The U.S. Securities and Exchange Commission (SEC) has received a new filing from Grayscale Investments, a major cryptocurrency investment firm, for a spot exchange-traded fund (ETF). This follows Grayscale’s legal victory, earlier this month, when a court of appeals ordered the SEC to explain why it rejected their initial application for a spot Bitcoin ETF in June 2023. The company also filed with the SEC to list an Ether futures ETF in September.
New York State Attorney General Letitia James has filed a lawsuit against cryptocurrency firms Gemini, Genesis and Digital Currency Group (DCG) for allegedly defrauding more than 23,000 investors through the Gemini Earn investment program. The suit claims that Gemini assured investors that the program was a low-risk investment, while investigations carried out by James’ office found that Genesis financials were risky. The lawsuit also charges Genesis’ former CEO, Soichiro Moro, and its parent company CEO, Barry Silbert, with defrauding investors by attempting to conceal more than $1.1 billion in losses. In addition, the court case looks to ban Gemini, Genesis and DCG from operating in the financial investment industry in New York.
FTX’s Nishad Premaratne also faces charges this week and is facing up to 75 years in jail. Additionally, the SEC has also charged other FTX executives with falsifying documents and failing to register the company’s securities with the regulator.
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