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Judge blasts SEC over ‘false and misleading’ argument in crypto case

Judge blasts SEC over ‘false and misleading’ argument in crypto case
Gary Gensler's Securities and Exchange Commission draws ire of federal judge. Credit: Corum Samuel/CNP/ABACAPRESS.COM/Shutterstock

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A US federal judge scolds the Securities and Exchange Commission for its methods in freezing the assets of a crypto company. A Swiss crypto bank rebrands to expand, and Celsius may have to allow creditors to vote on its Bitcoin mining plans. Read on!

Judge scolds SEC in crypto case

A judge rebuked the SEC over its conduct involving crypto firm DEBT Box, saying the agency had made “materially false and misleading representations” in order to freeze the company’s assets, Fortune reported.

In August, the SEC alleged DEBT Box had defrauded investors out of $50 million, obtained a temporary restraining order and seized company assets.

US District Judge Robert Shelby explained in a filing this week that he had granted the SEC’s urgent request because it claimed DEBT Box had closed bank accounts within the previous 48 hours in preparation to move beyond the reach of US regulators, the report said.

The claim regarding bank accounts turned out to be false. Shelby said that some of the SEC’s arguments were “entirely without merit and misstate the record.” Still, research from blockchain analytics firm TRM Labs supported the SEC’s central allegation that DEBT Box misled investors, according to the report.

Swiss crypto bank rebrands to Amina

Seba Bank, a Swiss bank that offers crypto services, has rebranded to Amina Bank as part of its plans to expand globally amid similarities between its previous name and Sweden’s SEB Bank, CoinMarketCap reported.

Amina CEO Franz Bergmueller said the two banks had agreed to the name change earlier this year.

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Celsius mining plan faces hurdle

A US bankruptcy judge said creditors of crypto lender Celsius Network may have to vote on its proposed shift into a bitcoin mining business, Reuters reported.

Celsius said it has focused its post-bankruptcy plans on bitcoin mining amid scepticism from the SEC about its plans for other lines of business.

Saylor makes massive Bitcoin buy

MicroStrategy Chair Michael Saylor made a huge bet on Bitcoin, buying $593.3 million more of the biggest cryptocurrency, Bloomberg reported.

The company said in a filing that it bought 16,130 Bitcoin in November — increasing its holdings to about $6.5 billion — its biggest buy since acquiring 19,452 Bitcoin for about $1 billion in February 2021.

Cristiano Ronaldo sued over Binance deal

Soccer superstar Cristiano Ronaldo faces a $1 billion class-action lawsuit over his promotion of crypto exchange Binance, CoinDesk reported.

The suit alleges Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.” It claims that Ronaldo partnered with Binance in an NFT collection that led to financial losses for investors, according to the report.

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