Coinbase, one of the largest crypto exchanges globally, bit back on Wednesday during a hearing to decide whether it committed securities violations.
The U.S. Securities and Exchange Commission filed the suit in June 2023, just one day after it sued Binance, the largest crypto exchange by volume, over securities matters.
In the SEC’s claims against Coinbase, it also alleged that the 13 cryptocurrencies available for trading on the exchange were securities.
Although separate, the Binance suit also had 12 crypto assets mentioned as securities.
The judge requested that the securities-focused agency explain what elements of crypto assets constitute investment contracts.
SEC’s X account hacked, sharing ‘unauthorized tweet’ regarding spot bitcoin ETF The agency has "not approved" the listing and trading of spot bitcoin ETFs, chair Gary Gensler saysThe U.S. Securities and Exchange Commission’s X account has been hacked, a spokesperson confirmed with TechCrunch on Tuesday afternoon.
The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff,” the spokesperson said.
The unauthorized post has since been deleted.
Around 4:30 p.m. EST, SEC Chair Gary Gensler tweeted, “The @SECGov twitter account was compromised, and an unauthorized tweet was posted.
The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”After the fake post went out, Bitcoin’s price spiked near $48,000 but has since fallen around $45,700, according to CoinMarketCap data.
As the SEC’s new data breach disclosure rules take effect, here’s what you need to know The controversial regulation represents a major shake-up for U.S. organizationsStarting from today, December 18, publicly-owned companies operating in the U.S. must comply with a new set of rules requiring them to disclose “material” cyber incidents within 96 hours.
In an 8-K filing, breached organizations must describe the incident’s nature, scope, timing, and material impact, including financial and operational.
In addition to the SEC’s new data breach disclosure rules, the regulator has also added a new line item called Item 106 to the Regulation S-K that will be included on a company’s annual Form 10-K filing.
In a recent interview with TechCrunch, Sullivan said he welcomed the SEC’s data breach reporting rules, saying: “We can nitpick the details as much as we want, but this is the right way to do it,” he said.
Until now, many organizations have taken months to report a breach and only did so after they had completed their investigation.
Rule aims to keep customer assets segregated appropriately to protect users I always knew that I could be a great writer, but I never imagined it would feel so rewarding.…
