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Tag: sec

  • SEC Chair: ‘Big Week For Crypto’ As Congress Eyes Market Structure Vote

    US Securities and Exchange Commission chair Paul Atkins has labeled it a big week for crypto as a vote on key market structure legislation looms. 

    “This is a big week for crypto – Congress is on the cusp of upgrading our financial markets for the 21st century,” said Atkins on Fox Business on Monday.

    The market structure bill “fits in with the President’s focus on making America the crypto capital of the world, so if you have clear legislation and clear rules, then you have certainty in the marketplace,” he said.

    “We’re behind it, we’re very bullish on the effects of the bill getting to the President to be signed this year, and I think that will be a huge help to the crypto marketplace and investors.”

    Clarity is Key For Markets

    “The most important thing we can do right now for investors is bring crypto asset markets out of the regulatory gray zone,” the SEC chair said on X following the interview.

    He added that passing bipartisan market structure legislation will “help us future-proof against rogue regulators,” in an apparent swipe at previous SEC leadership.

    “As David Sacks mentioned, the President has created a financial services regulatory dream team, and I am eager to work with my counterpart at the CFTC, Michael Selig, and across the Administration to implement this monumental legislation in the coming months and years.”

    Bitwise CIO Matt Hougan described the CLARITY Act as the “Punxsutawney Phil of this crypto winter.” Punxsutawney Phil is a famous groundhog that predicts the weather on February 2 in the town of Punxsutawney, Pennsylvania.

    “If it sticks its head out but fails in Congress, the winter could continue. If instead it passes and is signed into law, we’re heading to new all-time highs,” said Hougan.

    Bitcoin ATH If Approved

    Thursday, January 15, is the date that the US Senate has slated for markup of the Act, with the process involving aligning drafts in the Senate Banking and Agriculture committees and pushing the final bill to a vote in Congress.

    MN Fund co-founder Michaël van de Poppe commented that a lot of people “underestimate the significance of the CLARITY Act for the entire industry.”

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    The GENIUS Act, which regulates stablecoins, has been a “market decider,” however, the CLARITY Act “is that in square,” he added.

    “Absolutely the biggest event, already in January, and can decide the entire direction of the ecosystem for the entire year 2026. If positive, Bitcoin towards a new ATH is not far away.”

    BTC was down on the day at the time of writing, trading around $91,200, down 28% from its all-time high.

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  • SEC Uncovers $14M Crypto Scam Using Fake AI Tips and WhatsApp Investment Clubs

    The complaint alleges seven entities misused AI buzzwords and crypto promises to defraud US retail investors of $14 million.

    The US Securities and Exchange Commission (SEC) has charged three entities that claimed to operate crypto asset trading platforms, along with four so-called investment clubs, for allegedly running a large-scale fraud that targeted retail investors through social media.

    According to the SEC, Morocoin Tech Corp., Berge Blockchain Technology Co. Ltd., and Cirkor Inc., together with AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation Ltd., and Zenith Asset Tech Foundation, misappropriated more than $14 million from mostly US-based investors. The regulator said the scheme operated from at least January 2024 to January 2025 and followed a familiar pattern seen in many modern online investment scams.

    Fake Crypto Platforms, Real Losses

    The SEC alleges that the defendants first attracted victims using advertisements on popular social media platforms, and promised easy profits and advanced, AI-generated investment advice. Interested users were then invited to join WhatsApp group chats, where scammers posed as experienced financial professionals and slowly built trust by sharing what they claimed were successful AI-powered trading tips.

    Once investors were convinced, they were encouraged to open accounts and deposit money on purported crypto trading platforms run by Morocoin, Berge, and Cirkor. These platforms allegedly claimed to be properly licensed and regulated, including making false statements about government approval.

    The SEC says this was not true. The complaint further alleges that the investment clubs promoted fake “Security Token Offerings,” which they said were linked to real companies. In reality, no such companies or offerings existed, and no actual trading ever took place on the platforms.

    When investors later attempted to withdraw their funds, the defendants allegedly demanded additional upfront fees, a tactic often used to extract even more money from victims. According to the agency, all investor funds were ultimately misappropriated and funneled overseas through a complex network of bank accounts and crypto wallets.

    In a statement, Laura D’Allaird, chief of the SEC’s Cyber and Emerging Technologies Unit, said

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    “Our complaint alleges a multi-step fraud that attracted victims with ads on social media, built victims’ trust in group chats where fraudsters posed as financial professionals and promised profits from AI-generated investment tips, then convinced victims to put their money into fake crypto asset trading platforms where it was misappropriated.”

    AI-Powered Fraud

    In addition to AI-generated investment advice, AI deepfakes have also increased significantly. Fraudsters are increasingly using artificial intelligence to produce realistic videos that appear to show well-known figures, such as X owner Elon Musk, endorsing bogus investment schemes on social media. Scammers are also exploiting AI to get around KYC checks, forge customer support conversations, and replicate platform dashboards to appear legitimate.

    In some cases, they have even abused Zoom meetings by sending fake invites that contain links to malicious software.

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  • Philly man’s bitcoin mining scheme allegedly defrauded investors of $48.5 million

    Danh C. Vo, the founder of the former VBit Technologies Corp., is accused of defrauding thousands of investors in the bitcoin mining company in a scheme that promised them profits, the U.S. Securities and Exchange Commission says.

    Michael Tanenbaum

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  • SEC Chair Unveils Crypto Framework to Separate Securities From Collectibles


    Digital commodities, collectibles, and practical tokens will fall outside the oversight of the SEC under Project Crypto.

    The U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins has detailed the next phase of “Project Crypto,” guiding how digital assets will be regulated under federal securities laws.

    The effort builds on work led by Commissioner Hester Peirce and the Crypto Task Force, which focuses on transparent and economically fair treatment of cryptocurrencies.

    SEC Clarifies Which Tokens Are Not Securities

    In a recent address, Atkins talked about the uncertainty surrounding crypto classification over the past decade, explaining that most of it comes from the changing nature of digital assets. According to him, a cryptocurrency being part of an investment contract under the Howey test does not make it permanently a security because such agreements can end. “I believe that most crypto tokens trading today are not themselves securities,” he said.

    The new framework is based on a proposed token taxonomy that categorizes cryptocurrencies by function and the purchaser’s expectations. Under this approach, digital commodities, or network tokens, are not classified as securities. Similarly, digital collectibles, such as NFTs, are also excluded from this category because buyers do not anticipate profits from the managerial efforts of others.

    Digital tools, which serve practical purposes like memberships, tickets, credentials, or identity verification, are also outside SEC oversight. On the other hand, tokenized securities continue to be regulated as securities.

    Atkins further discussed the application of the Howey test, which identifies investment contracts as involving the putting of money in a common enterprise with an expectation of getting profits from the efforts of others. He said that once the issuer fulfills, fails to satisfy, or terminates their managerial promises, the tokens may continue to trade without being considered securities.

    The initiative also includes plans for exemptions and a special offering for digital assets tied to investment contracts. The SEC will coordinate with Congress, the Commodity Futures Trading Commission (CFTC), banking regulators, and other stakeholders to create a regulatory environment that supports innovation while maintaining investor protections.

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    Fraud remains subject to enforcement, and anti-fraud provisions will also apply to tokens no longer classified as securities.

    Shift for Digital Assets

    Project Crypto, first launched in July 2025, aims to provide clarity, fairness, and integrity for developers, investors, and intermediaries. Headed by Atkins and Peirce, the initiative was started to differentiate between securities and other digital assets.

    This week is proving pivotal for those looking for clearer rules around crypto. On November 10, the Senate Agriculture Committee shared a draft plan to regulate digital asset commodities. That same day, the U.S. Treasury and IRS issued guidance allowing staking on crypto ETPs and passing staking rewards on to retail investors.

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  • CSU Rams football coach short list: Who could replace Jay Norvell?

    Since Canvas Stadium opened, the CSU Rams football program has tried the SEC route. It’s tried The Urban Meyer Family Tree. It’s tried a safe, steady hand with Mountain West bona fides. None of those paths have led to a consistent conference championship contender whose results have matched the ambitions of CSU’s $220 million football home.

    So with Jay Norvell out, where does Rams AD John Weber turn now? Here are nine candidates CSU should have on his short list:

    Tony Alford, Michigan running backs coach/run game coordinator: If it’s about family, nobody bleeds green the way Alford, who played running back at CSU from 1987-90, still does. At 56, he’s been looking for a chance to put a stamp on a program of his own.

    Matt Lubick, Kansas co-offensive coordinator/tight ends coach: Speaking of keeping it in the family, the son of CSU icon Sonny Lubick remains a fan favorite at age 53. Time to come home?

    Jay Hill, BYU defensive coordinator/associate head coach: Not young (50), but we already know what his Cougars can do (and have done) to CU. Bonus: Has head coaching experience, posting a 68-39 record as the top man at Weber State from 2014-22.

    Jason Candle, Toledo: Matt Campbell’s successor was supposed to find his Iowa State a while ago, having produced four seasons of at least nine wins with the Rockets since 2017. He’s still there. Although, as he’s got a contract through 2028, so he probably won’t come super-cheap.

    Collin Klein, Texas A&M offensive coordinator: At 36, the former Loveland High star and Heisman Trophy finalist is a rising star and a good guy, to boot. If Rams fans want to “lock the gates” for local recruits, this could be the guy.

    Sean Keeler

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  • Ripple (XRP) Gains 160% After $20B Liquidation Shocker – What Lies Ahead?


    Analysts have identified immediate resistance for XRP in the $2.80-$3.00 range.

    Ripple (XRP) bounced back sharply from the lows of under $1 on some exchanges to $2.60 after plummeting due to Trump’s 100% China tariff, which wiped out $19 billion in crypto leverage. Fresh buying momentum has since restored confidence.

    Experts suggest that XRP’s technical outlook is positive, and weekly closes above $2.80 may open paths toward new highs.

    Technical Resistance Levels

    XRP has staged a sharp recovery of about 160% from Saturday’s low near $1, after the largest crypto liquidations on record erased almost $20 billion in leveraged positions. The broader market has stabilized, too, as seen with the surge of total capitalization back above $4 trillion after US-China trade tensions cooled.

    For XRP, this rebound was also possible due to recovering institutional confidence. In a statement to CryptoPotato, B2BINPAY analysts explained that exchange-traded crypto products (ETPs) saw nearly $6 billion in inflows earlier this month, including over $200 million into XRP-linked funds. This is a strong sign that professional investors are adding exposure following Ripple’s legal settlement with the US Securities and Exchange Commission (SEC) in August.

    From a technical perspective, B2BINPAY found that XRP’s immediate resistance is near $2.80-$3.00. As such, the analysts predicted that a weekly close above this range could target $3.40-$3.70. On the flipside, however, any slowdown might lead to consolidation between $2.50-$2.70 as leveraged positions reset.

    Broader macro factors, such as a softer dollar or easing trade tensions, could support further gains, though new shocks could obstruct positive momentum.

    “Still, the fact that XRP rebounded so quickly after a systemic flash crash means that its fundamental demand and investor base remain strong.”

    Zooming Out

    Short-term technical momentum now complements long-term bullish patterns. According to ChartNerd, XRP appears poised for higher levels after breaking out of a multi-year triangle pattern that began forming in 2018, with a clear breakout occurring in late 2023. Since then, the crypto asset has tracked a curved support path and has held at critical price levels.

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    Using Fibonacci extensions (1.414 and 1.618), the analyst projects bold targets of $14 and $28. Additionally, a flag formation in 2024-2025 points to a brief consolidation before the next leg up. If XRP surpasses this flag, it could reach these higher targets between 2026 and 2028.

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  • Plano High safety flips his commitment from TCU to Vanderbilt

    TCU lost one of its recruits from its 2026 recruiting late Friday night.

    Plano safety Bradley Brown flipped his commitment from the Horned Frogs to Vanderbilt, four months after he committed to TCU on June 10.

    Brown was ranked the No. 661 prospect overall and the No. 90 prospect in Texas according to the 247Sports composite rankings.

    In the first five games of his senior season Brown produced 46 tackles, six for loss, four pass breakups, a forced fumble and an interception.

    TCU’s class now ranks No. 37 nationally and No. 5 in the Big 12 with 18 commitments.

    Related Stories from Fort Worth Star-Telegram

    Steven Johnson

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  • Keeler: CU Buffs coach Deion Sanders hasn’t hesitated to play freshmen. So why is he hesitating to play 5-star QB Julian Lewis?

    BOULDER — There will be another Ju Ju.

    Lots of them, actually. If we’ve learned anything about CU recruiting in the Deion Sanders Era, it’s that if Coach Prime wants someone — like, really, really, really wants them — he gets them.

    Left tackle Jordan Seaton? Got him.

    Cornerback Cormani McClain? Got him. (Best not look at the young man’s Florida Gators numbers right now if you’re a Buffs fan. Seriously. Don’t.)

    Quarterback Julian Lewis? Got him, too.

    Keeping him? Well …

    At 2-4, 0-3 in Big 12 play, CU football is staring at a crisis/inflection point right now. No. 22 Iowa State (5-1) rolls into town for a Saturday matinee, and a trip to Utah (4-1), which is back to running the ball at will again, looms after that.

    Meanwhile, Coach Prime’s health concerns are mounting. And the Buffs have played three QBs in six games because, as the old adage goes, they don’t really have one. Not one who can sling it consistently at a Big 12 level, at any rate.

    After Kaidon Salter just tossed three interceptions at TCU, Ju Ju is the people’s choice again.

    Build for the future!

    The season’s already lost!

    What’s the difference between 4-8 and 2-10?

    If we don’t play Ju Ju this fall, we’ll lose him to the transfer portal! And that would be a tragedy!

    Would it, though?

    I mean, in terms of Lewis’ value in the open market, you’re absolutely right. Big Ten and SEC football programs, even bad ones, have more money right now than they know what to do with. The Buffs, as with many of their Big 12 peers, have to pick and choose their bidding wars.

    Although CU also, at the moment, has 24 offers out to quarterbacks in the Class of ’26, according to the 247Sports database. They’ve got five out to signal-callers in the Class of ’27, and four in the Class of ’28.

    Recruiting, at its core, is about salesmanship. Nobody sells — themselves, their school, a product, the future — the way Coach Prime sells. Charmers are charmers for life.

    Ask yourself this, too: If Lewis is that hot, why hasn’t he beaten out the two guys who’ve been driving you crazy?

    You’ve watched Salter for five games. You’ve watched backup Ryan Staub for two.

    As Coach Prime points out, he sees what you saw.

    Yet when asked about Ju Ju’s progress on Tuesday, Sanders said this, and bluntly:

    “He’s coming around the mountain when he comes.”

    Will he be driving six white horses?

    We kid, we kid. But the hesitation, given precedent, is more than curious, isn’t it?

    After all, Coach Prime has made a point of playing freshmen who earned his trust early. Seaton. Micah Welch. Omarion Miller. Dre’Lon Miller.

    Lewis, though?

    Not so much. Not yet, anyway.

    “I mean, he’s young, and you can’t throw everything at him,” Sanders explained after playing Lewis for two rocky series vs. Delaware last month. “So you don’t want to do that. You don’t want him to feel like he failed.

    “So you’ve got to proceed with — some guys want you to just throw him in there, and I’m too protective. I mean, I love the kid and I want the kid to be successful, so we’re very protective on what we do with him and what we can do with him and really how we call things with him. We want him to be in a situation to excel.”

    Again, he sees what you see. He sees a young man who only turned 18 two-and-a-half weeks ago. And it doesn’t take much reading between the lines to see a QB who isn’t quite ready yet.

    Although …

    “I’ve never sat on the bench and said, ‘Whoa, I learned a lot today.’”

    That quote also came from Sanders, when he was a guest on the Kelce Brothers’ “New Heights” podcast a fortnight ago. He’d said that while explaining why son Shedeur didn’t want to be drafted by Baltimore and become All-Pro QB Lamar Jackson’s understudy

    “Who learns sitting on the bench?” Coach Prime continued. “Who does that?”

    Sean Keeler

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  • The SEC and CFTC Hold First Joint Roundtable in Nearly 14 Years

    The SEC and CFTC held their first joint roundtable in nearly 14 years to address crypto regulation and explore greater cooperation.

    The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) held their first joint roundtable in nearly 14 years.

    The discussion highlighted that the two agencies intend to cooperate on crypto regulation, despite having little history of collaboration.

    Alignment on Crypto Rules

    Acting CFTC Chair Caroline Pham acknowledged at Monday’s roundtable that while the SEC and CFTC have had many opportunities to work together for market participants and global capital markets, unclear regulatory boundaries have sometimes caused friction and difficulties for the public.

    Pham said she was pleased that both regulators are now aligning rules to reduce unnecessary costs, support responsible innovation, and create fair competition. She pointed to the SEC’s Project Crypto and the CFTC’s Crypto Sprint as early examples of coordination, suggesting that greater harmonization could lead to increased efficiency, clarity, and expanded investor access to digital assets.

    Addressing concerns about the CFTC’s effectiveness, Pham reported that from January 20 to September 3, the agency has carried out 18 non-enforcement actions and 13 enforcement actions, with some involving digital asset lawsuits. Since September 4, the Commission has initiated 14 more legal proceedings in just a few weeks.

    The acting chair said these figures show that the CFTC is active and effective, adding that “there needs to be no more FUD about what’s happening on the other side of town.”

    The roundtable also featured panels on market structure and innovation, with discussions on topics such as extended trading hours, perpetual contracts, prediction markets, and crypto assets. The participants included executives from major crypto firms such as Kraken, Robinhood, and Crypto.com.

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    On the sidelines of the recent event, SEC Chairman Paul Atkins said that crypto is the agency’s “top priority right now.” He also identified asset tokenization as a key area of regulatory focus, cautioning that it may take a year or two to establish proper guardrails, and described its potential as “pretty much endless.”

    Earlier in the year, the financial watchdog had held discussions on tokenization and crypto regulation, with the aim of harmonizing rules amid increasing crypto adoption.

    Tensions Rise Over Classification of Tokenized Securities

    Elsewhere, the crypto X community has reignited debate over how tokenized securities should be classified. The conversation follows tensions at the recent joint panel, where traditional finance representatives resisted innovation exemptions and advocated for strict fungibility requirements under Reg NMS.

    Crypto lawyer Gabriel Shapiro argued that tokenized securities should indeed be fungible. In response, former regulatory adviser Justin Slaughter questioned the belief that these instruments are inherently derivatives, suggesting they could represent either the underlying asset itself or an idealized version. Shapiro countered that such ambiguity may reflect poor tokenization practices through SPVs and similar structures, compared with more native approaches like Superstate or MetaLeX.

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  • SEC Plans to Open Doors For More Crypto Custody Players in the US

    The United States Securities and Exchange Commission has taken another step toward easing the path for the digital asset industry.

    On Tuesday, the SEC approved state trust companies to act as custodians for crypto assets under the Investment Company Act and the Investment Advisers Act.

    State entities that are not federally chartered banks, which were generally not allowed to accept deposits, may now be responsible for the safety of investors’ crypto assets.

    The no-action letter addresses uncertainty about whether state trust companies qualify as “banks” under the Acts for purposes of holding crypto assets and related cash.

    Greenlight For Crypto Companies

    The SEC will not recommend enforcement action against registered investment advisers or regulated funds that treat state trust companies as qualified custodians for crypto assets, subject to meeting specific conditions. The conditions include annual due diligence, custody agreements, risk disclosures, and best interest determinations.

    “This additional clarity was needed because state-chartered trust companies were not universally seen as eligible custodians for crypto assets,” Brian Daly, Director of the SEC’s Division of Investment Management, told Crypto In America host Eleanor Terrett.

    “This is a staff letter, so at some point, this topic could be addressed by future rulemaking. We believe the market will benefit from having this guidance for today’s products, today’s managers, and today’s issues.”

    Terrett explained that this “opens the door for more players in the crypto custody market as well as broader access for funds to custody crypto.” Players such as Coinbase and Ripple with custody through Standard Custody, BitGo, or Wisdom Tree, and others, “will be recognized as qualified custodians.”

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    SEC Chair Paul Atkins unveiled “Project Crypto” in July to dramatically lower regulatory burdens for the US crypto industry and to accelerate innovation and the integration of digital assets within the economy.

    The Pushback Begins

    SEC Commissioner Caroline Crenshaw strongly criticized the staff letter on state trust company crypto custody.

    She claimed that the relief weakens investor protections by allowing state trust companies, which don’t meet traditional custody standards, to hold crypto assets, creating a dangerous precedent without proper justification or process.

    “The statutes and rules regarding custody are what stand between American investors, on the one hand, and the risk of theft, loss, or misappropriation of their assets, on the other.”

    Crenshaw, who has been vehemently anti-crypto in the past, argued that the relief lowers standards, creates unfair competition, crypto exceptionalism, and improper process.

    “With limited factual support or legal analysis, this action bores a troubling hole in that regime – and I fear investors’ assets may fall through the cracks,” she concluded.

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  • SEC, FINRA Probe Suspicious Trading Before Crypto-Treasury Announcements

    The SEC and FINRA have launched an investigation into suspicious trading activity before publicly traded companies announced plans to acquire crypto.

    Regulators believe some investors may have profited from having prior, non-public knowledge of these crypto-treasury announcements, potentially violating fair disclosure rules.

    Possible Breach of Fair Disclosure Rules

    The investigation focuses on publicly traded digital asset treasury (DAT) firms, which are companies that declare plans to acquire capital and buy cryptocurrencies. More than 200 DATs went public this year, and some of them are currently in contact with regulators.

    Regulators identified “suspicious trading patterns”, including high trading volume spikes and sudden price rises in the days or hours before firms announced their crypto-buying plans. The actions suggest that at least some investors might have been profiting by trading on inside information.

    SEC officials have already cautioned several companies over potential Regulation Fair Disclosure (Reg FD) breaches, a provision requiring material, nonpublic information to be broadly disclosed rather than selectively. The financial watchdog is concerned that some were tipped about impending crypto buys and profited by selling the companies’ stock ahead of the news release.

    Experts agree that these breaches put market value at risk and expose businesses to legal repercussions and reputational consequences.  Even in the larger non-crypto financial market, the agency has never had such reservations about  Reg FD violations. Therefore, this level of scrutiny raises the likelihood that crypto-treasury firms will face tighter restrictions in the near future.

    Corporate Crypto Boom Under the Microscope

    The investigation occurs against a backdrop of more businesses moving to adopt cryptocurrency. Early movers have already helped digital asset treasuries attract over $20 billion in venture capital this year, with more than $100 billion committed to crypto buying plans.

    Public firms now hold over 1 million BTC, valued at $113 billion, and 5.26 million ETH, worth $20.6 billion. Monthly DAT raises peaked at $6.2 billion in July, representing the highest single-month total ever recorded.

    Regulators now face the challenge of ensuring this growing trend does not open new avenues for insider trading and selective disclosure.

    Advocates argue that investment by corporate treasuries signals confidence in the long-term value of cryptocurrencies. However, there remain concerns over the pace at which companies disclose market information and raise funds, which could encourage selective disclosure, leaks, and manipulative trading.

    The SEC and FINRA have said that the crypto treasury boom must operate within existing securities laws and are moving proactively against suspicious patterns. If misconduct is uncovered, enforcement action could follow, setting a precedent for future regulation of corporate digital asset adoption.

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  • Feds Scrutinizing Potential Insider Trading in Major Crypto Deals

    Federal regulators are scrutinizing a growing number of companies that have embraced so-called crypto-treasury strategies this year, after unusual trading patterns in their shares caught their attention.

    The corporate trend has exploded in recent months, with hundreds of companies investing in crypto this year. Crypto-treasury strategies, popularized by Strategy (formerly MicroStrategy), involve raising funds through stock or debt sales specifically to buy Bitcoin and other cryptocurrencies. For some of these companies, this scheme is no longer a side experiment; some are making investing in crypto the centerpiece of their corporate strategy.

    For example, Strategy, which was founded in 1989, was best known as a business intelligence and software company before it pivoted to its current crypto-heavy corporate strategy in 2020 when it invested $250 million in Bitcoin. This past February, it dropped the Micro from its name.

    The Wall Street Journal reported Thursday, citing unnamed sources, that both the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have reached out to several firms. People familiar with the matter told the newspaper that regulators are concerned about unusually high trading volumes and sharp stock-price gains ahead of public announcements about the crypto purchases.

    SEC officials warned companies they could have potentially violated the Regulation Fair Disclosure rule, which prohibits public companies from selectively sharing non-public information with analysts and investors who might trade on it. Lawyers told the Journal that letters from FINRA often signal the beginning of probes into potential insider trading.

    The SEC did not immediately respond to a request for comment from Gizmodo, while FINRA declined to comment.

    For many firms, pivoting to a crypto-treasury involves quietly gauging interest from outside investors willing to privately finance their crypto purchases. These investors are usually required to sign nondisclosure agreements, keeping the companies’ identities secret until official announcements are made. But since some stocks spiked in the days leading up to the news of crypto purchases, it seems some info on these investments may have leaked.

    According to the Journal, citing crypto-advisory firm Architect Partners, 212 new companies have announced plans to raise roughly $102 billion for crypto purchases so far this year.

    The Wall Street Journal said it’s still unclear whether regulators plan to take action against the companies or investors.

    The paper noted that SEC Chair Paul Atkins recently criticized the commission’s past tactics, saying it had “weaponized” its enforcement to stifle crypto.

    Given the Trump administration’s pro-crypto policies, a lax reaction from the SEC wouldn’t be too shocking. The president has been very friendly with the industry, which has helped him make a fortune himself.

    Bruce Gil

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  • Keeler: CSU Rams coach Jay Norvell is becoming his own worst enemy in FoCo

    FORT COLLINS — CSU ranks 99th nationally in passing (197.3 yards per game) and No. 1 in throwing stuff against the wall.

    Are the Rams a power run team? An Air Raid team? Pro style? Spread? Multiple? All of the above? None of the above?

    Jay Norvell, the head coach, needs to re-assign Jay Norvell, the offensive coordinator, before it’s too late. Close games are turning chaotic at Canvas Stadium — only not in a good way. The Rams are tied for 127th out of 136 FBS programs in penalties per game (8.7) and 121st in penalty yards (76.3).

    You wait too long to yank a cold hand (Brayden Fowler-Nicolosi) at quarterback against UTSA. You put in a hot hand (Jackson Brousseau), who slings you back into a tie game, 17-17, with 29 seconds left … only to take that tying point off the board and take said “hot hand” out of the contest.

    Then you ask your third-string QB, a runner by trade (Tahj Bullock) who hasn’t completed a throw all year, to come off the bench cold, sprint right and pass you to a victory?

    “That was one where I felt like that was our best chance to win, right there and right now,” Norvell explained Monday after watching film of CSU’s 17-16 home loss to the Roadrunners. “And so, I don’t regret it. I don’t. We needed to execute it better.”

    I don’t know, man.

    To be clear: CSU football is in a far, far better place than at this time four years ago. Daz Ball was a disaster from the jump.

    It was also, in hindsight, a hysterically low bar to clear. And instead of consolidating the fan base in Year 4, Norvell has become Fort Fun’s Rorschach test.

    True, his Rams are a two-point conversion away from being 2-1. A Bullock completion from rolling into a winnable home matchup against Washington State (2-2), coming off two Houdini escapes.

    Sean Keeler

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  • XRP Price Chatter Heats Up After Developer’s $4 Hint – Details

    According to posts and market watchers, a return by a well-known developer has reignited talk that XRP could move higher.

    Harry Harald — a web developer followed closely inside the XRP community — posted about XRP over the weekend in his first message since May.

    Related Reading

    The post prompted immediate reaction from other big voices, and some in the space now say a move to $4 is possible. XRP opened the week lower, slipping to $2.77 before recovering to about $2.82 at press time. It had been trading around $3 yesterday before sellers pushed prices down.

    Community Voices Drive Momentum

    Alex Cobb and other influencers amplified Harald’s remark, which helped spark fresh optimism among traders. Based on social posts, Cobb suggested that $4 could be the next stop on a rebound.

    From the current quote of $2.86, that would mean roughly a 42% rise, a gain that would push XRP above its long-held ceiling. That ceiling has been more than symbolic: XRP has not traded above $3.80 since 2018.

    Technical Indicators Point To Recovery

    Several chart analysts have flagged signals that they say back the bullish case. Ali Martinez reported a TD Sequential buy on the four-hour chart, an indicator some traders use to time entries after a string of lower closes.

    XRP market cap currently at $171 billion. Chart: TradingView

    Supporters point to historical backtests showing about 60–70% accuracy on higher timeframes, and that three out of four two-week buy signals since 2022 were followed by major rallies.

    Traders also note that XRP has broken a downtrend after bottoming at $2.65 on September 1, and that it is holding above the 50% Fibonacci retracement and the 50-day moving average — both seen as bullish by many.

    Price Action And Key Levels

    XRP has been stuck near $3 for weeks, first stalling in July and failing to break out since. The token remains below a swing high of $3.65 established two months ago, a drop of about 25% from that peak.

    Related Reading

    Legal And ETF Narratives Influence Sentiment

    Beyond charts, legal and regulatory developments are feeding the story. Reports have disclosed that Ripple initially put a $125 million fine into escrow after Judge Torres issued her final judgment.

    The SEC agreed earlier this year to reduce the penalty to $50 million in a settlement, but the judge rejected requests to cut the original $125 million order.

    Both parties later withdrew appeals in the US Second Circuit in August, and the exact status of the escrowed funds has not been widely explained.

    Meanwhile, speculation that SEC approval for an XRP ETF could come next month has added another layer of bullish expectation, with some supporters saying billions might flow in if an ETF wins the regulator’s nod.

    Featured image from Unlock Media, chart from TradingView

    Christian Encila

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  • Trump Pardoned Him. Now He Won’t Have to Pay Back $660 Million

    The SEC has dropped civil enforcement cases this week against many of the people pardoned by President Donald Trump, according to the New York Times. One of those cases was against Trevor Milton, the founder of the now-defunct electric and hydrogen vehicle company Nikola, who was sentenced to prison for fraud in late 2023.

    Milton was convicted in 2022 of lying to investors about the capabilities of the technology his company was developing and sentenced to four years in prison. Milton infamously produced a video in 2016 showing a Nikola truck prototype that his company said was being driven down a highway. In reality, the truck was shot at a weird angle and was actually towed up a hill before being sent rolling down to make it look like the vehicle was moving under its own power.

    Milton, who was estimated by Forbes to be worth $1.1 billion in 2021, was convicted of defrauding investors, and the U.S. Department of Justice wanted to secure over $660 million in restitution for his victims. But Trump’s pardon wiped out that monumental sum. And this week, the SEC dropped any chance of the government recouping money from civil penalties. It’s unclear how much money the SEC may have been pursuing from Milton.

    Back in May, Gizmodo spoke with Liz Oyer, the DOJ pardon attorney who was fired for refusing to reinstate Mel Gibson’s gun rights under political pressure from Trump appointees. She noted that the DOJ has a whole set of guidelines that lay out the criteria for recommending pardons. The guidelines state that people shouldn’t even be considered for a pardon until they’ve served their sentence and five years have passed. Trump’s pardons haven’t followed that process at all.

    “So historically, pardons are generally viewed as something that go to people who have served their sentence, paid their debt, demonstrated rehabilitation and good conduct in the time that has elapsed. And those criteria are all absent in every one of the pardons that Trump has granted to date,” Oyer said back in May.

    Why aren’t the regular rules being followed? Oyer points out that Milton and his wife donated $1.8 million to a re-election campaign fund for Trump shortly before the 2024 presidential election. And as the New York Times notes, Milton also hired attorney Brad Bondi, the brother of Attorney General Pam Bondi, though he previously said he recused himself from the case.

    Oyer did a TikTok video about Milton’s case explaining what a good investment that $1.8 million turned out to be. According to Oyer, more than $1 billion in total debts have been wiped out by Trump’s many pardons.

    Trump claimed earlier this year that Milton’s only crime was liking Trump too much.

    “They say the thing that he did wrong was he was one of the first people that supported a gentleman named Donald Trump for president. He supported Trump. He liked Trump. I didn’t know him, but he liked him,” Trump said after the pardon. Yes, that’s the quote.

    Needless to say, Milton was not convicted for liking Trump. He was convicted of defrauding hundreds of millions of dollars from his investors. An SEC spokesperson told Gizmodo the agency declines to comment on Milton’s case. Milton did not immediately respond to a request for comment. We’ll update this article when we hear back.

    Matt Novak

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  • SEC Approves Generic Listing Standards Clearing Path For Crypto ETPs

    The SEC has approved “generic listings standards” that will clear the way for spot crypto ETFs to launch, reported Bloomberg’s ETF expert Eric Balchunas on Wednesday.

    The move allows exchanges to list ETPs holding spot commodities, including digital assets, without requiring individual SEC approval for each product. It also eliminates the lengthy, case-by-case approval process that previously required months or years.

    “This is the crypto ETP framework we’ve been waiting for,” commented James Seyffart, who added:

    “Get ready for a wave of spot crypto ETP launches in coming weeks and months.”

    SEC Smoothing The Path For Crypto

    Basically, if the asset has a futures contract trading on a regulated exchange such as Coinbase for six months, it will be allowed to become a spot ETF, he explained. Aside from Bitcoin and Ethereum, there were 12 crypto assets trading as futures on Coinbase, which now have an easier path to becoming spot ETFs.

    “By approving these generic listing standards, we are ensuring that our capital markets remain the best place in the world to engage in the cutting-edge innovation of digital assets,” said SEC Chairman Paul Atkins.

    “This approval helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America’s trusted capital markets.”

    Nova Dius President Nate Geraci also applauded the move:

    “First, this SEC should be applauded for moving so quickly to implement a generic listing standards framework.”

    Two years ago, the previous SEC was still battling Grayscale over a spot Bitcoin ETF, he said before adding its amazing how far we’ve come.

    The regulator also approved the Grayscale Digital Large Cap Fund, which holds spot digital assets based on the CoinDesk 5 Index, and afternoon-settled Bitcoin ETF options. However, it delayed the decision on the Truth Social Bitcoin ETF.

    Altcoin ETFs Due Today

    This week is a big one for altcoin ETFs with two highly anticipated launches today.

    The REX-Osprey XRP ETF (XRPR) and the REX-Osprey Dogecoin ETF (DOJE) are both expected to begin trading on Thursday.

    It will be a first for a spot XRP fund and a spot meme coin fund in the United States, and analysts expect a slew of them to follow.

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  • Coinbase Demands Sanctions Over Destroyed SEC Communications

    Coinbase has filed a motion demanding court sanctions against the U.S. Securities and Exchange Commission (SEC) after discovering that nearly a year’s worth of messages from former Chair Gary Gensler were permanently deleted.

    These communications spanned from October 2022 to September 2023, a period marked by major crypto events like the FTX collapse and enforcement actions against the exchange.

    Sanctions and an Investigation

    Coinbase, working through History Associates, has told a federal court that the SEC’s actions violated the Freedom of Information Act (FOIA). This follows a recent report by the agency’s Office of Inspector General (OIG) that revealed major failures in how it handled information.

    The department shared that former Chair Gensler’s texts, which included exchanges on crypto enforcement actions, settlements, and speeches, had been permanently deleted under a strict device wiping policy.

    Coinbase Chief Legal Officer Paul Grewal described the situation as a “gross violation of public trust,” calling on the federal court to take measures “to ensure that it never happens again.”

    Coinbase argued in its filing that although the SEC has held private companies accountable for record-keeping failures, it has neglected its responsibilities. The company believes that the agency’s behavior shows a “blatant double standard” and demonstrates “a pattern of evasion and delay.”

    The exchange is now asking the court to push for faster searches of the remaining records and for it to allow an investigation into how official communications were destroyed. It also urged the authorities to consider sanctions against the SEC, warning that without quick action, there is a “serious risk of further loss of evidence” that could damage the lawsuit and public trust.

    SEC Accused of Breaking FOIA Rules

    In July and August 2023, Coinbase filed FOIA requests asking for messages between Gensler and other officials about Ethereum and related enforcement actions. However, the SEC responded with blanket denials without even checking the records.

    When the firm took the matter to court in June 2024, the agency delayed reviews, asked for long extensions, and claimed it was following court orders. Additionally, it did not begin looking for the communications until April and June 2025, by which time many of the records had already been destroyed.

    The OIG’s findings showed that exchanges between more than 20 other senior officials may have been lost, while about 40 devices remain at risk due to backup failures. It also revealed that the SEC did not search texts during reviews unless specifically instructed and also failed to inform requesters when relevant records had been deleted.

    According to the filing, this is evidence that the agency violated FOIA rules, disobeyed court orders, and caused irreparable harm by allowing the information to be lost.

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  • SEC Stalls XRP and DOGE ETF Rollout: How They Differ from BTC and ETH Counterparts

    The rollout of new crypto ETFs tied to Ripple’s XRP and Dogecoin (DOGE) has hit delays, exposing the hurdles facing digital assets outside of Bitcoin (BTC) and Ethereum (ETH).

    While both funds were expected to be milestones for their respective communities, the handling of them by the U.S. Securities and Exchange Commission (SEC) shows the gulf between experimental products and the more established spot BTC and ETH ETFs already trading in the country.

    SEC Extends XRP ETF Deadlines as DOGE Fund Faces Short Delay

    On September 10, the SEC extended its review of the Franklin XRP ETF, moving the final decision deadline from September 15 to November 14, 2025. The regulator cited the need for more time to evaluate comments and potential risks.

    It marks the second extension since the product was first filed in March, leaving 15 XRP ETF applications in limbo. However, even with the delay, bettors on Polymarket have assigned more than a 90% chance of approval by year-end, suggesting that investors are still confident Ripple will secure its own ETF before 2025 is done.

    While XRP awaits clarity, attention has shifted to Dogecoin. According to Bloomberg ETF analyst Eric Balchunas, the Rex-Osprey DOGE ETF (DOJE), initially meant to hit the market on September 12, is now scheduled to launch mid-next week, likely September 18.

    Recent data from Santiment shows whales have been accumulating the OG meme coin in anticipation of the ETF, with holdings by wallets containing between one and ten million DOGE reaching a four-year high.

    Different Structures, Different Outcomes

    The SEC’s approach highlights a key divide in how crypto ETFs reach the market. For example, spot Bitcoin and Ethereum ETFs are organized as grantor trusts under the Securities Act of 1933. This ‘33 Act framework is now the industry standard for physically backed crypto products, but it involves a lengthy review process that includes a formal comment period.

    Meanwhile, according to industry expert James Seyffart, the Dogecoin product is structured under the Investment Company Act of 1940, allowing it to use a unique framework as a Registered Investment Company (RIC), which is different from the standard setup used by the more established crypto ETFs.

    Its strategy involves gaining spot market exposure through a Cayman Islands subsidiary, a legal innovation designed to help bypass regulatory constraints. This alternative arrangement can allow for faster time-to-market and different operational mechanics, such as the ability to hold derivatives alongside spot assets.

    The regulatory arbitrage explains why a fund for Dogecoin, an asset originally created as a joke, might trade in the U.S. before one for XRP, which has a more developed ecosystem and legal precedent.

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    Wayne Jones

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  • Why $50 XRP By December 2025 Isn’t ‘Hopium’ If ETFs Get Greenlight: Analyst

    XRP’s price outlook is in focus as the US Securities and Exchange Commission lines up decisions on multiple spot ETF applications in late October 2025. Analysts say the outcome of that cluster could decide whether billions of dollars in institutional funds flow into the token before year-end.

    Related Reading

    Filings Point To October Decision

    Reports show that six issuers have active S-1 filings or amendments waiting for review. The list includes Bitwise, WisdomTree, 21Shares, Canary Capital, CoinShares, and Franklin Templeton.

    The timing of these filings, following the SEC’s dismissal of its case against Ripple, has raised expectations that issuers are preparing for a launch window tied to October’s calendar.

    Demand Shock Could Stress Supply

    Industry insiders project that more than $5 billion could enter through spot ETFs in the first month alone. Estimates run as high as $10–18 billion by the end of 2025 if approvals are granted and appetite is strong.

    XRP market cap currently at $169 billion. Chart: TradingView

    XRP’s effective supply is limited, with about 35 billion tokens still locked in escrow and much of the circulating amount held by exchanges and large investors. This thin float means a sudden demand wave could trigger sharp price swings.

    Analyst Upbeat About A $50 Target

    Veteran Bitcoin investor Pumpius has tied these supply and demand pressures to a bold forecast. He believes that if ETFs launch in the fourth quarter and inflows reach $10–18 billion, XRP could climb to $50 by December 2025 — and it is not “hopium“.

    From today’s price of $2.80, that would be a 1,680% rise, lifting market capitalization from $168 billion to about $3 trillion.

    Pumpius says the setup mirrors Bitcoin and Ethereum before their ETF approvals, pointing to the recent launch of XRP futures on CME and Coinbase Derivatives as proof that institutional infrastructure is already in place.

    Skepticism Over The Timeline

    Many market participants have pushed back against the forecast, arguing that the timeline is too short for XRP to grow that much.

    Critics on social platforms point out the difficulty of scaling from a $168 billion market to $3 trillion in just over a year. Some also question whether early ETF inflows will meet the higher-end projections cited by Pumpius.

    Related Reading

    What Approval Would Mean

    Should the SEC approve the filings in October, ETFs could channel regulated exposure for pensions, wealth managers, RIAs, and corporate treasuries.

    That would test XRP’s liquidity, potentially forcing larger holders to adjust positions as new demand arrives. If the applications are denied, expectations for a breakout rally would likely be pushed further out.

    For now, XRP continues to trade at $2.84. With the SEC’s October cluster approaching, traders are weighing whether the path to $50 is a realistic outcome or just a bold scenario tied to one investor’s high-stakes call.

    Featured image from Meta, chart from TradingView

    Christian Encila

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  • Week 1 picks against the spread: Texas, Clemson, Notre Dame look enticing as West Coast schedule carries limited intrigue

    Week 1 features a series of marquee matchups, all of them in the eastern half of the country. On the West Coast, the intrigue level is low.

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    Originally Published:

    Jon Wilner

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