SEC

The Securities and Exchange Commission has allegedly begun an investigation into Terraform Labs, the Singapore-based firm that created the stablecoin TerraUSD. The stablecoin was advertised as holding parity with the U.S. dollar prior to its collapse earlier this year.

Terraform also is facing a potential class action suit from investors over the billions of dollars lost when the stablecoin collapsed.

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In 2012, Ripple Labs developed XRP, a cryptocurrency meant to facilitate international transactions. In December 2020, the Securities and Exchange Commission (SEC) brought suit against Ripple and two of its executives for selling XRP, which the SEC classified as an unregistered security.

Since then, a legal battle has been ongoing that many experts see as being a watershed case for crypto regulation.

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The Senate confirmed two of President Joe Biden’s nominees to serve as commissioners at the Securities and Exchange Commission.

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Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wy.) have introduced the first comprehensive and bipartisan cryptocurrency bill before Congress. The Responsible Financial Innovation Act attempts to address a wide range of issues related to the usage and regulation of cryptocurrencies.

The bill is currently viewed unfavorably by most traditional lenders and banks.

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In a decision which seeks to restrict decades of Supreme Court precedent, the Fifth Circuit Court of Appeals has deemed the function of Securities and Exchange Commission Administrative Law Judges and their quasi-judicial authority to be unconstitutional.

This decision, if affirmed by the Supreme Court, could have wide-ranging ramifications for a considerable number of federal agencies.

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In remarks at FINRA’s annual conference, Securities and Exchange Commission chair Gary Gensler spoke on the agency’s work collaborating with commodities regulators to rein in cryptocurrency trading.

His remarks amplified earlier calls to regulate crypto-trading following a significant drop in the market which cost crypto-investors billions.

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The Securities and Exchange Commission (SEC) Office of Minority and Women Inclusion (OMWI) has released a report on the efforts of the SEC and regulated entities to further diversity, equity and inclusion goals.

The voluntary assessment from regulated entities showed high levels of internal initiative to foster diverse and inclusive policies and practices.

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In a recent speech, the chair of the Securities and Exchange Commission (SEC), Gary Gensler, doubled down on the commission’s plans to require regulated companies to report climate-change related activities.

This move triggered indignation from Republican officials on the commission and in Congress.

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Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) are developing bipartisan legislation designed to establish a regulatory framework for the crypto industry. The senators are trying to address safety and consumer protection concerns while providing stability and oversight to the digital asset markets.

Treasury Secretary Janet Yellen has also spoken publicly for the first time about the role Treasury will take in the future crypto regulatory framework; and SEC Chair Gary Gensler continues his efforts to expand investor protections in the crypto markets.

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A recent report from the International Organization of Securities Commissions (IOSCO) examined the risks, benefits, and realities of the fast-growing decentralized finance (DeFi) industry. The report looked into each layer of a DeFi structure to develop a comprehensive understanding of the decentralized nature of these systems.

IOSCO found the distributed ledger technology may not be as decentralized as the name suggests.

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