Features Crypto News by Thebittimes.Com

The soccer star’s Binance-tied NFTs allegedly promoted investments in unregistered securities on the crypto exchange. Pro-soccer star Cristiano Ronaldo has been hit with a proposed class-action lawsuit from plaintiffs claiming they suffered losses from his promotion of the now-legally embroiled crypto exchange Binance. A Nov. 27 filing to a Florida District Court claimed Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.” Binance entered a multi-year partnership with Ronaldo in mid-2022 to promote a series of his own nonfungible tokens (NFT), of which he has at least three collections tied to Binance. The complaint claims users who signed up for Ronaldo’s NFTs were more likely to use Binance for other purposes — including investing in what they claimed were unregistered securities , including Binance’s BNB (BNB) and its crypto yield programs. “Ronaldo’s promotions solicited or assisted Binance in...

The “evidence” of violations provided by the SEC points to Kwon’s involvement in misleading crypto investors by creating and marketing Terra and its in-house Terra (LUNA) tokens as securities. The United States Securities and Exchange Commission (SEC) has refuted the jury’s conclusion regarding Terraform Labs’ alleged violations and has demanded a summary judgment on all the claims.  A court filing from Oct. 27 showed the SEC’s reluctance to accept the jury’s leniency on Do Kwon and his involvement in facilitating the frauds that eventually led to the collapse of Terraform Labs. The filing, directed to the U.S. district court - Southern District of New York, read: “No rational jury could conclude that Kwon was not liable for Terraform’s violations of Exchange Act Section 10(b) and Rule 10b-5 thereunder pursuant to Exchange Act Section 20(a).” The “evidence” of violations provided by the SEC points to Kwon’s involvement in misleading crypto investors by creating and marketing Terra...

American entrepreneurs, including Elon Musk, Philip Goldstein, and Mark Cuban, have filed an amicus curiae brief in the US Securities and Exchange Commission (SEC) case against George Jarkesy Jr. Their appeal to the Supreme Court stated the following: “The SEC’s insistence on administrative proceedings when federal court juries are readily available runs contrary to the SEC’s mission and harms the very investors and markets the SEC is charged with protecting.” Court filing According to the authors, the current mechanism for reviewing administrative cases gives the SEC an “undue advantage” over defendants. According to court records, Jarkesy created two hedge funds worth $24 million in 2007 and 2009. He invested primarily in small businesses. The investment consultant was Patriot28. The SEC later charged Jarkesy and the firm mentioned above with defrauding investors. In 2013, the regulator assigned a review to its judge based on the Dodd-Frank Act and ordered the entrepreneur to...

In the realm of crafting content, three pivotal factors come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity gauges the intricacy of text, while burstiness assesses the diversity of sentence structures. On the other hand, predictability measures the likelihood of anticipating the subsequent sentence. Human-generated content tends to exhibit greater burstiness, incorporating a mix of longer, complex sentences alongside concise ones. In contrast, AI-generated sentences often lean towards uniformity. For the content that follows, the objective is to infuse a substantial degree of perplexity and burstiness while minimizing predictability. It’s imperative to adhere to English as the sole language of expression. Should the reports hold true, the Securities and Exchange Commission (SEC) would find itself in the position of reviewing and adjudicating Grayscale’s application for a spot Bitcoin ETF. Conversely, if the appli...

If true, the SEC will need to review and make a decision on Grayscale's spot Bitcoin ETF application. If denied, Grayscale could appeal the decision. The U.S. Securities and Exchange Commission reportedly has no plans to appeal the recent court decision that favored Grayscale Investments. The ruling requires the SEC to review the firm’s spot Bitcoin (BTC) exchange-traded fund application. Benzinga (and others) report ing that Reuters is report ing that the SEC will NOT be appeal ing Grayscale case. pic.twitter.com/yd9BBtRwv5 — Eric Balchunas (@EricBalchunas) October 13, 2023 The SEC’s supposed decision not to appeal the D.C. Circuit Court of Appeal’s ruling was highlighted in an Oct. 13 report from Reuters, which cited “a source familiar with the matter.” Bloomberg analysts also expect the SEC not to appeal to the Supreme Court but emphasized that this doesn’t necessarily mean Grayscale’s application is set to be approved. If the reports are true, the SEC will need to follow...

Prosecutors have called for excluding details concerning Anthropic’s recent fundraising activities in the ongoing trial of FTX founder Sam Bankman-Fried. The DOJ and the defense have agreed on several issues that may be raised during witness testimony. However, they remain divided on whether the defense can raise matters related to Anthropic’s fundraising. The DOJ contends that the $500 million investment in Anthropic this year originated from FTX customer funds. The government argues that such information should not be used in Bankman-Fried’s defense against wire fraud charges. According to a recent filing, the DOJ stated, “Evidence regarding the current value of the defendant’s investment s could only be used to support the argument that FTX customers and/or other victims will ultimately be made whole, which the Court has recognised is an impermissible purpose.” Previously, the DOJ had also sought to prevent Bankman-Fried’s defense t...

Turkish crypto exchange Thodex’s found er and his two siblings face over 11,000 years in jail each after being convicted of fraud, money laundering, and running a criminal organization. A Turkish court sentenced Faruk Fatih Ozer — the man behind Thodex, a crypto exchange that went bankrupt in 2021 — to 11,196 years and 10 months in prison for crimes including fraud alongside his two siblings. According to a Sept. 7 report by state-run Turkish news agency Anadolu, the Istanbul court delivered its verdict to Ozer and his two siblings — who received similar sentences — on Sept. 7. The men in question were found guilty of aggravated fraud, leading a criminal organization, and money laundering. Bloomberg describes Ozer as a “high-school dropout” who founded the exchange in 2017, at the height of the crypto craze. Later, he fled to Albania when the platform collapsed. He also reportedly appeared unrepentant during his final hearing. “I am smart enough to manag...