SEC and NASAA Clamp Down on TradeStation with Hefty $3M Crypto Fine

Photo of author

By BitcoinWiki News

Key Takeaways:

  • SEC takes action against TradeStation Crypto for failing to register cryptocurrency lending product
  • TradeStation settles with SEC for $3M penalty without admitting wrongdoing
  • TradeStation announced termination of crypto-related products and services in the US
  • TradeStation to pay $1.5M to settle investigation by NASAA
  • NASAA task force of state securities regulators examined TradeStation’s crypto interest-earning program
  • SEC freezes assets of Victorious Grace Church for selling unregistered security tokens
  • SEC files lawsuit against pastor Eligio and Kaitlyn Regalado for allegedly defrauding investors with unregistered crypto token, INDXcoin
  • Federal judge questions SEC’s regulations on Coinbase and its authority over markets

1. SEC Charges TradeStation Crypto
The Securities and Exchange Commission (SEC) has taken action against TradeStation Crypto for failing to register the offer and sale of a cryptocurrency lending product.

2. Settlement and Penalties
TradeStation has agreed to settle the charges by paying a $1.5 million penalty to the SEC. Additionally, the company has also agreed to pay an additional $1.5 million to settle an investigation conducted by the North American Securities Administrators Association (NASAA).

3. Termination of Crypto Products and Services
In compliance with the SEC’s order, TradeStation voluntarily ceased offering the interest feature on June 30, 2022, and plans to terminate all crypto-related products and services in the United States effective February 22.

4. Regulatory Actions in the Crypto Industry
The SEC has been taking regulatory actions in the crypto industry, including freezing the assets of Victorious Grace Church for selling unregistered security tokens and filing a lawsuit against a Colorado-based pastor and his wife for allegedly defrauding investors through the sale of an unregistered crypto token.

5. SEC and Coinbase Case
The SEC’s regulatory actions, including the case against Coinbase, have raised questions about the agency’s authority and the potential impact of its regulations on various markets. A federal judge has expressed concerns about the broad sweeping impact of the SEC’s argument in the case against Coinbase.

This is sponsored by: Learn Bitcoin Option

Leave a Comment