The U.S. Securities and Exchange Commission (SEC) has taken action in response to a breach of its X account, involving a SIM swap attack. Gary Gensler, chair of the SEC, addressed lawmakers and assured them that the SEC is taking the matter seriously. This article provides an analysis of the SEC’s response and the measures
Regulation
An inquiry by the United States Securities and Exchange Commission (SEC) has compelled Elon Musk, the renowned entrepreneur, to offer his testimony regarding his acquisition of Twitter, which has now been rebranded as X. Judge Laurel Beeler has upheld the SEC’s authority in the matter, affirming the legitimacy of the subpoena and its aim to
The New York Attorney General’s Office (NYAG) recently escalated its fraud claims against Digital Currency Group (DCG) and affiliated parties. The lawsuit, originally alleging over $1 billion in losses, has been amended to include an additional $2 billion in losses, bringing the total to $3 billion. Allegedly, more than 230,000 investors have been affected by
Treasury Secretary Janet Yellen has voiced her concern over the need for stricter regulatory measures for cryptocurrencies and artificial intelligence (AI) in the financial sector. In her recent testimony before the Senate Banking, Housing, and Urban Affairs Committee, Yellen emphasized the increasing complexity and potential risks associated with digital assets and the growing reliance on
The Bank for International Settlements (BIS) has recently released a report that sounds a cautionary note regarding the metaverse, highlighting the risk of fragmentation and dominance by private firms within this emerging digital ecosystem. The BIS emphasizes the need for public policies to safeguard the future of the metaverse, warning that without strategic oversight, the
In a recent S-1 filing, Ark Invest and 21Shares have amended their joint application for a spot Ethereum exchange-traded fund (ETF). The filing highlights that authorized participants will only have access to cash creations and redemptions, excluding in-kind involvement with ETH. This deviation from the process observed in recent spot Bitcoin ETF approvals has prompted
In a bold statement on February 5th, CEO of Grayscale, Michael Sonnenshein, made a passionate plea to regulators, urging them to approve spot Bitcoin exchange-traded fund (ETF) options. Sonnenshein emphasized the critical need for the development of a robust listed options market for spot Bitcoin ETFs. He pointed out that although the Grayscale Bitcoin Trust
The South Korean Financial Services Commission (FSC) has recently announced significant legislative amendments with the aim of tightening regulations surrounding virtual asset business operators. These changes are specifically focused on increasing accountability and duties of executives within the crypto industry. The introduction of these measures reflects the government’s commitment to fostering a more stable and
The approval process for options on spot Bitcoin exchange-traded funds (ETFs) is expected to be a lengthy one, with regulatory approval potentially taking anywhere from two to ten months, according to Martin Leinweber, digital asset product strategist for MarketVector Indexes. This suggests that approval for these options may not come until sometime between April and
The European Securities and Markets Authority (ESMA) has clarified that EU-based crypto firms can serve non-EU customers in certain situations, according to a statement released on Jan. 29. This guidance confirms ESMA’s previous message regarding the limited provision of crypto-asset services by third-country firms under the Markets in Crypto Assets Regulation (MiCA). However, ESMA emphasized