Cut Off at the Knees

Commissioner Peirce wants SEC to cut itself off at the knees

So what does SEC Commissioner Peirce decide to do during the height of this horrific crypto-carnage?

Commissioner Peirce takes the opportunity to give a speech advocating that, when it comes to the cryptocurrency marketplace (bitcoin, DeFi, etc.), the SEC needs to adopt a kinder and gentler enforcement and regulatory approach. Yes, you read that right — Commissioner Peirce wants to de-regulate crypto and grind SEC crypto-enforcement to an almost screeching halt.

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Now, on the very same day that crypto is obliterating the financial future of its investors, Commissioner Hester Peirce wants the SEC to cut itself off at the knees; rethink crypto-enforcement efforts; ease crypto regulation; and pay homage and deference to the Big Crypto Cartel.

Crypto-SPAC Deals Stuck in SEC Limbo as Token Demand Plunges

Crypto companies that have been trying to go public since last year’s boom remain stuck in a lengthy back-and-forth with US regulators, adding to the pile of challenges facing the industry.

Bids to merge with blank-check companies are getting scrutiny from accountants at the Securities and Exchange Commissionbecause the asset class raises fresh bookkeeping issues, according to people familiar with the matter. Dates for closing multibillion-dollar deals involving Circle Internet Financial Ltd., a stablecoin issuer, and exchanges run by Bullish Global and eToro Group Ltd. have all been pushed back multiple times.

Elon Musk appeals judge’s refusal to lift SEC restrictions on Tesla tweets

Elon Musk on Wednesday appealed a judge’s refusal to end his 2018 agreement with the Securities and Exchange Commission requiring a Tesla lawyer to vet some of his posts on Twitter.

According to a court filing, Musk will ask the 2nd US Circuit Court of Appeals in Manhattan to overturn the April 27 decision by US District Judge Lewis Liman allowing his consent decree with the SEC to stand. The SEC declined to comment.

Celsius Withdrawal Freeze Is Crypto’s Latest Crisis

Celsius Network amassed more than $20 billion in assets with a pitch that seemed to defy the basic physics of finance. Deposit crypto coins and earn interest rates as high as 18%, tens or hundreds of times the rates on traditional savings accounts. “When you look at what the banks pay, you say to yourself, ‘Somebody is lying. Either the bank is lying or Celsius is lying,’” co-founder Alex Mashinsky said in an interview last year.

More than a million people entrusted their savings to Celsius, according to the company. Even as skepticism mounted over whether its interest rates were sustainable, and customers started withdrawing hundreds of millions of dollars amid a deepening crypto rout, Mashinsky maintained that his company was safe. Then, on the night of June 12, Celsius announced it was halting withdrawals because of “extreme market conditions.” It was like a bank locking depositors out of its branches to preserve cash in the midst of a panic. “We are working with a singular focus: to protect and preserve assets to meet our obligations to customers,” Celsius said in a post on Medium.

Musk, Tesla, SpaceX Are Sued for Alleged Dogecoin Pyramid Scheme

Keith Johnson, “an American citizen who was defrauded out of money by defendants’ Dogecoin Crypto Pyramid Scheme,” sued Musk and his companies, claiming they constitute an illegal racketeering enterprise to inflate Dogecoin’s price.

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” Johnson said in his complaint, filed Thursday in federal court in Manhattan.