Web3 Diaries – SEC Seeks Rebuttal Of Coinbase
The U.S. The Securities Exchange Commission (SEC) has filed a rejoinder in court in relation to Coinbase’s petition for clear crypto regulation, stating that any rulemaking may take years and that enforcement actions will continue in the meantime.
According to court documents filed on May 15, the SEC argued that it is under no obligation to meet the requirements of Coinbase outlined in its petition, while also arguing that the firm has called for a complex set of reforms and rule-making in an unreasonably short amount of time.
The securities regulator has asked the court to deny Coinbase’s petition, arguing that such order is an “extraordinary remedy” and that Coinbase “does not and cannot demonstrate a right” to relief.
South Korean Prosecutors Raid Major Crypto Exchanges
South Korean prosecutors have raided two of the country’s major cryptocurrency exchanges, Upbit and Bithumb, as part of an investigation into alleged fraud and embezzlement.
The raids were carried out amid growing concerns over the regulatory crackdown on the cryptocurrency industry in the country. This move by the authorities is seen as a part of their efforts to tighten their grip on the industry and ensure that it is not used for money laundering and other illicit activities.
Upbit is one of South Korea’s largest cryptocurrency exchanges, with a daily trading volume of around $1.5 billion. The exchange has been under investigation for alleged fraud and embezzlement, and the recent raid was conducted to gather evidence.
Secret Service owns crypto, loves blockchain and has an NFT collection: Reddit AMA
The United States Secret Service owns crypto, has its own NFT collection and has praised blockchain technology’s ability to fight financial crime, Reddit users learned during a recent ask-me-anything (AMA).
On May 15, representatives from the United States Secret Service San Francisco Field Office and the Bay Area Regional Enforcement Allied Computer Team (REACT) opened themselves to questioning from members of the subreddit, r/cryptocurrency.
The Secret Service has previously made the point that the immutable nature of the blockchain ledger means that illicit financial activity can be more easily monitored and tracked than fiat in some cases.
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