Coinbase advocates for dismissal of SEC’s allegations of securities violation

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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.

“Nikola CEO Trevor Milton Receives 4-Year Sentence for Securities Fraud”

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Trevor Milton, the disgraced founder and former CEO of electric truck startup Nikola, was sentenced Monday to four years in prison for securities fraud. The sentencing hearing comes after four separate delays, during which Milton has remained free under a $100 million bond. Milton sobbed as he pled with Judge Ramos for leniency in a long and often confusing statement ahead of the sentencing. At one point, Milton said he stepped down from the CEO post at Nikola not because of fraud allegations, but to support his wife. That video sparked investigations from third parties, and after a report by Hindenburg Research called the company a fraud, Milton stepped down in September 2020.