ChainCatcher News, U.S. state securities regulators have stated that most of their investigations and enforcement actions in 2023 stem from technology and digital assets.In new investigations launched in 2023, 343 cases involved digital assets, 144 involved staking, and 205 involved social media fraud. The North American Securities Administrators Association stated in a release earlier this week that these numbers represent a "significant increase" compared to 2022.According to the 2024 Enforcement Report released on Tuesday, throughout the entire calendar and fiscal year of 2023, state regulators also reported 214 cases involving stocks and equity, as well as 145 cases involving Ponzi schemes and pyramid schemes. The report was compiled through a survey of NASAA members, including responses from 49 member jurisdictions of the association.

ChainCatcher news, according to CoinGecko statistics, the settlement amount between cryptocurrency companies and U.S. regulators has reached $32 billion so far, with the largest amount being FTX and Alameda, with a settlement amount of $12.7 billion, followed by Celcius ($4.7 billion), Terraform Labs ($4.5 billion), and Binance ($4.3 billion).

ChainCatcher news, according to CoinGecko statistics, the settlement amount between cryptocurrency companies and U.S. regulators has reached 32 billion dollars so far, with the largest amount being FTX and Alameda, with a settlement amount of 12.7 billion dollars, followed by Celcius (4.7 billion dollars), Terraform Labs (4.5 billion dollars), and Binance (4.3 billion dollars).

ChainCatcher news, according to The Wall Street Journal, the Consumer Financial Protection Bureau (CFPB) is investigating how several of the largest banks in the United States handle customer funds on the payment platform Zelle, which has faced scrutiny over scams and fraudulent transactions.According to informed sources, the CFPB's investigation primarily targets large banks such as JPMorgan Chase, Bank of America, and Wells Fargo. The investigation is broad in scope, aiming to examine how banks respond when customers dispute transactions made through Zelle.It is reported that Zelle is owned by a consortium of seven of the largest banks in the United States, including JPMorgan Chase, Wells Fargo, and Bank of America, and currently processes more transaction amounts than the popular payment platform Venmo. However, with rapid growth, complaints have also increased, claiming that banks have not taken sufficient measures to help customers recover scammed funds.

ChainCatcher news, Fox Business reporter Eleanor Terrett posted on social media that former Deputy Attorney General Donald Verrilli of the Obama administration stated that U.S. regulators are intentionally "debanking" the cryptocurrency industry: "Despite the urgent need for banking services in the digital asset industry, federal regulators have launched a coordinated effort to debank the industry."

ChainCatcher News: The Texas State Securities Board has issued a cease and desist order against Arkbit Capital for engaging in fraudulent cryptocurrency cloud mining activities. Arkbit falsely claimed to operate a data center in Arkansas for mining various cryptocurrencies. Securities Commissioner Travis J. Iles stated that Arkbit Capital and its affiliated entities engaged in fraudulent activities, including the use of deceptive images and video manipulation techniques to promote their investment schemes.

ChainCatcher news, according to CoinDesk, Standard Chartered Bank stated in a report that an ETF holding Ethereum is unlikely to be approved in May, after previously expecting the SEC to grant approval in May.Due to rising U.S. Treasury yields and increased macro risks such as geopolitical tensions in the Middle East, the inflow of spot Bitcoin ETFs has slowed. Nevertheless, Standard Chartered believes that digital assets have passed their worst period and the market is ready for recovery. The bank reiterated its year-end price targets for Bitcoin and Ethereum at $150,000 and $8,000, respectively.

ChainCatcher news, according to CoinDesk, although Tether is not within the United States, U.S. regulators have some control over its overseas use through the Office of Foreign Assets Control (OFAC).A report from JPMorgan Chase & Co. indicates that Tether's dominance as the largest stablecoin is facing challenges due to the reliance on the U.S. market and impending regulations.Future stablecoin regulations may exert indirect pressure on Tether, making it less attractive compared to more transparent stablecoins that comply with the new regulatory KYC/AML standards.

ChainCatcher news reports that according to the latest disclosure by John Reed Stark, former director of the Internet Enforcement Office of the U.S. Securities and Exchange Commission (SEC), Binance has made a series of unprecedented compliance commitments in its plea agreement with the U.S. Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN). These commitments include establishing new procedures to handle policies, procedures and internal controls, customer and third-party relationships, anti-evasion controls, regular reviews, appropriate oversight and independence, training and guidance, comprehensive reporting and investigation, enforcement and discipline, as well as monitoring, testing, and auditing.These new compliance commitments by Binance are seen as an ideal checklist for consulting firms, with implementation and execution expected to cost tens of millions or even hundreds of millions of dollars. At the same time, the scope of the DOJ compliance monitor's responsibilities is broad and comprehensive, with documentation outlining Binance's obligations spanning 13 pages. Binance's compliance monitoring will be jointly overseen by the DOJ's Criminal Division, Money Laundering and Asset Recovery Section, National Security Division, Counterintelligence and Export Control Section, and the U.S. Attorney's Office for the District of Columbia.Additionally, Binance must facilitate the monitor's access to the company, providing all reasonably requested information, documents, records, facilities, and employees. In certain cases, the monitor may even choose not to report its findings to Binance. Specifically, when potential misconduct involves U.S. national security, public health or safety, environmental risks, senior management, obstruction of justice, or other significant risks, the monitor must report directly to the government rather than to Binance.

ChainCatcher news, SEC Commissioner Mark Uyeda stated that the SEC needs to consider proposing rules or guidance for regulating cryptocurrencies, rather than taking a more enforcement-oriented approach. The SEC has not taken steps to help formulate laws for cryptocurrencies, but has instead adopted a case-by-case approach through enforcement actions, meaning that achieving any type of legally binding precedent will take years, as matters need to go through the courts before reaching the appellate court.

ChainCatcher news, Bloomberg ETF senior analyst Eric Balchunas tweeted that U.S. regulators have not made a decision on the Grayscale Bitcoin ETF application as expected, and it has now exceeded the typical 160-day standard. The next batch of documents will be released at 11 AM local time on Friday.Eric Balchunas added that based on the application records from the past two years, the vast majority (94%) of applications are decided within 160 days.

ChainCatcher news, asset management platform Bernstein stated in a research report on Monday that the U.S. Securities and Exchange Commission (SEC) is finding it difficult to maintain its stance on spot Bitcoin (BTC) exchange-traded funds (ETFs), and the likelihood of approval is quite high. The SEC has allowed futures-based Bitcoin ETFs and recently approved leveraged futures ETFs (provided that the futures pricing comes from regulated exchanges like CME).Moreover, the lack of a Bitcoin spot ETF has led to the growth of over-the-counter products like the Grayscale Bitcoin Trust (GBTC), which are priced higher, have lower liquidity, and are less efficient. The report stated: "The SEC would prefer to introduce regulated Bitcoin ETFs led by more mainstream Wall Street participants and overseen by existing regulated exchanges rather than deal with Grayscale's over-the-counter products that fill the institutional gap." (source link)

ChainCatcher news, Anatoly Legkodymov, the founder of the Russian cryptocurrency exchange Bitzlato, who was arrested in the United States, plans to plead guilty and reach an agreement regarding the ongoing investigation. The two sides are currently in plea negotiations, which they believe may lead to an out-of-court settlement.The FBI accuses Anatoly Legkodymov of managing a remittance business that was not registered in the United States and violating anti-money laundering laws. Investigators are convinced that the founder of the exchange was aware of the illegal source of the funds but deliberately continued to operate while ignoring KYC and anti-money laundering procedures.According to the Telegram channel Baza, Legkodymov's arrival in the United States may be part of an agreement with the FBI, as the total prison sentence he faces according to the charges does not exceed 5 years. (Source link)

ChainCatcher news, according to Bloomberg citing informed sources, U.S. regulators have begun soliciting acquisition interest from potential buyers for Signature Bank. One anonymous source indicated that the Federal Deposit Insurance Corporation (FDIC) has opened a so-called data room, allowing potential bidders to begin due diligence on the bank.Previously, U.S. federal regulators placed Signature Bank into bankruptcy management just days after the collapse of another crypto-friendly bank, Silvergate Bank, and Silicon Valley Bank. (source link)

ChainCatcher news, according to Wall Street Watch, U.S. regulators have dispatched a large number of personnel to conduct a surprise inspection of Silicon Valley Bank to assess its asset condition.

ChainCatcher message, the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation issued a joint statement on the liquidity risks arising from vulnerabilities in the cryptocurrency asset market, emphasizing the liquidity risks for banking organizations associated with certain funding sources related to crypto-asset entities. They reminded banking institutions to apply existing risk management principles and, where permitted by law or regulation, neither prohibit nor discourage banking institutions from providing banking services to any specific category or type of customer. (Source link)

ChainCatcher news, a report from institutional-grade crypto fund management company CoinShares shows that the total outflow of funds from digital asset investment products last week was $32 million, marking the largest outflow of the year.It is reported that the U.S. Securities and Exchange Commission (SEC) filed charges against Kraken's staking services on February 9. A few days later, the SEC sued Paxos over the minting of Binance USD (BUSD). (Cointelegraph)

ChainCatcher news, according to The Wall Street Journal, some banks in the United States are distancing themselves from cryptocurrency companies due to the crackdown by U.S. regulators, which could sever the ties between digital currencies and the real-world financial system. Following the bankruptcy of FTX last year, regulators expressed concerns about the relationships between banks and cryptocurrency clients. The U.S. SEC is actively targeting larger participants in the industry, potentially shrinking their influence.Insiders say this move has raised alarms among bankers who are reluctant to deal with clients under SEC scrutiny. Now, bankers are reassessing all risk exposures in the crypto space, no matter how small. A few small banks deeply involved in crypto are reducing their exposure to the market or completely severing ties with it. Banks that are keeping their distance from cryptocurrencies are working harder to distance themselves from this business, closing accounts and avoiding clients with potential connections to the industry. Without banking cooperation, cryptocurrency companies find it difficult to pay employee salaries and to allow customers to deposit or transfer money into digital currencies. (source link)