The promise of digital assets is to decentralize finance. Yet in 2022, investors in decentralized technologies lost billions of dollars as the global market cap of all cryptocurrencies fell by 64.1% to $829 billion.
State AGs Reach $24M Settlement With Cryptocurrency Company Nexo
New York Attorney General Letitia James led a bipartisan multistate coalition to reach a $24 million settlement with cryptocurrency company Nexo for allegedly offering and selling unregistered securities and commodities. As noted in AG James’s press release, each of the 53 U.S. jurisdictional North American Securities Administration Association (NASAA) members will be eligible to claim a settlement of more than $424,000. In a parallel action, Nexo agreed to pay $45 million in penalties to the U.S. Securities and Exchange Commission (SEC).
Continue Reading State AGs Reach $24M Settlement With Cryptocurrency Company Nexo
House Introduces Bill for CFTC Spot Market Oversight
On April 28, bipartisan lawmakers in the U.S. House of Representatives introduced legislation, allowing the Commodity Futures Trading Commission (CFTC) to oversee cryptocurrency spot markets. The legislation intends to create a framework to fill the regulatory gaps between the CFTC and Securities and Exchange Commission (SEC) digital asset marketplace and related regimes.