$426M Later: Crypto's Call for Fresh SEC Leadership!

Digital asset firms spent more than $426 million on litigation against the SEC since Gary Gensler became chair.

Author

Danielle du Toit
November 01, 2024

VaultCraft launches V2, Skyrockets to $100M+ TVL

VaultCraft debuts new Safe-secured platform, wins $100M+ Bitcoin commitment

  • Leading crypto platform Matrixport chooses VaultCraft for $100M Bitcoin

  • Launching 7 new yield vaults on OKX Web3 with $250K+ in rewards

Here's what we've got for you today:

  • SEC Lawsuits Cost Crypto Industry $426M Since Gensler’s Leadership

  • Coinbase Sees Largest Single-Day Decline in 2 Years Amid Stock Market Wipeout

  • Tether Registers $2.5 Billion in Net Profit for Q3, Bringing Year-to-Date Total to $7.7 Billion

  • Latest ‘Satoshi’ Reveal Turns Into a Debacle: Meet Stephen Mollah

The Blockchain Association reported that digital asset firms spent more than $426 million on litigation against the SEC since Gary Gensler became chair.

  • The BA reported that the SEC pursued 104 enforcement cases against the crypto sector from 2021 to 2023. These companies ended up spending close to $426 million on defensive litigation.

  • The BA also called for new SEC leadership, as the crypto community is still extremely dissatisfied with Gary Gensler's enforcement-heavy stance since he took over in 2021.

  • The Association’s leadership also shared their concerns over the overall impact of Gensler’s regulatory stance, which they described as an “anti-innovation crypto crusade” that resulted in “an immeasurable loss of jobs, innovation, and U.S. tech investment.”

Shares in Coinbase Global Inc (COIN) experienced its largest single-day decline in over two years after its latest earnings missed analyst estimates.

  • Coinbase (COIN) closed Oct. 31 at $179.25, down 15.34%,. This was its largest intraday drop since July of 2022.

  • Crypto trader Pickle downplayed the reaction to Coinbase’s earnings, and even predicted that COIN’s price could hit $600.

  • Financial analyst Andrew Lokenauth reported that Oct. 31 saw a broad stock market slump, with over $950 billion lost in total market value.

📈 Tether Registers $2.5 Billion in Net Profit for Q3, Bringing Year-to-Date Total to $7.7 Billion

Top stablecoin provider Tether said it generated $2.5 billion in profit during the third quarter.

  • The crypto firm reported a nine-month profit of $7.7 billion, up from $5.2 billion in the first half of 2024.

  • Demand for stablecoins has grown a lot thanks to post-COVID inflation and higher interest rates, as governments attempt to cool the economy.

  • In its quarterly attestation, Tether also said its reserves are made up of over $105 billion in cash and cash equivalents, "with $102.5 billion in direct and indirect exposures to U.S. Treasuries."

Stephen Mollah is the latest character claiming to have invented Bitcoin.

  • On Oct. 31, about a dozen journalists attended an event at the Front Line Club to meet the alleged "real" Satoshi Nakamoto.

  • The presentation was led by Mollah and organizer Charles Anderson, who very quickly began casting doubt among attendees about the authenticity of the claims.

  • Mollah claimed to be Satoshi, and also described himself as a "business person" and "economic and monetary scientist," though his statements left journalists unconvinced.

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