• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, January 28, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Crypto users call amended SEC whistleblower program rules hypocritical

August 30, 2022
in Regulations
Reading Time: 2 mins read
A A
ShareShareShareShareShare

SEC Chair Gary Gensler announced amendments to the rules governing the agency’s whistleblower program.

However, due to recent actions — particularly in the SEC vs. Ripple lawsuit — crypto users called the program hypocritical.

What are the changes to the whistleblower program?

The whistleblower program was established in 2010, and has “greatly aided” the SEC’s goal of protecting investors, said Gensler.

The SEC has spent roughly $1.3 billion on rewards for whistleblowers that have provided information used to take compliance action against “securities law violators.”

“The SEC has used whistleblower information to obtain sanctions of over $5 billion from securities law violators, return over $1.3 billion to harmed investors, and award over $1.3 billion to whistleblowers for their service.”

The SEC has made two amendments to the whistleblower program. The first change will “expand the circumstances” in which whistleblowers can receive payment. The second relates to the SEC’s authority in terms of considering and adjusting the amount awarded.

“This will give whistleblowers additional comfort knowing that the Commission would not decrease awards based on their size.”

The amendments are expected to encourage whistleblowers to come forward by making the reward for information more likely and financially worthwhile.

Crypto users blast Gensler

Social media commentators blasted Gensler and the SEC, even renewing calls for the Chair to resign over his stewardship of the agency.

A common theme related to the agency’s failings in protecting investors, including from naked shorting — which refers to the illegal practice of shorting an asset without the asset being confirmed to exist. Naked shorting  can potentially manipulate prices downwards.

Twitter influencer @CryptoBull2020 took things a step further by calling for an internal whistleblower program to stop alleged corruption at the SEC. In particular, @CryptoBull2020 mentioned the circumstances around  XRP was unfairly singled out for violating securities law, which involved former director William Hinman and former Chair Jay Clayton,

You need an internal whistleblower program considering the corruption surrounding Hinman, Clayton and Ethereum as well as the damage done to #XRP investors!

— CryptoBullXRP (@CryptoBull2020) August 29, 2022

In 2018, Hinman gave a speech greenlighting Bitcoin and Ethereum as compliant with securities regulation. However, during the ongoing legal case against Ripple, Hinman backtracked, saying the comments were personal opinions and should not have been interpreted to equate to SEC policy.

Hinman is also accused of having links to Ethereum via the Ethereum Enterprise Alliance firm Simpson Thacher, which pays him a substantial pension.

Get an Edge on the Crypto Market 👇

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits


Credit: Source link

Related articles

Bitcoin Holds Steady Above $23K, White House Urges Congress to ‘Step Up’ Crypto Regulation

January 27, 2023

Bitcoin Above $23K as White House Calls for Crypto Regulatory Effort – CoinDesk

January 27, 2023
ShareTweetSendPinShare
Previous Post

What Can You Do For Bitcoin? – Bitcoin Magazine

Next Post

InfinitySwap and DSCVR Sign a Partnership Agreement

Related Posts

Bitcoin Holds Steady Above $23K, White House Urges Congress to ‘Step Up’ Crypto Regulation

January 27, 2023

Latest PricesCoinDesk Market Index (CMI)1,092.39 +6.2 ▲ 0.6% Bitcoin (BTC)$23,144 +66.7 ▲ 0.3% Ethereum (ETH)$1,603 −0.8 ▼ 0.0% S&P 500...

Bitcoin Above $23K as White House Calls for Crypto Regulatory Effort – CoinDesk

January 27, 2023

Bitcoin Above $23K as White House Calls for Crypto Regulatory Effort  CoinDesk Credit: Source link

Federal Reserve denies membership to crypto adjacent bank Custodia

January 27, 2023

The Federal Reserve Board on Jan. 27 denied an application by Custodia Bank Inc. to become a member of the...

UK’s FCA Gives Regulatory Approval To Crypto Firms But Only A Few, Here’s Why

January 27, 2023

Despite its goal to become a crypto hub, the United Kingdom (U.K.). is still strict with its crypto regulations. Today,...

Most People Want This Drug Regulated Less Strictly Than Crypto and Teslas

January 27, 2023

Over the last few years, U.S. regulation of marijuana has become even more of a mixed bag and story of...

Load More
Next Post

InfinitySwap and DSCVR Sign a Partnership Agreement

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

SBF family, associates refuse to cooperate in FTX bankruptcy case as arrest details emerge

January 26, 2023

BREAKING: Mastercard chooses Polygon blockchain for music artist accelerator program – Report

January 8, 2023

OneLand Metaverse Market Analysis: Jan 16-22

January 23, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Amazon Developing Blockchain & NFTs Gaming Platform: Report
  • BlockFi permitted to pay $10M in staff bonuses in spite of bankruptcy
  • Goldman Sachs Ranks Bitcoin Best Performing Asset so Far This Year – Markets and Prices Bitcoin News

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$23,096.001.17%
  • ethereumEthereum(ETH)$1,599.562.13%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.06%
  • usd-coinUSD Coin(USDC)$1.00-0.10%
  • binancecoinBNB(BNB)$308.971.89%
  • rippleXRP(XRP)$0.4131681.87%
  • binance-usdBinance USD(BUSD)$1.00-0.10%
  • cardanoCardano(ADA)$0.3914254.82%
  • dogecoinDogecoin(DOGE)$0.0888794.25%
  • matic-networkPolygon(MATIC)$1.155.29%
  • okbOKB(OKB)$38.868.89%
  • solanaSolana(SOL)$24.623.65%
  • staked-etherLido Staked Ether(STETH)$1,597.452.21%
  • polkadotPolkadot(DOT)$6.603.36%
  • shiba-inuShiba Inu(SHIB)$0.0000123.20%
  • avalanche-2Avalanche(AVAX)$20.8516.71%
  • litecoinLitecoin(LTC)$89.052.35%
  • tronTRON(TRX)$0.0628491.78%
  • uniswapUniswap(UNI)$6.873.85%
  • daiDai(DAI)$1.00-0.08%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,107.001.66%
  • cosmosCosmos Hub(ATOM)$13.696.55%
  • ToncoinToncoin(TON)$2.617.02%
  • chainlinkChainlink(LINK)$7.424.86%
  • leo-tokenLEO Token(LEO)$3.68-0.95%
  • moneroMonero(XMR)$178.944.90%
  • ethereum-classicEthereum Classic(ETC)$22.092.55%
  • AptosAptos(APT)$17.840.37%
  • bitcoin-cashBitcoin Cash(BCH)$134.781.28%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.0938383.22%
  • apecoinApeCoin(APE)$6.250.81%
  • quant-networkQuant(QNT)$153.223.87%
  • nearNEAR Protocol(NEAR)$2.627.20%
  • crypto-com-chainCronos(CRO)$0.0821513.26%
  • filecoinFilecoin(FIL)$5.441.55%
  • lido-daoLido DAO(LDO)$2.426.10%
  • algorandAlgorand(ALGO)$0.2629978.86%
  • vechainVeChain(VET)$0.0248545.48%
  • hedera-hashgraphHedera(HBAR)$0.0697274.69%
  • internet-computerInternet Computer(ICP)$6.025.38%
  • axie-infinityAxie Infinity(AXS)$11.985.04%
  • decentralandDecentraland(MANA)$0.729.93%
  • aaveAave(AAVE)$87.381.29%
  • the-sandboxThe Sandbox(SAND)$0.776.49%
  • eosEOS(EOS)$1.110.88%
  • fantomFantom(FTM)$0.4767691.26%
  • flowFlow(FLOW)$1.103.17%
  • elrond-erd-2MultiversX(EGLD)$45.495.05%