In a Motion for Remedies, the SEC argued that crypto exchange Ripple should pay more than $2 billion in penalties for selling its token, XRP, to institutional investors.
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A DeFi Fund and an apparel company sued the SEC to prevent it from taking any action against the clothing company's recent "airdrop" of tokens. They argued that the SEC "has adopted an aggressive and expansive view of its own authority to regulate virtually all digital assets and transactions involving digital assets."
SEC Chair Gary Gensler criticized "those who seek to reduce information available to investors," including crypto industry participants who attempt to avoid registration and required disclosure requirements.
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."
The SEC delayed its decision on a proposed rule change by Nasdaq that would allow the listing of exchange-traded funds based on Ethereum.