court

Former SEC Chairman Gary Gensler, who resigned from his post on January 20 when Donald Trump took office, filed lawsuits against many cryptocurrency platforms during his term.
At this point, there has been a new development in the lawsuit filed by the SEC against the leading crypto exchange Kraken for alleged unregistered securities sales.
The court overseeing the case rejected one of Kraken's defense arguments.
Kraken argued in its defense that the SEC lacks the legal authority to regulate the crypto market through litigation and that the SEC cannot act unless authorized by Congress.
However, court judge William Orrick rejected Kraken's objection, stating that the SEC's jurisdiction over the case could not be questioned.
This objection, also known as the “important questions doctrine,” was one of the biggest criticisms leveled against the SEC by many exchanges in the lawsuits. Because the giants that the SEC sued, such as Binance and Coinbase, also claimed that the SEC exceeded its authority.
The SEC filed a lawsuit against Kraken in November 2023, alleging that the exchange operated as a securities exchange without registration and that Payward Inc. and Payward Ventures, which operate Kraken, have also violated securities laws since 2018.
The SEC had also filed a staking lawsuit against Kraken prior to the securities violation allegations, but that case ended in a settlement with Kraken paying $30 million.
*This is not investment advice.
#Court #Binance #Crypto #MarketPullback #BinanceAlphaAlert

The US Treasury was accused of unlawfully allowing Elon Musk and his government efficiency organization access to millions of Americans’ personal and financial data.
Union groups have sued the US Treasury, accusing it of breaking federal laws by giving Elon Musk’s Department of Government Efficiency enforcers access to sensitive financial and personal information.
The American Federation of Labor and Congress of Industrial Organizations, the country’s largest union group, sued the Treasury and Secretary Scott Bessent in a Washington, DC, federal court on Feb. 3 to stop what it alleged is an “unlawful ongoing, systematic, and continuous disclosure of personal and financial information” to Musk and DOGE.
“The scale of the intrusion into individuals’ privacy is massive and unprecedented,” the AFL-CIO said. “People who must share information with the federal government should not be forced to share information with Elon Musk or his ‘DOGE.’”
The lawsuit is the latest challenge to Donald Trump’s promise to cut federal spending. He put Musk in charge of the effort with DOGE, seemingly an homage to Dogecoin (DOGE $0.2643) , which the billionaire has mentioned in the past.
The complaint cited a Feb. 1 Bluesky post from US Senator Ron Wyden, which said that sources had told his office that “Bessent has granted DOGE full access” to the Treasury’s payments system. A day earlier, Wyden had demanded answers from Bessent over Musk DOGE’s access to the system.
The payments system at issue includes “names, Social Security numbers, birth dates, birthplaces, home addresses and telephone numbers, email addresses, and bank account information” of millions of members of the public, according to the suit.
It comes as top Democrats, including the party’s Senate leader Chuck Schumer and Senator Elizabeth Warren, held a press conference on Feb. 3 to air concerns over Musk and DOGE’s access to the Treasury systems.
Schumer said that he’d be introducing legislation “to stop unlawful meddling in the Treasury Department’s payments systems.”
“DOGE is not a real government agency,” he added. “It has no authority to make spending decisions. It has no authority to shut programs down or ignore federal law.”
Warren said the system “is now at the mercy of Elon Musk,” who “has the power to suck out all that information for his own use.”
The Treasury and the US DOGE Service (USDS), the parent agency of DOGE, did not immediately respond to requests for comment.
#Law #Court #ElonMusk #crypto
$DOGE

#Crypto_Century #NFT​ #ape #court
$APE
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