4.1 C
London
Wednesday, February 12, 2025

SEC Continues Cryptocurrency Investigations Unabated!

Date:

Related stories

Child Psychiatrist Winterhoff Faces Allegations as Court Proceedings Commence

Renowned child psychiatrist Michael Winterhoff is on trial at...

Is it Possible to Get the Flu More Than Once in One Winter? Insights from a Virologist

The current influenza epidemic is showing signs of slowing...

Unmatched Exercise for Muscle Strength, Endurance Boost, and Rapid Fitness Transformation

Inclined walking on treadmills is an effective alternative for...

Title: Why Delaying Real Estate Purchases May Not Yield Significant Savings

Alexandre Roos is pursuing homeownership in Téteghem, monitoring falling...
- Advertisement -

The US SEC is investigating ties between leading venture capital firms and Uniswap’s operator, Uniswap Labs. Meanwhile, the SEC has filed a fraud case against NovaTech Ltd. and its owners Cynthia and Eddy Petion. Cryptocurrency exchange Coinbase has objected to the SEC’s latest proposal on the exchange definition. Here are the details…

SEC Investigates Andreessen Horowitz and Union Square Ventures!

According to sources, the US SEC is investigating ties between leading venture capital firms and Uniswap Labs, the operator of decentralized cryptocurrency exchange Uniswap. In this regard, the SEC has VC firms such as Andreessen Horowitz and Union Square Ventures on its radar. Cryptocoin.comAs you may have been following on , Uniswap Labs received a Wells Notice indicating potential enforcement action from the SEC. The regulator is attempting to accuse Uniswap Labs of operating as an unregistered exchange.

Meanwhile, Uniswap Labs has raised over $170 million in venture funding. It was also valued at around $1.7 billion in its last funding round. One interesting way that Uniswap operates differently from other major cryptocurrency companies is that it focuses on providing a decentralized exchange platform without engaging in direct brokerage services. It is possible that regulatory actions could shut Uniswap Labs down. However, the decentralized nature of the exchange’s products allows it to continue operating independently.

SEC accuses NovaTech of cryptocurrency fraud

The US SEC has filed a fraud case against NovaTech Ltd. and its owners Cynthia and Eddy Petion. According to the lawsuit, the fraud scheme defrauded more than 200,000 investors worldwide. In this context, it collected more than $650 million in crypto assets from these investors. The SEC says that NovaTech engaged in multi-level marketing to attract investors. It also states that it committed fraud using a crypto asset investment scheme.

NovaTech used investors’ funds to pay commissions to existing investors and backers instead of trading. Additionally, the Petion couple, who allegedly own NovaTech, allegedly used millions of dollars worth of investors’ assets for their own use. Many investors suffered huge losses after NovaTech collapsed. The SEC also filed charges against NovaTech’s backers and their role in perpetuating the scam.

Judge's Attitude in Coinbase and SEC Case is Heartwarming!

Coinbase and the SEC: The Endless Regulatory Disparity

The US SEC has submitted a proposal to expand the definition of exchanges. Leading cryptocurrency exchange Coinbase has objected to this latest proposal. The exchange’s Chief Legal Officer (CLO) Paul Grewal stated that he has filed a formal objection to the new general definition. It is not uncommon for exchanges and market regulators to clash over regulatory issues. Paul Grewal, in particular, points out that the commission’s inclusion of Decentralized Exchanges (DEXs) in the definition did not come with a critical analysis. The Coinbase CLO claims that the regulator did not collect fundamental information. He also notes that the proposal did not conduct any economic analysis of how it would affect DEXs. As a result, in Grewal’s opinion, the definition is based on unreasonable assumptions. In this regard, the cryptocurrency exchange’s CEO explains:

Today, Coinbase filed another set of concerns with SECgov regarding the SEC’s proposal to expand the definition of “exchange.” In short, the SEC’s proposal is based on unreasonable assumptions, lacking critical analysis. It fails to demonstrate that there is any issue that warrants regulation, …

Grewal wants the proposal to be withdrawn. While the American crypto firm is open to a rewritten version of the proposal, he says extending the rule to DEXs would have serious consequences on the crypto community.

Follow us to be informed about the latest developments instantly. Twitterin, Facebookand in InstagramFollow and Telegram And Youtube Join our channel!


source site-1

Latest stories