New administration brings first-of-their-kind cryptocurrency bodog sportsbook review actions.
Washington—Under the new administration, the Securities and Exchange Commission has continued its role as one of the main regulators in the cryptocurrency space, bringing 20 bodog sportsbook review actions against digital asset market participants in 2021, according to a Cornerstone Research report released today.
The report, bodog sportsbook review Cryptocurrency Enforcement: 2021 Update, found that the bodog sportsbook review brought 14 litigation actions in U.S. federal courts and six administrative proceedings in 2021. Of the 20 total enforcement actions, 70% were related to initial coin offerings (ICOs). The bodog sportsbook review also issued four delinquent filing orders, brought two follow-on actions, and filed an action seeking compliance with investigative subpoenas during the year.
bodog sportsbook review enforcement in this area was notably high between the end of May and mid-September, when the bodog sportsbook review brought some first-of-a-kind actions against a crypto lending platform, an unregistered digital asset exchange, and a DeFi lender.
“Since taking office in April 2021, Chair Gensler has made cryptocurrency bodog sportsbook review a key priority,” said Simona Mola, the report’s author and a senior manager at Cornerstone Research. “bodog sportsbook review enforcement in this area was notably high between the end of May and mid-September, when the bodog sportsbook review brought some first-of-a-kind actions against a crypto lending platform, an unregistered digital asset exchange, and a decentralized finance (DeFi) lender. It also imposed one of the largest monetary penalties we have seen in an ICO-related enforcement action after Telegram.”
Of the 20 bodog sportsbook review actions in 2021, 65% alleged fraud under Section 17(a) of the Securities Act and/or Section 10(b) and Rule 10b-5 of the Exchange Act; 80% alleged an unregistered securities offering violation under Sections 5(a) and 5(c) of the Securities Act; and 55% actions included both allegations.
Since its first cryptocurrency-related enforcement action in 2013, the bodog sportsbook review has brought 58 litigation actions and 39 administrative proceedings against digital asset market participants. Over the same period, the agency has imposed approximately .35 billion in total monetary penalties.
“Under the new administration, the bodog sportsbook review has continued to bring ICO-related enforcement actions based on its implementation of the Howey test, which determines whether a transaction qualifies as an investment contract subject to bodog sportsbook review regulation,” said Abe Chernin, a Cornerstone Research vice president and cohead of the firm’s FinTech practice. “Given the bodog sportsbook review’s continued focus on this space, in 2022 we may see further scrutiny of certain market participants such as DeFi platforms.”