Crypto firms may still face SEC penalties for self-reporting securities laws ...
SEC enforcement director Gurbir Grewal reportedly said the agency wouldn't be ignoring the funds or securities laws violations for crypto companies that come to them. The U.S. Securities and Exchange Commission’s enforcement director has reportedly said cryptocurrency companies will not receive amnesty for reporting themselves for possible violations of securities laws.According to a Monday report from Reuters, the SEC director of the agency’s division of enforcement, Gurbir Grewal, said the agency may view crypto companies’ conduct “more favorably” if they reach out first for....
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Strict reporting rules for crypto businesses in South Korea are set to come into effect with existing firms given six months to comply or face stiff penalties. South Korea’s cryptocurrency regulatory space is set to become even more tightly regulated with the incoming laws on financial reporting for crypto businesses in the country.According to Korea JoongAng Daily, South Korea’s Financial Services Commission has amended its financial reporting rules to include the cryptocurrency sector.This amendment mandates all crypto businesses — exchanges, asset managers, wallet providers, and....
A new report shows that U.S. regulators have imposed fines and penalties totaling $2.5 billion on crypto firms and individuals so far. The U.S. Securities and Exchange Commission (SEC) has imposed the most fines, followed by the Commodity Futures Trading Commission (CFTC). Meanwhile, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) is the latest government agency to come after crypto firms. $2.5 Billion in Fines and Penalties Blockchain analytics firm Elliptic released a report Monday outlining “crypto enforcement actions by U.S. regulators.” The report....
Gary Gensler used examples of SEC enforcement against BlockFi and a former Coinbase employee in justifying the agency’s approach to violations of U.S. securities laws. United States Securities and Exchange Commission Chair Gary Gensler cited major enforcement actions against crypto firms as part of the “economic realities” of securities regulation.In written remarks for the Practising Law Institute’s Annual Institute on Securities Regulation on Nov. 2, Gensler used examples of SEC enforcement against crypto lending firm BlockFi and a former Coinbase employee in justifying the agency’s....
Data from a recent report suggest that enforcement actions from U.S. regulators against those in the crypto space cost those firms less than 1% of that in traditional finance for the last 20 years. While regulators have often targeted projects in and out of the crypto space, the fines levied against digital asset exchanges are a fraction of those against traditional financial institutions.According to data from Good Jobs First’s violation tracker, the platform analyzed 50 of the biggest fines regulators levied against major banks, investment firms, and brokers over the last 20 years. Bank....
Of the 75 enforcement actions on crypto brought by the commission from 2013 to 2020, the majority involved allegations of fraud or unregistered securities offerings. The United States Securities and Exchange Commission was one of the top regulatory enforcers for cryptocurrency projects in the last seven years, resulting in $1.77 billion in penalties.According to a report released yesterday by Cornerstone Research, the Securities and Exchange Commission, or SEC, brought 75 enforcement actions against crypto firms and individuals from July 1, 2013 to Dec. 31, 2020, mainly involving....