Latest news with #GaryGensler
Wall Street Journal
a day ago
- Business
- Wall Street Journal
The Gensler Surveillance Tax Goes Down
Gary Gensler is back in private life, but his legal losing streak as Chair of the Securities and Exchange Commission continues. On Friday an Eleventh Circuit Court of Appeals panel struck down a tax that his SEC sought to impose on investors to fund a government surveillance scheme. The SEC's Consolidated Audit Trail (CAT) is a classic example of government overreach that the Constitution intended to prevent. The Obama SEC used the stock 'flash crash' in 2010 as a pretext to create this electronic system to sweep up personal information on every stock trader and real-time information on their trades. Regulators claimed such a database would help investigate market manipulation, insider trading and fraud—never mind that Congress hasn't given the SEC authority for such a system. Or that the lack of one didn't impede the Justice Department from bringing criminal charges against the trader behind the flash crash. The Obama SEC handed off the job to build this system to stock exchanges and 'self-regulatory organizations' that supervise brokerage firms. After the cost for this system soared, Mr. Gensler and the Biden SEC sought to stick brokers and investors with the bill. The American Securities Association and Citadel Securities sued.
Crypto Insight
19-07-2025
- Business
- Crypto Insight
SEC Chair Atkins considers innovation exemption to boost tokenization
The US Securities and Exchange Commission (SEC) is considering the creation of an innovation exemption within its regulatory framework to foster tokenization, SEC Chair Paul Atkins said during a press event on Friday, according to Bloomberg. In the Bloomberg report, Atkins said that the SEC staff was considering changes that would promote tokenization, including an innovation exception that would allow for new trading methods and provide targeted relief to support the development of a tokenized securities ecosystem. Atkins said the movement of assets onchain is inevitable, stating: 'If it can be tokenized, it will be tokenized.' While he acknowledged the uncertainty of the outcome, he was optimistic about the industry's future. On Thursday, the US House of Representatives passed the GENIUS Act, along with two other pieces of crypto legislation: the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC Surveillance State Act. In contrast to his predecessor, Gary Gensler, Atkins is known for his pro-crypto stance. Following the passage of the GENIUS Act, Atkins said: 'Blockchain and crypto asset technologies have the potential to revolutionize America's financial infrastructure and deliver new efficiencies, cost reductions, transparency, and risk mitigation for the benefit of all Americans.' The stablecoin legislation is now set to be sent to President Donald Trump for approval. Once signed, the law will take effect 18 months later, or 120 days after the Treasury and Federal Reserve issue final regulations to implement the GENIUS Act. Divided views on regulatory shift Supporters in the crypto industry are excited about the bill. Ethereum developer Eric Conner described this act as 'the clearest signal yet that DeFi is winning the regulatory argument.' In an interview with Bloomberg, Atkins responded to concerns that stablecoin issuers may not hold enough hard currency reserves to truly back the value of their coins, stating: 'One thing that I think the new bill, soon to be signed into law, makes clear is that these are not securities. It's the banking regulators who will be overseeing them, and I think that's appropriate.' Still, some expressed a conservative attitude. Senator Elizabeth Warren criticized the legislation, saying it was insufficient to protect consumers. She said that the bill failed to adequately address the potential risks consumers face, such as market manipulation and fraud. SEC is cautious about including crypto in retirement plans In the Friday interview, Atkins emphasized the importance of disclosure, saying, 'The government should not stand as a blocking agent for those sorts of things, but we need to enable it in the proper way with proper guidelines and proper disclosures.' Source:
Mint
11-07-2025
- Business
- Mint
SEC Dismisses Binance Case, Ending Key Biden-Era Lawsuit
In a move that really got the crypto space talking, the US Securities and Exchange Commission (SEC) has officially dropped its big lawsuit against Binance. This decision is a huge deal. It brings a close to one of the most significant and closely followed legal fights started during the Biden administration's tough crackdown on digital assets under former SEC Chair Gary Gensler. But this isn't just a legal win for the world's biggest crypto exchange. It's a powerful sign that the regulatory mood in Washington is shifting. For an industry that's spent years trying to navigate a cloudy and uncertain landscape, this dismissal could be the start of a whole new, more positive relationship between crypto innovators and US regulators. As Binance stated in a recent X post, 'Thank you to Chairman Atkins & the Trump team for pushing back against regulation by enforcement. U.S. innovation is back on track.' SEC Dismisses Binance Case, Ending Key Biden-Era Lawsuit But why is this case such a big deal? To find out, let's see what this lawsuit was all about. Back in June 2023, the SEC filed a massive lawsuit against Binance and Changpeng Zhao (better known as CZ), the company's founder. The agency threw 13 charges at the defendants. It also accused the exchange of all sorts of securities law violations. The main gist of the lawsuit was the claim that Binance was illegally operating as an unregistered exchange, broker, and clearing agency in the US. The SEC also said the company was mishandling customer money and wasn't straight with investors about its trading controls. It was a key part of the agency's larger "regulation by enforcement" strategy, which put several major crypto companies in its crosshairs. Now, fast forward to late May 2025, and the whole thing has ground to a halt. In a joint motion filed in a Washington, D.C. federal court, both the SEC and Binance agreed it was time to officially end the nearly two-year legal showdown. And here's a crucial little detail: they asked for the lawsuit to be dropped "with prejudice." For those who don't speak legalese, that basically means the SEC can't just turn around and refile the same lawsuit against Binance later. It puts a real, definitive end to this particular chapter of regulatory heat. In its response to the news, Binance called the dismissal "a win for crypto, the United States, and the world." With that statement, it framed this as more than just a company win. It's a potential turning point for the whole digital asset industry, signaling that the US might be warming up to innovation again. This has a global ripple effect, too. It could encourage regulators from Europe to Asia, who were kind of waiting to see what the US would do, to move ahead with their own clear rules. From Binance's point of view, this dismissal is also a big nod to all the hard work it has put into compliance. The exchange has been really open about its efforts to build a top-notch program, and it has the numbers to prove it. Right now, Binance holds 21 regulatory licenses and approvals around the globe, including in several G7 countries with super-strict anti-money laundering laws—that's more than any other global exchange. Its compliance team has over 650 people, including a high-level financial crimes unit that works with law enforcement agencies worldwide. Just in 2024, the company handled nearly 65,000 requests from law enforcement and helped out thousands of registered officials in the global fight against crypto-related crime. For Binance, the SEC's choice to drop the case is a recognition of all that consistent, behind-the-scenes effort. Dropping the case against Binance does more than just end one lawsuit; it feels like the start of a whole new chapter for crypto regulation in the US. It signals a sharp turn away from the enforcement-first strategy of the last administration and toward a new approach that seems to favor creating clear rules of the road for the industry. This is all happening as bigger changes are underway in Washington. The new Trump administration has put more crypto-friendly faces in leadership roles at the SEC, including the newly confirmed Chair, Paul Atkins. The agency has even put together a special Crypto Task Force earlier this year, headed by Commissioner Hester Peirce, to rethink the SEC's policies and come up with a regulatory framework that actually works. In fact, the agency pointed to this very task force as a reason for pausing the case back in February. And this isn't happening in a vacuum. We've seen the SEC move to drop or settle its cases against other big exchanges like Kraken and Coinbase recently. Even the long, drawn-out fight with Ripple Labs looks like it's heading toward a resolution. You can clearly see a pattern of de-escalation here. For the people building in crypto, for investors, and for everyday users, this shift is huge. It suggests we're moving away from a world of regulatory guesswork and toward a more structured environment where new ideas can actually flourish safely. The future for crypto in the US is suddenly looking a whole lot brighter and more predictable. Note To Reader: Readers are advised that Crypto products and NFTs are unregulated and involve significant risks. There may be no regulatory recourse for losses arising from such transactions. Hindustan Times/HTDS shall not, in any manner, be responsible or liable for the content of the article, advertisement, including the views, opinions, announcements, declarations, or affirmations expressed therein and is absolved from any legal action or enforceable claims. This content is for informational and awareness purposes only and does not constitute financial advice. Want to get your story featured as a bove?click here!
Yahoo
27-06-2025
- Business
- Yahoo
NY Judge Slaps Down SEC, Ripple's Second Request for an Indicative Ruling on Proposed $50M Settlement
A New York judge has rejected a joint request from the U.S. Securities and Exchange Commission (SEC) and Ripple Labs for her to approve a proposed settlement agreement that would slash Ripple's civil penalty to $50 million and dissolve the permanent injunction against the firm. It is the proposed removal of the permanent injunction, and not the $50 million civil penalty — discounted from the original $125 million imposed by the court last year — that appears to be the sticking point for District Judge Analisa Torres of the Southern District of New York (SDNY), who wrote in her Thursday ruling that a permanent injunction against further violations of federal securities laws was, as the SEC suggested at the time, 'warranted because of the enormous sums of money Ripple made in violating the law and Ripple's incentives to continue doing so.' 'Indeed, if the Court should not be concerned about Ripple violating the law, why do the parties want to eliminate the injunction that tells Ripple, 'Follow the law'?,' Torres wrote. 'When the Court imposed the injunction, it did so because it found a 'reasonable probability' that Ripple would continue violating federal securities laws. This has not changed, nor do the parties claim that it has.' The request comes amid sweeping changes at the SEC following the election of U.S. President Donald Trump in January and the subsequent departure of former SEC Chair Gary Gensler. Under the SEC's new leadership, the regulator has adopted a more crypto-friendly regulatory posture, creating a Crypto Task Force spearheaded by Commissioner Hester Peirce and dropping a host of investigations and litigation against crypto companies. However, as Torres pointed out in her ruling, most of those cases were dismissed by the SEC 'before a court found a violation of federal securities laws.' 'Regardless of leadership changes, the SEC has avoided whipsawing between arguments in ongoing litigation in order to protect the agency's credibility,' said Corey Frayer, director of investor protection at the Consumer Federation of America. 'In granting favors to crypto companies, SEC leadership has chosen to tarnish a 90 year reputation the agency carefully built.' This is the SEC's second request for an indicative ruling — essentially, a preview of what a lower court will do if a higher court sends the case back down to the lower court for a final decision — that Torres has rejected. In May, she slapped down the first such attempt, citing both jurisdictional and procedural flaws. Earlier this month, the parties tried again, filing a new, expanded request with the court arguing that 'exceptional circumstances' warranted the modification of Torres' final judgement. Torres was completely unmoved by SEC and Ripple's arguments, writing: 'The Court respects the freedom of parties to amicably resolve their disputes. It is also true that the SEC, like any other law enforcement agency, has discretion to change course after an enforcement action is initiated. But the parties do not have the authority to agree not to be bound by a court's final judgment that a party violated an Act of Congress in such a manner that a permanent injunction and a civil penalty were necessary to prevent that party from violating the law again. For that, the parties must show exceptional circumstances that outweigh the public interest or the administration of justice. They have not come close to doing so here.' If the parties 'genuinely wish to end this litigation today,' Torres wrote, they have two other choices: they can either withdraw their ongoing appeals in the case, or they can take an appeal. 'Neither option involves requiring this Court to absolve Ripple of its obligations under the law,' Torres said. Sign in to access your portfolio
Bloomberg
24-06-2025
- Business
- Bloomberg
Bloomberg Surveillance: Economy and Israel
Watch Tom and Paul LIVE every day on YouTube: Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJune 24th, 2025 Featuring: 1) Gary Gensler, former SEC Chair and Professor of the Practice of Global Economics & Management at MIT, discusses his new text with Simon Johnson and others on the economic consequences of a second Trump administration as well as his experience in government as SEC Chair. It comes as Fed Chair Jay Powell is set to testify before Fed Chair Jay Powell gets set to likely have to explain why he and fellow policymakers seem resolved to continue holding interest rates for the time being, as the president calls for rate cuts. 2) Monica DiCenso, Head of Global Investment Opportunities at JPMorgan Private Bank, joins to talk about why she's telling clients to expect the economy to remain resilient and is diversifying global investments. The possible ceasefire between Israel and Iran sparked cautious optimism for a lasting resolution to the conflict, leading to a decrease in oil prices and an increase in stock prices. 3) Henrietta Treyz, co-founder at Veda Partners, joins for a discussion on the Big Beautiful Bill and President Trump's economic and political priorities beyond the Middle East. President Trump's $4.2 trillion tax-cut package is nearing a vote in the Senate, but it lacks the necessary support due to disagreements among Republicans over Medicaid cuts, green energy incentives, and other issues. Senate Republicans plan to begin voting on the bill mid-week, with a goal of final passage by the weekend, but meeting this deadline will require quick negotiations on thorny policy issues. 4) Emily Kilcrease, former Deputy Assistant US Trade Representative in the first Trump admin, joins to talk about what she believes it would take to effectively remake the economic world order.
