SEC Suffers Major Defeat in Binance Case as Judge Narrows Scope of Crypto Crackdown The federal judge overseeing the SEC’s lawsuit against Binance just gutted key parts of the agency’s case, ruling that most of the crypto exchange’s transactions fall outside U.S. jurisdiction and that the agency overreached in trying to label every token as…
Don Davis Bill Would Fine Candidates $10,000 for Trading on Their Own Elections A bill backed by Don Davis would impose a $10,000 fine on political candidates who trade on the outcome of their own elections. The proposal targets a potential conflict of interest: candidates could benefit financially from positions connected to an election in…
Court Tosses Crypto Startup’s Contract Claims — and Hands Delaware a New Precedent Delaware’s Superior Court just threw out a crypto firm’s breach-of-contract suit against two former partners, ruling that a software license agreement never became an enforceable contract because it lacked a meeting of the minds on essential terms. The decision, issued late yesterday,…
COURT SLAMS SEC FOR ARBITRARY SPOT-BITCOIN ETF DENIAL The D.C. Circuit just tossed the SEC’s January 2022 order rejecting Grayscale’s spot-bitcoin exchange-traded fund, ruling that the agency had no coherent reason to bless futures-based bitcoin products while shutting the door on the actual asset. The unanimous panel held that the SEC’s “arbitrary and capricious” treatment…
CFTC Lets Exchanges Convert Index Futures Into True Perpetual Contracts The Commodity Futures Trading Commission’s Division of Market Oversight said on Oct. 5 that it has issued temporary no-action relief to designated contract markets (DCMs) seeking to convert certain “perpetual-style” broad-based security index futures into true perpetual contracts. The staff letter, identified as CFTC Letter…
Court Hands CFTC Fresh Win Over Crypto Promoter The Seventh Circuit just handed the Commodity Futures Trading Commission a clean sweep against a crypto salesman who claimed his tokens were nothing more than digital collectibles. In a single paragraph ruling, three judges declared that offering unregistered futures-style contracts on crypto assets is illegal even when…
Genius Group Restarts Bitcoin Buying With 10 BTC Purchase Genius Group has resumed its Bitcoin acquisition strategy with the purchase of 10 BTC, marking the company’s return to buying the cryptocurrency. The transaction signals a renewed focus on Bitcoin within the company’s broader financial strategy. No further details about the purchase were provided.
Court Slams Coinbase’s SEC Appeal, Keeps Crypto in Regulatory Limbo Coinbase lost its bid to force the SEC into rulemaking, leaving the exchange—and the broader crypto market—still staring down an enforcement-first regime. The Third Circuit’s decision means the agency can keep bringing individual actions without first spelling out clear rules for digital assets, deepening uncertainty…
Solana Foundation unveils program to settle institutional trades in seconds with JPMorgan input The Solana Foundation has unveiled a program designed to help institutions settle trades within seconds, marking an effort to support faster transaction processing for institutional participants. JPMorgan contributed input to the initiative, although the available details do not specify the bank’s precise…
The VIX of Bonds Is Rising, but Bitcoin and Stocks Aren’t Hearing It Yet Volatility in the bond market is increasing, even as bitcoin and stocks have yet to show a similar reaction. The divergence highlights a disconnect between fixed-income markets and risk assets. Bond volatility matters because it can signal growing uncertainty around interest…
So-Called Crypto ‘Godfather’ Gets 78 Months as $37M Meta Fraud Unravels Adam Iza, who referred to himself as “The Godfather,” was sentenced on Oct. 5 to 78 months in federal prison in connection with a scheme tied to a roughly $37 million Meta advertising fraud. A federal judge also ordered Iza to pay $23.4 million…
U.S. government moves more than $100 million in BTC and BNB; sale has not been confirmed The U.S. government has moved more than $100 million worth of Bitcoin and BNB, according to the available information. The transfers involve two of the largest and most widely tracked cryptoassets. However, no sale has been confirmed. A transfer…
Banking Group Sues to Block Crypto’s “Side Door” Into the Banking System The Independent Community Bankers of America (ICBA) filed suit Friday in the U.S. District Court for the District of Columbia against the Office of the Comptroller of the Currency (OCC), challenging the agency’s authority to grant national trust bank charters to cryptocurrency firms….
Kalshi Wins Again as Appeals Court Keeps CFTC at Bay The D.C. Circuit just refused to pause a lower-court order that lets Kalshi offer event contracts on U.S. elections, handing the CFTC another setback in its effort to block the platform. The decision keeps the door open for election betting markets and signals that regulators…
COURT SLAPS ENVY BLOCKCHAIN WITH TEXAS WRIT Texas appellate court hands Envy Blockchain a rare defeat in a mandamus fight over what appears to be a routine discovery dispute, and the ripple effects could reach every crypto mining operator that thinks it can hide behind corporate veils when regulators come calling. The case arose when…
COURT SHUTS CFTC’S SECRET-SEARCH SHORTCUT A federal appeals court just blocked the Commodity Futures Trading Commission from using a rarely seen procedural trick to force companies to turn over trading data without warning. The ruling matters because it keeps federal watchdogs from quietly rummaging through the books of any firm that might touch crypto or…
Court Blocks Bilzerian’s Latest Bid to Reopen Old SEC Case The D.C. District Court just slammed the door on Paul Bilzerian’s attempt to dust off a 1989 fraud judgment, ruling he cannot relitigate issues already settled decades ago. The decision keeps a 2001 injunction intact, blocking Bilzerian and his network from filing new actions tied…
Conduit Sues Tether Over a $2.76M USDT Wallet Frozen for a Year Conduit Technology has sued stablecoin issuer Tether after Tether froze $2.76 million in USDT held in Conduit’s wallet and allegedly kept the funds locked for more than a year. According to Conduit, the freeze was not driven by a formal request tied to…
Court Slams SEC for Overreach in Crypto Rulemaking A federal appeals court has ruled the SEC cannot unilaterally redefine crypto tokens as securities without first proving each token meets the Howey test. The decision immediately undercuts the agency’s campaign to bring almost every digital asset under its roof. Markets read the ruling as a direct…
CFTC Loses Bid to Police Virtual Currency Trades The Seventh Circuit just stripped the Commodity Futures Trading Commission of its claim that it could regulate virtual currency as a “commodity” under the Commodity Exchange Act. The ruling is the first federal appellate decision to draw a bright line between actual commodities and the digital tokens…
