ChainCatcher message, according to a public document, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against UBI Blockchain, accusing it of violations. According to the lawsuit documents, BI Blockchain Internet Ltd. is a Delaware company located in Hong Kong, registered with the Commission under Section 12(g) of the Exchange Act for a class of securities.The SEC stated that UBIA has failed to submit periodic filings as required, and since the Commission ordered the dismissal of the previous lawsuit against UBIA on June 2, 2023, the company has not submitted any periodic or other reports.

ChainCatcher news, according to the official website of the SEC, cryptocurrency investment firm Canary Capital has submitted a registration application for a spot LTC exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC).

ChainCatcher news, according to FOX Business, the cryptocurrency derivatives exchange Bitnomial has sued the U.S. Securities and Exchange Commission (SEC), questioning its regulatory authority over XRP futures. After Bitnomial self-certified XRP dollar futures contracts, the SEC claimed that XRP is a security and demanded that the exchange comply with additional regulations.Bitnomial believes that XRP futures should not be classified as security futures and is seeking a court declaration to prevent the SEC from asserting jurisdiction over it. This lawsuit intensifies the battle between the SEC and the Commodity Futures Trading Commission (CFTC) over regulatory authority over crypto assets.

ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) has sued Cumberland DRW, claiming it operates as an unregistered securities dealer. According to the SEC's indictment information, Cumberland has been trading crypto assets as securities for its own accounts as an unregistered dealer since March 2018.In response, Cumberland DRW issued a statement on the X platform saying, "The SEC believes that some of our transactions involving certain crypto assets are securities transactions. We took this step in 2019 by acquiring a registered broker-dealer. It was only then that we were informed that we could only trade BTC or ETH (both commodities, not under SEC jurisdiction) through our broker-dealer."Cumberland DRW stated that the SEC's action will not change its business operations or the assets it provides liquidity for. The court's allegations against DRW are "merely based on a 'flat Earth' conviction." This time, the SEC's approach seems to be a game of "Catch-22," where the ability to "come in and register" is just a mirage. We are ready to defend ourselves again.

ChainCatcher news, according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and the Department of Justice (DOJ) jointly filed lawsuits on October 9 against four cryptocurrency companies suspected of fraud and market manipulation, including Gotbit Consulting, ZM Quant Investment, and CLS Global. Two lawsuits were also filed against individuals related to the case, with a total of nine individuals being charged, some of whom agreed to settle separately.Gotbit Consulting and its market director Fedor Kedrov are accused of manipulating the market through wash trading on behalf of individuals promoting cryptocurrencies named Saitama and Robo Inu. The other two companies, ZM Quant Investment and CLS Global, face nearly identical charges, all related to a token called NexFundAI. NexFundAI was created by the FBI. ZM Quant and four individuals associated with Pham are also charged in connection with another cryptocurrency asset, SaitaRealty coin.The Department of Justice listed 18 individuals and another company, MyTrade MM, which also provided services for NexFundAI, facing charges in these consolidated cases.The individuals involved in this case are distributed across multiple countries, including the United States, Russia, and India, reflecting the complexity and breadth of the case.

ChainCatcher news, according to The Block, cryptocurrency investment firm Canary Capital has submitted a registration application for a spot XRP exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC), becoming the second company to apply for such a product this month.Canary Capital founder Steven McClurg stated that as the demand for blockchain solutions grows, the company sees a more progressive regulatory environment. The ETF will provide investors with the opportunity to access the XRP market through traditional brokerage accounts, avoiding the potential risks of directly holding XRP. The custodian for the ETF has not yet been determined.

ChainCatcher news, according to official sources, Crypto.com has stated that it has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) and has also announced that it has filed a lawsuit against the SEC.The Wells Notice indicates that SEC staff believe the company may have violated federal securities laws. The company is currently assessing the situation and preparing to respond to the allegations.Crypto.com states that its lawsuit argues that the SEC has unilaterally expanded its jurisdiction beyond statutory limits and that the SEC has established an illegal rule that almost all transactions of crypto assets are securities transactions, regardless of how they are sold, while the same transactions of Bitcoin (BTC) and Ether (ETH) are not.

ChainCatcher news, according to market news, the cryptocurrency exchange Crypto.com has received a Wells notice from the U.S. Securities and Exchange Commission.It is reported that a "Wells notice" is an informal reminder issued by the U.S. SEC before filing a civil lawsuit against a publicly traded company in the U.S. The company receiving the notice can communicate and negotiate with the SEC before receiving a formal lawsuit.

ChainCatcher news, according to Cointelegraph, Bitcoin financial services company Fold has submitted an S-4 filing to the U.S. Securities and Exchange Commission in preparation for going public. Fold's treasury currently holds over 1,000 BTC.

ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) has issued a warning about the growing risks of cryptocurrency fraud and other investment scams during World Investor Week 2024. Against the backdrop of rising influences from artificial intelligence, social media, and aggressive financial marketing, investors are struggling to find reliable advice. The SEC is focusing on scams involving cryptocurrencies, financial inducements, and "relationship" schemes, and warns that the hype surrounding emerging technologies may mislead unsuspecting individuals.

ChainCatcher news, according to Cointelegraph, the U.S. Department of Justice and the U.S. Securities and Exchange Commission (SEC) have informed the U.S. Supreme Court that the class action lawsuit accusing Nvidia of misleading cryptocurrency miners during sales should be allowed to proceed.Since 2018, Nvidia has been in a legal battle with investor groups, and the case has now reached the U.S. Supreme Court.In a brief filed on October 2, U.S. Acting Attorney General Elizabeth Prelogar and SEC senior attorney Theodore Weiman argued that the lawsuit "provides sufficient detail" to allow it to continue after being dismissed in district court, adding that the Supreme Court should greenlight the restoration of the lawsuit through the appellate court.The brief further stated, "Valuable private litigation is an important complement to the criminal prosecutions and civil enforcement actions of the Department of Justice and the SEC."

ChainCatcher news, Ripple's Chief Legal Officer Stuart Alderoty posted on social media stating, "The U.S. Securities and Exchange Commission (SEC) decision to appeal is disappointing but not surprising. This is just prolonging a situation that has already embarrassed the agency. The court has dismissed the SEC's suggestion of Ripple's reckless behavior, and there are no fraud allegations in the case, certainly no victims or losses.Under the leadership of current Chairman Gary Gensler, the SEC has not faithfully executed the law but continues to wage a lawsuit war against the crypto industry. We are evaluating whether to file a counterclaim. In any case, the SEC's lawsuit has been irrational and misleading from the start, and we are ready to prove this again in the appellate court (leading the industry once more).The SEC's enforcement director announced their resignation about an hour before this news was released; is this a coincidence?"

ChainCatcher news, according to FOX Business, ETF issuer Bitwise has submitted an S-1 application for an XRP spot ETF to the SEC.

ChainCatcher news, according to foxbusiness, the U.S. Securities and Exchange Commission must decide by October 7 whether to challenge the ruling made by U.S. District Judge Analisa Torres in July 2023, which found that only some sales of XRP cryptocurrency by Ripple violated securities laws. This ruling has drawn criticism from securities lawyers and other federal judges.This ruling is considered a significant legal victory for the still-nascent cryptocurrency industry as it attempts to demonstrate that this emerging asset class does not violate U.S. securities laws as the SEC believes. It has also become a cornerstone of the legal strategies for other crypto entities, such as trading platforms Coinbase, Binance, and Kraken, which are currently being sued by the commission for allegedly selling unregistered securities.Former SEC enforcement lawyer Arc Powers stated in an interview with Fox Business that the SEC is likely to appeal, as the agency and its cryptocurrency skeptic chair Gary Gensler are determined to exert jurisdiction over this $2 trillion industry.Foxbusiness reports that disclosure is the cornerstone of U.S. securities law. When a company sells stock to raise funds and expand its business, it must file extensive paperwork to provide investors with the information they need to make informed decisions about purchasing the stock. Some legal experts argue that Judge Analisa Torres' ruling undermines this disclosure requirement.

ChainCatcher News, the U.S. SEC has won a lawsuit against Rivetz Corp and its CEO Steven Sprague related to their ICO. In an order on September 30, Massachusetts Federal Court Judge Mark Mastroianni agreed with the SEC's position that Sprague, through Rivetz, offered Ethereum-based Rivetz (RvT) tokens to the public in the U.S., constituting the sale of unregistered securities.The SEC sued the now-defunct blockchain hardware company and Sprague in September 2021, claiming they sold $18 million worth of Rivetz tokens to over 7,200 investors in 2017, with one-third of the investors located in the U.S. Both the SEC and Sprague did not dispute the key facts of the case, but Sprague (representing himself) claimed that the token was a software product, not an investment contract under the SEC's definition as per the Howey test.However, the judge wrote, "From the first announcement of the ICO to its completion, Rivetz and Sprague made statements to potential purchasers that explicitly linked the value of the RvT tokens to Rivetz's goal of creating a secure ecosystem for mobile devices."

ChainCatcher news, according to The block, Mango DAO has agreed to settle with the U.S. Securities and Exchange Commission after being accused of illegally selling MNGO tokens. Mango Labs, Mango DAO, and Blockworks Foundation have agreed to settle the charges and pay a total fine of $700,000. The three companies also agreed to destroy their MNGO tokens. The SEC's charges are against Mango DAO and the Panamanian entity Blockworks Foundation, accusing them of "offering and selling crypto asset" governance tokens on the Mango Markets platform "without registration."Previous news, Mango DAO began voting on a governance proposal that calls for a $223,228 fine, the relinquishment of MNGO token ownership, and a request for delisting from exchanges. The settlement only involves the investigation by the U.S. Securities and Exchange Commission.

ChainCatcher news, according to Bloomberg, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler stated that the digital asset custody service structure proposed by Bank of New York Mellon can be applied to cryptocurrencies beyond Bitcoin and Ethereum ETFs.Gensler mentioned that the structure proposed by Bank of New York Mellon includes the use of individual crypto wallets, with each wallet having a separate bank account, and prohibits mixing with bank assets. Earlier this week, Bank of New York Mellon acknowledged that it had submitted a Bitcoin and Ethereum custody plan to the SEC's Office of the Chief Accountant to protect customer funds in the event of a bank bankruptcy.

ChainCatcher news, billionaire entrepreneur and cryptocurrency advocate Mark Cuban stated in an interview with Fox News that he intends to serve as the chairman of the U.S. Securities and Exchange Commission (SEC).It is reported that Cuban previously criticized current SEC chairman Gary Gensler, stating that Gensler has failed to protect any investors from cryptocurrency fraud and should resign.

ChainCatcher news, according to CryptoSlate, based on the latest regulatory documents, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Ethereum spot ETF options trading applications from BlackRock and Bitwise, with the new deadlines set for November 10 and November 11, respectively. The SEC stated that it needs more time to consider the proposal and has extended the initial 45-day review period.According to previous reports, the SEC has approved the listing and trading of BlackRock's Bitcoin spot ETF (iShares Bitcoin Trust, referred to as IBIT) options.