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Home»ADOPTION NEWS»SEC Subpoenas 3 Venture Capital Firms This Year: DL News
ADOPTION NEWS

SEC Subpoenas 3 Venture Capital Firms This Year: DL News

By Crypto FlexsAugust 9, 20243 Mins Read
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SEC Subpoenas 3 Venture Capital Firms This Year: DL News
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Company • August 9, 2024 12:37 PM EDT

Posted 1 minute earlier ~ in

According to the report, the U.S. Securities and Exchange Commission issued subpoenas to at least three venture capital firms last year. DL News.

DL News reported Friday, citing sources, that the subpoenas were asking for “a contract for a token transaction by investors.” One subpoena was titled:According to the front page reviewed by the news outlet, “in relation to certain cryptocurrency asset offering intermediaries”

An SEC spokesperson said in an emailed statement to The Block that the agency does not comment on “the existence or absence of a possible investigation.”

The agency has cracked down on the cryptocurrency industry and has filed charges against cryptocurrency exchanges, including major ones. BinanceCoinbase and KrakenFollowing the industry’s fallout from the FTX collapse in late 2022, SEC Chairman Gary Gensler has argued that most cryptocurrencies are securities and that companies should register. Meanwhile, the crypto industry has said it needs clear rules, and lawmakers have been working to get them. shipping A federal framework for cryptocurrencies.

The lawyers said block Last year, the SEC said it was approaching venture capital funds investing in digital assets following the market crash. Other regulators have also warned of the risks. Christy Goldsmith Romero of the Commodity Futures Trading Commission (CFTC) said: There is a “lack of trust” among venture capital firms. speech In January 2023, Romero said there should have been red flags regarding FTX, and that there was growing discontent with the industry in Washington.

“The promise of innovation, the hype surrounding FTX, and what is now understood as misplaced trust in FTX and its founders, raises questions about whether investors turned a blind eye when conducting due diligence to what are commonly seen as flashing red lights,” Romero said in an early 2023 speech.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

Sarah is a reporter covering policy, regulation, and legal issues for The Block. Previously, Sarah was a securities regulation reporter at CQ Legal, where she first began reporting on cryptocurrencies. Sarah has also written for other financial publications, including The Bond Buyer and American Banker. She graduated from the University of Missouri with a degree in print and digital journalism. Sarah lives in Washington, D.C., and is an avid coffee drinker. You can follow her on Twitter @ForTheWynn.

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