Welcome to Extreme Investor Network, where we provide you with the latest news and insights in the world of trading, Wall Street, and the stock market. Today, we are diving into two recent developments that have caught the attention of investors and crypto enthusiasts alike.
SEC Sues Cumberland DRW for Breaching US Securities Laws
The Securities and Exchange Commission (SEC) recently filed charges against Cumberland DRW for operating as an unregistered crypto exchange. According to the SEC, Cumberland has been buying and selling crypto assets as securities without the necessary registration since at least March 2018. This has caught the attention of the SEC’s Crypto Assets and Cyber Unit (CACU), which emphasizes the importance of all dealers in securities, including those in the crypto asset markets, to register with the Commission.
The SEC is seeking civil penalties, disgorgement, prejudgment interest, and permanent injunction relief in response to Cumberland DRW’s alleged violations. This case serves as a reminder of the regulatory scrutiny facing the crypto industry and the importance of compliance with securities laws.
US Government Receives Green Light to Sell 69k BTC
In another development, the US government has received approval to sell 69k BTC that was forfeited by Battleborn Investments in a case related to the Silk Road seizure. The US Court of Appeals recently ruled against hearing an appeal against the forfeiture, paving the way for the government to sell the seized crypto holdings.
The news of a potential sale of a significant amount of BTC has impacted market sentiment, leading to a weekly low of $58,927 for the cryptocurrency. According to Arkham Intelligence, the US government currently holds a substantial BTC stockpile of 203,239k, amounting to approximately $12.73 billion.
As investors navigate the evolving landscape of the crypto market, developments such as these highlight the regulatory challenges and opportunities that come with trading digital assets. Stay tuned to Extreme Investor Network for more updates and analysis on the latest trends in the stock market and beyond.