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Philipp Petkevitch
@petkevitch
What happened in the crypto industry last two weeks (June 1-16)? 1/ Coinbase submitted a report to the appellate court criticizing the SEC's policy on digital assets. The company argues that the regulator deliberately creates difficulties for market participants before suing them. (https://assets.ctfassets.net/sygt3q11s4a9/6epGNmHl71Xt2WPaRYKob3/b02e476a519c3c7f43c89dc8c24d2c8a/2024.05.31_-41-_Coinbase_Reply_Brief.pdf)
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Philipp Petkevitch
@petkevitch
2/ The American Securities Association sued the SEC for lack of transparency in enforcement actions. This was triggered by $3 billion in fines imposed on 16 different companies. (https://a23bc45c-4554-4d0e-a03d-124f54b031fc.usrfiles.com/ugd/a23bc4_671a70eb2d834fdc94c763e1cf795009.pdf)
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Philipp Petkevitch
@petkevitch
3/ The US Department of Justice charged Epoch Times CFO Bill Guan with laundering $67 million. (https://www.justice.gov/usao-sdny/pr/chief-financial-officer-multinational-media-company-charged-participating-scheme)
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Philipp Petkevitch
@petkevitch
4/ The New York District Court, chaired by Jed Rakoff, approved a settlement between the SEC and Terraform Labs. The latter will pay a $4.47 billion fine to settle the case (compensation of $3.6 billion, a civil penalty of $420 million, and pre-judgment interest of nearly $467 million). (https://www.pacermonitor.com/public/case/47830587/Securities_and_Exchange_Commission_v_Terraform_Labs_Pte_Ltd_et_al)
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