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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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."
Senate Banking Committee Chair Sherrod Brown (D-OH) pressed Treasury, the SEC and the CFTC to take further action to remedy disclosure deficiencies associated with digital asset tokens and digital asset platforms.
FINRA reported that it collected $48.1 million in fines, but had $111.4 million in fines-eligible expenditures. FINRA said that the balance between the monies collected and the expenditures was funded from reserves and excess operating results.
House Financial Services Committee Chair Patrick McHenry (R-NC) and Chair of the Subcommittee on Oversight and Investigations Bill Huizenga (R-MI) criticized the SEC's response to requested information on the recent enforcement action against FTX founder and former CEO Sam Bankman-Fried.