(Note: Unicoin is not to be confused with the Uniswap decentralized exchange.)
Meet our new SEC Chair, Paul Atkins. Who better for the role than a Project 2025 architect who blamed the FTX fraud on the US not being "accommodating" to blockchain technology?
@molly0xfff Who better to regulate financial markets than Paul Atkins, a Project 2025 architect who blamed the FTX fraud on the US not being "accommodating" to blockchain technology? #sec #trumpadministration #project2025 #paulatkins ♬ original sound - Molly White
Coinbase says that the SEC has agreed to drop the enforcement case against the company. It only cost them $75 million in political contributions.
(Don’t forget that $50 million of those contributions appeared to be blatantly illegal, although Trump is already hard at work making the Federal Elections Commission even less effective than it previously was.)
Although early reporting suggested the SEC would likely look to “potentially freeze some litigation that does not involve allegations of fraud”, the first case the SEC has proposed freezing is SEC v. Binance: a case alleging serious fraud and knowing violation of US securities laws.
The original complaint alleges that not only did Binance lie about trying to prevent fraudulent behavior on Binance.US, one of the primary companies involved in illegal wash trading on the exchange was controlled and operated by Binance’s founder and Binance employees.
Despite claims from the SEC’s new leadership that they intend to provide “sensible, clear rules” without providing a “haven for fraudsters”, this action definitely seems to reveal their true marching orders.
It’s likely that they will soon request to pause ongoing enforcement cases against companies including Coinbase, a company which has alone spent more than $100 million on political lobbying over the past two years.
apparently preventing fraud is “anti-crypto”.
according to this Fortune headline, the SEC going after fraud and deceptive business practices after a company publicly announced they were going to breach a previous agreement with the agency is an “anti-crypto campaign”
This is particularly hilarious given that Fortune has skewered Gary Gensler for failing to go after the FTX, Celsius, and Terra frauds.
Schrödinger’s regulator can’t go after fraud before the company collapses, but if it collapses and the SEC didn’t warn us, they failed.
interesting, Roger Stone deleted one of his tweets shilling a "MAGA Memecoin" after I pointed out that these tweets likely violate SEC rules
most of his other promo tweets remain, though, and have similar issues
The SEC is asking the judge in the Terra lawsuit to order $4.2 billion in disgorgement, a $420 million penalty against Terraform Labs, and a $100 million penalty against Do Kwon.
They also want Kwon banned from serving as an officer or director of a publicly traded company.
Kwon has opposed any injunction or disgorgement against him, and says that the potential penalties should be somewhere around $250,000–$300,000.
Verdict against Terraform Labs and Do Kwon, responsible for the Terra/Luna algostablecoin collapse in May 2022.
Verdict in SEC v. Terraform Labs