SEC cancels key crypto regulatory meeting

The SEC canceled a meeting on proposed crypto offering rules after the Senate left for recess without voting on the CLARITY Act.

The top 3

  1. Ripple (XRP) Lawsuit's Defining Impact: In December 2020, the SEC sued Ripple Labs, alleging that its sales of XRP constituted an unregistered securities offering of over $1.3 billion. A 2023 court ruling provided a partial victory for Ripple, stating that XRP sales on exchanges were not securities, but institutional sales were, significantly influencing the debate over crypto asset classification.
  2. LBRY Credits Case Sets Precedent: In November 2022, a federal court ruled that LBRY Credits (LBC) were securities, finding LBRY Inc. violated Section 5 of the Securities Act by selling LBC without registration. This case was notable as the first time a federal court found a token sold outside an Initial Coin Offering (ICO) to be a security.
  3. BlockFi and Kraken Staking Crackdowns: The SEC charged BlockFi Lending LLC in February 2022 for failing to register its crypto lending product, resulting in a $50 million penalty to the SEC and an additional $50 million to 32 states. In February 2023, Kraken settled with the SEC for $30 million and ceased its U.S. crypto staking services due to allegations of offering unregistered securities.

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