-lived, and BTC dipped below $51,000 the following day. Currently, it trades at around $51,500. Several on-chain metrics and upcoming events, though, suggest that the asset’s valuation might soon chart new heights. BTC exchange netflow has been predominantly negative in the past seven days, showing a shift from centralized platforms to self-custody methods. Such a trend is considered bullish since it reduces the immediate selling pressure. Another factor worth noting is the approaching halving. The event takes place approximately every four years and reduces the rate at which new BTC is mined. Historically, the halving has been followed by a massive Bitcoin bull run and a resurgence of the entire cryptocurrency market. Those willing to dive deeper into the matter, feel free to take a look at our dedicated video below: What’s New Around Ripple? The company’s recent developments are related to its lawsuit against the US Securities and Exchange Commission (SEC).  Recall that the regulator sued Ripple in December 2020, accusing it of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. For its part, the firm argues that its native token should not be classified as a security, thus standing aside the Commission’s jurisdiction. The trial between the entities is scheduled for April 23, with Ripple seemingly being the top dog after securing three vital (yet partial) court wins last year. The SEC also achieved a small victory, with Judge Sarah Netburn ordering the firm to disclose important financial records for 2022 and 2023 (as insisted by the watchdog). Most recently, Ripple had to provide essential data included in the remedies-related discovery phase. The company had until February 12 to do so but requested an extension of the deadline with an additional eight days. Besides its efforts in the legal field, Ripple has been working on a global expansion. Earlier this week, one of the biggest financial institutions in Egypt – the Commercial International Bank (CIB) – partnered with the company “to implement blockchain technology, enhancing the efficiency of cross-border payments.” Shiba Inu’s Progress Shiba Inu’s L2 scaling solution – Shibarium – continues to make waves, recently blasting through another milestone. As CryptoPotato reported on February 19, daily transactions on the network reached 3 million, whereas total transactions surpassed the 360 million level.  The feature went live in August last year, aiming to service the needs of the Shiba Inu ecosystem by lowering transaction fees and improving speed.  Some experts have claimed that Shibarium’s advancement could propel a SHIB price rally. Nonetheless, the meme coin has not performed so well as of late, with its value being down 3% on a weekly scale. The post Important Ripple v SEC Development, Bitcoin (BTC) Brief Price Spike, and More: Bits Recap Feb 22 appeared first on CryptoPotato.

4 days ago
The Cryptonomist
The Cryptonomist
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In a saga that has captured the attention of the global financial community, Do Kwon, co-founder of the Terra-Luna crypto ecosystem, finds himself at the center of a legal storm as he faces extradition to the United States.  According to local media reports, the High Court of Podgorica, in Montenegro, has decided to extradite Kwon to the United States, rejecting the extradition request from South Korea.  The decision comes following accusations of fraud and financial misconduct related to losses suffered by US investors linked to an algorithmic stablecoin. The co-founder of the Terra-Luna crypto system is in a real legal storm  At the end of last year, a court in Podgorica had initially approved Kwon’s extradition. His journey through the legal system began when he was arrested in Montenegro in March 2023 for attempting to use a counterfeit passport to leave the country.  Initially, Kwon had agreed to be extradited to South Korea. However, subsequent developments have led to a change in his legal trajectory. In June, a court in Montenegro sentenced Kwon to four months in prison after finding him guilty of document forgery in relation to the use of a counterfeit passport.  Despite the appeal to the court’s decision, Kwon’s efforts were unsuccessful and he was ultimately sentenced to serve a prison term. The extradition decision marks a significant development in Kwon’s legal issues.  With civil charges from the Securities and Exchange Commission (SEC), Kwon and Terraform Labs are accused of raising billions from investors through the offering and sale of a interconnected series of cryptocurrency securities, many of which allegedly were conducted in unregistered transactions. The imminent extradition comes after the delays of the jury trial for fraud charges, originally scheduled for January 29 but then postponed to the end of March.  The legal representative of Do Kwon cited difficulties in facilitating his client’s release from Montenegro as the reason for the postponement of the trial. The charges against Kwon and Terraform Labs highlight the complexities and challenges surrounding the regulation of cryptocurrency markets and digital assets. As the popularity and adoption of cryptocurrencies continue to grow, regulatory authorities around the world are grappling with how to effectively supervise these rapidly evolving financial instruments. According to Kwon, the extradition to the United States represents a crucial moment in his legal battle, with potential far-reaching implications both for himself and for the cryptocurrency sector in general. The outcome of the trial and any subsequent legal proceedings could shape the regulatory landscape surrounding digital assets and influence investors’ confidence in the sector. The intensification of controls in the crypto world In recent years, governments and regulatory bodies have increased scrutiny on cryptocurrency projects and their founders, especially regarding issues such as fraud, market manipulation, and compliance with securities laws.  The case of Do Kwon highlights the importance of supervision and enforcement of regulations to safeguard investors and maintain the integrity of financial markets. According to Terraform Labs, the legal proceedings involving its co-founder have undoubtedly cast a shadow on the company’s operations and reputation.  Terraform Labs, one of the leading players in the cryptocurrency sector, has been at the forefront of innovation in blockchain technology and decentralized finance. However, the accusations against Kwon and the company have raised doubts about compliance practices and risk management procedures. The outcome of Kwon’s extradition and the subsequent trial will be closely followed by industry operators, legal experts, and regulatory authorities.  Beyond the immediate implications for Terraform Labs and its co-founder, the case could set legal precedents and influence regulatory approaches to cryptocurrencies in the years to come. As the cryptocurrency market continues to evolve and mature, stakeholders must work collaboratively to address regulatory challenges and promote responsible innovation.  Reaching a balance between promoting innovation and protecting investors will be crucial in shaping the future of digital finance and ensuring its long-term sustainability. Conclusions In the case of Do Kwon, the journey from Montenegro to the United States marks a crucial chapter in a legal saga that has captured the attention of the global financial community.  With the eyes of the world focused on him, Kwon’s extradition and trial represent much more than the fate of a single individual: they symbolize the broader challenges and opportunities that the thriving cryptocurrency sector must face in an increasingly interconnected and regulated world. In conclusion, the extradition to the United States of Do Kwon, co-founder of Terraform Labs, represents a significant step in a legal saga that has reverberated throughout the global cryptocurrency community.  Between allegations of fraud and misconduct, Kwon’s journey from Montenegro to the United States highlights the complexities and challenges inherent in regulating the rapidly evolving landscape of digital assets. While governments and regulatory bodies are grappling with the regulation of cryptocurrencies, Kwon’s case serves as a reminder of the importance of strong surveillance and enforcement mechanisms to protect investors and maintain market integrity.  The outcome of Kwon’s trial and any subsequent legal proceedings will have far-reaching implications, shaping not only the future of Terraform Labs but also influencing regulatory approaches to cryptocurrencies worldwide. In the future, stakeholders will need to collaborate to find a balance between promoting innovation and safeguarding against fraudulent activities in the cryptocurrency space.  Facing regulatory challenges and promoting responsible innovation, the sector can continue to thrive and evolve in a way that is beneficial both for investors and for the broader financial ecosystem.

4 days ago
COINCU
COINCU
followers

Key Points: Do Kwon extradition has been approved by the court with the United States as destination from Montenegro over the collapse of TerraUSD. The High Court of Podgorica rejected Kwon's appeal to be extradited to South Korea, highlighting the global significance of the case. Accoriding to reports, Terraform Labs founder Do Kwon extradition will be concluded with the United States as the destination following a decision by the High Court of Podgorica in Montenegro. Do Kwon Extradition Decision: U.S. Trial Over TerraUSD Collapse Kwon, detained since June 2023, encountered legal hurdles challenging his extradition to South Korea before the U.S. The rejection of this appeal by Kwon’s legal team emphasizes the high court's stance on Do Kwon extradition. The case, stemming from the collapse of the digital currency TerraUSD in May 2022, has drawn international attention due to its significant financial ramifications. The collapse saw losses of an estimated $40 billion, leading to charges by the U.S. Securities and Exchange Commission (SEC) against Terraform and Kwon for multibillion-dollar fraud. Terraform Labs Founder's Alleged Fraud Triggers International Attention Kwon's arrest in Montenegro came after months of speculation regarding his whereabouts following Terra's collapse. Initially sentenced to four months for using falsified travel documents, Do Kwon extradition proceedings have been ongoing during his custody. The SEC alleges that Terraform and Kwon misled investors regarding the stability of TerraUSD, which aimed to maintain a constant $1 price. TerraUSD's failure affected not only investors but also a Korean mobile payment app utilizing Terraform's blockchain for transactions. Despite previous attempts to extradite Kwon to South Korea, the latest development indicates his imminent extradition to the United States. This decision marks a significant turn in the legal saga surrounding TerraUSD's collapse and underscores the international ramifications of cryptocurrency-related fraud cases. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

4 days ago
Coinpedia
Coinpedia
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The post Do Kwon to Be Extradited to U.S. Over TerraUSD Collapse, Montenegro Court Rules appeared first on Coinpedia Fintech News In a recent development reported by the Wall Street Journal on February 22, 2024, the court in Montenegro has ruled that the infamous cryptocurrency entrepreneur Do Kwon should be extradited to the U.S. to face trial on fraud charges, rejecting his native South Korea as the extradition location. Details of the Extradition Ruling in Montenegro The High Court in Podgorica, Montenegro, delivered a ruling compelling Do Kwon’s extradition to the U.S., a decision now subject to a three-day appeal period by Kwon’s legal team. This ruling follows Kwon’s arrest in March 2023 at the Podgorica airport, attempting to board a private jet to Dubai with a fake Costa Rican passport. The U.S. Department of Justice charged Do Kwon with eight criminal counts of fraud, alleging that he misrepresented and misled investors into believing TerraUSD’s stability. The Securities and Exchange Commission also filed a civil case against Do Kwon and Terraform Labs over securities fraud related to the collapse.  In addition to U.S. charges, South Korean prosecutors have sought Kwon for alleged violations of the country’s capital markets laws. Kwon’s arrest warrant in South Korea dates back to September 2022. The Montenegrin court’s decision potentially positions Kwon to face the SEC’s fraud lawsuit, with the trial set to commence on March 25. Terraform Labs CFO Extradited A related development took place two weeks ago, on February 5, such that Han Chang-joon, former CFO of Terraform Labs, along with Do Kwon, was extradited to South Korea by Montenegrin authorities. Arrested in March 2023, they received a four-month sentence in Montenegro. Han Chang-joon now faces potential life imprisonment in South Korea.  Both the U.S. and South Korea seek Kwon’s prosecution for charges linked to the May 2022 collapse of TerraUSD and Luna, causing a staggering $40 billion loss in the crypto market, impacting investors and traders globally. Kwon, who created TerraUSD and Luna, faces eight criminal counts of fraud, as detailed by federal prosecutors in New York. 

4 days ago

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