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isabella22love99

@isabella22love99

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It comes just days after Lummis sent a letter to the US Marshals Service on Jan. 15 demanding answers for the government’s potential sale of 69,370 Bitcoin seized in the Silk Road asset forfeiture.
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Lummis characterized attempts to sell the US government’s Bitcoin holdings as a form of political spite.
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The United States Securities and Exchange Commission has charged Digital Currency Group (DCG) and former Genesis CEO Soichoro “Michael” Moro with misleading investors about the financial health of Genesis in the aftermath of the Three Arrows Capital (3AC) collapse.
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According to the Jan. 17 filing, DCG and Moro have agreed to pay a combined $38.5 million in civil penalties, with DCG liable for $38 million and Moro liable for $500,000.
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Moro and DCG agreed to the civil penalties without admitting to or denying any violations of the Securities Act of 1933.
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The settlement is the latest chapter in the legal saga of Genesis, which filed for Chapter 11 bankruptcy protection in January 2023 due to a 2022 default by Three Arrows Capital — a former borrower of Genesis.
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The collapse of 3AC sent shockwaves through the crypto industry, affecting all crypto firms exposed to the now-defunct crypto hedge fund.
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The $570 million investment plummeted by well over 99% and was worth only $670 in June 2024 — a major hit to any company’s balance sheet and ability to pay back its loans.
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By June 16, 2022, 3AC failed to meet margin calls from lenders and was forced to liquidate certain positions to pay back the creditors.
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Several days later, on June 27, a court in the British Virgin Islands ordered 3AC to liquidate its assets.
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Several days later, on June 27, a court in the British Virgin Islands ordered 3AC to liquidate its assets.
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By June 16, 2022, 3AC failed to meet margin calls from lenders and was forced to liquidate certain positions to pay back the creditors.
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For some executives, any change in policy from the US government could be apparent through actions from the Securities and Exchange Commission. Under SEC Chair Gary Genser and his predecessor Jay Clayton, the commission filed several enforcement actions against US crypto firms over allegations of unregistered securities offerings, including against Ripple and Coinbase.
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Ripple is currently appealing an August 2024 judgment in its case against the SEC, which found the firm liable for $125 million.
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Others like Coinbase chief legal officer Paul Grewal seemed to support the implications on the SEC for the US Supreme Court overturning the Chevron doctrine in 2024. The June opinion removed the practice of courts generally deferring to agencies’ interpretations of laws and regulations and required them to “exercise their independent judgment,” suggesting that judges could modify their approach to SEC cases involving digital assets.
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There are several court cases between the SEC and Commodity Futures Trading Commission (CFTC) against crypto firms that are expected to move forward in 2025.
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After a year of sentencing former FTX executives as well as sending former Binance CEO Changpeng Zhao to prison for four months, US authorities will look at the criminal cases against former Celsius CEO Alex Mashinsky and Terraform Labs co-founder Do Kwon, recently extradited from Montenegro.
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Any change in leadership at the US Attorney’s office in New York — where many civil and criminal cases against crypto firms and executives are handled — or at the SEC or CFTC could potentially upend existing cases.
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Donald Trump has already proposed replacing Gensler as SEC chair with former commissioner Paul Atkins and Damian Williams with Jay Clayton as US Attorney for the Southern District of New York.
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In November and December, Ether ETFs saw eight straight weeks of net inflows, including a record-breaking $2.2 billion in the week of Nov. 26, according to data from CoinShares.
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