The U.S. Securities and Exchange Commission (SEC) has been active in enforcing regulatory actions against various entities within the cryptocurrency sector. Notably, ShapeShift, a crypto exchange founded by Erik Voorhees, agreed to pay a $275,000 fine for alleged securities dealer violations and operating as an unregistered broker-dealer from 2014 to 2021. This settlement comes amid broader SEC scrutiny, including actions against Binance US and Coinbase. Binance US has faced significant operational and financial challenges, including a $1 billion loss, a two-thirds reduction in its workforce, and a 75% revenue loss, attributed to an SEC lawsuit. Additionally, Coinbase has filed a counter notice in response to a default judgment by the SEC, asserting that it should not hold weight. The SEC's approach, particularly in the ShapeShift case, has sparked debate and criticism. Commissioners Hester Peirce and Mark Uyeda issued a dissent, highlighting the agency's failure to specify which crypto assets were considered securities and questioning the effectiveness of such enforcement actions in protecting investors.
Everything wrong with ShapeShift’s SEC settlement https://t.co/ANPPKvTmp4
https://t.co/WCc3u9W2uk, the American subsidiary of the global cryptocurrency exchange Binance, experienced significant operational disruptions following legal challenges by the U.S. SEC https://t.co/GtEStjrfJ8
Two SEC commissioners have published a scathing letter criticizing the agency for its treatment of @ShapeShift "Cases like this do not protect investors; they intimidate innovators and entrepreneurs.” Read more: https://t.co/bWclGiAfZC https://t.co/sBsOkRjW07
SEC'S SHAPESHIFT SETTLEMENT CRITICIZED BY COMMISSIONERS SEC Commissioners Hester Peirce and Mark Uyeda rebuked the agency's enforcement action, describing it as part of the ongoing uncertainty surrounding the SEC's crypto policy. Source: The Block https://t.co/kdFJaIN5lk
SEC Charges Shapeshift With Regulatory Violations, Sparking Debate on Crypto Regulation https://t.co/Ujz8XTmUqe
SEC Charges #Shapeshift With Regulatory Violations, Sparking Debate on #Crypto Regulation https://t.co/tuy9GZeQNo
Dissent from two SEC Commissioners on enforcement action against ShapeShift. The “come in and register” hypo is great. https://t.co/g8GSJxwm0J
So yesterday the SEC filed a cease and desist against @shapeshift barring it from operating in the U.S. THEN Commissioner @HesterPeirce wrote a dissent with a satirical screenplay showcasing the utter absurdity of the SEC's position I'm so here for this. https://t.co/BeKQeh7W7Q
SEC Commissioners Peirce and Uyeda call out agency's 'ambiguity' after ShapeShift settlement https://t.co/ULJ1Km0UaM
“The Commission’s enforcement action against ShapeShift is the latest installment in the serial drama of the Commission’s poorly conceived crypto policy.” https://t.co/JymqHPkDlk | On Today’s Episode of As the Crypto World Turns: Statement on ShapeShiftAG https://t.co/c4MSAQ6WqI
This is interesting. As part of its settlement with the SEC, @ShapeShift agreed to “neither admit nor deny the SEC’s findings.” So @ErikVoorhees just posted the dissenting Commissioners’ statement about the settlement. @HesterPeirce does it again, with flair. 👇 https://t.co/1hgPfSqdIs
SEC's settlement with ShapeShift ambiguous as to which tokens were considered securities https://t.co/mkHIrkugOM
Binance US cut 200 jobs and lost 75% revenue after SEC’s ‘near-mortal blow’ https://t.co/xFobRUAkuj
Woah. "The Commission’s Order, however, fails to identify which crypto assets were investment contracts and provides no explanation for its conclusion. ... In sum, ShapeShift is in trouble because the Commission, nearly ten years after ShapeShift’s platform started trading…
Please, anyone at all, explain to me how the action against @ShapeShift furthers investor protection: Commissioner's Peirce and Uyeda in their dissent: "ShapeShift is in trouble because the Commission, nearly ten years after ShapeShift’s platform started trading and more than…
🚨NEW: GOP @SECGov Commissioners @HesterPeirce and Mark Uyeda take a new approach in their latest dissent in the @ShapeShift settlement: Mocking the Commission’s “come in and register” call for #crypto firms with a hypothetical future dialogue. Woof! https://t.co/icaXRQid7Z
The dissent to the #Shapeshift settlement by #SEC Cmmrs. @HesterPeirce and Uyeda captures the experience of companies & lawyers in the #digitalasset and #crypto industry in America better than anything I’ve seen. I couldn’t write it better myself. https://t.co/QViJqKzSFv https://t.co/bhsu8mURzO
SEC Cmrs @HesterPeirce and @UyedaMark w/ a 🔥dissent on the @ShapeShift settlement. Namely, that the SEC: 1) doesn’t specify which of the 79 assets might constitute investment contracts 2) doesn’t allege any fraud or consumer harm occurred What it’s like for a crypto startup: https://t.co/5XDBEOl53c
JUST IN: @BINANCE US LOST $1 BILLION AND LAID OFF 2/3 OF ITS WORKFORCE DUE TO SEC LAWSUIT
ShapeShift has agreed to pay a $275,000 fine to settle allegations brought by the SEC, which said the exchange failed to register as a dealer https://t.co/C2nuMsSxiS
SEC ACCEPTS SETTLEMENT OFFER FROM SHAPESHIFT In Tuesday's filing, the SEC announced its acceptance of a settlement offer from ShapeShift, involving a $275,000 fine and a commitment from the company to refrain from violating the Securities Exchange Act. Source: CoinDesk https://t.co/NVpSmuQquP
UPDATE: @SHAPESHIFT SETTLED WITH THE US SEC FOR $275,000 ON CHARGES OF BEING AN UNREGISTERED SECURITIES DEALER
UPDATE: THE U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) ACCUSES #BINANCE US OF WITHHOLDING CRUCIAL INFORMATION IN AN ONGOING INVESTIGATION
ShapeShift to pay $275,000 to settle SEC’s unregistered securities dealer charges https://t.co/bvrMxT9LoS
Shuttered Crypto Exchange ShapeShift Settles Illegal Securities Charges With SEC ► https://t.co/hKwRJWF8a2 https://t.co/hKwRJWF8a2
In Coinbase enforcement action, US SEC tries to capitalize on win in little-noticed case https://t.co/4MZAsziFVq https://t.co/IKnfVtpbyg
.@SECgov filed a cease-and-desist against @ErikVoorhees' crypto exchange @ShapeShift, barring it from operating as an unregistered securities dealer in the U.S. @nikhileshde reports https://t.co/lSDx6sOyzK
ShapeShift settled with SEC over alleged securities dealer violations *general allegation that some tokens were securities (no specifics) *only covers period when ShapeShift was centralized *$275k fine, guess they knew @ErikVoorhees is a chad with spine https://t.co/FsULRohT4j
🚨NEW: The @SECGov has initiated cease and desist proceedings against @ShapeShift, founded by @ErikVoorhees. The company has agreed to pay a $275,000 fine for its operation as an unregistered broker dealer between 2014-2021. 👇🏼 https://t.co/mEeY6DOK96
The @SECGov issues cease and desist against @ShapeShift https://t.co/D0IPRCK3Bl
UPDATE: @COINBASE SAYS DEFAULT JUDGEMENT BY SEC SHOULDN'T HOLD WEIGHT - FILES COUNTER NOTICE
.@SECgov alleged @BinanceUS was not abiding by the terms of a consent order in its case against the U.S.-based crypto exchange and its global parent. @nikhileshde reports https://t.co/wcuOZQlFTH