Regulation
US SEC Agrees To Drop Kraken Lawsuit
In another major development for the crypto industry, the US Securities and Exchange Commission (SEC) has agreed to drop the Kraken lawsuit with prejudice. This comes just days after the Commission dropped the Coinbase lawsuit with prejudice.
US SEC Agrees To Drop Kraken Lawsuit With Prejudice
The US SEC has agreed in principle to dismiss the Kraken lawsuit with prejudice, meaning that the Commission won’t be able to refile the case again. The crypto exchange made this revelation in a press release, noting that the SEC will dismiss this case with no admission of wrongdoing, no penalties paid, and no changes to its business.
The top crypto exchange stated that the SEC’s decision to drop the lawsuit is more than just a legal victory but also a turning point for the future of crypto in the US. The company added that the dismissal of the Kraken lawsuit also ends a wasteful, politically motivated campaign, lifts uncertainty that stifled innovation and investment, and clears the path towards a stable, forward-thinking regulatory regime.
The exchange also appreciated the new leadership at the White House and the Commission, which led to this change. Kraken claimed that their “bold and thoughtful” leadership will lead to a new era of crypto innovation.
This latest development continues the SEC’s hot streak of dropping crypto lawsuits and investigations. Last week, the Commission notably dropped cases against Gemini, Consensys, Robinhood, and Uniswap. The court also ordered that the Coinbase lawsuit was dismissed with prejudice following an agreement between the agency and the crypto exchange.
Coinbase Files FOIA Request Against SEC
Amid the SEC’s agreement to dismiss the Kraken lawsuit, Coinbase has submitted an FOIA request asking the Commission to explain how much its war on crypto costs taxpayers. The exchange’s Chief Legal Officer (CLO) Paul Grewal said they hope to find out how many investigations and enforcement actions were brought and how much they cost.
He remarked that they intend to use the FOIA request to discover how many employees worked on these investigations and enforcement actions and how much the Commission paid them. The request also seeks to determine how many third-party contractors the SEC used in these investigations and enforcement actions and how much it paid them.
Grewal mentioned that his firm also wants to know more about the previous SEC’s infamous “Crypto Assets and Cyber Unit” within the Enforcement Division, including its budget, the number of employees working in the unit, and the cost per hour.
The Coinbase CLO assured that they will never stop fighting for government transparency on behalf of their customers and the industry. He admitted that it may take time to get the full picture but assured that they will do what it takes for as long as it takes.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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Bitcoin critic Peter Schiff has urged Congress to launch an investigation into what he describes as the largest crypto rug pull in history. Schiff’s demand follows controversial posts from President Donald Trump’s Truth Social account, which allegedly contributed to a pump and dump scheme.
Schiff is calling for transparency regarding the authorship of these posts, the individuals who had prior knowledge of them, and the financial transactions linked to the incident.
Bitcoin Critic Peter Schiff Blasts Trump Over Alleged Crypto Pump and Dump
Peter Schiff has raised concerns about the recent surge in cryptocurrency prices following two posts from President Donald Trump’s Truth Social account. Schiff claims the posts were strategically timed to manipulate the market, benefiting individuals who had advance knowledge of their release. He has called for a full congressional investigation to determine who was involved.
The economist has specifically questioned the authorship of the Truth Social posts. Peter Schiff believes certain individuals may have used insider knowledge to invest in cryptos such as XRP, Cardano (ADA), Solana (SOL), Bitcoin (BTC), and Ethereum (ETH) before selling at inflated prices. He urged lawmakers to trace financial transactions linked to the alleged scheme.
More so, the Bitcoin critic is demanding access to emails and text messages from Trump’s staff, family, and employees. He aims to investigate any coordination behind the crypto-related posts on Truth Social.
Peter Schiff added,
“Donald Trump, the first crypto President, just helped pull off the biggest crypto rug pull of all time. A Congressional investigation is now warranted.”
Schiff Questions Insider Trading
Schiff has urged authorities to examine whether individuals close to Donald Trump benefited financially from the crypto market movements. He is calling for an investigation into who purchased digital assets before the posts were made public.
The Bitcoin critic wants investigators to determine how much money was invested by those with prior knowledge of the posts and the exact timing of any subsequent sales. Schiff claims that if insider trading occurred, it would constitute a major financial scandal.
The Bitcoin critic said,
“We also need all emails or text messages that involve any members of the President’s staff, his or their family or friends, his campaign donors, or Truth Social employees, that relate to either of the two Sunday Truth Social posts.”
Bitcoin Critic Rejects Support for BTC Reserve
Meanwhile, Peter Schiff recently distanced himself from previous comments that appeared to support a strategic Bitcoin reserve. He now claims that Bitcoin enthusiasts misrepresented his statements to manipulate public perception.
The economist has accused Bitcoin promoters of spreading false information to inflate BTC prices. Schiff insists that his remarks were taken out of context and that he never endorsed Bitcoin as a reserve asset. He has criticized what he calls “fraudulent tactics” used by Bitcoin supporters to influence the market.
Despite Peter Schiff’s allegations, the Donald Trump administration has continued to push its crypto agenda. In a recent CoinGape report, US SEC Commissioner Hester Pierce confirmed the members of the newly formed Crypto Task Force, signaling a shift in regulatory approach. The 15-member team includes staff from various SEC divisions, focusing on developing clear guidelines for the crypto industry.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
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The US Securities and Exchange Commission’s (SEC) Crypto Task Force is inching toward full operations following the unveiling of team members. US SEC Commissioner Hester Pierce has assembled a dream team cutting across several departments and units of the securities watchdog.
US SEC Confirms Crypto Task Force Members
The SEC’s newly minted Crypto Task Force is raring to go following the confirmation of team members by Pierce. The US SEC Commissioner disclosed the team’s composition in a press release, hinting at a varied selection process.
Pierce stated that the team comprises staff from the Acting Chairman’s office and several divisions within the SEC. Led by Pierce, the Commissioner had a free rein to select the task force members.
“The Crypto Task Force exhibits deep expertise and an enthusiastic commitment to identifying -with the help of other talented staff across the Commission and interested members of the public – workable solutions to difficult crypto regulatory problems.
The 14-man team comprises a Chief of Staff, a Chief Counsel, a Chief Policy Advisor, and a Chief of Operations. The remaining ranks are made up of 10 senior advisors drawn from various units within the US SEC.
The Team Will Solve The Hardest Regulatory Issues
Within days of assuming office, Acting US SEC Chair Mark Uyeda launched the Crypto Task Force to give the agency new direction. The agency is tasked with establishing the criteria for determining whether or not a cryptocurrency is a security.
Weeks after the announcement of the task force, the SEC disclosed that memecoins are not securities, urging the public to remain wary of scams.
Pierce has hailed the new direction of the task force while criticizing regulation by enforcement during the Gensler era. The task force will be the main advisory body to the SEC on crypto-related matters.
As a show of commitment, the Commission has dismissed Kraken’s case, ditching its actions against Coinbase and Gemini as well.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Investors have their eyes glued to March 7 as a key date that could send the markets on a bigger rally or trigger new bearish sentiments. Several high-profile events and announcements with seismic impact on Bitcoin prices are scheduled for March 7 with the pendulum capable of swinging in any direction.
Key Employment Data And Crypto Summit On The Same Day
On March 7, the US Bureau of Labor Statistics (BLS) will release key employment data to the public to ascertain the strength of the economy. Market participants are bracing for the release of non-farm payroll (NFP) and unemployment rate data, capable of sending the markets into a frenzy.
Strong NFP data suggesting rising wages and low unemployment rates may reduce speculative interest in Bitcoin. Conversely, high unemployment and job losses may see crypto prices spike as investors ditch traditional assets.
Apart from the highly anticipated data, Federal Reserve Chair Jerome Powell is expected to give a speech. Sources say Powell’s speech will revolve around near-interest rate cuts as investors brace for impact.
Finally, on March 7, leading ecosystem players will attend the first-ever White House Crypto Summit. The event will be the first in a series of summits designed to shape crypto policy in the US.
While the Crypto Summit is expected to trigger positive sentiments, pundits expect the event to prop BTC’s march to $150K.
The Rest Of March Will Be Eventful For Bitcoin Prices
While investors look to March 7, the month is littered with events that will have an impact on crypto prices. On March 6, the CFTC will host its CEO forum with stablecoins in the futures market at the fore.
The House Committee on Banking will markup a stablecoin bill at a tentative date in March. Ahead of the markup, US lawmakers have launched a bipartisan crypto caucus to collaborate on digital asset policies.
Following the SEC dismissals of Kraken’s case, the Commission is expected to hold a crypto industry roundtable in March. There is also speculation a nomination hearing date for Paul Atkins as SEC Chair will be mooted in March.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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