- Investigation Against TrueCoin and TrustToken
- General Statistics and Context
- Crypto Market Price Updates
The U.S. Securities and Exchange Commission (SEC) has become a key player in collecting penalties from cryptocurrency companies, amassing over $1 billion in recent years. The recent cases against TrueCoin and TrustToken underscore the regulator's ongoing efforts to address violations.
Investigation Against TrueCoin and TrustToken
The SEC recently settled charges against TrueCoin and TrustToken regarding fraudulent and unregistered sales of investment contracts involving the TrueUSD stablecoin. These companies were accused of improper sales of investment contracts from November 2020 to April 2023. The SEC alleges that TrueCoin and TrustToken falsely marketed the investment opportunity as safe and trustworthy, despite most of the TUSD backing being invested in a speculative offshore fund.
General Statistics and Context
Publicly available information states that the SEC has collected over $7.5 billion in penalties from crypto and blockchain-based companies, with the largest settlement being $4.78 billion with TerraForm Labs. Since the beginning of 2024, the commission has filed 12 to 15 lawsuits, showing its active stance. The lack of clear regulations has led to confusion and fear in the market.
Crypto Market Price Updates
At the time of writing, the cryptocurrency market capitalization was $2.27 trillion, with a surge of 2.51% in the past 24 hours. Bitcoin was trading at $64,541, up by 2.37%, with its market cap increasing by 2.43% to $1,273,552,141,925. The most traded pair is BTC/USDT. Dogwifhat (WIF) exceeded expectations, breaking the $2.00 resistance and growing by 17%.
The SEC's actions against crypto companies continue to intensify. These actions have caused significant concern in the market, which calls for greater transparency and clarity in regulations.
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