Gurbir Grewal spoke about the SEC’s recent actions during a panel Friday.
“Regulation by enforcement” is “a catchy but tired refrain that’s used effectively by crypto market participants and lobbyists,” said the head of the U.S. Securities and Exchange Commission’s Enforcement Division Friday.
The SEC has been enforcing existing rules and regulations, said Gurbir Grewal to an audience of academics and lawyers during a panel co-hosted by the Lowenstein Sandler law firm and Rutgers Law School, in some of his first public remarks since the SEC brought charges against crypto exchanges Coinbase and Binance.
The moderators asked about the SEC’s recent actions and the concept of regulation by enforcement. The regulator, who used to be the Attorney General in New Jersey, said the agency was continuing to oversee the crypto industry but that it was focused on activities within the sector, rather than the tokens themselves.
“We’re not concerned with the labels. We’re concerned with the offerings, the labels are not important to us,” Grewal said. “The technology is important. What’s underneath the hood, because when we look underneath the hood, when we kick the tires, we’ve seen plenty … DeFi [decentralized finance] offers that are neither decentralized nor finance but rather just straight [fraud].”
He also spoke to the rise in recent enforcement actions within the crypto sector.
“I think what you’ve seen is that the crypto markets in the downturn, the increase in risk has forced us to focus our efforts here. Maybe that’s been perceived as an uptick, but I think it’s us just doing our jobs as we have been for the last few years,” he said.
“We will extend our jurisdiction as far as the law allows,” Grewal said. “We have tremendous cooperation with a lot of regulators. We meet with them frequently, we have MOUs [memoranda of understanding] with a lot of regulators that facilitate our ability to collect evidence abroad. And I think the more we do that, the more cooperation that exists among regulators, the less space that there is between us and the [U.K.’s] FCA and [Australia’s] ASIC and others that we work [with]… I think the less opportunity [there is] for regulatory arbitrage by bad actors.”
Bitcoin and ether end the week higher, following the announcement of BlackRock’s Bitcoin trust application.
FOMC oran kararları, TradFi ayrışması ve bitcoin spot ETF tekliflerinin olduğu bir hafta, BTC ve ETH haftayı sırasıyla %0,88 ve %1,75 performansıyla tamamladı.
Beş CoinDesk Piyasa Endeksi (CMI) sektörü arasında Dijitalleştirme, son yedi günde genel olarak %1,4’lük bir gösterila başı çekti. Akıllı Platform Sözleşme bölümü, aynı dönemde %4,4 düşüşle tümünü takip etti.
Galxe’de (GAL) %14’lük bir dizi ve Braintrust’ta (BTRST) %2,2’lik bir dizi, Digitization’ın yükseliş hamlesini hızlandırdı. GAL koleksiyonunun tarihinde %10,6 artarken, BTRST yıl bazında %35 düştü.
GAL, 20 günlük hareketli ortalamasının %3,3 altında kalıyor ve mevcut Göreceli Güç Endeksi (RSI) değeri 44,06. RSI’sinin yönü, GAL fiyatlarındaki %21’lik artışa göre 10 Haziran’dan bu yana %69 artan bir yükseliş anlamına geliyor.
DeFi names Maker (MKR), Uniswap (UNI), and TruFi (TRU) also had strong weeks, rising 8.1%, 7.8%, and 7.5%, respectively.
Boba Network (BOBA), a Smart Contract Platform asset, was the week’s laggard, falling 5.5%.
Bitcoin and ether continued a recent decoupling from traditional finance, as their correlations with the S&P 500, Nasdaq and the Dow Jones Industrial Average (DJIA) trended negative.
BlackRock possibilities
The week’s most interesting development was BlackRock’s application to the Securities Exchange Commission (SEC) for a bitcoin spot exchange-traded fund (ETF).
Those well-steeped in the nuances of SEC applications will highlight that the application is technically for a “trust” and not a ETF.
Still, as BlackRock’s iShares Bitcoin Trust application is set to hold the asset as a commodity, it will operate in the same manner as existing commodity-based ETFs.
If approved, the ETF will offer exposure to retail investors via a third party, with the ability to enter and/or exit positions intraday.
The application’s timing coincides with an SEC crackdown on the industry, including last week’s lawsuits against crypto exchange giants Binance and Coinbase.
Given the SEC’s rejection of all prior spot BTC applications, and the perception of an agency that is hostile to digital assets markets, investors will be eager to see how it decides on the BlackRock filing.
With $9 trillion in assets under management, BlackRock is the largest asset manager in the world. Some observers may consider the application an endorsement of the asset class, as it will create a potentially sizable bitcoin buyer.
An approval would also cast doubts on previous rejections and likely spur a new wave of applications.
Since the announcement of BlackRock’s application, BTC is up approximately 4.5%.
SEC tarafından Binance’e açılan davanın etkileri sürerken CZ’nin “FTX Token (FTT) satmadık” söylemi birçok teoriyi beraberinde getirdi.
SEC tarafından Binance’e açılan davanın etkileri sürerken CZ’nin “FTX Token (FTT) satmadık” söylemi birçok teoriyi beraberinde getirdi.
ABD Menkul Kıymetler ve Borsa Komisyonu’nun (SEC) Binance’e Menkul Kıymetler Yasası’nı ihlal ettiği gerekçesiyle açtığı davanın negatif yansımaları bitmiş değil. CZ‘ye çeşitli suçlamalarda bulunan SEC, ilgili dava dosyasından 10’dan fazla kripto para birimine yer vererek, bunları menkul kıymet şeklinde nitelendirmişti.
Her geçen gün daha karmaşık bir hal alan olaya CZ cephesinden yanıt gecikmedi. Twitter hesabından çarpıcı bir paylaşım yapan CZ, “Binance, BTC veya BNB satmadı. Hatta hala FTT’miz de var” dedi. Piyasada böylesine bir kaos ortamı hakimken, CZ’nin aylar önce iflasını açıklamış FTX borsasının token’ını tutma sebebi merak edildi.
Kötü Bir Örneği Ele Alıp Güven Verme Çabası mı?
SEC ile başı derde giren Binance, davanın başlama sürecinden bu yana büyük oranda kullanıcı kaybetti. Bir borsanın gelir sağlayabilmek adına başlıca kriterlerden olan kullanıcı kavramının azalması, Binance ve CZ’yi direkt olarak tehlikeye soktu. Twitter’daki paylaşımlarıyla Binance kullanıcıları ve diğer kripto yatırımcılarına güven vermeye çalışan CZ, “Binance, BTC veya BNB satmadı. Hatta hala FTT’miz de var” ifadesini kullandı.
Binance’in 11 Kasım 2022’de iflas bildirisi yapan FTX’in token’ı FTT’yi portföylerinde neden hala yer verdikleri, yatırımcıların kafasında soru işareti yarattı. FTX’in likidite yaşadığı ve iflas yolunda olduğu zamanlarda açıklama yapan CZ, “FTX’i satın alabiliriz” şeklinde bir açıklama yapmıştı.
Fakat ne CZ ne de Binance, bu konu hakkında eylemde bulundu. Son zamanlarda SEC baskısı, borsaların likidite bulamaması gibi sorunlar yaşanırken, CZ’nin olayları farklı bir şekilde değerlendirip FTT örneğini vermesi, psikolojik bir iyileştirme çabası gibi görünüyor.
Kripto tarihin kaotik olaylarından birine değinerek açıklama yapan CZ, bu olaya rağmen FTT satmadığını vurgulayıp, diğer altcoin’ler adına güven tazelemek istemiş olabilir. Twitter’daki paylaşımlarında oluşturduğu 4 trendi ile fud haberlere aldırış etmemeyi ve sektöre güvenmeye devam edilmesini vurgulayan CZ, en kötü örneklerden biri olan FTT çöküşüne rağmen Binance’in token satış gerçekleştirmediğini vurgulayarak yatırımcılara panik havası oluşturmamaya çalışıyor.
FTX Borsası Sahalara Geri Dönebilir: Olası Bir CZ ve Binance Desteği
Reuters’ın yayınladığı bilgilere göre 2022 Kasım’da iflasını açıklayan FTX, 2023’ün 2.çeyreğinde borsayı yeniden faaliyete geçirmeyi planlıyor. Amerika Birleşik Devletleri Delaware Bölgesi İflas Mahkemesinde 12 Nisan’da yapılan bir duruşmada, Sullivan Cromwell’in FTX’i temsil eden avukatları, borsanın yaklaşık 7,3 milyar dolarlık varlığı geri kazandığını söyledi. Bu raporlar ile birlikte FTX’in tokeni FTT fiyatında yüzde 120’lik ani bir artış gözlemlendi.
Borsa alacaklılarının Mart ayında yaptığı bir dosyalamada, FTX’in Kasım 2022 itibarıyla yaklaşık 4,8 milyar dolarlık planlanmış varlığa sahip olduğunu ve varlıklarla ilgili bir soruşturmanın devam ettiğini bildirdi. Hukuk ekibine göre FTX, operasyonlarını yeniden başlatmayı değerlendirmeye alacak. Ayrıca FTX CEO’su John Ray’in Ocak ayında verdiği bir röportajda FTX’i canlandırmayı hedeflediğini söylemişti.
Bütün bu durumları göz önünde bulundurduğumuzda CZ ve Binance, tekrardan faaliyete geçebilecek bit FTX üzerinde hakimiyet kurup, şirketi bünyesine katmak isteyebilir. Zamanında Binance’e rakip olarak görülen ve piyasada büyük bir heyecan yaratan FTX’in çok düşük ihtimalle de olsa tekrardan Binance’e kafa tutabileceğini düşünürsek CZ ve Binance, FTX’i bünyesine katıp kripto sektöründe daha güçlü bir pozisyona gelebilir.
FTX faaliyetlerinin başlayabileceğinden dolayı token’ı satmadığını belirterek, projede güven sağlamak istemiş olabilir. Böylece kripto yatırımcıları, FTT’ye daha pozitif bakabilir. Kripto endüstrisindeki karışıklığa bir de FTT konusunu ekleyen CZ, kafaları karıştırdı. Binance ve CZ’den FTT ve FTX ile ilgili adımlar gelebileceği kripto toplulukları tarafından yakınen takip ediliyor.
Mark Cuban, SEC ve Gary Gensler’ın kripto girişimlerini ölüme terk ettiğini söyledi.
Mark Cuban, SEC ve Gary Gensler’ın kripto girişimlerini ölüme terk ettiğini söyledi.
Mark Cuban, SEC‘in kripto endüstrisini düzenleme girişimleri hakkında yorum yaptı. Cuban, düzenleyicinin, girişimleri engellemeden borsalar ve tokenler için basit bir kayıt sistemi oluşturması gerektiğini savundu.
Mark Cuban, SEC’in Kripto Piyasasını Düzenleme Girişimini Değerlendirdi
Milyarder yatırımcı Mark Cuban, Menkul Kıymetler ve Borsa Komisyonu’nun kriptoya yaklaşımının girişimcileri ve yeni başlayanları net bir rehberlik olmadan kendi başlarına bıraktığını söyledi.
Cuban yeni başlayanların, özellikle de Web3’tekilerin uyması gereken karmaşık kuralları büyük ölçüde kınadı. SEC ve Kongre’ye, yatırımcıların korunmasını sağlarken aynı zamanda startup’ları ve endüstri devlerini aynı şekilde etkinleştirebilecek token’lar ve borsalar için temel bir kayıt sistemi oluşturmasını önerdi.
Cuban açıklamalarında şu ifadeleri kullandı:
Cuban, SEC ve Gensler’ın tutumuna dair değerlendirmelerini ve yorumlarını paylaştı.
SEC emails illuminated ex-official Hinman’s 2018 view on ETH, which Ripple’s top lawyer said was used to ‘destroy and disrupt’ U.S. crypto, but this probably won’t steer agency policy.
Ripple Labs and the U.S. Securities and Exchange Commission (SEC) seem to be on the same page about the documents known as the Hinman Emails: The former official’s past remarks shouldn’t govern current policy.
Despite the rush of attention this week on the insider deliberations that went into writing a five-year-old speech from William Hinman – the former head of the SEC’s corporation finance division – the agency’s past uncertainty over the status of ether (ETH) never amounted to formal commission-approved rules or guidance. So the dialogue over the ex-official’s one-time remarks may offer some insights, but it’s unlikely to move the needle on the agency’s crypto policy.
“Nothing in these documents creates precedent or establishes law,” said Andrew Hinkes, a lawyer at K&L Gates who co-chairs its digital assets practice. At best, the emails give “a helpful snapshot of certain SEC staffers’ views on some issues at a point in time,” so it’s useful for those trying to understand where the agency has been coming from on the crypto-as-securities debate, but there’s nothing the SEC can be held to, Hinkes said.
Hinman, in his speech that’s still posted on the SEC website, had said he didn’t “see a need to regulate ether” – a view that was debated among officials inside the agency even as he said it. The remarks have been a particular focus of Ripple, in light of the parallels between ETH and the XRP token closely associated with Ripple’s business.
“The SEC fostered regulatory confusion in the marketplace,” Ripple Chief Legal Officer Stuart Alderoty said Thursday in an interview on CoinDesk TV. “They knew the marketplace was confused, then they took steps to deliberately aggravate that confusion.”
Alderoty had also tweeted what he thinks the emails should mean: “Hinman’s speech should never again be invoked in any serious discussion about whether a token is or is not a security.”
As it happens, that seems fine with the SEC. The agency hasn’t relied on Hinman’s position in recent years and has moved on with other remarks from SEC Chair Gary Gensler that suggest a different view. After Ethereum’s high-profile move to proof-of-stake, Gensler said that such tokens may actually be securities, though he didn’t specify ETH.
Agency spokespeople declined to comment on the release of the emails this week, and Hinman didn’t respond to a request for comment.
Still, none of the issues debated around Hinman’s speech have legal bearing until the SEC’s five commissioners make a new rule, issue guidance or bring an enforcement action that explicitly makes the case that ETH is a security. That’s the chief point of interest for Ripple, which has been fighting with the regulator in court over whether the XRP token associated with its products is a security.
After the company also waged this fierce campaign to win access to the SEC’s emails, Ripple’s Alderoty would like to see them remain in the limelight, arguing that an investigation should be conducted into why Hinman said what he did. He said the SEC has relied on those remarks in its ongoing battles with the sector.
“They’ve weaponized it to bring a series of enforcement actions and trying – through regulation-by-enforcement, we now know – to really destroy and disrupt this crypto economy in the United States,” Alderoty told CoinDesk TV.
But others aren’t sure there’s anything in the messages to alter the high-stakes debate over how crypto will be regulated in the U.S.
“Those who expected bombshells were probably disappointed, but for those who work to understand these markets, there are helpful inclusions that merit further consideration,” Hinkes said.
“I don’t believe that the Hinman emails are particularly significant from a legal standpoint,” said Grant Gulovsen, an Illinois-based lawyer who works with crypto clients, in an email. “I don’t see how it helps Ripple/XRP. And if the Hinman speech is no longer (or never was) the view of the SEC, then it’s not good for crypto generally.”
Hinman – who noted during the 2018 speech that it was his personal view – took a position that crypto projects could become “sufficiently decentralized” that buyers wouldn’t expect anybody was at the helm, so they couldn’t be investment contracts regulated by the SEC. Gulovsen said that idea is still useful as “a reasonable application” of securities law for digital assets.
In the first nine hours of June 5, BNB’s open interest increased nearly $30 million.
In trading, timing is everything and it appears that some traders put in well-timed sell orders for BNB tokens, ahead of the massive SEC crackdown against crypto exchange Binance on June 5.
A surge in aggregated sell orders of about 125,000 BNB worth $37 million hit the BNB/USDT order book on Binance at 11:45 p.m. UTC on June 4 and 1:45 am UTC on June 5 in the lead-up to the U.S. Securities and Exchange Commission (SEC) suing Binance, data from TradingView shows.
BNB’s open interest, the total number of outstanding derivative contracts held by investors, also increased in the first nine hours of June 5 by nearly $30 million, according to Coinalyze, which also occurred before the 11:15 am news of the SEC alleging Binance commingled customer funds and operated an unregistered securities exchange.
A rise in open interest indicates new traders entering and creating new positions in the market, instead of closing existing positions.
The price of BNB, the native token for the Binance ecosystem that the SEC says is a security, dropped more than 9% from $300 to $272 in the hour following SEC’s crackdown against Binance on Monday.
Crypto traders who bet that the price of Binance’s BNB token would decrease before June 5 at 11:15 am, have profited heavily from the price action of BNB following the reveal of SEC’s lawsuit against the largest crypto exchange by trading volume.
An SEC spokesperson did not return a request for comment on the trades made before the SEC lawsuits against the crypto exchange.
The exchanges, targeted by the SEC for violating federal securities laws, have suffered a significant wave of user withdrawals but managed to process transactions in an orderly fashion so far.
U.S. Securities and Exchange Commission (SEC) lawsuits against Binance, Binance.US and Coinbase have spurred the exodus of some $4 billion of deposits from the crypto exchange giants, according to blockchain data.
The three exchanges suffered a combined net outflow of $3.1 billion via the Ethereum network and $864 million in bitcoin (BTC) between Monday and Thursday, data from blockchain analytics firms Nansen and Glassnode shows. Net outflow means withdrawals outpaced incoming deposits.
The exchanges processed withdrawals in an orderly fashion through the week.
The SEC first filed a lawsuit Monday against Binance, its U.S.-based entity Binance.US and chief executive Changpeng “CZ” Zhao, for a slew of federal securities law violations. Then, the agency sued Coinbase on Tuesday for offering unregistered securities to the public.
The actions unsettled the cryptocurrency market, with tokens the SEC characterized as securities in the suits, including Binance’s BNB, Cardano’s ADA and Polygon’s MATIC tumbling the most during the week. The SEC is seeking to freeze assets on Binance.US, which caused BTC and ether (ETH) to trade at a significant premium for a period compared to other platforms, as traders and market makers retreat from the platform.
Crypto traders, spooked by the regulatory clampdown, took their funds en masse from the exchanges targeted by the SEC.
Binance, the world’s largest crypto exchange by trading volume, experienced a $2 billion net outflow on the Ethereum blockchain over the course of four days, Nansen data shows. The metric includes ETH and all Ethereum-based tokens.
BTC withdrawals also outpaced deposits by some $838 million (31,868 BTC) during this period, according to Glassnode data.
Wednesday’s net outflow of 13,953 BTC was the largest daily drawdown since last December, when a botched reserve report shook investors confidence – already shaky after the collapse of Sam Bankman-Fried’s rival exchange FTX – in the exchange.
While this week’s outflows were significant, they represent only about 5% of all assets on the exchange, according to Binance’s crypto wallets.
Coinbase endured $1 billion of net outflows via Ethereum from Monday to Thursday, according to Nansen. BTC outflows totaled $25 million, per Glassnode.
Binance.US net outflows totaled $75 million on Ethereum, Nansen data shows. Glassnode does not track the platform.
The U.S.-based exchange said on Friday that users should withdraw USD as soon as possible following the SEC’s “extremely aggressive and intimidating tactics” against the company. The platform has suspended U.S. dollar deposits and will delist USD trading pairs shortly, while it temporarily transitions to a crypto-only exchange.
This article was written and edited by CoinDesk journalists with the sole purpose of informing the reader with accurate information. If you click on a link from Glassnode, CoinDesk may earn a commission. For more, see our Ethics Policy.
Several tokens were alleged as securities earlier this week, leading to a possible risk-off among traders.
Tokens of major blockchain networks slid more than 20% in the past 24 hours amid a likely risk-off event days after 13 tokens were alleged as securities in a U.S. Securities and Exchange Commission (SEC) lawsuit against crypto exchanges Binance and Coinbase.
The bulk of these losses came in the wee hours of Saturday, data shows. Solana (SOL), polygon (MATIC) and cardano (ADA) fell as much as 25% within hours – leading some on Crypto Twitter to wonder if a major crypto fund sold their holdings amid rather illiquid market conditions.
Such moves pushed weekly declines for these tokens to as much as 34%, the data shows.
As such, major tokens such as bnb (BNB), dogecoin (DOGE), xrp (XRP) fell over 11%. Bitcoin (BTC) dropped 3.6% while ether (ETH) slid 4.5%.
Crypto-tracked futures saw nearly $300 million in liquidations in the early hours on Saturday, data from Coinglass show, exceeding the nine-month record liquidation figures from earlier this week.
Crypto liquidation refers to the process of forcibly closing a trader’s positions in the cryptocurrency market. It occurs when a trader’s margin account can no longer support their open positions due to significant losses or a lack of sufficient margin to meet the maintenance requirements.
Earlier this week, the SEC identified tokens issued by foundations and companies or tied to protocols Polygon (MATIC), Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), Dash (DASH) and Nexo (NEXO) as securities.
This has led to some major retail trading avenues such as Robinhood to end support for tokens ADA, SOL and MATIC, likely as a response to the regulatory filings.
The order against Binance Nigeria Limited follows U.S. SEC allegations that the exchange had violated federal securities laws.
Crypto exchange Binance’s Nigerian unit was ordered to immediately halt operations in the country by the local Securities and Exchange Commission, according to a Friday circular.
“Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal,” the notice said.
Nigeria’s order follows a lawsuit by the U.S. securities watchdog last Monday against the largest global crypto exchange by market capitalization, alleging it failed to register as a broker or exchange, and that it sold offered unregistered securities the general public.
Although Nigeria’s SEC had previously said it viewed all crypto assets to be securities by default, this appears to be the first action taken by the regulator against a major exchange platform. In May, Bloomberg reported the country’s SEC was processing crypto firms’ applications for registration on a trial basis but would not officially start registering them until it has reached an agreement with the country’s central bank.
Banks in the country are prohibited from offering services to crypto platforms.
“The Commission shall provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter,” Friday’s order said.
ABD’de Menkul Kıymetler ve Borsa Komisyonu’nun (SEC) dünyanın en büyük iki borsasına açtığı davalar sonrası kripto para piyasalarında düşüşler derinleşiyor. Bitcoin ve Ether’de yüzde 3’ü aşan kayıplar yaşanırken daha küçük kripto paralarda değer…
ABD Menkul Kıymetler ve Borsa Komisyonu’nun (SEC) önde gelen dijital varlık borsalarına yönelik dava açması küçük kripto paralarda ciddi satışa neden oldu. SEC’in borsalara karşı aldığı eylemlerin yatırımcıları endişelendirdiği ve son satış dalgasına neden olduğu değerlendiriliyor.
Solana, Cardano ve Avalanche’nin de aralarında olduğu kripto paralar Cumartesi günü yüzdelik bazda çift haneli düşüşler kaydetti. En büyük iki dijital varlık olan Bitcoin ve Ether’de ise düşüşler yüzde 3’ü geçti.
SEC bu haftanın başlarında, sektörün en büyük ticaret platformu olan Binance Holdings Ltd. ve ABD’nin en büyük borsası Coinbase Global aleyhine dava açarak kripto sektörüne çifte darbe indirmişti.
SEC, başvurusunda Binance ve kurucusu Changpeng “CZ” Zhao’yu müşteri fonlarını yanlış kullanmak, yatırımcıları ve düzenleyicileri yanıltmak ve menkul kıymetler kurallarını çiğnemekle suçlamıştı.
Binance, konuyu çözmek için kurumla iyi niyetli müzakerelerde bulunduğunu söylerken SEC eylemini “hayal kırıklığı” olarak nitelendirerek, platformunu “güçlü bir şekilde” savunmayı planladığını söyledi.
Coinbase de, SEC’in yasa dışı bir borsa yürüttüğü iddiasına itiraz ederek yasal mücadeleyi Yargıtay’a kadar götürmeye hazır olduğunu söyledi.
Davaların bir parçası olarak, aralarında Binance’in BNB’si, Cardano’nun ADA’sı ve Solana’nın SOL’unun da olduğu bazı kripto paralar kayıtsız menkul kıymetler olarak belirtildi.
Bu durumun SEC’e ters düşme korkusuyla borsaların söz konusu kripto paraların işlem görmesine izin vermekten çekineceği ve işlem hacmini düşürebileceği değerlenediriliyor.
Robinhood Markets Inc., 27 Haziran’dan itibaren Solana, Cardano ve Polygon’un işlemlerine son vereceğini açıkladı.
Binance’e karşı güven göstergesi olarak görülebilecek borsanın kripto parası BNB, Cumartesi günü yüzde 10’a varan düşüş yaşaması sonrası kayıpların bir kısmını toparladı.