ChainCatcher news, U.S. Securities and Exchange Commission's crypto-friendly commissioner Hester Peirce stated that the SEC is addressing the case against Coinbase with bias. She personally does not support actions against Coinbase and is concerned that using enforcement tools to regulate the crypto industry could become part of a larger strategy for the SEC.Currently, the U.S. Securities and Exchange Commission has engaged with the public by establishing a cryptocurrency working group to create a regulatory framework that serves the American public. This new approach has led to the dismissal of charges against Coinbase, but it does not indicate that the SEC will terminate enforcement when appropriate.

ChainCatcher news, according to Cointelegraph, Wormhole has initiated a new proposal in the Curve governance forum, suggesting to reduce the collateral cap for crvUSD's TUSD to zero "to completely eliminate exposure to TUSD" due to regulatory risks and solvency issues.The proposal also suggests reducing the mintable amount of PayPal's stablecoin PYUSD from $15 million to $5 million, "thus making the reliance on each PegKeeper suitable for the importance of their respective pools." Currently, the main collateral for minting crvUSD also includes ETH and WBTC.Previously, on September 24, the U.S. SEC reached a settlement regarding allegations of fraud against TrueCoin and TrustToken involving unregistered sales of investment contracts related to TrueUSD. The allegations claimed that 99% of TUSD's reserve funds were invested in high-risk offshore funds, raising concerns about its safety and solvency.

ChainCatcher news, according to Cointelegraph, the cryptocurrency exchange Kraken has responded to the U.S. Securities and Exchange Commission's allegations of violating federal securities laws.In legal documents submitted on September 12, the cryptocurrency exchange denied the SEC's allegations, stating that the assets cited by the regulator do not meet the legal definition of securities. Kraken stated in the documents that it has not violated "Sections 5, 15(a), and 17A of the Securities Exchange Act of 1934," because the cited assets "are not securities or investment contracts."

ChainCatcher news, Binance submitted documents to the U.S. District Court for the District of Columbia, stating that the settlement agreement previously reached with the U.S. DOJ and FinCEN has no substantial connection to the SEC's allegations against Binance, and the SEC's supplemental brief did not present any new valid evidence regarding the case.Previous report, on December 9, the U.S. Securities and Exchange Commission (SEC) stated that the recent $4.3 billion settlement agreement reached by Binance Holdings Ltd. with the U.S. Department of Justice supports its lawsuit against Binance.

ChainCatcher news, the cryptocurrency exchange Kraken responded by stating, "The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit, accusing Kraken of operating as an unregistered national securities exchange, broker, and clearing agency. We disagree with their claims and plan to vigorously defend our position. Today's news does not affect the products we offer, and we will continue to provide uninterrupted service to our customers."

ChainCatcher news, Coinbase submitted a reply brief to the U.S. Securities and Exchange Commission (SEC) regarding the June allegations that it is unregistered as a securities exchange, broker, and clearing agency. Coinbase stated that the SEC's allegations exceed its jurisdiction.In the Coinbase filing, it stated, "Because the SEC's complaint does not and cannot argue that the identified simple asset transactions involve ongoing contractual obligations related to a business, Coinbase is entitled to judgment on the complaint. Furthermore, the U.S. Securities and Exchange Commission believes that any purchase behavior by buyers seeking to obtain value constitutes an investment contract and therefore constitutes a security, which is an attempt to fundamentally expand its own authority. As the Major Questions Doctrine makes clear, if an agency wishes to make decisions on significant issues, it must have the express authorization of Congress, and the expansion of federal securities law is within the purview of Congress."