US regulators have accused eight well-known personalities, such as Lindsay Lohan and Jake Paul, of engaging in an illicit cryptocurrency scheme. The charges claim that these celebrities used their social media presence to enhance the value of two [crypto](/news/article/cryptocurrency-news-predictions) tokens without disclosing that they received payment for promoting them.

The US Securities and Exchange Commission (SEC) [officially announced](https://www.sec.gov/news/press-release/2023-59) the charges on Wednesday.
The SEC claims celebrities used social media to share their cryptocurrency promotional messages.

## Lindsay Lohan Charges

On February 11, 2021, Lindsay Lohan, who has more than 8 million Twitter followers, tweeted that she was already liking Justin Sun's cryptocurrencies, which included $TRX.

In the tweet, she praised the currencies' super-fast speed and lack of fees while commending Justin Sun. In March 2021, she [advertised](https://twitter.com/lindsaylohan/status/1377647992639954945?s=20) an auction for an [NFT](/news/article/nft-tax-uk-rules-explored) of one of her songs and tweeted about it on April 1, 2021, saying there were just over 9 hours left to bid.

SEC Chair Gary Gensler stated that the Lindsay Lohan charges and associated cases highlighted the significant risks investors are exposed to when crypto asset securities are marketed and sold without adequate disclosure.

## Other celebrities charged with illegally promoting crypto assets

Charges have been brought against several famous individuals, including musician Soulja Boy (real name DeAndre Cortez Way), aged 32; singer Austin Mahone, aged 26; porn actress Michele Mason (better known as Kendra Lust), aged 44; musician Ne-Yo (real name Shaffer Smith), aged 43; rapper Lil Yachty (real name Miles Parks McCollum), aged 25, and Senegalese-American singer Akon (real name Aliaune Thiam), aged 49.

According to the [SEC](/news/article/looming-coinbase-sec-probe-upsets-coin-price), they are accused of illegally promoting TRX and [BTT](/news/article/btt-crypto-price) crypto assets without disclosing their compensation.

Additionally, crypto investor and Grenada diplomat Justin Sun is accused of fraud for manipulating the trading activity of the two tokens to make it appear as if they were being actively traded. This practice is known as "wash trading".

Except for Mr. Cortez Way, Akon, and Mr. Mahone, all the celebrities, including Lindsay Lohan, have collectively paid over $400,000 to resolve the charges.


red image of crypto coins with celebrities Lindsey Lohan, Jake Paul, Ne-Yo and Akon standing in foreground

Lindsay Lohan Faces Charges from SEC 

A [threat](https://www.coinbase.com/blog/we-asked-the-sec-for-reasonable-crypto-rules-for-americans-we-got-legal) by the US Securities and Exchange Commission (SEC) to sue Coinbase Inc. has seen the Coinbase share price drop nearly 15% to $67.33 following extended hours of trading. The [Wells Notice](https://www.law.cornell.edu/wex/wells_notice) by SEC is a formal declaration that the US watchdog aims to recommend an enforcement action.

Market data shows the Coinbase share price closed at $77.14 during the typical trading session, having shed some 8.16% of its value. Nonetheless, COIN, the platform's native coin, dropped 15.8% of its value in the after-hours and closed the day at $64.95. The Coinbase stock has lost a cumulative 57% of its value over the last year. 

## Coinbase SEC probe targets essential products

The regulator has been [intensifying its efforts](/news/article/sec-crypto-enforcement-warning) to try and clean up the largely unregulated crypto market following the implosion of cryptocurrency exchange FTX late last year. 

According to the firm, the Coinbase SEC probe targets some of its essential products, such as the spot market, EARN, Prime and Wallet products, and staking, which has already been under scrutiny.

The SEC has previously trained its guns on [staking](/news/article/what-is-staking-crypto), a process through which cryptocurrency holders use their crypto holdings to stabilize platforms. They validate the blockchain transactions and receive eye-popping yields in return.

The regulator forced cryptocurrency exchange [Kraken](https://www.sec.gov/news/press-release/2023-25) to [wind up its cryptocurrency staking program](/news/article/crypto-tumbles-as-kraken-suspends-staking) last month, forcing the platform to part with $30 million in penalties for 'failing to register the program'. The SEC has already charged Chinese crypto enthusiast Justin Sun and several celebrities with illegally promoting crypto assets.

## A precursor for extra enforcement by the SEC

Per the SEC's allegations, staking, which involves the pooling of crypto resources, creates investment contracts and therefore qualifies as a security under the US Supreme Court case [SEC vs. Howey](https://www.investopedia.com/terms/h/howey-test.asp). The regulator opines that cryptocurrency exchanges violate the country's securities laws by offering such programs to investors.

The looming Coinbase SEC probe targeting products the regulator considers securities means that platforms offering staking as a service will be forced to restructure their programs to comply with the securities law or halt them altogether.

Staking service providers, most of which are cryptocurrency exchanges, must now wake up to the fact that the SEC is increasingly indicating that it considers most pooled staking programs as securities. For the larger crypto sphere, the regulator's actions should be seen as a precursor for extra enforcement by the SEC into the industry.


red image of coinbase website and coinbase coins with red filter

Looming Coinbase SEC Probe Upsets COIN Price 

On Wednesday, the US DOJ (Department of Justice) and the Securities and Exchange Commission (SEC) reported that Guo Wengui, a Chinese billionaire living in exile, was detained in New York for supposedly planning a fraud scheme worth more than $1 billion which involved cryptocurrency.

Guo, also known as Miles Guo and Ho Wan Kwok, or "Brother Seven," has been accused of committing 12 counts of wire fraud, securities [fraud](/news/article/terraform-labs-accused-of-fraud-by-sec), bank fraud, and money laundering. The DOJ stated that he allegedly used false statements and representations to persuade hundreds of thousands of his online followers to invest in various entities, resulting in more than $262 million in victim funds being obtained through the Himalaya Exchange, a supposed [cryptocurrency](/news/article/what-is-future-of-cryptocurrency) ecosystem.

The DOJ disclosed that it had seized around $634 million from 21 bank accounts linked to the alleged fraud.

The DOJ also [stated](https://www.justice.gov/usao-sdny/pr/ho-wan-kwok-aka-miles-guo-arrested-orchestrating-over-1-billion-dollar-fraud-conspiracy) that Guo Wengui is accused of making false statements and offering his investors inflated returns in exchange for supporting various ventures, including GTV Media Group Inc. In addition, Guo has been charged by the SEC for participating in unregistered and deceitful offerings that garnered more than $850 million.

## Bail Denied for Guo Wengui

According to the SEC, an investment scheme that employed cryptocurrency security called "H-Coin" or "Himalaya Coin" deceptively collected hundreds of millions of dollars from investors.

The project falsely stated that 20% of the coin's value was supported by gold and that the issuer would compensate investors in the event of any losses. According to Gurbir S. Grewal, the director of the SEC's enforcement division, the issuer, Guo, capitalized on the hype and appeal of cryptocurrency and other investments to victimize thousands and fund his and his family's luxurious lifestyle.

On Wednesday, the SEC made this statement, and CNN reported that Guo was denied bail at a hearing held the same day.

US Attorney Damian Williams claimed that Guo had committed the crime of profiting from embezzled money. Williams specifically mentioned that Guo had used the [stolen funds](https://twitter.com/SDNYnews/status/1636013342962712577?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1636013342962712577%7Ctwgr%5E5aa49442bd1adc0405714d5fc3a9c0868d934968%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fforkast.news%2Fheadlines%2Fus-accuses-exiled-chinese-tycoon-guo-wengui-of-1-billion-crypto-linked-fraud%2F) to buy a 50,000 square-foot mansion in New Jersey for himself and his close relatives, as well as a Ferrari valued at $3.5 million, two mattresses worth $36,000 each, and a lavish yacht that cost a whopping $37 million.


red backgound of money with guo wengui and a white dog

Guo Wengui Accused of $1 Billion Crypto Fraud 

A crypto firm backed by US rapper Jayceon Terrell Taylor, also known as "The Game", had its licence revoked by the US Securities and Exchange Commission [for violating securities laws](/news/article/sec-probe-paxos-over-busd) after falling short of submitting the necessary periodic reports.

The crypto startup, called ParagonCoin Limited, leverages blockchain technology for the legal cannabis sector and was founded in 2017 by Jessica VerSteeg.

## Why was ParagonCoin Limited’s registration revoked?

According to a class-action suit against ParagonCoin Limited in January 2018, the cryptocurrency startup [allegedly violated securities laws](/news/article/crypto-exchange-kraken-faces-sec-probe) in the initial coin offering (ICO) it held back in 2017, raising $70M.

The cannabis crypto firm promoted its native token 'PRG' as a currency for the legal cannabis industry and hired American rapper The Game to promote its offering. 

However, it failed to register its token sale with the SEC.
As such, a civil penalty was imposed on the cryptocurrency startup, requiring it to pay a fine of $250,000, register its token PRG as a security, and file periodic reports with the SEC.

The SEC was prompted to commence legal proceedings against the firm in February 2022, as it violated the [terms of its settlement with the SEC](/news/article/paul-pierce-settles-with-sec). ParagonCoin Limited failed to file a report since March 2019, in which the company stated that it lost more than $10M in 2018.

According to the SEC, the cannabis cryptocurrency startup ignored a delinquency letter sent to it by the SEC.
Additionally, [the SEC pointed out](/news/article/sec-crypto-enforcement-warning) that ParagonCoin Limited did not reply to its order commencing proceedings in February 2022, nor did it respond five months later to offer reasons why it should not be found guilty as things stand.

This is not the first mess The Game and the startup have found themselves in. However, this could be the last for ParagonCoin Limited. Back in 2021, both the rapper and the cryptocurrency startup's executives were found to be liable for more than $12M in a class-action lawsuit. You can read more here.

It is yet to be seen what steps ParagonCoin Limited will take to salvage the situation. Rapper The Game, meanwhile, continues to thrive in the Web3 space, with numerous partnerships in place, including as co-founder of the popular Web3 live-streaming platform, Shiller.


red image of rapper "the Game" and Paragon coin logo

Rapper The Game's Crypto Firm Licence Revoked

One of the most popular US banks for cryptocurrency transactions, Silvergate Capital, is in danger of collapse. The firm is examining its position to decide whether it can continue its operations.

On 1 March, the bank reported to the US financial watchdog, the Securities and Exchange Commission (SEC), that it would not file its annual activities report on the deadline. It also reported to the SEC that it is deliberating its options to survive the crisis.

## Silvergate facing bankruptcy due to FTX contagion

Silvergate Capital is a bank that deals in crypto lending. It has become the first conventional finance house affected by the FTX contagion. Reportedly, it lent almost all its funds to the exchanges. Due to this, when the [FTX crypto exchange crashed](/news/article/curve-finance-leverage-ftx-crash), the California-based finance company suffered severe losses. 

Meanwhile, the [collapse of Sam Bankman-Fried's](/news/article/sam-bankman-fried) firm has affected several crypto-lending firms since November 2022. Some of the most prominent names are [BlockFi](/news/article/blockfi-bankrupt-court-documents), [Genesis](/news/article/genesis-bankruptcy-crypto-meltdown-continues) Global, and [Gemini Exchange](/news/article/gemini-crypto-exchange-falls-prey). 

In addition, many prominent lending partners are pulling out after the news of the bank's potential bankruptcy. The firms that have withdrawn include big names like [Coinbase Global](https://www.coinbase.com/price/global-cryptocurrency), [Galaxy Digital Holdings](https://www.galaxy.com/), [Crypto.com](https://crypto.com/), and [Paxos Trust](https://paxos.com/). The company will also have to deal with this loss of business.

## Silvergate shares plunged 

After the bank reported to the SEC about its financial situation, its share value plummeted. On Thursday, the firm's share value dropped by more than 55%. The overall stock price in the year has decreased by 67%.

Furthermore, [Silvergate has experienced losses](/news/article/silvergate-bank-loses-assets) of more than $1 billion in the past three months. Although many other firms also saw significant losses, Silvergate’s collapse could leave a lasting effect on the market. The main reason is that the firm is a traditional bank, which could likely shake investors' trust in the crypto market.


Silvergate Capital on Verge of Collapse

Crypto lawyers have rejected cryptocurrency claims made by SEC chair Gary Gensler, who recently stated in an interview that all cryptocurrencies except Bitcoin are securities that fall under its jurisdiction.

In an [interview](https://nymag.com/intelligencer/2023/02/gary-gensler-on-meeting-with-sbf-and-his-crypto-crackdown.html) with New York Magazine on 23 February, Gensler stated that "everything other than Bitcoin" falls under the US Securities and Exchange's jurisdiction as a security. He elaborated that crypto projects, besides Bitcoin, are considered securities because they involve a group in the middle, and the public anticipates profits based on that group. However, he noted that this is not the case with Bitcoin. 

## Crypto attorney's opinion on SEC's regulatory jurisdiction

Lawyer and policy lead at the Blockchain Association, Jake Chervinsky, argued with the comments by Gary Gensler on his authority over the cryptocurrency sector.

He [tweeted](https://twitter.com/jchervinsky/status/1629871537217044481?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1629871537217044481%7Ctwgr%5E91719ed73ca7c438481d7858aed2e4689c4c61c9%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcrypto-lawyers-flame-gensler-over-claims-that-all-crypto-are-securities) on 26 February that Gensler's opinion is not legally binding, and the SEC must prove its jurisdiction over each token in court before regulating any of them. 

Lawyer Logan Bolinger also supported Chervinsky's view by [tweeting](https://twitter.com/TheWhyOfFI/status/1629649343627116545?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1629649343627116545%7Ctwgr%5E91719ed73ca7c438481d7858aed2e4689c4c61c9%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcrypto-lawyers-flame-gensler-over-claims-that-all-crypto-are-securities) that Gensler's opinions on what is or isn't security are not legally conclusive, as the ultimate decision is up to the judges, not the SEC chairs.

Also, Jason Brett, the policy lead at the Bitcoin Policy Institute, tweeted that Gary Gensler's comments "shouldn't be celebrated, but feared" and that there are alternative ways to win than with a "regulatory moat".

## Enforcement challenges: Gabriel Shapiro

Gabriel Shapiro, the general counsel at investment firm Delphi Labs, took to [Twitter](https://twitter.com/lex_node/status/1629965092547620864?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1629965094430932993%7Ctwgr%5E91719ed73ca7c438481d7858aed2e4689c4c61c9%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcrypto-lawyers-flame-gensler-over-claims-that-all-crypto-are-securities) to explain the difficulty the Securities and Exchange Commission would face in enforcing its rule on the [cryptocurrency](/news/article/what-is-future-of-cryptocurrency) industry. 

According to Shapiro, more than 12,305 tokens valued at around $663 billion are considered unregistered securities and thus illegal in the US. Per Chervinsky's comments, the SEC would have to file a lawsuit against each token creator for enforcement.

Shapiro outlined that the SEC has two main ways of handling cryptocurrencies: imposing fines on token creators and requiring registration or by imposing fines and directing that the created tokens be destroyed and delisted from exchanges. However, he noted that SEC registration is too expensive for most token creators, and there is no clear path for token registration.

Shapiro questioned the SEC's plan for the industry, given that registration appears unfeasible, leading to potentially huge fines, work stoppages, destruction of dev premines, and delisting from trading. He concluded that such a plan would require 12,305 lawsuits and put billions of American dollars at risk, leaving everyone wondering about the SEC's plan.


Gary Gensler in front of red image of crypto markets

Gary Gensler Crypto Claims Challenged

The Securities and Exchange Commission has charged former Boston Celtics player Paul Pierce for promoting the cryptocurrency EthereumMax on Twitter without disclosing that he was being paid to do so. To resolve these charges, Pierce has agreed to pay a fine of $1.1 million and around $240,000 in disgorgement and prejudgement interest.

## SEC fines Paul Pierce $1.1M for promoting EthereumMax

The Securities and Exchange Commission has [accused](https://www.sec.gov/news/press-release/2023-34) former NBA star and ESPN employee Paul Pierce of violating the federal Securities Act. The SEC claims that Pierce failed to disclose receiving compensation from a cryptocurrency company for promoting their product online and made money from "an untrue statement of a material fact". 

The [SEC](/news/article/crypto-exchange-kraken-faces-sec-probe) further alleged that Pierce misled the public about his holdings of EMAX, sharing misleading screenshots of his EMAX holdings and profits. Also, he failed to disclose that his actual personal holdings were significantly lower.

He has been fined $1.1 million by the SEC for promoting cryptocurrency, EthereumMax (EMAX). This is the same security product that influencer [Kim Kardashian was previously charged for touting](/news/article/kim-kardashian-crypto-ad).

The NBA star used Twitter to promote EMAX tokens without disclosing that he had received more than $244,000 in the cryptocurrency as payment for his promotions. He did not admit any wrongdoing as part of the settlement and has agreed to pay a $1.1 million penalty and disgorge around $240,000.

Furthermore, he has also been banned from promoting any crypto asset securities for three years, according to the SEC.

The SEC Chairman, [Gary Gensler](/news/article/sec-crypto), said the case is a reminder to celebrities that the law requires them to disclose how much they are being paid to promote investment in securities. He added, "you can't lie to investors when you tout a security".

SEC has recently intensified its efforts to enforce regulations in the cryptocurrency industry. On Thursday, it [charged Terraform](/news/article/terraform-labs-accused-of-fraud-by-sec), a stablecoin issuer, and its CEO, Do Kwon, with crypto fraud.


blue image of paul pierce next to SEC logo

Paul Pierce Settles with SEC Over Crypto Row 

Crypto entrepreneur Do Kwon and the company he co-founded, Terraform Labs, have been [accused](https://www.sec.gov/news/press-release/2023-32) of fraudulent activities by the US Securities and Exchange Commission (SEC).

According to the SEC, Kwon and Terraform Labs offered and sold unregistered securities, including the TerraUSD stablecoin, and conducted a scheme that resulted in the loss of at least $40 billion worth of market value. The case is a significant step in the SEC's ongoing efforts to regulate the crypto industry.

The SEC's allegations include the assertion that Kwon and Terraform Labs misled investors by making false statements about their relationship with the South Korean mobile payment app "Chai" and the stability of the stablecoin TerraUSD, which was marketed as maintaining a 1-to-1 peg to the US dollar. The agency has also accused the company and Kwon of offering misleading investment opportunities to investors.

## SEC files complaint against Terraform for securities violations

The SEC has filed a [complaint](https://www.sec.gov/litigation/complaints/2023/comp-pr2023-32.pdf) in the US District Court for New York's Southern District against Terraform and its founder, Do Kwon, for alleged violations of the Securities Act and the Exchange Act.

The complaint, which spans 55 pages, claims that Terraform and Kwon were engaged in deceptive marketing practices concerning its Anchor Protocol, which advertised a 20% interest rate on deposits of USTC.

The SEC also alleges that the defendants misled investors about the stability of Terra's stablecoin, which lost its US dollar peg in May 2021, resulting in a collapse of the digital asset market that wiped out an estimated $40 billion in value.

South Korean authorities are searching for Kwon, whose current location remains unknown. He is [suspected to be in Serbia](/news/article/do-kwon-hiding-in-serbia) after departing from his residence in Singapore in September. This search is in relation to an arrest warrant issued in September on allegations including breaches of capital-markets law. Noticing the hide-and-run game, Interpol issued a [red notice](/news/article/do-kwon-red-notice) against him to locate his whereabouts.


Terraform Labs Accused of Fraud by SEC 

Tumbles in crypto values have followed the decision of cryptocurrency exchange Kraken to suspend staking.

On 9 February, major coins were in the red, causing a drop in the cryptocurrency market capitalization by 5.45% to $1.02 trillion. Bitcoin fell below $22,000, while Ethereum dropped to $1,549. Doge went down by 10.07% at $0.081.

Meanwhile, US stocks took a hit and erased previous gains, as concerns about potential decisions from the Federal Reserve overshadowed positive reactions to the latest round of corporate earnings reports. The S&P 500 saw a decline of 0.9% and closed at 4,081.50, while the Nasdaq Composite Index experienced a drop of 1.02% and fell at 11,789.58.

[Kraken](/news/article/crypto-exchange-kraken-faces-sec-probe) made a settlement with the US Securities and Exchange Commission. As part of the settlement, Kraken agreed to suspend its cryptocurrency staking operations and immediately discontinue its crypto staking-as-a-service platform for US customers. The [SEC](/news/article/sec-probe-giving-advice-for-crypto-trading) charged Kraken for offering unregistered securities and has asked it to pay a $30 million penalty.

## Investors witnessed [crypto tumbles](https://www.benzinga.com/markets/cryptocurrency/23/02/30850294/over-200m-long-crypto-positions-wiped-out-as-bitcoin-ethereum-dogecoin-drop?SNAPI) across markets in the aftermath of the Kraken suspending staking operations

Almost $200 million worth of long and short crypto was liquidated in the past 24 hours. More than 43% of liquidations worth $100M took place on Binance. Of the total liquidations, $53M worth of BTC was liquidated, ETH liquidation stood at $52M, and Doge liquidation totalled around $5M.

## Crypto analyst advice to traders after crypto tumbles

Crypto analyst Rekt Capital has sounded the alarm on [Bitcoin's](/news/article/jim-cramer-says-ignore-bitcoin-hype) impending losses. According to the analyst, the BTC must close above $22,692 to maintain its technical uptrend.

The analyst has cautioned traders about the dangers of making trades based on "fear of missing out" (FOMO) and instead suggests, "if you must FOMO, choose a red day".

Another crypto analyst, Kaleo, views the recent retest of the high-timeframe trend breakout as a supportive factor for Bitcoin. Kaleo believes that the market has yet to experience a significant breakout, which presents an opportunity for investors to accumulate more BTC. Although it may take some time, Kaleo believes that the $30,000 level remains a target for the cryptocurrency.


red image of kraken logo and Ethereum, Dogecoin and Bitcoin tokens falling

Crypto Tumbles as Kraken Suspends Staking

According to a [Bloomberg report](https://www.bloomberg.com/news/articles/2023-02-08/cryptocurrency-exchange-kraken-faces-probe-by-sec-over-unregistered-securities) published on 8 February, [renowned crypto exchange Kraken](/news/article/kraken-review) faces a probe by the US SEC (Securities and Exchange Commission) over unregistered securities.

[The probe is related to](/news/article/sec-probe-giving-advice-for-crypto-trading) some offerings the cryptocurrency exchange has made to US clients. According to someone familiar with the investigation who wishes to remain unidentified, proceedings are currently at an advanced stage and settlement could come in the following days.

It is currently unclear which offerings or tokens are under the microscope.

Moni Talks reached out to the SEC for further comments on the probe, but, as is the norm, the SEC does not comment on the status of a 'potentially existing' investigation.

## What does the probe mean for crypto exchange Kraken and the industry?

At the time of writing, we are unsure of the magnitude of the investigation. That said, if Kraken is guilty of breaching securities laws, the ramifications for the cryptocurrency exchange and the industry at large could be significant, especially after the FTX saga of Q4 2022.

If Kraken settles with the SEC, this could pressure other cryptocurrency firms to discuss deals with the agency. In December 2022, SEC Chair Gary Gensler commented on the runway for crypto firms to register with the regulator getting shorter.

The SEC is firm with its stance - most of the tokens offered by crypto firms are securities and should be subject to the rules of the regulator. It should be noted that all SEC investigations DO NOT lead to enforcement action. Instead, individuals or firms may have to pay a fine and/or face other penalties.

![kraken.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/kraken_677edbef91.png)
 
Source: [CoinMarketCap](https://coinmarketcap.com/exchanges/kraken/)

With a [trading volume of nearly $640M](https://coinmarketcap.com/exchanges/kraken/) at the time of writing, US-based Kraken is the third-largest cryptocurrency exchange. This statistic alone indicates that any potential legal ramifications on the cryptocurrency trading platform could have a telling impact on the industry.

This is not the first probe Kraken has faced. In 2022, Kraken paid a fine of more than $360,000 and invested $100,000 in sanctions compliance over allegations that the cryptocurrency trading platform [violated US sanctions against Iran](/news/article/kraken-exchange-under-investigation). The settlement was reached with the US Treasury’s Office of Foreign Assets Control (OFAC).

Global crypto regulations will come into effect soon, whether you like it or not, and several countries are actively working towards this.


Crypto Exchange Kraken Faces US SEC Probe 

Cryptocurrency firms that offer crypto trading advice will be scrutinised by the US SEC (Securities and Exchange Commission). The financial watchdog has announced its 2023 priorities to protect retail investor rights. 

On 7 February, the US regulator [released an official statement](https://www.sec.gov/news/press-release/2023-24) outlining its annual agenda. It indicated that the Division of Examinations would inspect crypto advisors and brokers' businesses. These firms need to have appropriate market exposure and the right strategies for advising traders.

## Firms offering advice need to be careful

The SEC has remarked that financial advisors need to be cautious while giving buying and selling advice. Moreover, they must be watchful of the digital assets they recommend. 

The commission’s Division of Examinations will observe how firms make referrals and recommend a product. The Division will also inspect whether its registered firms continually update their strategies for providing [crypto trading](/news/article/how-does-crypto-trading-work) advice. Advisors’ and brokers’ strategies should comply with the regulations and ensure risk management for traders.

![sec.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/sec_3bdabdfea6.png)
 
Source: Twitter

## What’s on the SEC's 2023 agenda?

The US crypto regulator publishes its priorities annually to outline its agenda. Previously, the SEC released its [priorities for 2022](https://www.sec.gov/news/press-release/2022-57). Its focus was more on ESG investment, private funds, and emerging technologies in the market. 

However, the regulators’ focus shifted toward digital investment advisors in 2023. As per the statement, the “changing landscape and associated risks in the securities market” prompted the change. 

The emphasis of the crypto regulators will be on the policies of Advisors Act policies. For this reason, SEC’s Division will continually scrutinise registered investment advisers (RIAs). It will ensure that the advisors comply with the policies and follow the standard procedures. The main objective behind this is to provide security to retail investors. 

On the other hand, ESG, private funds, emerging technologies, and operational resiliency are also part of the SEC’s agenda.



red image with man and woman giving advice with gold coins 

SEC to probe firms giving advice for crypto trading

To assess the future of cryptocurrency, we need to start by looking back.

Bitcoin and Ethereum have dropped more than 50% since their all-time highs in late 2021. While there were some modest gains in late 2022, the cryptocurrency market remains relatively stagnant. Some analysts believe cryptocurrency values might fall considerably further before seeing a lasting rebound.

According to a senior market analyst at brokerage firm [OANDA](https://www.oanda.com/group/news-analysis/meet-analysts/edward-moya/), the crypto market might yet undergo one more significant sell-off before it begins to rebound, with [Bitcoin](https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-price-predictions/) plummeting close to $10,000. According to crypto specialist Wendy O, Ethereum is at risk of falling as low as $750, a 50% drop from its current price.

"We're in a full-fledged bear market, not a bear cycle," says one analyst.

"Just because we're seeing some good pricing activity doesn't mean we're out of the woods," says another. "We're now trading around $1,500 for Ethereum, and to be very positive on Ethereum, it would need to see us break over $2,248. That is a 50% price increase."

Furthermore, crypto firms have laid off employees, halted withdrawals, and attempted to offset losses, increasing concerns about the industry's viability.

Terraform Labs went bankrupt in May, but the bear market has affected numerous companies since then. [Coinbase](https://blog.coinbase.com/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12), the biggest cryptocurrency exchange in the United States, stated in June that it was laying off 18% of its workforce. This followed layoffs at other cryptocurrency firms, such as Gemini, BlockFi, and Crypto.com.

Due to "extreme market conditions", crypto bank Celsius unexpectedly ceased [withdrawals](https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6) towards the end of 2022. The future of cryptocurrency hedge firm Three Arrows Capital was also thrown into doubt. When Bitcoin fell below $19,700, alarm bells rang. 

Crypto investors should invest between 2 and 5% of their net worth, according to Vrishin Subramaniam, founder and financial planner at [CapitalWe](https://www.capital-we.com/about).

"We often see 2 to 3% for most clientele who only watch crypto markets weekly", he added.

## Future of cryptocurrency regulation

Lawmakers in Washington DC and worldwide are debating how to create regulations and norms that would make cryptocurrencies safer for investors and less enticing to hackers.

Additional regulation may be the future of cryptocurrency. More regulation might lead to greater stability in the famously turbulent cryptocurrency sector. It could safeguard long-term investors, deter fraudulent conduct inside the crypto ecosystem, and give clear advice to allow enterprises to develop in the crypto economy, if there's a correct balance.

A recent Biden administration paper details potential laws that would increase regulation of the crypto sector. In recent months, US Fed Reserve Chairman Jerome Powell and [SEC](/news/article/sec-crypto-enforcement-warning) Chairman [Gary Gensler](/news/article/sec-crypto) have expressed concern about the absence of cryptocurrency regulation. 

Despite all the back-and-forth, a few critical themes on the issue of new US cryptocurrency legislation have emerged: preventing cryptocurrency crime and tax fraud, stablecoin regulation, and the possibility for investment vehicles such as crypto ETFs and other funds.

The decentralised nature of digital currencies, which, unlike traditional currencies, are not backed by any organisation or government authority, is a significant appeal for many crypto enthusiasts. However, regulatory guidelines can assist in protecting investors.

"As much as I admire the decentralisation and absence of government involvement, I am pleased they are paying attention since there are many scams with cryptocurrency", says Kiana Danial, author of Cryptocurrency Investing for Dummies.

One potential provision would broaden the definition of a brokerage firm to include entities that handle digital asset trading, such as cryptocurrency exchanges. This move would imply higher tax reporting duty to assist the IRS in tracking crypto tax evasion. 

Furthermore, [Gensler has stated](https://www.sec.gov/news/public-statement/gensler-aspen-security-forum-2021-08-03) that stronger legislation is needed to help avoid future ransomware attacks like the one that took down the [Colonial Pipeline](https://www.nytimes.com/2021/05/08/us/politics/cyberattack-colonial-pipeline.html) in May 2021. The pipeline assault was one of several high-profile examples of hackers demanding [Bitcoin ransoms](https://www.npr.org/2021/06/10/1004874311/how-bitcoin-has-fueled-ransomware-attacks).

While Gensler did not specify how the SEC planned to assist in prosecuting these offences, he did state that the agency will continue to use its full authority. The SEC will continue to push its authority as far as it can, Gensler said at the [Aspen Security Forum](https://www.aspensecurityforum.org/) in Colorado. According to a recent US Treasury assessment, cryptocurrency "poses a serious detection difficulty by promoting illicit conduct, including tax evasion".

## Future of cryptocurrency: Stablecoin regulations

The ease with which stablecoins may be exchanged, along with their stable value, has figures like Yellen and Gensler concerned that they pose threats to the financial system and economy. As a result, they must regulate.

Stablecoins, which act as a bridge between cryptos on various blockchains, might make it easier and cheaper to perform trades on an exchange without using fiat currency. Stablecoins are tied to other assets, often less volatile than cryptocurrencies, such as fiat currency or precious metals, and may price them similarly. 

Therefore, the coins are more "stable" than other cryptos, whose values fluctuate with the markets.

Assisting in reducing or eliminating potential transaction costs since certain exchanges prefer trading from stablecoins to other cryptos over trades from a dollar-based bank account. Many exchanges, like Coinbase, do not charge fees when converting US dollars for USD Coins, which are used to purchase other cryptocurrencies.

According to a [recent study](https://home.treasury.gov/news/press-releases/jy0454) from the Federal Deposit Insurance Corporation, the Working Group on Financial Markets, and the Office of the Comptroller of the Currency, some stablecoins' purpose is to circumvent money-laundering laws or even finance rogue states or terrorists. This has grown even more prominent in policymakers' minds in the aftermath of Russia's invasion of Ukraine, with the possibility that Russia may utilise cryptocurrency to avoid sanctions.

However, there are fears that stablecoins would weaken established US banking institutions, causing financial system difficulties. In other words, the more stablecoins used by investors, the more likely any problems with them would damage the economy. According to White, systemic risks frighten regulators the more, which is why stablecoins are at the tip of the regulatory spear. For example, if you purchased $1,000 worth of stablecoins to decrease or eliminate costs on your cryptocurrency trades, but the stablecoin collapsed before you could utilise it, you'd be down $1,000.


blue image of man trading on ipad in futuristic landscape

What is the future of cryptocurrency?

News from the US reveals that Nexo Capital has agreed to pay $45 million in penalties to the SEC and the North American Securities Administrators Association (NASAA). 
 
This occurred due to Nexo's failure to list the agreement and sale of its Earn Interest Product. The crypto lender did not contest the SEC's conclusions.

The SEC and NASAA revealed the announcement in separate statements on 19 January. According to the SEC announcement, Nexo agreed to pay a $22.5 million penalty and discontinue its unlisted offer and sale of the EIP to US investors. 

A further $22.5 million will be paid in fines to satisfy identical claims brought by state regulatory agencies.

## Nexo news - NASAA view 

NASAA stated in a report that the settlement, in principle, follows an inquiry into suspected offers and sales of securities during the previous year. During the investigation, it was determined by Nexo that EIP investors might receive passive interest on digital assets by lending those assets to the business.

They also retained complete control over the revenue-generating operations used to create returns for investors.

The firm sold and advertised the EIP and other products to investors in the US through its website and social media platforms, implying that investors may get returns of up to 36% in some cases, NASAA said.

## Nexo news - SEC view

The SEC claimed that the commission considered Nexo's degree of cooperation throughout the settlement talks and the swift corrective actions taken to rectify their inadequacies. 

"We charged Nexo with failing to register its retail crypto loan product before providing it to the public, circumventing important disclosure rules needed to safeguard investors," said SEC Chairman Gary Gensler. 

"Where crypto firms fail to comply, we will continue to hold them accountable based on the facts and the law."
In this situation, he noted that Nexo, among other things, is discontinuing its unregistered loan product to all US investors.

## Nexo news - How settlement came about

Nexo's settlement is based on a cease-and-desist order agreement that prevented the company from breaching any Securities Act of 1933 requirements. 

At least 17 different state securities authorities conducted the inquiry, and they all agreed to the conditions of their settlement. While the respective states were not identified, the crypto lender agreed to pay a $424,528 fine to each of them.


yellow image of sec law paper and nexo logo

Nexo News: $45M Settlement Agreed

US financial watchdog the SEC (Securities and Exchange Commission) has filed charges against crypto lending firms Gemini and Genesis.

On 12 January, SEC sued the firms over their crypto lending product, Earn, for allegedly breaching investor protection laws.

## The Gemini SEC lawsuit

The [Gemini](https://www.gemini.com/) SEC civil lawsuit has been filed in the Federal Court of Manhattan. As per the SEC, both companies did not register their product before offering them to individual investors. The regulator claims that the Earn program has been used to sell unregistered securities. 

The crypto lending program allowed the exchange’s customers to lend their assets to [Genesis](https://genesistrading.com/) to earn up to 8% interest. The crypto exchange also profited by charging a fee of around 4.29% through this program.

Both these partner firms are under scrutiny after Genesis paused withdrawals unexpectedly in November. Interestingly, it happened right after the FTX exchange crashed. As per the SEC, at that time, the cryptocurrency lending program had more than [$900 million worth of crypto assets](/news/article/genesis-brokers-owes-gemini) of their customers. With this lawsuit, the commission is looking to recover illegal profits and fines for the offence. 

## Tyler Winklevoss's statement on Gemini SEC charges

Soon after the Gemini SEC lawsuit was filed, Gemini’s co-founder, [Tyler Winklevoss](/news/article/tyler-winklevoss-twitter), issued a statement via [Twitter](https://twitter.com/tyler/status/1613674691507679233). He said, "We look forward to defending ourselves against this manufactured parking ticket...".

He also showed his resolve to continue work to recover customers' assets.

On the other hand, Genesis Global Capital is yet to comment on the issue. 

Since the pause of withdrawals, the lending partner has been seeking ways to recover. However, the Wall Street Journal recently reported that the firm might have to file for [Chapter 11 bankruptcy](https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics). The firm has already laid off more than 30% of its workforce in the last week.

Gemini and Genesis have ties with the [fallen exchange](/news/article/gemini-crypto-exchange-falls-prey), FTX, and have been in losses since its decline.



gemini and Genesis logos over red image of US SEC building

Genesis and Gemini: SEC Takes Action

Following the collapse of FTX last month, pressure is rising on US regulatory body the SEC to beef up enforcement of major crypto sector centres. 

The failure of [FTX](https://www.wsj.com/articles/sec-faces-calls-to-boost-crypto-exchange-enforcement-after-ftx-collapse-11670474070) focused attention on crypto exchanges, which serve as key hubs for individual investors and provide services such as digital-coin sales, financing, and asset storage. Despite spending more than six years studying various sector aspects, the Securities and Exchange Commission regulatory agency still needs to sue a major cryptocurrency exchange.

According to sources familiar with the topic and regulatory disclosures, the [SEC](/news/article/xrp-vs-sec-lawsuit-update) is investigating exchanges such as Coinbase Global Inc. and the US operations of Binance and FTX. It has penalised or sued dozens of token creators over the past six years.

According to the SEC, several cryptocurrencies qualify as [securities](/news/article/sec-vs-ripple-news) that should have traded under stock and bond laws. The firm's Chair Gary Gensler says that exchanges are breaching the law by selling unregistered securities and failing to follow standards that the NYSE and Nasdaq Stock Market follow.

## Lawyers believe SEC crypto enforcement is not enough

Some attorneys argue that, despite such claims, regulatory enforcement measures have yet to go far enough as the sector has matured and ordinary people are committing their assets to crypto enterprises. Mr Gensler risks substantial criticism if he does not get things going", according to the report "former SEC enforcement attorney John Reed Stark.

It was a flaw in their plan not to pursue these entities, Mr. Stark explained. 

The exchange kept trading six assets after the SEC sued a former Coinbase employee in July, alleging that the business sold seven improperly issued securities. They could have sued Coinbase, but they chose not to. According to a Coinbase spokesperson, the company thinks that none of the six digital currencies are securities.

## Crypto exchanges believe SEC is using the wrong crypto enforcement laws

According to industry lawyers, the SEC crypto enforcement approach is exhibiting signs of wear and tear after years of the SEC utilising its enforcement arm to drive the industry into its supervision.

According to some industry attorneys, the activities of cryptocurrency exchanges are so unlike those of stock exchanges that compliance with their standards is impossible.


sec logo with hands shaking in the background

SEC Crypto Enforcement Warning

In the latest XRP lawsuit twist, [the US Securities and Exchange Commission (SEC)](https://finance.yahoo.com/news/sec-gets-support-sports-economy-085511025.html) has received backing from sports investment organisation New Sports Economy Institute. The NSEI filed an amicus brief on Friday in the continuing dispute between the SEC and Ripple Labs Inc. 

In the [amicus brief](https://www.courtlistener.com/docket/19857399/717/securities-and-exchange-commission-v-ripple-labs-inc/), NSEI compared cryptocurrencies to a "chameleon engaged in regulatory arbitrage, identifying themselves as assets when it wants to attract money and pleaded to 'investors,' but a currency when it confronts regulatory scrutiny".

"This flip-flopping is deceptive but also unlikely," claimed NSEI.

Even if the Court finds [XRP](/news/article/ripple-price-prediction) to be more of a currency and less of a speculative asset proxy, that will make it an exception rather than a rule. Any ruling in the XRP lawsuit like that should be constructed to avoid significant harm to future crypto speculators, who, in all likelihood, aren't even aware that they aren't investing in the first place, NSEI stated.  

The SEC filed a [complaint](https://forkast.news/sec-pushes-back-on-ripple-interrogatories-over-xrp/) against Ripple and its officials in December 2020, stating that the sale of XRP represented an issue of unregistered securities worth more than US$1.38 billion.

## XRP lawsuit: Coinbase amicus brief 

Coinbase, a cryptocurrency exchange in the US, has formally filed an amicus brief in favour of Ripple Labs Inc. in the case launched by the SEC in 2020. Coinbase, which claims to be the largest crypto trading platform in the US by trade volume, filed a brief in support of Ripple's fair notice defence on [Monday](https://www.courtlistener.com/docket/19857399/705/securities-and-exchange-commission-v-ripple-labs-inc/). 

The [Court](/news/article/xrp-court-case-update) should "deny the SEC's petition for summary judgement on this issue to guarantee that the current due process precedents on which the fair notice argument is based continue to safeguard against unlawful regulatory enforcement when warranted", Coinbase argued in the filing.

According to Coinbase, government bodies cannot condemn activity as a breach of the law unless fair notice is provided. It adds that by prosecuting sellers of XRP tokens after making public remarks suggesting that those transactions were legitimate, the SEC has lost sight of this foundational principle.

## XRP lawsuit: Likely verdict 

According to the CEO of Ripple (XRP), the SEC litigation might go on for another three months. However, many legal experts believe Ripple will prevail because the SEC has yet to give any substantial proof. 

According to legal experts, the SEC's chances of winning the lawsuit have dwindled even more. According to Roslyn Layton, senior analyst at Forbes and senior vice president at Strand Consult, "signs" of a "brutal loss" for the SEC are mounting. The SEC could not establish that Ripple and XRP investors were conscious of, or should have known, the token's claimed position as a security.

According to Layton, the participation of tens of thousands of XRP investors represented by attorney John E Deaton caused the SEC's case to crumble at last. 

Despite dismissing the motion to intervene, Judge Torres allowed the filing of amicus papers, "sending a strong message to the SEC that she would be listening". An affidavit was presented by more than 3,000 XRP investors from Deaton's group of over 75,000. 

Verret believes that if the SEC files an appeal with the Supreme Court, it will be defeated. If the SEC concludes that XRP is not a security, Ripple has already agreed to pay a charge. Currently, though, a resolution looks improbable.

## XRP lawsuit: General consensus  

The crypto community has [rallied around Ripple](https://zycrypto.com/ripple-heading-towards-historical-win-against-sec-in-xrp-suit-as-industry-supports-ripple-en-masse/) since the case was filed in 2020, with more than a dozen firms filing amicus curiae filings in support. Whereas most Ripple supporters say that securities regulations have been improperly used to create uncertainty for the whole sector, the regulator maintains that "most" cryptocurrencies are securities. 

However, CryptoLaw's John E. Deaton cautioned against drawing any conclusions from the Ripple action, implying that the Court may decide otherwise.



XRP Lawsuit Update

In the latest XRP lawsuit twist, [the US Securities and Exchange Commission](https://finance.yahoo.com/news/sec-gets-support-sports-economy-085511025.html) (SEC) has received backing from sports investment organisation New Sports Economy Institute. The NSEI filed an amicus brief on Friday in the continuing dispute between the SEC and Ripple Labs Inc. 

In the [amicus brief]https://www.courtlistener.com/docket/19857399/717/securities-and-exchange-commission-v-ripple-labs-inc/(), NSEI compared cryptocurrencies to a "chameleon engaged in regulatory arbitrage, identifying themselves as assets when it wants to attract money and pleaded to 'investors,' but a currency when it confronts regulatory scrutiny".

"This flip-flopping is deceptive but also unlikely," claimed NSEI.

Even if the Court finds [XRP](/news/article/ripple-price-prediction) to be more of a currency and less of a speculative asset proxy, that will make it an exception rather than a rule. Any ruling in the XRP lawsuit like that should be constructed to avoid significant harm to future crypto speculators, who, in all likelihood, aren't even aware that they aren't investing in the first place, NSEI stated.  

The SEC filed a [complaint](https://forkast.news/sec-pushes-back-on-ripple-interrogatories-over-xrp/) against Ripple and its officials in December 2020, stating that the sale of XRP represented an issue of unregistered securities worth more than US$1.38 billion.

## XRP lawsuit: Coinbase amicus brief 

Coinbase, a cryptocurrency exchange in the US, has formally filed an amicus brief in favour of Ripple Labs Inc. in the case launched by the SEC in 2020. Coinbase, which claims to be the largest crypto trading platform in the US by trade volume, filed a brief in support of Ripple's fair notice defence on [Monday](https://www.courtlistener.com/docket/19857399/705/securities-and-exchange-commission-v-ripple-labs-inc/). 

The [Court](/news/article/xrp-court-case-update) should "deny the SEC's petition for summary judgement on this issue to guarantee that the current due process precedents on which the fair notice argument is based continue to safeguard against unlawful regulatory enforcement when warranted", Coinbase argued in the filing.

According to Coinbase, government bodies cannot condemn activity as a breach of the law unless fair notice is provided. It adds that by prosecuting sellers of XRP tokens after making public remarks suggesting that those transactions were legitimate, the SEC has lost sight of this foundational principle.

## XRP lawsuit: Likely verdict 

According to the CEO of Ripple (XRP), the SEC litigation might go on for another three months. However, many legal experts believe Ripple will prevail because the SEC has yet to give any substantial proof. 

According to legal experts, the SEC's chances of winning the lawsuit have dwindled even more. According to Roslyn Layton, senior analyst at Forbes and senior vice president at Strand Consult, "signs" of a "brutal loss" for the SEC are mounting. The SEC could not establish that Ripple and XRP investors were conscious of, or should have known, the token's claimed position as a security.

According to Layton, the participation of tens of thousands of XRP investors represented by attorney John E Deaton caused the SEC's case to crumble at last. 

Despite dismissing the motion to intervene, Judge Torres allowed the filing of amicus papers, "sending a strong message to the SEC that she would be listening". An affidavit was presented by more than 3,000 XRP investors from Deaton's group of over 75,000. 

Verret believes that if the SEC files an appeal with the Supreme Court, it will be defeated. If the SEC concludes that XRP is not a security, Ripple has already agreed to pay a charge. Currently, though, a resolution looks improbable.

## XRP lawsuit: General consensus  

The crypto community has [rallied around Ripple](https://zycrypto.com/ripple-heading-towards-historical-win-against-sec-in-xrp-suit-as-industry-supports-ripple-en-masse/) since the case was filed in 2020, with more than a dozen firms filing amicus curiae filings in support. Whereas most Ripple supporters say that securities regulations have been improperly used to create uncertainty for the whole sector, the regulator maintains that "most" cryptocurrencies are securities. 

However, CryptoLaw's John E. Deaton cautioned against drawing any conclusions from the Ripple action, implying that the Court may decide otherwise.



XRP vs SEC Lawsuit Update

The [American CryptoFed DAO](https://www.americancryptofed.org/) is about to fight a legal battle with the US Securities and Exchange Commission ([SEC](/news/article/sec-crypto-news)). It will become the country's first authorised decentralised autonomous organisation to do so. The issue is token registration, which the regulators approved in 2021. 

But now, the SEC has [announced](https://www.sec.gov/news/press-release/2022-208#.Y3f3-2DgThg.mailto) that the US DAO provided “misleading” information for the public offering of its tokens. It further accused the organisation of non-compliance in the investigation procedure. So, the regulatory authority will initiate an administrative proceeding against the firm. 

## Accusations from the regulators

The Enforcement Division of the crypto watchdog stated that the company provided incomplete information in Form S-1. It did not provide audited financial statements and other necessary documents related to its operations. Moreover, the statements seemed inconsistent and misleading regarding the nature of its tokens.
 
Regulators noted that the CryptoFed tokens might fall under [securities laws](/news/article/ether-staking). The firm also failed to cooperate with the regulatory body, it is alleged. Therefore, they may have to cancel the registration for their tokens.

## US DAO not to take assistance from an attorney

The US DAO, CryptoFed, has decided to fight the case without taking assistance from a legal advisor. It successfully registered two of its tokens in 2021 with the regulators. One was a stablecoin, Ducat, and the second was an interdependent governance token, Locke. 

[Cointelegraph](https://cointelegraph.com/news/first-official-dao-in-the-us-to-fight-sec-without-attorneys) has reported remarks from the COO and organiser of the firm, Xiaomeng Zhou. He confirmed it has lodged the notice of appearance per the [SEC’s regulations](/news/article/us-sec-regulation). It also reports that the firm will represent itself in court without a solicitor.

CryptoFed may also apply for an extension in the deadline to prepare its answer. If the application gets approved, the firm will likely get an extension of around 20 days to defend its stance.


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