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Philipp Petkevitch
@petkevitch
What happened in the crypto industry last week (Oct 7 - 13)?
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Philipp Petkevitch
@petkevitch
1/ Bitnomial Sues SEC Over XRP Futures: Derivatives exchange Bitnomial has filed a lawsuit against the SEC regarding XRP futures contracts. The regulator intervened in the launch of XRP futures, labeling it as a derivative of a security and requiring the exchange to register, thereby blocking the contracts’ launch. Previously, the exchange had received approval from the CFTC. https://x.com/Bitnomial/status/1844544290040451096 https://www.bloomberg.com/news/articles/2024-10-02/use-of-blackrock-tokens-as-collateral-moves-closer-to-mainstream?sref=3REHEaVI
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Philipp Petkevitch
@petkevitch
2/ SEC Accuses Cumberland of Unregistered Dealing: The SEC has charged market maker Cumberland with operating as an unregistered dealer in crypto assets offered and sold as securities. The regulator stated that since March 2018, Cumberland has bought and sold cryptocurrencies for its own accounts, selling them as securities totaling over $2 billion. https://www.sec.gov/newsroom/press-releases/2024-169
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Philipp Petkevitch
@petkevitch
3/ DOJ, SEC, FBI Charge 18 in Crypto Fraud: The Department of Justice, SEC, and FBI have filed charges against 18 individuals and entities for fraud in the cryptocurrency space. Among the accused are four market makers, including Gotbit and GLS Global, who are charged with market manipulation and fictitious trading. https://www.justice.gov/usao-ma/pr/eighteen-individuals-and-entities-charged-international-operation-targeting-widespread
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Philipp Petkevitch
@petkevitch
4/ Meta Eagle Club NFT Holders Sue Gallery: Investors have filed a class-action lawsuit accusing Eden Gallery and artist Gala Yosef of fraud, claiming that the project was mismanaged. Token holders are also seeking compensation for their losses. https://news.bloomberglaw.com/crypto/nft-investors-sue-gallery-over-metaverse-cryptocurrency-scam
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Philipp Petkevitch
@petkevitch
5/ CoinGecko Reports US Crypto Enforcement: Analysts at CoinGecko published a report detailing enforcement actions taken by US regulators against cryptocurrency companies. From January 1, 2019, to October 9, 2024, the top 25 lawsuits resulted in digital asset companies being fined a total of $32 billion. https://www.coingecko.com/research/publications/top-crypto-enforcements-us
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