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FameEX Morning Crypto News Recap | March 23, 2023

2023-03-23 12:01:40

Justin Sun and Lindsay Lohan Face SEC Accusations of Violating Securities Laws in Cryptocurrency Industry
Justin Sun, a prominent figure in the cryptocurrency world, and his three companies, Tron Foundation, BitTorrent, and Rainberry Inc., have been charged by the SEC for conducting an unregistered sale of "crypto assets securities". The SEC alleges that Sun offered and sold Tronix and BitTorrent tokens to the public without registering them as securities. This enforcement action is part of the SEC's continuing efforts to regulate the cryptocurrency industry. If found guilty, Sun and his companies may be subject to significant fines and penalties.

US Treasury Study Suggests CBDC Adoption Could Help Households, but May Also Destabilize Banks
A study by a US Treasury division revealed that the integration of stablecoins or central bank digital currencies (CBDCs) into the economy would initially compete with bank deposits, benefiting the public. However, it would destabilize banks and pose significant harm during times of stress. This highlights the need for further research and analysis before implementing CBDCs or stablecoins on a large scale.

SEC's Wells Notice to Coinbase ($COIN) Results in 11% Drop in Share Value
The SEC has issued Coinbase with a Wells notice over some of the digital assets listed on the platform, as well as Coinbase Wallet and Coinbase Earn, without specifying which ones are considered securities. It's important to note that a Wells notice does not necessarily indicate that a lawsuit or formal charges will follow. Following the news, Coinbase's shares dropped by 11%.

PCAOB Urged by Senators to Improve Audits of Cryptocurrency Companies.
Elizabeth Warren and Ron Wyden, two US senators, have urged the Public Company Accounting Oversight Board (PCAOB) to limit its scrutiny of cryptocurrency firms in light of three major bank failures. The PCAOB, which oversees and funds audits of public companies, informed the senators of potential issues with crypto audits. In a response letter from January, the PCAOB chair expressed concern about the possibility of sham audits being conducted by the auditors it supervises, even for firms outside of its jurisdiction.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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