The SEC was sanctioned for presenting false and misleading evidence in obtaining a temporary restraining order and asset freeze against a crypto firm. Judge Robert J. Shelby delivered the ruling, calling the SEC's actions toward the crypto firm a "gross abuse of power."
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The CFTC reported enforcement results for Fiscal Year 2023. The agency highlighted a "record-setting" number of digital asset cases, actions to hold registrants to their regulatory obligations, actions concerning manipulation and spoofing and precedent-setting court decisions in complex litigations.
SEC Commissioner Mark T. Uyeda highlighted current regulatory challenges concerning (i) the definition of "dealer" under the Exchange Act, (ii) the lack of guidance over cryptocurrencies and (iii) the handling of off-channel communications by broker-dealers.
SEC Commissioner Hester M. Peirce criticized the SEC for pursuing a federal case against a crypto asset company for registration failures which ultimately resulted in the "demise of the company."
SEC Chair Gary Gensler identified areas of noncompliance in the securities markets, advocating for holding bad actors accountable by "prosecut[ing] dishonesty."