NewsBriefs - Supreme Court rules against SEC's use of in-house tribunals
06/27/2024 22:44
The US Supreme Court has decided, in a 6-3 vote, that the SEC's employment of in-house judges breaks constitutional rights by denying jury trials. Previously allowed by the 2010 Dodd-Frank Act, this decision mandates the SEC to now pursue all securities fraud cases in federal courts, impacting other federal regulators relying on similar internal enforcement methods. This ruling curtails the SEC's internal adjudication abilities, significantly affecting its handling of cases related to financial securities, including past crypto-related lawsuits.
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Supreme Court rules against SEC's use of in-house tribunals
The US Supreme Court has decided, in a 6-3 vote, that the SEC's employment of in-house judges breaks constitutional rights by denying jury trials. Previously allowed by the 2010 Dodd-Frank Act, this decision mandates the SEC to now pursue all securities fraud cases in federal courts, impacting other federal regulators relying on similar internal enforcement methods. This ruling curtails the SEC's internal adjudication abilities, significantly affecting its handling of cases related to financial securities, including past crypto-related lawsuits.
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VanEck proposes first US Solana ETF as SOL price surges
Solana's price leapt nearly 10% reaching $151 after VanEck filed with the SEC to launch the first US Solana ETF, marking it as a commodity. This development highlights Solana's attributes of scalability, speed, and low transaction costs, suggesting a growing institutional interest in crypto assets like Solana and Ethereum in the US market.
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Supreme Court rules against SEC's use of in-house tribunals
The US Supreme Court has decided, in a 6-3 vote, that the SEC's employment of in-house judges breaks constitutional rights by denying jury trials. Previously allowed by the 2010 Dodd-Frank Act, this decision mandates the SEC to now pursue all securities fraud cases in federal courts, impacting other federal regulators relying on similar internal enforcement methods. This ruling curtails the SEC's internal adjudication abilities, significantly affecting its handling of cases related to financial securities, including past crypto-related lawsuits.
Expand
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Biden and Trump set for presidential debate potentially featuring crypto discussion
In an unprecedented move, US President Joe Biden and former President Donald Trump are scheduled for a debate on June 27 at CNN’s Atlanta studios, where crypto might be discussed for the first time in US presidential debate history. With Trump reversing his stance to embrace crypto-friendly policies and Biden continuing a regulatory approach, the crypto community anticipates significant attention during the debate. Amidst heightened crypto advocacy, this debate could shape future US crypto policy landscapes.
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Biden and Trump set for presidential debate potentially featuring crypto discussion
In an unprecedented move, US President Joe Biden and former President Donald Trump are scheduled for a debate on June 27 at CNN’s Atlanta studios, where crypto might be discussed for the first time in US presidential debate history. With Trump reversing his stance to embrace crypto-friendly policies and Biden continuing a regulatory approach, the crypto community anticipates significant attention during the debate. Amidst heightened crypto advocacy, this debate could shape future US crypto policy landscapes.
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VanEck seeks to launch the first Solana ETF in the US
Asset manager VanEck has filed for the first Solana (SOL) exchange-traded fund (ETF) in the US, aiming to enhance crypto investment options by treating SOL as a commodity. The move follows VanEck's successful launch of the Bitcoin ETF in Australia and an awaiting Ethereum ETF in the US. Matthew Sigel, Head of Digital Assets at VanEck, emphasized Solana's unique blockchain features, such as scalability and low costs, which positions SOL similarly to other significant digital commodities like Bitcoin and Ethereum.
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Galaxy predicts $5B in net inflows for Ether spot ETFs in first five months
Galaxy anticipates significant investor interest in Ether spot ETFs, expected to generate approximately $5 billion in net inflows over the initial five months following their approval, with a considerable share of demand coming from independent investment advisors and broker/dealer platforms. Despite challenges such as the absence of staking rewards and the potential drag from outflows from the Grayscale Ethereum Trust, Ether’s unique market position, with a large portion of its total supply locked up, makes it particularly sensitive to ETF-related inflows, differentiating it from Bitcoin spot ETFs. SEC approval could further boost the trading of these ETFs as early as July.
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SEC nears approval for Ethereum spot ETFs with possible July 4 start
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Coinbase maintains support for OCEAN and FET amidst ASI token merger
Coinbase has announced that while it will continue to support trading for Ocean Protocol (OCEAN) and Fetch.ai (FET) tokens, it will not handle user migrations in the upcoming ASI token merger slated for mid-July. Instead, Coinbase encourages users to manage migrations using self-custodial wallets, such as Coinbase Wallet. The ASI merger, involving a consolidation of OCEAN, FET, and SingularityNET (AGIX) into a new token to foster decentralized AI development, contrasts with other major exchanges that will facilitate the token transitions directly.
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US government moves 4,000 BTC to Coinbase amid market pressure
The US government transferred approximately 3,940 Bitcoin, valued at around $241 million, to Coinbase from a wallet associated with the Silk Road seizure. This move, part of broader activities involving large-scale crypto transactions by the government, could potentially influence Bitcoin's market dynamics as it adds to the selling pressure following similar transfers by other entities and ongoing payouts from the Mt. Gox repayment plan.
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Animoca Brands eyes 2025 for stock market return, explores new regions
Animoca Brands, a leading name in gaming and the metaverse, is considering a 2025 return to the public market, focusing on crypto-friendly areas like Hong Kong and the Middle East for its potential listing. The company, delisted by the Australian Securities Exchange in 2020 over crypto compliance issues, is also engaging in new funding strategies, including the tokenization of a historic violin for a multimillion-dollar loan. Amidst a fluctuating valuation, impacted by broader market downturns, Animoca continues to seek investments and adapt its financial strategies to navigate through challenging times in the crypto and gaming industries.
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Ripple Labs CEO claims SEC chairman Gensler's crypto stance could cost Biden the election
Ripple Labs CEO Brad Garlinghouse criticized SEC Chairman Gary Gensler's approach to crypto regulation, suggesting it might jeopardize President Joe Biden's reelection. According to Garlinghouse, Gensler's negative remarks about crypto executives and an alleged lack of oversight on major crypto firms represent a failure to protect American investors and could influence the upcoming election outcome.
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CertiK faces allegations of front-running bug bounty claims via OpenBounty
CertiK, a major player in smart contract auditing, is accused of misusing its OpenBounty platform to preemptively access and claim rewards from bug bounty reports, thereby breaching several crypto protocols' terms of service. This controversy follows recent criticism of CertiK for exploiting a vulnerability in Kraken’s system and the perceived inadequacy of their security audits.
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Bitwise CIO predicts $15 billion in inflows to Ethereum ETF by mid-2025
Matt Hougan, Chief Investment Officer at Bitwise, forecasts that Ethereum (ETH) exchange-traded products (ETPs) will attract $15 billion in net inflows within the first 18 months post-launch. Despite Ethereum's market cap being a substantial $432 billion, Ethereum ETPs are currently underperforming vis-a-vis Bitcoin ETPs in asset inflows, which are estimated to surpass $100 billion by 2025. Hougan emphasizes the potential for substantial asset inflow into Ethereum ETPs, aiming for an approximate parity with Bitcoin at around $35 billion; however, he notes the diminished profitability of the Ethereum carry trade, prompting a conservative estimation of inflows.
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VanEck aims to attract Ethereum ETF investors by waiving initial fees
VanEck plans to waive the initial fees for its upcoming spot Ethereum ETF to become a competitive leader in crypto ETF fees. The firm's strategy includes capturing high decentralized finance volumes to offset early financial losses. This incentive aims to draw more investors to consider Ethereum’s role in their portfolios, following recent US regulatory advancements towards trading approvals.
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SEC chair Gensler highlights compliance issues and centralization in the crypto sector
Gary Gensler, SEC chair, criticized the crypto sector for significant non-compliance with US laws and centralization, contradicting the ideal of decentralization. He mentioned ongoing issues such as trading violations and investor protection concerns, underscoring that many crypto tokens are effectively securities. Gensler’s assertions emphasize the legal actions taken by SEC against various crypto entities to protect public interests.
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