Crypto White Collar Cases To Watch In 2024

Crypto White Collar Cases To Watch In 2024

The U.S. Securities and Exchange Commission (SEC) is set to engage in a monumental clash with crypto exchanges over the application of securities laws to digital assets in 2024. The regulator will bring forth cases against exchanges, such as the highly anticipated SEC v. Coinbase, which revolves around the crypto giant’s alleged failure to register as a securities platform, clearing agency, and broker.

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Experts view this case as the crypto industry’s prime opportunity for a legal ruling on the application of securities laws, sans the complexities of fraud claims. Coinbase, in its quest for clarity, had previously sought SEC rulemaking for the crypto sector, leading to a legal tug-of-war.

While Kraken faces similar claims, the industry anxiously awaits the resolution of the long-standing SEC litigation against Ripple Labs and its XRP token. The case’s outcome could significantly shape the regulatory landscape for crypto exchanges, especially concerning registration issues.

Crypto White Collar Cases To Watch In 2024: Terraform Labs in the Crosshairs

The SEC is gearing up for a potential 2024 trial against Terraform Labs, focusing on fraud claims related to the catastrophic failure of TerraUSD. The agency alleges that Terraform misrepresented the stability of the token, triggering substantial losses in the crypto sector. The trial, scheduled for January 29, will be a battleground for the SEC’s claims against the defunct crypto company.

The Binance of It All: A Billion-Dollar Plea Deal Unraveled

In a historic plea deal, Binance, the world’s largest crypto exchange, agreed to a staggering $4.3 billion fine and saw CEO Changpeng Zhao plead guilty and resign. The deal, resolving a multiyear DOJ investigation, awaits final sentencing on February 23. The unprecedented agreement may serve as a template for other crypto firms navigating regulatory scrutiny, showcasing the benefits of addressing multiple issues simultaneously.