US DoJ and SEC Are Reportedly Probing Digital Currency Group
- The authorities have not filed any indictment yet.
- A DCG spokesperson denied any knowledge of such investigations.
Digital Currency Group (DCG), a cryptocurrency conglomerate, is being probed by the United States Department of Justice's Eastern District of New York (EDNY) and the Securities and Exchange Commission (SEC Securities and Exchange Commission (SEC) The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha Read this Term), a recent Bloomberg report revealed.
US Authorities Probe Digital Currency Group
The publication cited people familiar with the matter to reveal that the authorities requested interviews and documents from DCG and its subsidiary Genesis Global Capital. The investigations are reportedly focused on the financial links between the two companies.
The authorities did not file any indictments against the two companies as of press time and did not provide official confirmation on the investigations. However, a DCG spokesperson denied the knowledge of any such ongoing investigations.
"DCG has a strong culture of integrity and has always conducted its business lawfully. We have no knowledge of or reason to believe that there is any Eastern District of New York investigation into DCG," the spokesperson said in a statement shared with media houses.
Check out the recent London Summit session on "To Crypto or Not to Crypto: Will Crypto Fizzle Out or Here to Stay?"
Fall Outs of the FTX Collapse
Earlier, Genesis disclosed that it has $175 million locked in the FTX account. In addition, it triggered a liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term crisis in Genesis, and the platform was forced to suspend withdrawals on November 10. Moreover, it hired a restructuring assistant but has yet to move in that direction.
The reports of the latest investigation came shortly after Cameron Winklevoss, the Co-Founder of the crypto exchange Gemini, accused the CEO of Digital Currency Group, Barry Silbert, of acting "bad faith stall tactics" in resolving the payment of a $900 million debt.
However, Silbert denied any debt as the two engaged in a Twitter feud. But, the disagreements between the two crypto tycoons did not stay limited to social media as three Genesis earn users have filed a class action arbitration request against Genesis Global Capital and Digital Currency Group. Furthermore, the Winklevoss twins and their company Gemini is facing another class-action lawsuit for failing to register the lending products as securities.
Digital Currency Group (DCG), a cryptocurrency conglomerate, is being probed by the United States Department of Justice's Eastern District of New York (EDNY) and the Securities and Exchange Commission (SEC Securities and Exchange Commission (SEC) The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha Read this Term), a recent Bloomberg report revealed.
US Authorities Probe Digital Currency Group
The publication cited people familiar with the matter to reveal that the authorities requested interviews and documents from DCG and its subsidiary Genesis Global Capital. The investigations are reportedly focused on the financial links between the two companies.
The authorities did not file any indictments against the two companies as of press time and did not provide official confirmation on the investigations. However, a DCG spokesperson denied the knowledge of any such ongoing investigations.
"DCG has a strong culture of integrity and has always conducted its business lawfully. We have no knowledge of or reason to believe that there is any Eastern District of New York investigation into DCG," the spokesperson said in a statement shared with media houses.
Check out the recent London Summit session on "To Crypto or Not to Crypto: Will Crypto Fizzle Out or Here to Stay?"
Fall Outs of the FTX Collapse
Earlier, Genesis disclosed that it has $175 million locked in the FTX account. In addition, it triggered a liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term crisis in Genesis, and the platform was forced to suspend withdrawals on November 10. Moreover, it hired a restructuring assistant but has yet to move in that direction.
The reports of the latest investigation came shortly after Cameron Winklevoss, the Co-Founder of the crypto exchange Gemini, accused the CEO of Digital Currency Group, Barry Silbert, of acting "bad faith stall tactics" in resolving the payment of a $900 million debt.
However, Silbert denied any debt as the two engaged in a Twitter feud. But, the disagreements between the two crypto tycoons did not stay limited to social media as three Genesis earn users have filed a class action arbitration request against Genesis Global Capital and Digital Currency Group. Furthermore, the Winklevoss twins and their company Gemini is facing another class-action lawsuit for failing to register the lending products as securities.