Friday, the Securities and Exchange Commission commission abandoned its implementing measures for the exchanges of Coinbase and Robinhood cryptocurrency, in accordance with the alignment with the agency’s digital assets.
He marks the end of the dry one year’s prosecution of Robinhood, and his Pluriannual prosecution From Coinbase, which cryptographic companies maintain “should never have been opened” and were respectively a “major evil”.
According to the former SEC lawyer, Arthur Jakoby, associated with Herrick Feinstein LLP, also marks the end of what the cryptographic world has long called “application” – a period of some specific regulations for crypto but many regulatory hammer decreases.
“The era of the application by the application is dead,” said Jakoby. “It’s over.”
In the war of the dry against crypto, the agency “acted as if it were above the law, usurping the power of the congress as indicated in the constitution,” wrote the legal chief of Coinbase Paul Grewal in a blog article on Friday.
Coinbase spent more than $ 50 million in external legal costs, said a spokesperson, adding that this does not take into account countless hours of men to fight the agency. A spokesperson for Robinhood did not disclose his own fees but shared a declaration by the Legal Chief Dan Gallagher that the cabinet is “happy to see a return to the rule of law and a commitment to equity to the dry”.
The closure of the book on cases against cryptographic companies “is perfectly logical” when the current dry leadership differs so much from leadership during the previous administration, said Jakoby.
“Now we have not even offered rules and regulations yet. Not only did we not propose rules and regulations, but the Congress has not debated them-but if the SEC is convinced that there will be new rules or regulations, it really makes no sense to continue the proceedings against the rules that will disappear, “he said.
Last week, the six -year -old cryptographic assets of the dry and the cyber supplanted with the new cyber and emerging technology unitResponsible for “fighting misconduits linked to cyber and protecting retail investors from bad players”. This includes fraud linked to crypto, according to an ad.
But with the executions of the crypto which should fall from a cliff – the SEC imposed monetary sanctions of approximately $ 5 billion in application of the crypto last year only – Jakoby said that it expects significant discounts of application staff, with the remaining staff directed by specific crimes.
“A smaller dry will probably focus on cases of fraud where there are identifiable victims who have undergone monetary losses, rather than cases where it is difficult to identify the victims,” said Jakoby.
Meanwhile, the Ministry of Justice transmitted on Monday $ 504 million in OKX penalties based in SeychellesOne of the greatest exchanges of cryptography in the world, which pleaded guilty to the exploitation of a company of transmission of money without license.
OKX has facilitated more than $ 5 billion in suspicious transactions and criminal products over seven years, according to the US prosecutor Matthew Podolsky.
A OKX spokesperson told the Wall Street Journal There was no allegation of customer damage, and OKX prosecutor David Meister told the newspaper that Monday’s regulations “absolutely contained no accusation of money laundering”.
Outside the United States, the Bybit of the Crypto exchange based in Dubai was Hit with record hacking Friday In which the North Korean pirate group Lazarus stole nearly $ 1.5 billion in Ethereum in a portfolio from which it has taken control.
“The preliminary forensic journal notes that our system has not been compromised,” said Ben Zhou, co-founder and CEO of Bybit, in a prepared declaration. “Although this incident highlights evolving threats in cryptographic space, we take proactive measures to strengthen security and ensure the highest level of protection for our users.”
According to the blockchain data platform chain, this hacking alone has led to more stolen funds than all cryptographic hacks carried out by Norda hackers affiliated to North Korea throughout 2024. About 40 million dollars in piracy stolen and frozen.
However, a large part of the stolen funds have been deliberately inactive.
“Delaying laundering efforts, they aim to overcome increased control which generally immediately follows high -level violations,” wrote Chainalysis.
