#cryptolaw

[unpluggedfinancial]

Coinbase's Legal Battle with the SEC: A Push for Transparency and Clear Regulation

The ongoing tension between Coinbase and the U.S. Securities and Exchange Commission (SEC) has taken a new turn. In recent months, Coinbase has launched two significant legal actions against the SEC, reflecting the company's growing frustration with the regulatory environment for cryptocurrencies in the United States. These actions underscore the urgent need for transparency and clear rules in the rapidly evolving digital asset industry.

Lawsuit Over FOIA Requests

In June 2024, Coinbase filed lawsuits against both the SEC and the Federal Deposit Insurance Corporation (FDIC) for failing to comply with Freedom of Information Act (FOIA) requests. Coinbase's FOIA requests sought critical information on two fronts:

The SEC's View on Ethereum: Coinbase is particularly interested in how the SEC perceives Ethereum, especially after its transition to a proof-of-stake consensus mechanism. This shift has sparked debates about whether Ethereum should be classified as a security under current U.S. laws.

"Pause Letters": Coinbase also requested copies of "Pause Letters" referenced in an Office of Inspector General report. These letters could provide insight into the SEC's internal communications and strategies regarding the regulation of digital assets.

By taking legal action, Coinbase aims to compel these agencies to release the requested information. The company alleges that federal financial regulators are attempting to "cripple the digital-asset industry" and believes that greater transparency will shed light on the true motivations and actions of these regulators.

Petition for Rulemaking

The second significant legal action by Coinbase is its April 2023 lawsuit against the SEC, which seeks to force the agency to respond to a petition for rulemaking. Coinbase initially submitted this petition in July 2022, requesting formal guidance on the regulatory framework for the crypto industry. The SEC's prolonged silence prompted Coinbase to seek judicial intervention, hoping to secure a clear and actionable response.

This lawsuit highlights Coinbase's argument that the SEC's current approach—termed "regulation by enforcement"—is detrimental to the crypto industry. Coinbase asserts that the lack of clear rules creates uncertainty and stifles innovation. The company contends that formal guidance would provide the necessary clarity for businesses operating in the digital asset space.

Broader Context and Implications

These legal battles are part of a broader debate over the regulation of cryptocurrencies in the United States. The SEC has taken a stringent stance, asserting that most cryptocurrencies are securities and should be regulated as such. This perspective has led to numerous enforcement actions against various crypto companies, including Coinbase.

In March 2024, a federal judge ruled that most of the SEC's claims against Coinbase could proceed to trial, marking a significant setback for the company's efforts to dismiss the lawsuit. Coinbase argues that the SEC's aggressive stance is counterproductive and calls for a more collaborative approach to developing a comprehensive regulatory framework.

Aligning with Coinbase's Mission

These legal actions are not just strategic moves but are deeply aligned with Coinbase's mission statement of promoting financial freedom. By challenging the SEC and advocating for transparent and clear regulations, Coinbase is doing everything in its power to create an environment where digital assets can thrive. This dedication to financial freedom and innovation is at the core of Coinbase's goals, reflecting its commitment to transforming the financial landscape.

Conclusion

Coinbase's legal actions against the SEC and FDIC reflect a pivotal moment in the relationship between the crypto industry and U.S. regulators. By demanding transparency and clear rules, Coinbase is advocating for a regulatory environment that supports innovation while protecting investors. As this legal battle unfolds, it will undoubtedly shape the future of cryptocurrency regulation in the United States and potentially set precedents for other jurisdictions around the world.

[pilawturkey]

The 2024 Announcement for the Rejected Crypto Asset Platforms

The 2024 Announcement for the Rejected Crypto Asset Platforms has been newly made by the Capital Markets Board (hereinafter as the Board) dated 23 August 2024. That decision was published in the Board Bulletin No: 2024/42.

Table of Contents

Introduction

What is the meaning of Financial Technologies?

What is the news for the 2024 Announcement for the Rejected Crypto Asset Platforms?

Recent Progress for the 2024 Turkish Crypto Business Environment in Turkey

Conclusion

Introduction

The 2024 Turkish Crypto Law is in effect as of July 2, 2024. A new term was started after the adoption of the Law Numbered 7518 “known as the Turkish Crypto Law” revising the Capital Markets Law Numbered 6362 as of July 2, 2024. All legal practitioners including Turkish business lawyers have focused on main features of crypto asset platforms and upcoming benchmarks and standards by the Board. This article will present a useful summary of the recent Board decision on the 2024 Announcement for the Rejected Crypto Asset Platforms.

What is the meaning of Financial Technologies?

Financial technologies (FinTech) environment has improved very quickly over the last 20 years across the globe. The term “FinTech” is used to refer to emerging electronic payment methodologies and systems such as electronic money institutions, payment institutions, digital banks, online insurance agencies, and crowdfunding platforms and blockchain such as crypto currencies. It is very significant to underscore at this juncture that the terms for crypto wallet, crypto asset, crypto asset storage service and crypto asset exchange platform as well as crypto assets service provider were made in Article 1 of the Law Numbered 7518. It is mandatory to obtain a permission from the Board for the establishment and operation of crypto service providers.

For our work and all legal services on the matter of financial technologies, please click our “Practice Areas”, titled, FinTech For a comprehensive discussion on the FinTech Environment in Turkey, take a look at our article on FinTech Guide in Turkey For more discussion for the importance of FinTech for banking and finance, take a look at our article on Banking and Finance Law in Turkey

What is the news for the 2024 Announcement for the Rejected Crypto Asset Platforms?

There is recent progress on the 2024 Announcement for the Rejected Crypto Asset Platforms. The Board announced its decision for the list of crypto platforms whose declaration applications have not been considered or have been directly rejected. The announcement is available in Board Bulletin 2024/42.  The applications of 32 crypto providers have been removed from processing on the grounds of incomplete or insufficient submission of the requested explanations and documents. The applications of 32 more crypto asset platforms have not been processed on the grounds of the lack of any customers and/or customer storage balances as of the application date.

See also our previous article on New Turkish Crypto Law 2024

Recent Progress for the 2024 Turkish Crypto Business Environment in Turkey

In Turkey there has been a broad range of developments for the improvement of financial technologies. As a first step, the digital participation banking system is accepted by Turkish lawmakers in Turkey.

As a second step, the recognition of digital wallets has also been completed by means of new regulation of the Central Bank of the Republic of Türkiye. In this way, a Digital Wallet Era in Turkey started.

As a third step, the 2024 New Electronic Submission System for Turkish Capital Markets was instituted by the Capital Markets Board of Türkiye.

Turkish policy-makers took a commitment of the full compliance of the emerging capital markets system in line with the Financial Task Force standards and principles designed for the prevention of money laundering and terrorist financing. Therefore, fourthly, the Law Numbered 7518 on Amendments to the Capital Markets Law Numbered 6362 has been enacted. The Law Numbered 7518 is regarded as Crypto Law of Turkey and enters into force following its publication in the Official Gazette dated July 2, 2024.

Take a look at our up-to-date article on the 2024 FATF Decision on Turkey

Fiftly, the first decision on the 2024 Announcement for the Rejected Crypto Asset Platforms has been delivered by the Board dated 23 August 2024. 

Conclusion

Considering the above, it is critical to outline that the Board is granted a wide margin of appreciation and authority to manage crypto asset regime. Totally 64 application processes were stopped by the Board because of the lack of necessary requirements in the 2024 Announcement for the Rejected Crypto Asset Platforms. Undoubtedly, investment advice through the comprehensive assistance of Turkish business lawyers is seen as a considerable component of FinTech crypto investors in Turkey.

[bulldog0law]

Career and Reputation of Bulldog Law

Bulldog cryptocurrency lawyers have defended thousands of clients across the United States in a wide range of criminal cases in both state and federal courts, including trials and appeals. They also handle personal injury and cryptocurrency cases. Their lawyers have been described as “bulldogs” for their successful representation in legal proceedings. They fight hard for clients, knowing that the support is high and that we can truly make a difference in their lives.

[osintelligence]

https://tcrn.ch/3D7NfN1 - 👮‍♀️ The U.S. government has indicted Shakeeb Ahmed, a cybersecurity professional, for hacking a cryptocurrency exchange and stealing approximately $9 million in cryptocurrency. Ahmed is a former senior security engineer for an unnamed international technology company, with his LinkedIn profile listing him as a former employee at Amazon. His specialized skills in reverse engineering smart contracts and blockchain audits were reportedly used in the execution of the attack. #CyberSecurity #CryptocurrencyTheft #CyberCrime 🔎 Although the victim was not officially named, the description of the hack points towards Crema Finance, a Solana-based exchange. The hack occurred around the same date (July 2 and 3, 2022) as Ahmed is alleged to have targeted an unnamed exchange. Post the hack, the attacker returned about $8 million in cryptocurrency, keeping the rest. Ahmed reportedly offered to return all but $1.5 million of the stolen funds if the exchange refrained from reporting the incident to law enforcement. #CryptoExchange #Hack #EthicalHacking ⚖️ The practice of hackers stealing and returning part of the stolen cryptocurrency has been known in the crypto and web3 world, sometimes referred to as "white hats." However, this practice resides in a gray area, as this case exemplifies. Returning some stolen funds does not prevent prosecution. Ahmed, now accused of wire fraud and money laundering, allegedly used his professional expertise to conduct the theft and tried to launder the stolen cryptocurrency through various transactions. #WhiteHat #CryptoLaws #DigitalAssets 🔍 Lastly, Ahmed was reportedly seen searching online for information about the hack, his criminal liability, attorneys specializing in similar cases, potential law enforcement investigations, and even ways to flee the U.S. to avoid criminal charges.

[withdennis]

Hey guys! Need help or interested in a collab – then hmu! :)

Whether if it's about producing (electro), composing, game development, talking about crypto stuff, shopify, instagram marketing or if you need help with any of these things – feel free to get in touch with me! :) https://bio.site/withdennis

[ladookhotnikov]

Gary Gensler: Crypto Is not a Security

A video of Gary Gensler's speech at a Bloomberg conference sparked a wave of discussion on social media. In a 2018 entry the current SEC chairman firmly stated that “Bitcoin ($BTC), Ethereum ($ETH), Litecoin ($LTC), Bitcoin Cash ($BCH) are not securities.”

The video was released long before Gensler's appointment as chairman of the SEC. However, in his new role Gary argued that all crypto except bitcoin should be considered a security.

The crypto community accuses Gensler of hypocrisy recalling his previous statements and differing views on cryptocurrency. Critics point to contradictions in his position and believe that his new beliefs will have negative consequences for the development and regulation of the cryptocurrency market.

Perhaps Gensler has become an example of how the views of even experienced experts evolve when they get power. However, his past statements continue to raise doubts and serve as an occasion for heated discussions in the crypto community.

#GaryGensler #lie #cryptocurrency #double standards #falsification #regulation #cryptolaws #financial industry #cryptoindustry #truth #information_transparency

[36crypto]

MetaLawMan's Insightful Comparison of XRP and Oranges Sparks Debate in Ripple Case

Crypto enthusiast James Murphy, known as MetaLawMan, recently provided insights into the ongoing SEC appeal in the Ripple case. His engaging comparison of oranges and XRP during a CryptoLaw interview has caught the attention of the XRP community. Murphy’s analogy sparked discussions about the legal classification of XRP under the Howey Test. According to attorney Bill Morgan, who represents…

[azcoin]

Ripple Legal Head Foresees Potential SEC Appeal in XRP Case

Ripple Chief Legal Officer, Stuart Alderoty, suggested that he wouldn’t be surprised if the U.S. Securities and Exchange Commission (SEC) appeals the final ruling in the Ripple case over XRP.

In a recent interview on Cryptolaw TV, Alderoty questioned the SEC’s approach, expressing confidence that any appeal would likely fail. He criticized the SEC for not acting rationally, stating that their focus on this case does not align with their core mission of protecting investors.

Link details: https://azcoin.org/ripple-legal-head-foresees-potential-sec-appeal-in-xrp-case/

[agentbingx]

Binance stops copytrading for EU customers: Impact of new MiCA rules

#MiCA #cryptoregulation #Binance #copytrading #EUcrypto #EUregulation #cryptoassets #cryptoinvestors #stablecoins #BNB #changestoBinance #Bitcoin #Ethereum #cryptolaws #cryptomarket #cryptotrading #BingX #tradingfees #referralcode #signupdiscount #cryptocompliance #investorprotection #unifiedregulation #cryptotransparency #cryptoinvestments #cryptoplatforms #cryptomarkets #cryptotraders #cryptoinvestor #ethereum #bitcoin

[wecoinverse]

🚨 Court rulings shake up the crypto world! The SEC's case against Binance gains traction with significant claims approved. Stay tuned for the latest updates in #CryptoLaw 📈💼

[bergtlaw]

Bergt Law Chambers Global Practice Guide Blockchain Liechtenstein 2024

We are thrilled to announce that our latest article on Blockchain Trends and Developments in Liechtenstein for 2024 has been published in the Chambers Global Practice Guide by Chambers and Partners! This comprehensive piece explores the pioneering Liechtenstein Blockchain Act and its impact on major business models, including security and utility token offerings, tokenization platforms, and crypto-exchanges and provides an outlook to the upcoming MiCAR regulation. The guide was authored by Janina Pietrowska and Josef Bergt. A special shoutout to our co-author, Janina Pietrowska, for her invaluable contributions. Her expertise and insights were instrumental in creating this detailed guide. 🔗 Read the full article here: https://lnkd.in/ecsPKzsr At Bergt Law, we are committed to staying at the forefront of legal developments in the fintech space, ensuring our clients receive the most up-to-date and comprehensive legal advice. Feel free to reach out to us for any inquiries or further discussions on how these trends may affect your business. hashtag#Blockchain hashtag#Liechtenstein hashtag#CryptoLaw hashtag#BergtLaw hashtag#ChambersGlobalGuide hashtag#LegalInnovation hashtag#chambers 📞 Contact Us: 📍 Rechtsanwaltskanzlei Bergt und Partner AG | Law Firm Bergt & Partners Ltd., Buchenweg 6, 9490 Vaduz, Liechtenstein, 📧 office@bergt.law 🌐 www.bergt.law/en hashtag#LegalExcellence hashtag#BlockchainAct hashtag#Tokenization hashtag#CryptoCommunity hashtag#LegalTrends

[drewssam]

XRP Attorney John E Deaton Believes LBRY Case Might Not Impact the Ripple Case

XRP attorney John E. Deaton believes that the recent legal victory of the Securities and Exchange Commission (SEC) in the LBRY case might not directly impact the ongoing case involving fintech firm Ripple. In the LBRY case, a New Hampshire district court ruled against the decentralized platform for selling unregistered securities through its token, LBC. Despite LBRY's intention to continue fighting, concerns arose within the crypto community regarding the broader implications of the ruling.

However, Deaton, through CryptoLaw, provided ten reasons why he believes the SEC's win in the LBRY case won't affect Ripple. Firstly, he noted that the judge in the Ripple case is not following the precedent set by the SG case, unlike in the LBRY ruling. Additionally, Deaton highlighted the differences in applicable laws across different circuits where the SEC has won cases, emphasizing that the law cited in the LBRY case doesn't apply to Ripple's situation.

Moreover, Deaton pointed out that XRP has utility, backed by major players like MasterCard and Visa, and recognized as non-security by various international jurisdictions. These factors, according to Deaton, distinguish Ripple's case from LBRY's, suggesting that Ripple's legal standing may not be directly influenced by the outcome of the LBRY case.

[cointahmin]

Ripple (XRP) avukatı olarak da bilinen John Deaton, Ripple-SEC davasının 30 ila 60 gün ortasında sonuçlanabileceğini belirtti.Kripto sanayisinin yakından takip ettiği Ripple-SEC davası, birçok söylenti ve beklenti ışığında şekillenmeye devam ediyor. Bilhassa son vakitlerde, Ripple’ın davayı kazanacağı ve davanın birkaç hafta içerisinde sonuçlanacağı sav ediliyordu.Avukat James K.Filan‘a nazaran, davanın geçtiğimiz gün sonuçlanması gerekiyordu. Lakin bu gerçekleşmeyince, Ripple topluluğundan yansılar yükseldi. CryptoLaw kurucusu ve Ripple avukatı olan John Deaton, davanın yaklaşık iki ay içerisinde sonuçlanabileceğini argüman etti.Gözler Ripple Davasının Sonuçlanacağı Tarihe ÇevrildiKripto sanayisinin gözü yakın vakitte sonuçlanması beklenilen Ripple-SEC davasına çevrildi. Fakat Ripple (XRP) topluluğu, birçok uzmanın kestirimleri ışığında beklentiler içerisine giriyor.Geçtiğimiz haftalarda, Ripple’a yakın birçok isimden sansasyonel savlar ortaya çıkmıştı. Ripple avukatı John Deaton, davanın birkaç hafta içerisinde sonuçlanabileceğini söylemişti. Ayrıyeten, James K. Filan da davanın geçtiğimiz Cuma günü sonuçlanacağını argüman etmişti. Tüm bu söylentiler ışığında, XRP fiyatında keskin yükselişler ve Ripple’ın kazanacağına yönelik sesler çoğaldı.Ancak, geçtiğimiz gün davaya yönelik rastgele bir açıklama yapılmadı. Bu durum, Ripple topluluğunun yansısını çekti. Durum güncellemesi paylaşma gerekliliği duyan Deaton, davanın dün sonuçlanacağına yönelik söylentilerin temelsiz olduğunu aktardı. Deaton, kararın 30 ila 60 gün ortasında sonuçlanabileceğinin altını çizdi.Deaton, ayrıyeten şunları söyledi;“Sadece 6 aydan uzun müddettir beklemede olan önergeler Kongre’ye bir liste halinde bildirilmelidir. Yargıç Torres’in özet yargı kararı için 6 aylık liste geçerli değildir. Çünkü karar, 3 aydan biraz fazla bir müddettir beklemektedir.”Ripple ve SEC davasına ait kararın üç aydan fazla bir müddettir sonuç evresinde beklediğine değinen Deaton, davanın sonucuna yönelik tezini buna bağladı.

[bulldog0law]

Bulldog Law: Expert Immigration & Legal Services

Bulldog Law's knowledgeable attorneys are here to help with complete immigration support as well as excellent criminal defense, personal injury, and cryptocurrency legal services. Feel our dedication to attaining the best outcomes. To learn more, click the provided link.

[thenewsart]

SEC chair, lawmakers are 'gaslighting': CryptoLaw founder

CryptoLaw founder John E. Deaton is clapping back at U.S. Securities and Exchange Commission (SEC) chair Gary Gensler after a proposal from Coinbase to create new crypto-specific rules was rejected. This week, the SEC rejected Coinbase’s 30-page “petition for rulemaking.” Gensler contends that the current securities framework adequately governs crypto asset securities and is actively addressing…

[ailtrahq]

John Deaton, attorney and Founder of Cryptolaw US, stirred up the social media space with his recent tweet concerning Coinbase’s ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC). This comes after significant developments in another SEC-related crypto lawsuit involving Ripple and its native token, XRP.  John Deaton’s Optimistic Take on CoinbaseIn a tweet thread, John Deaton didn’t shy away from putting percentages to his predictions, elevating the odds for a Coinbase victory from an “extraordinarily high” 40% to an even more promising 50%, after reading SEC’s opposition. According to Deaton, the SEC’s opposition to Coinbase’s Motion to Dismiss “is lacking in the most important area of all: the law.”Before the SEC filed its opposition to Coinbase’s Motion to Dismiss, I placed the odds of Coinbase winning at 40% – an extraordinarily high percentage for victory on a Motion to Dismiss. Normally, the odds would be no higher than 10%. After reading the SEC Opposition, the odds… https://t.co/3iTc6uD1lT— John E Deaton (@JohnEDeaton1) October 4, 2023 His viewpoint gains extra weight, considering his past predictions on the Ripple vs. SEC saga, where he was spot-on regarding critical aspects of the case. He said SEC would be denied for interlocutory appeal, and that’s what happened!Ripple Case: A Turning Point in Crypto Legislation?While Deaton’s main focus was on Coinbase’s upcoming reckoning, he also took the opportunity to reflect on the recent developments in the Ripple lawsuit. The SEC suffered a setback when Judge Analisa Torres denied their motion to appeal a previous loss. The Ripple case set significant precedents, especially concerning applying the Howey Test to digital assets. Judge Torres ruled that the Howey Test was irrelevant in the Ripple lawsuit, posing further questions about its applicability in future crypto cases.What This Means for the 52-Million Strong Crypto CommunityPaul Grewal, Coinbase’s Chief Legal Officer, highlighted that the SEC’s “regulation by enforcement” approach doesn’t consider the demands and expectations of the 52-million-strong crypto community in the U.S. Last week, over 40 crypto companies rallied in Washington D.C. to call for legislation that “protects consumers, enables innovation, and creates jobs and opportunities in the US.”The @SECgov just filed its opposition to our motion to dismiss their case against @Coinbase. It’s more of the same old same old. But don’t just take my word for it – take a look for yourself. 1/7 https://t.co/QMdkRoiq0V— paulgrewal.eth (@iampaulgrewal) October 3, 2023 Coinbase is set to file its reply on October 24, a crucial next step in their legal battle. John Deaton’s predictions may offer hope, but nothing is certain yet. The larger crypto community will be watching closely, understanding that the outcome will affect Coinbase and set a precedent for future regulatory approaches to cryptocurrencies.Meanwhile, a trial for Ripple is set for April 2024. One thing is clear: the fight for sensible crypto regulation is heating up, and the SEC is finding itself increasingly under scrutiny.!function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)(window,document,'script', ' fbq('init', '887971145773722'); fbq('track', 'PageView');