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Us Judge Dismisses Sec Fraud Lawsuit Against Crypto Founder

A federal judge dismissed a lawsuit by U.S. securities regulators accusing an online entrepreneur of raising more than $1 billion through unregistered cryptocurrency offerings and defrauding investors out of $12.1 million. The Securities and Exchange Commission alleged that Richard Heart, a U.S. citizen residing in Finland, touted his Hex token as a pathway to "grandiose wealth," despite knowing his disclaimers were false. However, the judge ruled that the online statements at issue were directed to a global audience, not a U.S. one specifically.

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Sec Backs Down on Federal Fraud Claims Against Crypto Entrepreneur Δ1.94

A U.S. District Judge has dismissed a Securities and Exchange Commission (SEC) lawsuit against Richard Heart, the founder of Hex cryptocurrency, due to alleged ties between his conduct and the United States. The SEC had accused Heart of raising more than $1 billion through unregistered cryptocurrency offerings and defrauding investors out of $12.1 million. The judge's ruling allows Heart to avoid accountability for allegedly deceptive online statements aimed at a global audience.

US SEC Drops Lawsuit Against Cryptocurrency Exchange Kraken Δ1.80

Kraken, one of the world's largest cryptocurrency exchanges, has secured a dismissal of a civil lawsuit accusing it of operating illegally as an unregistered securities exchange. The US Securities and Exchange Commission had filed the case in November 2023, alleging that Kraken had turned a "blind eye" to securities laws since 2018. However, after a turning point was reached with new leadership at the White House and the SEC, the commission agreed in principle to dismiss the lawsuit.

Sec Is Abandoning Its Biggest Crypto Lawsuits Δ1.78

The US Securities and Exchange Commission (SEC) is backing away from a volley of lawsuits and investigations it brought against cryptocurrency businesses under the Joe Biden administration, in a reversal described by a former attorney at the regulatory agency as “unprecedented.” The sudden truce brings an end to years of legal conflict, marking a significant shift in the commission's stance towards the crypto industry. By calling off these cases, the SEC is signaling a new era of cooperation and understanding between regulators and businesses in the rapidly evolving world of cryptocurrency.

Intel Shareholder Lawsuit Dismissed — Complaints Stemmed From Single-Day $32B Devaluation in 2024 Δ1.76

A federal judge on Wednesday dismissed a lawsuit against Intel, which accused the company and its management of hiding financial troubles of its semiconductor manufacturing division in 2023. The U.S. District Judge Trina Thompson in San Francisco ruled that plaintiffs failed to present evidence that Intel and its executives committed any wrongdoing. The case was dismissed without prejudice, meaning the plaintiffs can file an amended complaint with stronger evidence.

Sec Dismisses Civil Enforcement Action Against Coinbase Δ1.73

The Securities and Exchange Commission has dismissed a civil enforcement action against Coinbase and its subsidiary Coinbase Global, citing the ongoing work of the Crypto Task Force. The dismissal marks a significant shift in the Commission's approach to regulating cryptocurrencies, with Acting Chairman Mark Uyeda stating that it's time for a more transparent and comprehensive framework. This move is expected to have far-reaching implications for the cryptocurrency industry.

Crypto Stocks Rally, Bitcoin Jumps as Trump Touts US Crypto Reserve Δ1.73

Crypto stocks rallied Monday after Trump said in a post on Truth Social that his administration will create a US crypto reserve. President Donald Trump's announcement sparked a $300 billion global crypto rally Sunday that has continued to start the trading week. The jump comes after bitcoin saw its worst month in February since June 2022, dropping roughly 17% as the so-called "Trump trade" lost steam.

Crypto Stocks, Bitcoin Drop, Reversing Direction After Trump Touts US Crypto Reserve Δ1.73

Crypto stocks experienced volatility following former President Donald Trump's announcement on Truth Social regarding the creation of a U.S. crypto reserve that would include various cryptocurrencies such as bitcoin and ether. Despite an initial surge in prices, including a nearly 9% rise in bitcoin, the market reversed course, leading to declines in major crypto stocks and raising questions about the feasibility of Trump's proposal. Analysts highlight the mixed reception from the crypto community, noting the unexpected inclusion of multiple digital assets beyond bitcoin, while also emphasizing the uncertainty surrounding the implementation of such a reserve.

CFPB Drops Lawsuit Against Bank of America, JPMorgan Chase and Wells Fargo over Zelle Fraud Δ1.73

The Consumer Financial Protection Bureau is dropping its lawsuit against the company that runs the Zelle payment platform and three U.S. banks as federal agencies continue to pull back on previous enforcement actions now that President Donald Trump is back in office. The CFPB had sued JPMorgan Chase, Wells Fargo and Bank of America in December, claiming the banks failed to protect hundreds of thousands of consumers from rampant fraud on Zelle, in violation of consumer financial laws. Early Warning Services, a fintech company based in Scottsdale, Arizona, that operates Zelle, was named as a defendant in the lawsuit.

Elon Musk to Face Questioning in Suit Over Twitter Buyout Flip-Flop Δ1.73

Musk is set to be questioned under oath about his 2022 acquisition of Twitter Inc. in an investor lawsuit alleging that his on-again off-again move to purchase the social media platform was a ruse to lower its stock price. The case, Pampena v. Musk, involves claims by investors that Musk's statements gave an impression materially different from the state of affairs that existed, ultimately resulting in significant losses for Twitter shareholders. Musk completed the $44 billion buyout after facing multiple court challenges and rebranding the company as X Corp.

Crypto Atm Operators Face Serious Consequences Δ1.73

A UK court has issued a four-year prison sentence to Olumide Osunkoya, London-based operator of unregistered crypto ATMs, in the UK's first case involving unregistered cryptoasset activity. Osunkoya was found guilty of operating the ATMs for transactions worth 2.5 million pounds ($3.2 million) across several locations within the UK between December 2021 and March 2022. The Financial Conduct Authority (FCA) has taken a strong stance against flouting regulations, highlighting the need for strict enforcement in the cryptocurrency industry.

The Fdic's $1.93 Billion Lawsuit Sparks Uncertainty Δ1.72

A federal judge has ruled that Silicon Valley Bank's former parent, SVB Financial Trust, can pursue a lawsuit to recover $1.93 billion of deposits seized by the Federal Deposit Insurance Corp following the bank's collapse in March 2023. The decision allows the trust to argue that it relied on FDIC assurances that deposits would remain safe, inducing it to leave them alone. The outcome of this lawsuit may have significant implications for the FDIC and the financial industry as a whole.

CFPB Drops Lawsuit Against US Banks Over Alleged Fraud on Zelle Δ1.72

The Consumer Financial Protection Bureau has dismissed a lawsuit against some of the world's largest banks for allegedly rushing out a peer-to-peer payment network that then allowed fraud to proliferate, leaving victims to fend for themselves. The agency's decision marks another shift in its enforcement approach under the Biden administration, which has taken steps to slow down regulatory actions. This move comes amid a broader review of consumer protection laws and their implementation.

Silicon Valley Bank's Former Parent Can Pursue $1.93 Billion Fdic Lawsuit Δ1.71

The federal judge has ruled that Silicon Valley Bank's former parent, SVB Financial Trust, may proceed with a lawsuit to recover $1.93 billion of deposits seized by the Federal Deposit Insurance Corp (FDIC) following the bank's collapse in March 2023. The FDIC had argued that it maintained control over the deposits as Silicon Valley Bank's receiver, but the court found that SVB Financial Trust had adequately alleged that the FDIC in its corporate capacity controlled the deposits. The former parent can now try to show that it properly relied on FDIC assurances and left the deposits alone.

Crypto Summit: Trump Hosts Digital Currency Leaders at White House as It Happened Δ1.71

The White House hosted a summit with crypto leaders, where President Trump announced an executive order for a U.S. strategic reserve of cryptocurrencies, and officials clarified that US banks can engage in some crypto activities without regulatory permission. The announcement weighed on the price of bitcoin, which declined 3.4% to $86,394. The White House meeting highlighted Trump's support for the industry and his family's involvement with cryptocurrency platforms.

Crypto Prices Rally After Trump Backs 'Crypto Reserve' Δ1.71

US President Donald Trump has revealed the names of five cryptocurrencies he wants to be included in a potential national reserve to make the US "the Crypto Capital of the World". The market prices of the five coins he named - Bitcoin, Ethereum, XRP, Solana and Cardano - all swiftly jumped after the announcement. During Trump's presidential campaign, he aggressively courted the crypto community.

Intel Defeats Shareholder Lawsuit over Foundry Losses, $32 Billion Plunge Δ1.71

Intel won the dismissal of a shareholder lawsuit accusing the chipmaker of fraudulently concealing problems in its foundry business, leading to job cuts and a dividend suspension that wiped out more than $32 billion of market value in one day. The judge rejected claims that Intel took too long to reveal a $7 billion fiscal 2023 operating loss linked to its business of making chips for outside customers. In doing so, the decision suggests that the company's internal metrics were sufficient to manage investor expectations, rather than concealing issues through reported results.

Trump Names Bitcoin and Others for Coming 'Crypto Strategic Reserve' Δ1.71

Trump sets up the reserve as the SEC backs off crypto enforcement. President Donald Trump has named some cryptocurrencies he says will be part of a Crypto Strategic Reserve being created by an executive order he signed in January, including Bitcoin and Ether. The move comes after the Securities and Exchange Commission (SEC) has recently dropped multiple investigations and lawsuits against cryptocurrency firms that alleged securities violations.

Trump's Official Memecoin Rallies as He Declares Bitcoin and Ether at 'the Heart of the Reserve' Δ1.71

The TRUMP token is surging, rising 18.1% in 24 hours and outperforming major meme coins Dogecoin, Shiba Inu, and Pepe, following Donald Trump's confirmation that Bitcoin and Ethereum will be included in a U.S. Crypto Reserve. The rally comes after Trump reaffirmed his support for a U.S. Crypto Reserve, clarifying that Bitcoin and Ethereum will be at the heart of the Reserve. This statement reignited market confidence, sending Bitcoin surging back above $91,000.

Intel Defeats Shareholder Lawsuit over Foundry Losses, $32 Billion Plunge Δ1.71

Intel won the dismissal of a shareholder lawsuit accusing the chipmaker of fraudulently concealing problems in its foundry business, leading to job cuts and a dividend suspension that wiped out more than $32 billion of market value in one day. The lawsuit claimed Intel took too long to reveal a $7 billion fiscal 2023 operating loss linked to its business of making chips for outside customers. However, the judge rejected claims that Intel misled shareholders by attributing the loss to a specific business unit rather than overall results.

Bitcoin and Ethereum Prices Soar After Trump Confirms U.S. Crypto Reserve Δ1.71

Bitcoin and Ethereum experienced a sharp rise on Sunday after Donald Trump confirmed that both would be included in a planned U.S. crypto reserve. In his initial post on Truth Social, Trump mentioned XRP, Solana, and Cardano but left out Bitcoin, leading to speculation. Hours later, he followed up with another post, writing, "And, obviously, BTC and ETH, as other valuable cryptocurrencies, will be the heart of the reserve."

Robinhood Paying $29.75 Million to End Us Regulator's Probes Δ1.70

Robinhood Markets has agreed to pay $29.75 million to settle regulatory probes into its supervision and compliance practices, including a failure to implement reasonable anti-money laundering programs that caused it to miss suspicious or unauthorized trading. The brokerage regulator accused Robinhood of violating numerous rules, including failing to properly supervise social media influencers who promoted the company. The settlement will provide restitution to customers who were affected by Robinhood's practice of "collaring" market orders.

Hackers Launder Most of Bybit's Stolen Crypto Worth $1.4B Δ1.70

The hackers who stole around $1.4 billion in cryptocurrency from crypto exchange Bybit have moved nearly all of the robbed proceeds and converted them into Bitcoin, in what experts call the first phase of the money-laundering operation. This digital heist is considered one of the largest in history, with blockchain monitoring firms and researchers accusing the North Korean government of being behind it. The hackers' ability to launder the funds quickly highlights the challenges for investigators trying to track down the stolen cryptocurrency.

Sec Clarifies Meme Coins Not Subject to Securities Regulations Δ1.70

The SEC has announced that meme coins do not meet the requirements to be protected by federal securities law, effectively exempting them from regulation. The guidance comes after a rise in new meme coin cryptocurrencies, including those launched by Trump and his wife Melania, which have plummeted in value since being released. This decision may shield companies and individuals that create meme coins from potential litigation.

Trump Send Crypto Prices Soaring After Surprise Announcement of Strategic Government Reserve Δ1.70

Cryptocurrency prices jumped after President Donald Trump's surprise announcement he wants the U.S. government to purchase and hold a variety of digital assets in a strategic reserve fund, an announcement that highlights Trump's growing attempts to use volatile cryptocurrency prices as a barometer of his public support. The announcement helped crypto prices rebound, at least temporarily, after recent sell-offs. Trump said on social media Sunday that his administration is working toward creating a “Crypto Strategic Reserve” that will include lesser-known cryptocurrencies XRP, solana, and cardano.

Robinhood to Pay $26 Million to Settle Finra Allegations Δ1.70

Robinhood Markets Inc. has agreed to pay $26 million to settle Financial Industry Regulatory Authority (Finra) allegations of failing to respond to red flags about potential misconduct and not verifying the identities of thousands of customers, among other regulatory issues. The settlement comes on the heels of a separate $45 million fine by Robinhood Securities and Robinhood Financial with the US Securities and Exchange Commission for failing to preserve records and report suspicious activity. Finra's action highlights the need for robust compliance measures in the retail trading industry.