Regulation
Elon Musk’s DOGE Launches Probe into US SEC, Ripple Lawsuit To End?
A new initiative linked to Dogecoin (DOGE) has launched an investigation into the U.S. Securities and Exchange Commission (SEC). The newly created @DOGE_SEC account on X aims to identify and address allegations of waste, fraud, and abuse within the regulatory agency.
This development has drawn attention from the cryptocurrency community, especially as the SEC’s lawsuit against Ripple nears its conclusion.
Elon Musk’s DOGE Launches Investigation into US SEC
The DOGE_SEC account has called on the public to provide information regarding the SEC’s actions. “DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud, and abuse,” the account posted.
This move has sparked discussions among legal and financial experts. Coinbase Chief Legal Officer Paul Grewal responded by suggesting a rule that would require the SEC to cover legal fees for defendants who successfully challenge the agency’s lawsuits. Other members of the cryptocurrency community have also voiced concerns about the SEC’s handling of certain cases, particularly its litigation against Ripple.
The SEC’s lawsuit against Ripple, which began in 2020, is additionally reaching its final stages. Ripple’s Chief Legal Officer, Stuart Alderoty, responded to the ongoing scrutiny of the SEC by stating, “I have the receipts,” implying that key documents related to the case may soon be revealed.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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.
The European Union (EU) has approved ten stablecoin issuers under the Markets in Crypto-Assets (MiCA) regulations. This marks a key step in the bloc’s approach to cryptocurrency regulation. However, the absence of Tether (USDT), the largest stablecoin by market capitalization, has raised concerns about regulatory priorities and the potential consequences for the digital asset market.
Tether Misses Out as EU Grants MiCA Approval to 10 Stablecoin Providers
The largest stablecoin issuer, Tether, was noticeably absent from the list of ten firms authorized under MiCA regulations to issue stablecoins in the EU. The approved entities include Banking Circle, Circle, Crypto.Com, Fiat Republic, Membrane Finance, Quantoz Payments, Schuman Financial, Societe Generale, StabIR, and Stable Mint. These firms have issued ten euro-pegged stablecoins and five US dollar-pegged stablecoins.
Despite Tether’s $141 billion market capitalization, the company did not receive approval, which means crypto platforms have begun delisting USDT for EU-based users.
Alongside stablecoin issuers, 11 MiCA-authorized Crypto-Asset Service Providers (CASPs) were approved across Germany, the Netherlands, and Malta. These providers offer services in trading, exchange, execution, custody, and transfers within the EU regulatory framework.
Expanding Operations Beyond the EU
With growing regulatory restrictions in the EU, Tether has continued to expand its operations in other regions. The stablecoin issuer recently proposed to acquire a 51% stake in a South African energy company, signaling a shift in focus toward investments outside of digital assets.
Tether’s exclusion from MiCA-approved stablecoin issuers raises questions about the EU’s regulatory approach. The company expressed disappointment over the decision, stating that the delistings were “hasty and unwarranted.” However, MiCA’s rules require stablecoin issuers to meet specific compliance standards.
Similarly, Tether has expanded into the sports industry, recently investing in Juventus to strengthen its presence in mainstream sectors. This move aligns with its broader strategy of integrating digital assets, AI, and biotech into traditional industries.
MiCA Rules To Isolate the EU Crypto?
Industry experts caution that the strict regulations under MiCA could isolate the EU’s digital asset market. Natalia Łątka, Director of Public Policy and Regulatory Affairs at Merkle Science, suggested that the EU’s regulatory stance may discourage foreign firms from operating in the region. She also noted that local crypto companies could consider relocating outside the EU to avoid restrictions associated with MiCA compliance.
Additionally, some analysts argue that the EU’s regulatory focus on compliance over innovation could reduce market competitiveness. While MiCA aims to provide clarity and stability, critics believe it may lead to fewer options for European crypto users. This pushes firms toward jurisdictions with more flexible regulations.
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.
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.
The U.S. Securities and Exchange Commission (SEC), under acting chair Mark Uyeda, has withdrawn its appeal in the lawsuit over its dealer rule expansion. The move follows a Texas court ruling that struck down the rule, calling it “untethered” from existing laws. The lawsuit was brought by the Blockchain Association and the Crypto Freedom Alliance of Texas (CFAT) in April 2024.
The decision marks a victory for the crypto industry, which viewed the rule as an attempt to impose regulatory control over certain trading firms. The withdrawal signals a shift in the SEC’s enforcement strategy under new leadership.
US SEC Ends Legal Battle Over Dealer Rule
The SEC’s dealer rule sought to expand the definition of a dealer to include high-frequency trading firms and specific crypto hedge funds. Industry groups argued that the rule was an indirect attempt to regulate crypto trading platforms without congressional approval.
A Texas court struck down the rule, stating that it exceeded the SEC’s authority. The SEC initially appealed the decision but has now voluntarily dismissed the appeal. The withdrawal ensures that the dealer rule will not take effect.
Blockchain Association CEO Kristin Smith welcomed the decision, stating, “We first brought this lawsuit to challenge the agency’s unlawful power grab. With today’s final dismissal, we look forward to constructive discussions with the SEC.”
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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.
Congress is taking steps toward passing new crypto regulations for the digital assets industry. Coinbase CEO Brian Armstrong has expressed support for the move, calling it a crucial step in securing economic freedoms for Americans.
Armstrong and other Coinbase executives believe that clear legislation will provide a framework for innovation while ensuring consumer protection.
Coinbase CEO Breaks Silence on Congress Move To Pass Crypto Regulations
Coinbase CEO Brian Armstrong has emphasized the need for Congress to establish clear rules for the cryptocurrency industry. These comments come just a few days later since the US SEC asked for a pause in its lawsuit against Coinbase. He stated that passing market structure and stablecoin legislation would protect financial freedoms for Americans.
Brian Armstrong also reiterated that 10% of the global GDP could eventually run on crypto networks, but this requires a supportive policy environment.
Faryar Shirzad, Coinbase’s Chief Policy Officer, echoed this sentiment. He noted that bipartisan lawmakers recognize the potential of blockchain technology and are working on legislation to provide regulatory clarity. Shirzad stressed that protecting four key economic freedoms—building, choosing, participating, and decentralization—is essential for the future of crypto in the U.S.
Key Priorities for Crypto Regulation
Coinbase has outlined several priorities for crypto legislation. The company argues that clear definitions for digital assets, strong investor protections, and support for innovation should be the foundation of new laws. Shirzad explained that Congress must ensure developers can build blockchain networks without unnecessary restrictions while allowing consumers to manage their assets freely.
A major focus is the classification of digital assets. Coinbase supports granting the Commodity Futures Trading Commission (CFTC) oversight of the crypto spot market.
This would clarify which assets are securities and which are commodities, reducing legal uncertainty for businesses and investors. Additionally, Coinbase advocates for clear rules on stablecoins, emphasizing the need for transparency and full asset backing.
The Role of Decentralized Finance and Centralized Entities
Coinbase is also urging lawmakers to protect decentralized finance (DeFi) and digital commerce. DeFi platforms and smart contracts allow users to interact directly without intermediaries. Coinbase argues that overregulation could drive innovation overseas, harming the U.S. economy.
At the same time, the company supports clear rules for centralized crypto platforms that hold customer funds.
Shirzad stated that exchanges should be regulated at the state or federal level to ensure security and consumer confidence. Coinbase believes that balanced regulations can protect users while fostering blockchain innovation.
Congress Faces Pressure to Act Quickly
Lawmakers are under pressure to pass crypto regulations as the industry continues to expand. Coinbase has warned that without clear laws, the U.S. risks losing its competitive edge in blockchain technology. Many developers and businesses have already moved to countries with more favorable regulatory environments.
Shirzad emphasized that Congress has a “historic opportunity” to shape the future of the digital economy.
He noted that while regulatory agencies have taken steps to address crypto-related issues, comprehensive legislation is needed to provide long-term clarity. Coinbase has pledged to continue working with lawmakers to develop policies that benefit both consumers and businesses.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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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