SEC - Page 91

3455 result(s) found.

Crypto Platform Found Guilty of Gambling With Users’ Funds

//

The Canadian cryptocurrency trading platform ezBtc and its founder, David Smillie, have been found guilty of defrauding customers by misappropriating approximately 13 million Canadian dollars ($9.5 million) of their cryptocurrency investments, using the funds for personal gambling activities.

A panel established by the British Columbia Securities Commission (BCSC), a provincial regulator in Canada, concluded that ezBtc had misused customer funds “for their own purposes.” The platform, which ceased operations permanently around September 2019 and was dissolved in 2022, had claimed that all user crypto investments were securely stored in cold storage.

During its operation between 2016 and 2019, ezBtc collected over 2,300 Bitcoin (BTC) and more than 600 Ether (ETH) from investors. However, the BCSC panel revealed that Smillie diverted a significant portion of these funds for personal use and gambling.

“We find that in aggregate, 935.46 Bitcoin and 159 Ether were transferred by ezBtc to Smillie’s exchange accounts and/or to CloudBet and FortuneJack,” the panel reported. “The transfers to the two gambling websites were sometimes direct from ezBtc, and sometimes indirect from ezBtc to Smillie’s exchange accounts and then to the gambling websites.”

The panel highlighted that the “deceit” orchestrated by Smillie and ezBtc resulted in actual losses, as customers were unable to withdraw their assets.

Sanctions against Smillie are expected to be imposed by September 24, with potential penalties ranging from monetary fines to bans on market participation.

Despite the gravity of the charges, neither Smillie nor ezBtc representatives attended the hearing in person, although Smillie was represented by a lawyer.

In the broader context, cryptocurrency adoption in Canada has remained sluggish, with only 3% of the population using Bitcoin or other cryptocurrencies for daily transactions. Canadians have shown a strong preference for traditional payment methods like cash and cards, and among alternative payment methods, e-transfer remains the most popular. The slow adoption of cryptocurrency in Canada is largely attributed to a general reluctance to move away from cash-based transactions.

Coinbase Expands Into Hawaii Amid Market Downturn

/

Coinbase, a leading centralized cryptocurrency exchange, has announced its expansion into Hawaii, enabling residents to buy, sell, and manage their digital assets through the platform.

This development follows significant regulatory changes made by Hawaii’s Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI). In a press release shared with Cointelegraph, Coinbase highlighted the collaborative efforts with local authorities to enter the Hawaii market.

“We’ve worked diligently with local authorities to ensure we can enter the Hawaii market and welcome their innovative, responsible approach, which aligns with our goal of providing a safe and compliant environment for all,” the company stated.

Implications for Hawaii residents
The press release indicates that Hawaiian residents now have access to Coinbase’s platform and can use its app to engage with “hundreds of cryptocurrencies.” Additionally, Hawaii customers can utilize a range of crypto services, including staking, where they can earn up to 12% APY in staking rewards on popular assets. The press release also noted that residents can now transfer their assets internationally, addressing a long-standing interest in cryptocurrency within the state.

Hawaii regulatory changes
Historically, Hawaii had stringent regulations that made it challenging for crypto businesses to operate. The state’s requirement for crypto exchanges to maintain cash reserves equal to the value of digital assets held by customers created significant barriers. However, the DFI has relaxed these restrictions as part of the Hawaii Digital Currency Innovation Lab pilot program, which was established to eliminate the reserve requirement and foster innovation in the crypto space.

Coinbase vs. SEC pushback
In related news, Coinbase is currently in a legal dispute with the U.S. Securities and Exchange Commission (SEC). On August 5, the SEC filed a motion to deny Coinbase’s request to reveal certain documents, including internal and external emails related to the application of securities laws to digital assets. Coinbase’s chief legal officer, Paul Grewal, argued on X (formerly Twitter) that these documents are crucial to exposing the SEC’s “inconsistent views of digital assets and its own regulatory reach.”

Senator Chuck Schumer Pledges Pro-Crypto Stance if Kamala Harris is Elected

/

Democratic Senator Chuck Schumer, the majority leader of the United States Senate, has set a goal to pass bipartisan pro-crypto legislation by the end of the year if Kamala Harris is elected president. Speaking at the Crypto4Harris Town Hall meeting—a grassroots crypto advocacy group pushing for a “reset” in crypto policy within the Harris campaign—Schumer emphasized that lawmakers could no longer ignore the need to foster crypto innovation in the U.S. He stated:

“We cannot afford to continue to sit on the sidelines because then we risk crypto going overseas to lowest common denominator countries where there will be no regulation at all.”

Acknowledging the rapid growth and increasing influence of cryptocurrency over the past decade, Schumer suggested that a Harris administration would not be opposed to crypto outright. He expressed his commitment to passing pro-crypto legislation if Harris were to become president:

“I want to bring members on both sides of the aisle here in the Senate together, create momentum so we can pass sensible legislation that helps the United States maintain its status as the most innovative country in the world.”

Schumer also stressed the importance of innovation in areas like AI and crypto, while highlighting the need for guardrails to protect users, safeguard national security, and prevent the misuse of cryptocurrency by bad actors.

The Crypto4Harris event, where Schumer spoke, is part of a broader grassroots effort aimed at encouraging a pro-crypto stance in Harris’s campaign. Vice President Harris has yet to clearly define her position on crypto policy, leading many to believe she may follow the Biden administration’s generally hostile approach to digital assets.

Meanwhile, Republican candidate Donald Trump has made a strong appeal to the crypto community, vowing to end “Joe Biden’s war on crypto” if elected. In a speech at the Bitcoin 2024 conference, Trump promised to make the U.S. the “crypto capital of the planet” by removing SEC Chair Gary Gensler and creating a national Bitcoin stockpile.

At the Crypto4Harris event, billionaire investor Mark Cuban criticized Trump and the Republican party, accusing them of being more interested in enriching themselves and the industry’s elites. “Republicans couldn’t care less. They just want to see the Bitcoin maxis get richer,” Cuban said.

Democrat Congressman Wiley Nickel also expressed support for the crypto industry, while taking a jab at Trump, pointing out that Trump had previously called crypto a scam. Senator Debbie Stabenow, chair of the Senate Agriculture Committee, reaffirmed her commitment to protecting consumers while allowing innovation to flourish. She has been working with the Commodities Trading Futures Commission (CFTC), advocating for crypto assets to be regulated as commodities rather than securities.

The CFTC is viewed as a more crypto-friendly regulator compared to the SEC under Gensler, which has faced criticism for its “regulation by enforcement” approach. Several other Democratic politicians, including Colorado Governor Jared Polis and Senator Kirsten Gillibrand, also voiced their support for the crypto industry during the event.

Anthony Scaramucci, founder of SkyBridge Capital, called for the crypto community to become “less tribal” and urged for more bipartisan policy efforts. Crypto4Harris organizers announced plans to start raising funds in September to further support pro-crypto initiatives within the Harris campaign.

iAgent Protocol Unveils Revolutionary Human-Trained AI-Agent from Visual Data

Los Angeles, CA, August 14th, 2024, Chainwire

iAgent protocol introduced an innovative AI-agent as digital asset class at Malaysia Blockchain Week in Kuala Lumpur and Asia Blockchain Summit in Taiwan this month, allowing gamers around the world to create, train, trade, and monetize personalized game AI-agents that take the NPCs of the past to a whole new level. iAgent protocol has developed the world’s first AI-agent trained from pro-players’ gameplay footage in Counter-Strike. This new AI asset class has the potential to spur a renaissance of innovation and growth within the gaming industry.

At both MBW and ABS, attendees received a first look at the revolutionary new class of digital gaming assets. iAgent Protocol presented new technology on August 1st and 6th, which uses AI Modules to train gaming characters based on gameplay footage. Their presentation featured an iAgent trained from the video footage of Flaxciz, a professional CS player from Team Secret. 

iAgents are here to not only rehaul the outdated NPCs of the gaming world, but also to empower all gamers within the ecosystem. Any user can train an AI-agent with the gameplay footage and then trade, rent, and monetize their personal game agents. Whether it’s a casual gamer playing with friends, or an entire studio wanting to add world-class human-trained AI characters to their game, iAgent offers new solutions and possibilities. 

In collaboration with Alliance, a global esports powerhouse competing at the forefront of the world’s most popular games, and Team Secret, a professional esports organization, iAgent was able to train a character based on the gameplay footage of Flaxciz.

Jamie Batzorig, CEO of iAgent and keynote speaker, unveiled the human-trained iAgent for the first time. The development team worked with AethirCloud, the project building scalable decentralized cloud infrastructure for Gaming and AI. Powered by DePIN, iAgent protocol leverages underutilized GPU resources from around the world and transforms them into a distributed GPU network dedicated to training AI-agents. 

iAgent is supported by GEDA, a web3 esports ecosystem that is onboarding esports enthusiasts, and Emerge group, gaming marketing agency who have worked with well-known names like Valorant, Mobile Legends, and Riot Games. 

The team at iAgent aims to democratize gaming by creating AI-agents as digital assets and providing all gamers with the tools and infrastructure to train their own Agents. These human trained AI-Agents represent players’ gaming strategies, styles, and creativity turning them into a digital representation of their gaming persona. 

By creating the world’s first AI-agent trained on a pro esports player footage, iAgent is aiming to alter the landscape and future of gaming. The tools used to create this groundbreaking digital asset and gaming character will soon be available to everyone in the gaming ecosystem. A player only needs gameplay footage to develop their own AI-agent. With the first-of-its-kind AI_NFT standard (OFT), the creators will have full ownership over their AI-agents running on multiple chains using innovative technology developed by LayerZero Labs. 

About iAgent

The iAgent protocol allows the world gamers to train their own AI agents to mimic the players behavior from gameplay footage, powered by DePIN, decentralized computing, thereby creating a new digital asset class on the blockchain.

Users can follow iAgent on X, notifications on.

Press contact: Sarah@tokenpr.com

Source: iAgent Protocol

Los Angeles, CA

Disclaimer:

This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

Contact

CEO
Jamie Balzorig
iAgent Protocol
jamie@iagentpro.com

Canadian Crypto Platform Found Guilty of Gambling With Users’ Funds as Founder Faces Prison

//

The Canadian cryptocurrency trading platform ezBtc and its founder, David Smillie, have been found guilty of defrauding customers by misappropriating approximately 13 million Canadian dollars ($9.5 million) of their cryptocurrency investments, using the funds for personal gambling activities.

A panel established by the British Columbia Securities Commission (BCSC), a provincial regulator in Canada, concluded that ezBtc had misused customer funds “for their own purposes.” The platform, which ceased operations permanently around September 2019 and was dissolved in 2022, had claimed that all user crypto investments were securely stored in cold storage.

During its operation between 2016 and 2019, ezBtc collected over 2,300 Bitcoin (BTC) and more than 600 Ether (ETH) from investors. However, the BCSC panel revealed that Smillie diverted a significant portion of these funds for personal use and gambling.

“We find that in aggregate, 935.46 Bitcoin and 159 Ether were transferred by ezBtc to Smillie’s exchange accounts and/or to CloudBet and FortuneJack,” the panel reported. “The transfers to the two gambling websites were sometimes direct from ezBtc, and sometimes indirect from ezBtc to Smillie’s exchange accounts and then to the gambling websites.”

The panel highlighted that the “deceit” orchestrated by Smillie and ezBtc resulted in actual losses, as customers were unable to withdraw their assets.

Sanctions against Smillie are expected to be imposed by September 24, with potential penalties ranging from monetary fines to bans on market participation.

Despite the gravity of the charges, neither Smillie nor ezBtc representatives attended the hearing in person, although Smillie was represented by a lawyer.

In the broader context, cryptocurrency adoption in Canada has remained sluggish, with only 3% of the population using Bitcoin or other cryptocurrencies for daily transactions. Canadians have shown a strong preference for traditional payment methods like cash and cards, and among alternative payment methods, e-transfer remains the most popular. The slow adoption of cryptocurrency in Canada is largely attributed to a general reluctance to move away from cash-based transactions.

Fueling Innovation on Metis: The Role of Foundations in Providing Funding Solutions

/

Blockchain technology was borne out of self-funded innovation. Satoshi Nakamoto, whether a team or individual, most likely funded their own research and development of the Bitcoin protocol. This was similarly the case for many of the initial developments that followed. 

But since then, the technology has advanced. And with each subsequent innovation, breakthroughs have become harder to attain, demanding and consuming more resources. And so, self-funded development is becoming increasingly unsustainable for many developers. 

Many web3 projects now need external funding to sustain the R&D level demanded by the current blockchain environment. And in a space that lacks well-established funding models, it has fallen to foundations to provide this much-needed support. 

The Role of Foundations in Crypto Development

The blockchain sector is far from maturing. And with increasing research and development costs, funding remains a persistent challenge for many developers and projects. This is in no small part because traditional funding models often don’t align well with the ethos underpinning much of the crypto space. 

Venture capitalists prioritize control, rapid growth, and quick returns on investment. They usually seek equity or significant influence over the projects they fund, which creates tension in a space where power and control are distributed rather than centralized.  

Foundations, however, are typically mission-driven and focused on the overall health and growth of the ecosystem. This allows them to fund projects in ways that don’t conflict with the core principles of the technology. 

As such, they are filling the role that venture capitalists and investors traditionally fulfill in industries.    

Metis Foundation’s $4 Million Annualized Incentive Program

On August 13th, the Metis Foundation launched a $4 million annual support program. This initiative is aimed at providing major support to innovative projects building solutions on the network.  The funds will be distributed through strategic partnerships with developers and entrepreneurs in the ecosystem.

Metis is a decentralized Layer 2 protocol on Ethereum. It is designed to enhance scalability, security, and user experience on the blockchain. Dedicated to its development and adoption is the Metis Foundation, an initiative that aims to build a robust ecosystem that empowers stakeholders to develop web3 solutions. 

Gitcoin, a platform that connects developers with open-source projects and funding opportunities, is the foundation’s first partner. By leveraging Gitcoin’s established reputation in supporting open-source development, Metis is tapping into a vast network of developers passionate about decentralized technologies. 

This collaboration ensures that the funds are not only distributed but are used effectively to drive impactful projects that align with the Metis network’s goals. Gitcoin will help direct support and resources to the most promising and innovative projects, creating a community where developers can thrive and push the boundaries of what’s possible in the space. 

In the announcement, Sov, the Head of Grants at Gitcoin, expressed excitement about the partnership, highlighting the potential for these grants to catalyze significant growth within the Metis ecosystem. 

Elena Sinelnikova, Co-Founder at Metis Foundation, highlighted the foundation’s commitment to innovation. She noted that a partnership with Gitcoin will allow them to better provide the necessary resources and support to turn visionary ideas into reality on the Metis network. 

Fostering Blockchain Innovation

Metis’s focus on Layer 2 scaling solutions addresses one of the most pressing challenges in blockchain technology: scalability. By providing substantial support for innovative applications on its platform, Metis is positioning itself at the forefront of efforts to make blockchain technology faster and cheaper.

This initiative is likely to accelerate the development of decentralized applications (dApps) that can handle higher transaction volumes with lower costs. The potential impact extends beyond just technical improvements – it could help nurture blockchain solutions that eventually drive mass adoption across various industries.

In this way, blockchain foundations are the lifeblood of innovation in the crypto space. They provide the necessary funding, stability, and ecosystem support, for web3 projects, allowing the technology to continue accelerating.

Canadian Crypto Platform Found Guilty of Gambling With Users’ Funds

//

The Canadian cryptocurrency trading platform ezBtc and its founder, David Smillie, have been found guilty of defrauding customers by misappropriating approximately 13 million Canadian dollars ($9.5 million) of their cryptocurrency investments, using the funds for personal gambling activities.

A panel established by the British Columbia Securities Commission (BCSC), a provincial regulator in Canada, concluded that ezBtc had misused customer funds “for their own purposes.” The platform, which ceased operations permanently around September 2019 and was dissolved in 2022, had claimed that all user crypto investments were securely stored in cold storage.

During its operation between 2016 and 2019, ezBtc collected over 2,300 Bitcoin (BTC) and more than 600 Ether (ETH) from investors. However, the BCSC panel revealed that Smillie diverted a significant portion of these funds for personal use and gambling.

“We find that in aggregate, 935.46 Bitcoin and 159 Ether were transferred by ezBtc to Smillie’s exchange accounts and/or to CloudBet and FortuneJack,” the panel reported. “The transfers to the two gambling websites were sometimes direct from ezBtc, and sometimes indirect from ezBtc to Smillie’s exchange accounts and then to the gambling websites.”

The panel highlighted that the “deceit” orchestrated by Smillie and ezBtc resulted in actual losses, as customers were unable to withdraw their assets.

Sanctions against Smillie are expected to be imposed by September 24, with potential penalties ranging from monetary fines to bans on market participation.

Despite the gravity of the charges, neither Smillie nor ezBtc representatives attended the hearing in person, although Smillie was represented by a lawyer.

In the broader context, cryptocurrency adoption in Canada has remained sluggish, with only 3% of the population using Bitcoin or other cryptocurrencies for daily transactions. Canadians have shown a strong preference for traditional payment methods like cash and cards, and among alternative payment methods, e-transfer remains the most popular. The slow adoption of cryptocurrency in Canada is largely attributed to a general reluctance to move away from cash-based transactions.

Coinbase Expands Into Hawaii Despite Market Downturn

/

Coinbase, a leading centralized cryptocurrency exchange, has announced its expansion into Hawaii, enabling residents to buy, sell, and manage their digital assets through the platform.

This development follows significant regulatory changes made by Hawaii’s Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI). In a press release shared with Cointelegraph, Coinbase highlighted the collaborative efforts with local authorities to enter the Hawaii market.

“We’ve worked diligently with local authorities to ensure we can enter the Hawaii market and welcome their innovative, responsible approach, which aligns with our goal of providing a safe and compliant environment for all,” the company stated.

Implications for Hawaii residents
The press release indicates that Hawaiian residents now have access to Coinbase’s platform and can use its app to engage with “hundreds of cryptocurrencies.” Additionally, Hawaii customers can utilize a range of crypto services, including staking, where they can earn up to 12% APY in staking rewards on popular assets. The press release also noted that residents can now transfer their assets internationally, addressing a long-standing interest in cryptocurrency within the state.

Hawaii regulatory changes
Historically, Hawaii had stringent regulations that made it challenging for crypto businesses to operate. The state’s requirement for crypto exchanges to maintain cash reserves equal to the value of digital assets held by customers created significant barriers. However, the DFI has relaxed these restrictions as part of the Hawaii Digital Currency Innovation Lab pilot program, which was established to eliminate the reserve requirement and foster innovation in the crypto space.

Coinbase vs. SEC pushback
In related news, Coinbase is currently in a legal dispute with the U.S. Securities and Exchange Commission (SEC). On August 5, the SEC filed a motion to deny Coinbase’s request to reveal certain documents, including internal and external emails related to the application of securities laws to digital assets. Coinbase’s chief legal officer, Paul Grewal, argued on X (formerly Twitter) that these documents are crucial to exposing the SEC’s “inconsistent views of digital assets and its own regulatory reach.”

Bit-Chess Announced Its Presale for Decentralized Chess to Take the Center Stage

Prien am Chiemsee, Germany, August 13th, 2024, Chainwire

Bit-Chess, a newly launched crypto project, proudly announces the presale launch of the world’s first fully decentralized chess platform. This groundbreaking platform aims to bring millions of online chess players into the expanding cryptocurrency industry.

The Bit-Chess team shared this exciting news on their X account (formerly known as Twitter), highlighting their commitment to revolutionizing how chess enthusiasts engage with the game in the digital age.

Bit-Chess Launched Its Presale Phase

Bit-Chess, the first fully decentralized online chess platform, has announced on its X account the launch of its official presale phase. 

This initiative marks a noteworthy step in incorporating millions of online chess players into the revolutionizing crypto industry.

The presale is designed for chess lovers and investors who want to get in early on this exciting chess-focused project. Bit-Chess aims to bring the world of chess into the decentralized crypto space, offering a unique blend of strategic gaming and blockchain technology.

With a total supply of 210 billion tokens, $BCC is a Solana-based token that will serve as the governance token within the Bit-Chess ecosystem. This means that HODLers of $BCC will have a say in important decisions about the platform’s future. For the presale phase, Bit-Chess offers 23.625 billion $BCC tokens, 11.25% of the total supply.

Currently, 1 $BCC is priced at $0.000373, and interested buyers can purchase tokens at this early stage to secure them at a significant discount. 

The tokens can be bought on the project’s official website using various popular cryptocurrencies, including Solana (SOL), Ethereum (ETH), Binance Coin (BNB), Bitcoin (BTC), and Tether (USDT). This makes participation accessible to a wide range of investors.

The presale is an opportunity for those who see the potential of combining this timeless game with the latest blockchain technology. 

Notable Features of Bit-Chess

Bit-Chess is set to significantly impact the chess world by integrating traditional gameplay with modern blockchain technology through the Solana network. 

Here are some key features that distinguish Bit-Chess:

  • Guideline with InGame Wallets – The platform will offer a detailed guideline for those new to crypto or chess, as its goal is to educate anyone interested and attract millions to crypto.
  • $BCC – Bit Chess Coin – The $BCC smart contract will be developed in the short term on the Solana-Blockchain with a strong partner of Bit-Chess Solidproof to ensure 100% security and transparency made in Germany.
  • Play-to-Earn (P2E) Mechanics – Bit-Chess introduces a play-to-earn model where players can earn rewards through their gameplay. These rewards will be airdropped automatically and can be converted into real-world value, adding a new layer of benefit to playing chess.
  • Global Tournaments – The platform will host tournaments that allow players from all over the world to compete against one another. Winners will have the chance to earn cash prizes and exclusive NFTs, creating a competitive and rewarding environment.
  • Player-Versus-Player Matches – Players can engage in one-on-one matches to test their skills against other chess enthusiasts. This feature offers a direct, competitive experience, allowing players to challenge and improve their strategic abilities.
  • Exclusive NFTs – Bit-Chess will offer special NFTs that highlight stakers more rewards. There will be a total of 2,000 unique NFTs available, with an initial limited release of 500 during the pre-sale.
  • Bit-Chess NFT-Marketplace – Bit-Chess uses digital chess pieces as NFTs, from pawns to kings. Each piece has unique characteristics and abilities determined by their digital genes. These pieces can be bought, bred, traded and borrowed.
  • Merchandise Store of Bit-Chess – Bit Chess also implements a merchandise store who guarantee to use every single earning for BuyBacks of the $BCC.
  • $BCC Burn – In the Bit Chess environment there will also be a burn mechanism integrated.

About Bit-Chess

Bit-Chess is introducing a new way to play and enjoy chess using blockchain technology. 

It is the first chess platform built on the Solana blockchain, which uses digital technology to create a more secure and open gaming environment.

Bit-Chess aims to blend the traditional game of chess with modern technology. Its goal is to offer a platform where players can not only play chess but also participate in a system that rewards their efforts. Using blockchain, it wants to make chess more interactive and beneficial for players worldwide.

Bit-Chess is focused on connecting traditional chess with the new possibilities of blockchain technology. The platform is designed to be accessible and user-friendly, helping players easily guide and take part in this new gaming experience. 

For the latest updates on Bit-Chess and its token presale, constantly visit their official website and join their vibrant community by following them on X (Twitter), Telegram, and Instagram.

Contact

Christian Andreas Heinrich
Bit Chess
chris@bit-chess.xyz

Morgan Stanley Warned About ‘Unleashing its Legion of 15,000 Brokers to Pitch BTC’

//

Morgan Stanley, the largest wealth manager in the United States, is likely to face intense compliance scrutiny after permitting its entire team of financial advisers to start pitching spot Bitcoin exchange-traded funds (ETFs). This move has drawn criticism from crypto skeptic John Reed Stark, a former U.S. Securities and Exchange Commission (SEC) official.

“By unleashing its legion of 15,000 brokers to pitch Bitcoin, Morgan Stanley has just voluntarily subjected themselves to what will likely become the largest SEC and FINRA examination sweep in history,” Stark wrote in an August 9 statement on X (formerly Twitter). He added, “Identifying violations will be like shooting fish in a barrel. So whoever Morgan Stanley’s current compliance director is — well, good luck with that.”

Stark explained that both the SEC and the Financial Industry Regulatory Authority (FINRA) will have immediate access to all records, documents, emails, texts, voicemails, and phone conversations related to Morgan Stanley’s Bitcoin sales to retail investors. “This resplendent, abundant, and easily accessible treasure trove of evidence will be available to the SEC and FINRA not only with the click of a mouse in the form of a request for documents or testimony but also upon demand during an on-site surprise ‘for-cause’ inspection,” Stark warned, calling the move “Morgan Stanley’s death wish.”

The criticism follows reports that Morgan Stanley authorized its 15,000 financial advisers to start recommending spot Bitcoin ETFs to high-net-worth clients. A source familiar with the matter confirmed to Cointelegraph on August 7 that the firm plans to endorse two Bitcoin ETF products: BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund.

Crypto industry commentators believe Morgan Stanley’s move could be significant for Bitcoin. Haseeb Qureshi, managing partner at crypto venture fund Dragonfly, commented on X, “Expect to see some chunkier inflows in the second half of the year,” adding, “Can you imagine how big this is?”

Since the approval of spot Bitcoin ETFs on January 11, they have attracted $17.3 billion in inflows, according to data from Farside.

1 … 89 90 91 92 93 … 346