⚖️ SEC Proposes Major Rule Overhaul for Blockchain Transfer Agents
The US SEC has proposed a massive update to rules governing transfer agents, marking the first major overhaul since the 1980s. The move specifically targets blockchain-based recordkeeping and tokenized securities.
The proposal aims to modernize how securities are registered and transferred, acknowledging that market participants are pushing for onchain transfer agents. Current rules are based on paper certificates and manual records, which the agency says are no longer adequate.
New requirements will focus on cybersecurity, operational resilience, and the safeguarding of investor records in an automated digital environment. Transfer agents will face expanded reporting and compliance standards for third-party service providers.
#SEC #Blockchain #Tokenization #Regulation
The US SEC has proposed a massive update to rules governing transfer agents, marking the first major overhaul since the 1980s. The move specifically targets blockchain-based recordkeeping and tokenized securities.
The proposal aims to modernize how securities are registered and transferred, acknowledging that market participants are pushing for onchain transfer agents. Current rules are based on paper certificates and manual records, which the agency says are no longer adequate.
New requirements will focus on cybersecurity, operational resilience, and the safeguarding of investor records in an automated digital environment. Transfer agents will face expanded reporting and compliance standards for third-party service providers.
#SEC #Blockchain #Tokenization #Regulation
🚨 Australia Warns Crypto Firms: Get Licensed or Face 10% Revenue Fines
The Australian Securities and Investments Commission (ASIC) has issued a final warning to crypto companies operating under temporary regulatory relief. Firms have until Sept. 30, 2026, to apply for an Australian Financial Services license or risk severe penalties.
Starting Oct. 1, any business requiring authorization that has not met the application conditions will be in breach of financial services law. The regulator confirmed that non-compliant firms may face civil and criminal charges, with fines reaching up to 10% of their annual turnover.
ASIC reports that over 45 digital asset-related license applications have been filed since October 2025. This transition period serves as a bridge to Australia’s full Digital Asset Framework, which is scheduled to take effect on April 9, 2027.
#Australia #ASIC #Regulation #CryptoNews
The Australian Securities and Investments Commission (ASIC) has issued a final warning to crypto companies operating under temporary regulatory relief. Firms have until Sept. 30, 2026, to apply for an Australian Financial Services license or risk severe penalties.
Starting Oct. 1, any business requiring authorization that has not met the application conditions will be in breach of financial services law. The regulator confirmed that non-compliant firms may face civil and criminal charges, with fines reaching up to 10% of their annual turnover.
ASIC reports that over 45 digital asset-related license applications have been filed since October 2025. This transition period serves as a bridge to Australia’s full Digital Asset Framework, which is scheduled to take effect on April 9, 2027.
#Australia #ASIC #Regulation #CryptoNews
🚨 New OCC Rules Could Mandate 7-Day Wait for Stablecoin Redemptions
The Office of the Comptroller of the Currency (OCC) has proposed a new framework for stablecoin redemptions to ensure market stability. Under section 15.12, the standard deadline for an issuer to convert tokens into bank dollars would be 2 business days.
However, if redemption requests exceed 10% of the total outstanding supply within a 24-hour period, the deadline automatically extends to 7 calendar days. This rule aims to allow issuers like Circle to sell reserves in an orderly way without causing massive price crashes during high-demand or "bank run" scenarios.
While this affects direct redemptions from the issuer, secondary market trading on exchanges can continue. However, liquidity providers might pass these delays or higher fees to users if their own capital is committed while waiting for the issuer to pay out.
#Stablecoins #Regulation #OCC #USDC
The Office of the Comptroller of the Currency (OCC) has proposed a new framework for stablecoin redemptions to ensure market stability. Under section 15.12, the standard deadline for an issuer to convert tokens into bank dollars would be 2 business days.
However, if redemption requests exceed 10% of the total outstanding supply within a 24-hour period, the deadline automatically extends to 7 calendar days. This rule aims to allow issuers like Circle to sell reserves in an orderly way without causing massive price crashes during high-demand or "bank run" scenarios.
While this affects direct redemptions from the issuer, secondary market trading on exchanges can continue. However, liquidity providers might pass these delays or higher fees to users if their own capital is committed while waiting for the issuer to pay out.
#Stablecoins #Regulation #OCC #USDC
🚨 Former Hong Kong Banker Jailed Over $1.6B Fraud and Crypto Bribes
Lam Chun-yin, a 32-year-old former manager at China Construction Bank (Asia), has been sentenced to four years in prison. He pleaded guilty to falsely authenticating letters of credit totaling over $1.6 billion.
Investigations revealed that Lam accepted bribes worth $470,000 paid in cryptocurrency to facilitate the massive fraud. The court has ordered him to pay back the full amount as restitution.
Judge Ernest Lin Kam-hung stated that deterrent sentences are necessary as such crimes undermine Hong Kong's standing as a global financial hub. The ICAC has already obtained arrest warrants for other individuals involved in the case.
#HongKong #CryptoCrime #Banking #Regulation
Lam Chun-yin, a 32-year-old former manager at China Construction Bank (Asia), has been sentenced to four years in prison. He pleaded guilty to falsely authenticating letters of credit totaling over $1.6 billion.
Investigations revealed that Lam accepted bribes worth $470,000 paid in cryptocurrency to facilitate the massive fraud. The court has ordered him to pay back the full amount as restitution.
Judge Ernest Lin Kam-hung stated that deterrent sentences are necessary as such crimes undermine Hong Kong's standing as a global financial hub. The ICAC has already obtained arrest warrants for other individuals involved in the case.
#HongKong #CryptoCrime #Banking #Regulation
⚖️ US Lawmakers Urge Supreme Court to Rule on Kalshi Prediction Markets
The National Council of Legislators from Gaming States (NCLGS) has filed an amicus brief with the US Supreme Court, supporting New Jersey’s push to regulate the prediction market platform Kalshi. This legal battle centers on whether individual states or federal agencies like the CFTC have jurisdiction over event contracts.
Lawmakers argue that if Kalshi operates outside state regulation, it could undermine existing gaming laws and cause substantial harm. They claim that allowing federal preemption would leave states powerless to oversee betting activities on these platforms, potentially forcing a total reconsideration of state regulatory regimes.
#Kalshi #SCOTUS #Regulation #PredictionMarkets
The National Council of Legislators from Gaming States (NCLGS) has filed an amicus brief with the US Supreme Court, supporting New Jersey’s push to regulate the prediction market platform Kalshi. This legal battle centers on whether individual states or federal agencies like the CFTC have jurisdiction over event contracts.
Lawmakers argue that if Kalshi operates outside state regulation, it could undermine existing gaming laws and cause substantial harm. They claim that allowing federal preemption would leave states powerless to oversee betting activities on these platforms, potentially forcing a total reconsideration of state regulatory regimes.
#Kalshi #SCOTUS #Regulation #PredictionMarkets
🔴 SEC Commissioner Hester Peirce to leave post on Oct. 2
Hester Peirce, widely known as "Crypto Mom" for her long-standing advocacy of the digital asset industry, has officially submitted her resignation from the US Securities and Exchange Commission. Her final day at the agency will be October 2, ending an eight-year tenure.
Peirce has served as the director of the SEC Crypto Task Force since early 2025. She is celebrated in the industry for pushing for clear, rules-based regulation and consistently opposing the "regulation by enforcement" strategy that targeted many crypto firms in previous years.
#SEC #HesterPeirce #CryptoMom #Regulation
Hester Peirce, widely known as "Crypto Mom" for her long-standing advocacy of the digital asset industry, has officially submitted her resignation from the US Securities and Exchange Commission. Her final day at the agency will be October 2, ending an eight-year tenure.
Peirce has served as the director of the SEC Crypto Task Force since early 2025. She is celebrated in the industry for pushing for clear, rules-based regulation and consistently opposing the "regulation by enforcement" strategy that targeted many crypto firms in previous years.
#SEC #HesterPeirce #CryptoMom #Regulation
💰 SEC clears path for crypto token buybacks as volume hits record $638M
Crypto projects spent a record $638 million on token buybacks through late August 2026, surpassing the $545 million total from 2025. Hyperliquid accounted for $370 million while Pump.fun spent $200 million, together representing nearly 90% of the market activity.
The SEC Division of Corporation Finance issued new guidance clarifying that buyback announcements for non-security crypto assets on functional networks fall outside "essential managerial efforts." This reduces the risk of such programs being classified as investment contracts under the Howey test.
#SEC #CryptoNews #TokenBurn #Regulation
Crypto projects spent a record $638 million on token buybacks through late August 2026, surpassing the $545 million total from 2025. Hyperliquid accounted for $370 million while Pump.fun spent $200 million, together representing nearly 90% of the market activity.
The SEC Division of Corporation Finance issued new guidance clarifying that buyback announcements for non-security crypto assets on functional networks fall outside "essential managerial efforts." This reduces the risk of such programs being classified as investment contracts under the Howey test.
#SEC #CryptoNews #TokenBurn #Regulation
🚨 US Bankers Sue to Overturn Crypto Trust Bank Rules
The Independent Community Bankers of America (ICBA) has filed a federal lawsuit against the OCC to invalidate rules that allow crypto firms to obtain national trust bank charters. The lawsuit, filed in Washington, targets the OCC’s national trust bank rule and Interpretive Letter 1176, arguing the regulator exceeded its authority.
The ICBA claims the OCC is allowing non-depository crypto businesses to operate under a lighter regulatory framework than traditional insured banks. According to the complaint, 13 of the 21 trust banks approved or conditionally approved by the OCC are tied to the crypto industry.
#CryptoNews #OCC #Regulation #Banking
The Independent Community Bankers of America (ICBA) has filed a federal lawsuit against the OCC to invalidate rules that allow crypto firms to obtain national trust bank charters. The lawsuit, filed in Washington, targets the OCC’s national trust bank rule and Interpretive Letter 1176, arguing the regulator exceeded its authority.
The ICBA claims the OCC is allowing non-depository crypto businesses to operate under a lighter regulatory framework than traditional insured banks. According to the complaint, 13 of the 21 trust banks approved or conditionally approved by the OCC are tied to the crypto industry.
#CryptoNews #OCC #Regulation #Banking
⚖️ CFTC Proposes New Rules to Prevent Another FTX Collapse
The CFTC Chair Mike Selig has announced a new regulatory framework designed to safeguard digital asset spot markets and prevent a repeat of the FTX disaster. The agency is seeking public comment on a new federal registration category called a "crypto asset market" for exchanges.
This move targets platforms offering leveraged, margined, or financed crypto trades to retail customers. Selig noted that while Sam Bankman-Fried stole $8 billion in customer funds at FTX, the subsidiary registered with the CFTC kept all funds safe through strict segregation requirements.
The regulator plans to apply these stringent federal standards across the crypto world. Under the proposal, exchanges not offering leverage can remain under state licenses, but the CFTC intends to define "leverage" broadly to maximize oversight.
#CFTC #Regulation #FTX #CryptoNews
The CFTC Chair Mike Selig has announced a new regulatory framework designed to safeguard digital asset spot markets and prevent a repeat of the FTX disaster. The agency is seeking public comment on a new federal registration category called a "crypto asset market" for exchanges.
This move targets platforms offering leveraged, margined, or financed crypto trades to retail customers. Selig noted that while Sam Bankman-Fried stole $8 billion in customer funds at FTX, the subsidiary registered with the CFTC kept all funds safe through strict segregation requirements.
The regulator plans to apply these stringent federal standards across the crypto world. Under the proposal, exchanges not offering leverage can remain under state licenses, but the CFTC intends to define "leverage" broadly to maximize oversight.
#CFTC #Regulation #FTX #CryptoNews
🚨 US Treasury to Seize $1B in Crypto Linked to Iran
US Treasury Secretary Scott Bessent announced plans to seize approximately $1 billion in cryptocurrency this week. The move is part of an aggressive US strategy to economically isolate Iran and disrupt financial networks funding the regime amid ongoing military conflicts.
Speaking at the Newsmax NPolicy Summit, Bessent confirmed that authorities have identified the digital assets and are currently isolating them. He did not specify if the targets are specific exchanges or if stablecoin issuers are directly involved in this specific round of seizures.
This follows a pattern of increasing pressure from the Treasury Department and OFAC. In April, authorities seized $500 million in crypto, while Tether reported freezing $550 million worth of USDT throughout 2026 linked to Iran sanctions.
#CryptoNews #Iran #Regulation #USDT
US Treasury Secretary Scott Bessent announced plans to seize approximately $1 billion in cryptocurrency this week. The move is part of an aggressive US strategy to economically isolate Iran and disrupt financial networks funding the regime amid ongoing military conflicts.
Speaking at the Newsmax NPolicy Summit, Bessent confirmed that authorities have identified the digital assets and are currently isolating them. He did not specify if the targets are specific exchanges or if stablecoin issuers are directly involved in this specific round of seizures.
This follows a pattern of increasing pressure from the Treasury Department and OFAC. In April, authorities seized $500 million in crypto, while Tether reported freezing $550 million worth of USDT throughout 2026 linked to Iran sanctions.
#CryptoNews #Iran #Regulation #USDT
🚨 CFTC moves to regulate prediction markets as financial swaps
The CFTC has issued two major proposals to classify event contracts as swaps under federal law. This move aims to bring platforms like Polymarket and Kalshi under exclusive federal jurisdiction, separating them from traditional casino gambling.
Chairman Michael Selig stated that event contracts tied to politics, sports, and weather are commodity derivatives. By defining them as swaps, the CFTC asserts its authority over state regulators who have recently sued these platforms for illegal gambling.
A second proposal explicitly excludes traditional casino games and sportsbooks from the swap definition. This distinction is designed to protect the CFTC's remit while leaving actual gambling to state authorities.
#CFTC #Polymarket #Regulation #CryptoNews
The CFTC has issued two major proposals to classify event contracts as swaps under federal law. This move aims to bring platforms like Polymarket and Kalshi under exclusive federal jurisdiction, separating them from traditional casino gambling.
Chairman Michael Selig stated that event contracts tied to politics, sports, and weather are commodity derivatives. By defining them as swaps, the CFTC asserts its authority over state regulators who have recently sued these platforms for illegal gambling.
A second proposal explicitly excludes traditional casino games and sportsbooks from the swap definition. This distinction is designed to protect the CFTC's remit while leaving actual gambling to state authorities.
#CFTC #Polymarket #Regulation #CryptoNews
🚨 UK Court Ruling Boosts Government’s Chance to Keep $5 Billion Seized Bitcoin
A London High Court judge has ruled that Chinese law, not English law, governs the claims of 128,000 fraud victims seeking to recover 61,000 BTC. The assets, worth approximately $5 billion, were seized by the Metropolitan Police from Zhimin Qian, who ran a massive Ponzi scheme in China before fleeing to the UK in 2017.
Judge Mark Turner stated that because the fraud and economic losses occurred entirely in China, the victims cannot use English property law to claim the funds. This decision significantly narrows the path for victims to recover their money and increases the likelihood that the UK Treasury will retain the seized Bitcoin.
#Bitcoin #UK #CryptoNews #Regulation
A London High Court judge has ruled that Chinese law, not English law, governs the claims of 128,000 fraud victims seeking to recover 61,000 BTC. The assets, worth approximately $5 billion, were seized by the Metropolitan Police from Zhimin Qian, who ran a massive Ponzi scheme in China before fleeing to the UK in 2017.
Judge Mark Turner stated that because the fraud and economic losses occurred entirely in China, the victims cannot use English property law to claim the funds. This decision significantly narrows the path for victims to recover their money and increases the likelihood that the UK Treasury will retain the seized Bitcoin.
#Bitcoin #UK #CryptoNews #Regulation
🚨 Trump Administration Withdraws Controversial Unhosted Wallet Rule
The US Treasury has formally withdrawn a 2020 proposal that would have required crypto exchanges to collect extensive personal data on users interacting with private, self-custody wallets.
Originally introduced in the final weeks of the first Trump administration, the rule sought to mandate reporting for transactions exceeding $10,000 and strict recordkeeping, including names and physical addresses, for transfers over $3,000.
The proposal faced massive industry backlash. Critics argued it undermined the core privacy of blockchain technology and created impossible compliance hurdles by requiring exchanges to verify identities of people who were not their customers.
#CryptoNews #Privacy #Treasury #Regulation
The US Treasury has formally withdrawn a 2020 proposal that would have required crypto exchanges to collect extensive personal data on users interacting with private, self-custody wallets.
Originally introduced in the final weeks of the first Trump administration, the rule sought to mandate reporting for transactions exceeding $10,000 and strict recordkeeping, including names and physical addresses, for transfers over $3,000.
The proposal faced massive industry backlash. Critics argued it undermined the core privacy of blockchain technology and created impossible compliance hurdles by requiring exchanges to verify identities of people who were not their customers.
#CryptoNews #Privacy #Treasury #Regulation
🚨 White House Crypto Chief Patrick Witt Steps Down
Patrick Witt, the Executive Director of the President’s Council of Advisors for Digital Assets, has left his government role to return to the private sector. This departure leaves a vacancy at the top of the White House crypto advisory team.
No successor has been named yet. This follows the previous exits of advisors Harry Jung and Bo Hines. Despite these vacancies, officials state that President Trump remains focused on digital assets and the Digital Asset Market Clarity Act.
The executive branch is continuing rulemaking efforts through the SEC, CFTC, OCC, and the Treasury Department. The next liaison will be tasked with navigating 2027 crypto legislation, including tax reforms and market structure changes.
#WhiteHouse #CryptoPolicy #Regulation #PatrickWitt
Patrick Witt, the Executive Director of the President’s Council of Advisors for Digital Assets, has left his government role to return to the private sector. This departure leaves a vacancy at the top of the White House crypto advisory team.
No successor has been named yet. This follows the previous exits of advisors Harry Jung and Bo Hines. Despite these vacancies, officials state that President Trump remains focused on digital assets and the Digital Asset Market Clarity Act.
The executive branch is continuing rulemaking efforts through the SEC, CFTC, OCC, and the Treasury Department. The next liaison will be tasked with navigating 2027 crypto legislation, including tax reforms and market structure changes.
#WhiteHouse #CryptoPolicy #Regulation #PatrickWitt
💰 Crypto PAC Fairshake Pours Millions Into 2026 Midterm Races
Protect Progress, an affiliate of the Fairshake super PAC, reported spending $362,000 on media supporting Democrat Aisha Wahab in California’s 14th district. This comes despite Wahab already winning a special election for the seat in August with 53% of the vote.
The crypto-aligned group is also pouring massive capital into Senate races. Defend American Jobs spent $6.7 million to oppose Dan Osborn in Nebraska and $8 million in Ohio to support Jon Husted. Total spending in the Ohio race against Sherrod Brown has now surpassed $46 million.
Backed by Coinbase, Ripple, and Andreessen Horowitz, Fairshake entered the 2026 cycle with $193 million in cash. The PAC targets candidates who "strongly support crypto" to ensure the next Congress favors digital asset industry policies.
#CryptoNews #Fairshake #Regulation #Politics
Protect Progress, an affiliate of the Fairshake super PAC, reported spending $362,000 on media supporting Democrat Aisha Wahab in California’s 14th district. This comes despite Wahab already winning a special election for the seat in August with 53% of the vote.
The crypto-aligned group is also pouring massive capital into Senate races. Defend American Jobs spent $6.7 million to oppose Dan Osborn in Nebraska and $8 million in Ohio to support Jon Husted. Total spending in the Ohio race against Sherrod Brown has now surpassed $46 million.
Backed by Coinbase, Ripple, and Andreessen Horowitz, Fairshake entered the 2026 cycle with $193 million in cash. The PAC targets candidates who "strongly support crypto" to ensure the next Congress favors digital asset industry policies.
#CryptoNews #Fairshake #Regulation #Politics
⚖️ IRS to Slash Penalties for Crypto Tax Disclosures
The IRS is overhauling its voluntary disclosure program to offer lower penalties and faster resolutions for taxpayers who failed to report crypto holdings. IRS Criminal Investigation Chief Jarod Koopman announced the agency aims to launch the revised program before December.
The new process targets a 120-day resolution window, a significant drop from the current timeline which often exceeds one year. While specific penalty figures were not disclosed, Koopman stated they will be substantially lower than current levels.
Digital assets will be handled through the same voluntary disclosure procedures as other tax violations rather than a separate process. The agency is also considering flexible payment options, including installment plans and offers in compromise to settle liabilities.
#IRS #CryptoTax #Regulation #USA
The IRS is overhauling its voluntary disclosure program to offer lower penalties and faster resolutions for taxpayers who failed to report crypto holdings. IRS Criminal Investigation Chief Jarod Koopman announced the agency aims to launch the revised program before December.
The new process targets a 120-day resolution window, a significant drop from the current timeline which often exceeds one year. While specific penalty figures were not disclosed, Koopman stated they will be substantially lower than current levels.
Digital assets will be handled through the same voluntary disclosure procedures as other tax violations rather than a separate process. The agency is also considering flexible payment options, including installment plans and offers in compromise to settle liabilities.
#IRS #CryptoTax #Regulation #USA
🚨 US Senator Probes Tether Over $6 Million Payments to Former White House Adviser
Senator Richard Blumenthal has demanded records from Tether regarding over $6 million in payments made to Nxum, a consulting firm co-founded by Bo Hines. Hines served as a White House crypto adviser and helped draft the GENIUS Act, which regulates stablecoins, before becoming CEO of Tether’s US business.
The inquiry alleges that Tether paid Nxum $415,000 per month while Hines was still in government. The payments were reportedly routed through a marketing firm called Notorious before Tether contracted directly with Nxum once Hines left public service.
#Tether #USDT #Regulation #CryptoNews
Senator Richard Blumenthal has demanded records from Tether regarding over $6 million in payments made to Nxum, a consulting firm co-founded by Bo Hines. Hines served as a White House crypto adviser and helped draft the GENIUS Act, which regulates stablecoins, before becoming CEO of Tether’s US business.
The inquiry alleges that Tether paid Nxum $415,000 per month while Hines was still in government. The payments were reportedly routed through a marketing firm called Notorious before Tether contracted directly with Nxum once Hines left public service.
#Tether #USDT #Regulation #CryptoNews
🚨 Kraken Parent to Acquire European Bank
Payward, the company behind Kraken, has reached an agreement to acquire Saldo Finance Oy, the owner of Lithuania-based Saldo Bank. The deal is projected to close in 2027, pending regulatory approval from authorities.
This move allows Kraken to integrate traditional banking services like deposit accounts, lending, and payment processing directly into its ecosystem. Users could eventually manage Bitcoin holdings alongside protected fiat savings in a single interface.
The acquisition includes Saldo Bank’s existing loan book, which held €129.5 million in gross credit as of June 2026. However, financial reports show the bank faced a €545,000 net loss recently as overdue loans more than doubled during 2025.
#Kraken #Banking #CryptoNews #Regulation
Payward, the company behind Kraken, has reached an agreement to acquire Saldo Finance Oy, the owner of Lithuania-based Saldo Bank. The deal is projected to close in 2027, pending regulatory approval from authorities.
This move allows Kraken to integrate traditional banking services like deposit accounts, lending, and payment processing directly into its ecosystem. Users could eventually manage Bitcoin holdings alongside protected fiat savings in a single interface.
The acquisition includes Saldo Bank’s existing loan book, which held €129.5 million in gross credit as of June 2026. However, financial reports show the bank faced a €545,000 net loss recently as overdue loans more than doubled during 2025.
#Kraken #Banking #CryptoNews #Regulation
🚨 Binance hit by record $6.3B hack; Trump and US politicians react
Binance has suffered the largest heist in crypto history, with hackers stealing $6.3 billion in less than four hours. The exchange confirmed it will absorb all losses, ensuring users are not financially impacted.
Approximately $3 billion of the stolen funds have already been frozen across various locations. The hack is widely attributed to a North Korean group. The FBI and Secret Service have officially joined the response and investigation.
This event has sparked intense political debate ahead of the Nov. 3 US election. Senator Cynthia Lummis blamed the failure of the Clarity Act for the delay in freezing funds, while Representative Maxine Waters called for stricter accountability and questioned past ties between Donald Trump and Binance.
#Binance #CryptoHack #Regulation #Bitcoin
Binance has suffered the largest heist in crypto history, with hackers stealing $6.3 billion in less than four hours. The exchange confirmed it will absorb all losses, ensuring users are not financially impacted.
Approximately $3 billion of the stolen funds have already been frozen across various locations. The hack is widely attributed to a North Korean group. The FBI and Secret Service have officially joined the response and investigation.
This event has sparked intense political debate ahead of the Nov. 3 US election. Senator Cynthia Lummis blamed the failure of the Clarity Act for the delay in freezing funds, while Representative Maxine Waters called for stricter accountability and questioned past ties between Donald Trump and Binance.
#Binance #CryptoHack #Regulation #Bitcoin
🚨 SEC Exposes $130 Million Crypto Fraud Using Official Filings
The SEC has filed a lawsuit against BG Wealth Sharing and DSJ Exchange for allegedly orchestrating a $130 million crypto investment scam. The defendants used the SEC's own public databases to trick tens of thousands of investors into believing the firms were government-authorized.
The scheme promised monthly returns of at least 60% and claimed investors could double their money in 40 days without risk. To appear legitimate, the companies submitted false Form ADV and Form D filings to the EDGAR system, which they then showed to victims as proof of licensing.
#SEC #CryptoScam #Regulation #Blockchain
The SEC has filed a lawsuit against BG Wealth Sharing and DSJ Exchange for allegedly orchestrating a $130 million crypto investment scam. The defendants used the SEC's own public databases to trick tens of thousands of investors into believing the firms were government-authorized.
The scheme promised monthly returns of at least 60% and claimed investors could double their money in 40 days without risk. To appear legitimate, the companies submitted false Form ADV and Form D filings to the EDGAR system, which they then showed to victims as proof of licensing.
#SEC #CryptoScam #Regulation #Blockchain