The U.S. Securities and Exchange Commission Archives - Coin Engineer

$19 Trillion Tokenisation Move from the Solana Coalition to the SEC!

admin — Thu, 01 May 2025 17:30:53 +0000

A coalition of crypto organisations, including the Solana Policy Institute, Superstate, and others, has proposed a new pilot program to the U.S. Securities and Exchange Commission (SEC). The initiative, called “Project Open,” aims to tokenise publicly traded stocks on a public blockchain.

Solana Coalition Proposes Tokenisation Pilot to SEC

According to the letter submitted to the SEC, the pilot program will last 18 months and involve experimenting with the issuance and trading of tokenised versions of securities. The main objective of the initiative is to demonstrate that current securities regulations can become more transparent and efficient through blockchain technology.

The coalition also includes the Washington-based law firm Lowenstein Sandler LLP and Zagreus Services LLC, the business name of the decentralised Solana exchange Orca.

Miller Whitehouse-Levin, CEO of the Solana Policy Institute, stated: “Our goal is to establish a constructive collaboration with regulators to make markets more efficient.”

Robert Leshner, CEO of Superstate, added that the project aims to tokenise securities on high-performance blockchains, though he didn’t specify which networks would be used.

Tokenisation Market Could Reach $19 Trillion

The rapidly growing tokenisation trend in the crypto sector refers to transferring all types of financial assets onto the blockchain. BlackRock CEO Larry Fink and Robinhood CEO Vlad Tenev both describe tokenisation as a revolutionary technology in the world of investing. Ripple and the Boston Consulting Group project that the tokenisation market could reach $19 trillion by 2033.

Overcoming Regulatory Barriers

Project Open requests some regulatory flexibility outside the current financial framework. For instance, it proposes that network fees be classified as technology costs rather than securities transaction fees. Moreover, participating wallets will undergo KYC (Know Your Customer) verification.

Leshner stated, “The SEC already has the authority to establish a permanent regulatory framework allowing securities to be traded on blockchains instead of traditional exchanges,” adding that Congressional involvement may not be necessary.

If successful, this pilot program could pave the way for U.S. securities markets to transition permanently to blockchain. This is considered a major step forward in the integration of the crypto sector with traditional finance.

At the time of writing, Solana is trading at $151, up 6% over the past 24 hours.

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SEC Delays Options for Fidelity Spot Ethereum ETF

Emre Yumlu — Sat, 01 Mar 2025 11:00:41 +0000

The U.S. Securities and Exchange Commission has delayed Fidelity’s application to list options on its spot Ethereum ETF.

SEC Delays Decision on Ethereum Product

According to a regulatory filing dated February 28, the SEC has announced that it is delaying its decision on the Ethereum product.

Under U.S. federal law, if a decision is not made within the initial 180-day review period, the agency has an additional 60 days to reach a final verdict. As a result, Cboe will have to wait longer to find out if it has received approval to list options contracts on Fidelity’s Ethereum Fund (ticker FETH).

The SEC stated in its announcement that it is extending the review period to allow “sufficient time to consider the proposed rule change.”

Cboe first filed for regulatory approval to list Ether ETF options on August 19, 2024. A few weeks later, on September 4, 2024, the SEC published the proposed rule change in the Federal Register, opening it up for public comment.

Federal law grants the SEC up to 180 days after the initial filing of a proposed rule change to make a decision. If no decision is made within that period, the agency has an additional 60 days, but no more time can be granted.

For this proposal, the timeline indicates that March 3 would have marked the 180-day deadline, while May 2, 2025, will mark the full 240-day review period. This means the SEC now has until May 2, 2025, to issue its final ruling.

When Will the Final Decision Be Made?

While it remains uncertain whether the regulatory body will wait until then, the SEC’s recent shift toward a more supportive stance has created an optimistic market sentiment.

When the SEC makes its decision on Cboe’s application, it will also have issued a final decision on another Ethereum ETF options proposal.

This relates to the April 2025 deadline for options on BlackRock’s iShares Ethereum Trust. Nasdaq ISE filed an application to list and trade options contracts tied to ETHA in July 2024.

In a filing dated February 7, 2025, the SEC set April 9, 2025, as the deadline for a final decision.

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SEC Finds TerraformLabs’ Attorney Fee Suspicious

admin — Thu, 29 Feb 2024 19:00:05 +0000

The U.S. Securities and Exchange Commission (SEC) raised concerns about a significant $166 million payment made to the legal representatives of Terraform Labs, characterizing the transaction as “suspicious” and suggesting it was aimed at evading financial liabilities stemming from potential regulatory sanction actions.

SEC Trying to Verify the Accuracy of the Company’s Transfers

In a recent court filing submitted to the Delaware bankruptcy court, the SEC sought to deny Terraform Labs’ engagement of Dentons U.S. LLC as its special counsel. The SEC highlighted that a large amount of funds were transferred to Dentons, and that a total amount of $122 million moved within the 90 days prior to the bankruptcy filing. According to the SEC, this situation increases suspicions of an effort to deplete company assets that could otherwise be directed to resolve any judgment arising from the SEC’s sanction actions.

SEC pointed out that a significant portion of the transferred funds was allocated to the Dentons Advance Fee Deposit, described as an uncertain resource reservoir for legal matters by the SEC. The SEC argued that this serves as a potential “war chest” to prolong Terraform Labs’ legal battle against the SEC.

In addition, SEC noted that a significant part of the payment made to Dentons was already allocated to cover litigation costs and that there remains $81 million in the Dentons Advance Fee Deposit. The SEC contends that Dentons should not be given authority to represent Terraform Labs unless the unused part of the payment is refunded.

Furthermore, the SEC expressed concerns about the Dentons Advance Fee Deposit being used to finance legal costs related to a criminal case in Montenegro, believed to be unrelated to Terra CEO Kwon Do-hyeong’s role at Terraform Labs.

In light of these concerns, the SEC asked the court to appoint a fee examiner to review the suspicious timing and the size of the advance payment.

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Long-Awaited Decision on Ethereum ETF Arrives!

admin — Wed, 07 Feb 2024 15:02:19 +0000

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the spot Ethereum ETF application filed by Invesco and Galaxy.

In a statement released on February 6th, the SEC announced that the decision on the spot Ethereum exchange-traded fund (ETF) application submitted jointly by Invesco and Galaxy has been postponed to a later date.

The SEC has delayed the decision on the spot Ethereum ETF application filed by Invesco and Galaxy, stating that the file needs further review. This decision is consistent with the SEC’s previous approach of postponing decisions.

SEC just delayed @InvescoUS & @galaxyhq's #Ethereum ETF. 100% expected and more delays will continue to happen in coming months.

The only date that matters for spot #ethereum ETFs at this time is May 23rd. Which is @vaneck_us's final deadline date pic.twitter.com/gkVZL2QuPK

— James Seyffart (@JSeyff) February 6, 2024

The U.S. Securities and Exchange Commission has announced that comments on the Ethereum ETF application filed by Invesco and Galaxy must be submitted within 21 days, followed by a 35-day objection period.

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SEC Delays Terraform Labs Trial!

admin — Tue, 16 Jan 2024 11:22:15 +0000

The U.S. Securities and Exchange Commission (SEC) has delayed the trial of the $40 billion cryptocurrency fraud case against Terraform Labs and its co-founder, Do Kwon. The delay was made to allow for Kwon’s extradition.

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In a filing with the Manhattan federal court, the SEC argued for a modest delay of the trial, which was originally scheduled for January 29. The decision was made after Kwon’s lawyer said that Kwon had agreed to extradition from Montenegro and could be in the U.S. by mid-March.

The SEC also sought to prevent unnecessary duplication of testimony by opposing separate trials for Terraform and Kwon. U.S. District Judge Jed Rakoff will consider the SEC’s request for a trial date on April 15.

Last month, Rakoff ruled that Terraform and Kwon had violated U.S. laws and put Kwon at risk of extradition from South Korea.

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SEC Sues Richard Heart in Finland!

admin — Wed, 13 Dec 2023 09:51:13 +0000

SEC (The U.S. Securities and Exchange Commission) has reported that it has served process on HEX founder Richard Schueler, also known as Richard Heart, at his home in Helsinki, the capital of Finland. According to a filing in the U.S. District Court for the Southern District of New York on December 11, the SEC served process on Heart on October 31 through a substitute service of process. This method is an alternative that is used when service cannot be made directly to the defendant due to difficulties in locating the defendant.

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SEC ‘s Allegations Against Richard Heart

The SEC sued Heart in July, alleging that he made over $1 billion in profits from products called HEX, PulseChain (PLS), and PulseX (PSLX), which the agency alleges are unregistered securities.

What is PulseChain?

PulseChain is a blockchain project developed by Richard Schueler that offers a new approach to the crypto space. PulseChain coin is the native cryptocurrency of this network.

Heart’s Inaccessibility and Online Activity

The SEC noted that Heart has continued to be active online, despite keeping his location tightly concealed. Since the SEC’s status report in November, Heart has made over 40 Twitter posts about various crypto-related events.

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