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The U.S. Securities and Exchange Commission’s new Chairman Paul Atkins has called out the agency’s previous administration as having fostered “uncertainty.” Atkins made the remarks in his first public appearance since officially taking charge as the SEC chair. He was speaking at the regulatory watchdog’s crypto roundtable in Washington DC. He slammed the SEC’s approach over the past four years as largely having stifled innovation. “Innovation, unfortunately, has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered,” the new agency chief noted. Atkins has reassured the crypto industry that he’s ready to work with the U.S. Congress and President Donald Trump’s administration to bring regulatory clarity to the space. In his view, “rational fit for purpose framework” regulations are key to promoting the digital assets sector, including risk mitigation. Atkins, sworn in as the new SEC chair earlier this week, replaced Gary Gensler- the former chair under whose leadership the agency became increasingly anti-crypto. Its regulation by enforcement approach saw it file lawsuits against multiple crypto companies, including top exchanges Coinbase and Binance. Under interim chair Mark Uyeda, the SEC ended several investigations and withdrew most of its cases. It also ended its legal tussle with Ripple, a major case the agency filed in December 2020. The “Know Your Custodian: Key Considerations for Crypto Custody” is the third roundtable of the five the SEC crypto taskforce has planned. Regulators are looking to use the roundtables to get key insights that will help its work towards clear crypto asset regulation. Atkins returns to the SEC having previously served as a commissioner from 2002 to 2008. He was appointed to the agency by former U.S. president George W. Bush, and now serves as chair after being tapped by President Trump. “As I return to the SEC, I am pleased to join with my fellow Commissioners and the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors. Together we will work to ensure that the U.S. is the best and most secure place in the world to invest and do business,” he said in a statement. He is the 34th Chairman of the SEC.

The U.S. Securities and Exchange Commission (SEC) has filed to dismiss its 2022 lawsuit against blockchain infrastructure firm Dragonchain. The joint document, filed at the Seattle federal court on April 24, represents a major change within the agency’s new digital asset regulatory approach. The SEC accused Dragonchain of conducting an unregistered securities offering during its 2017 initial coin offering (ICO), alleging the company raised approximately $16.5 million by selling its DRGN token. According to the commission, the token fulfilled the legal requirements for security, thus requiring federal registration. Additional sales between 2019 and 2022 were also alleged to be unlawful. According to the filing, the commission acknowledged the efforts of the newly formed Crypto Task Force and stated that the dismissal of the lawsuit aligns with its current priorities. Both the SEC and Dragonchain agreed to end the litigation “with prejudice,” meaning the case cannot be brought again and without any award of legal costs to either party. Related: SEC Chair Paul Atkins May Signal Shift in Crypto Policy at Upcoming Roundtable The decision follows a broader trend within the SEC since the start of President Donald Trump’s second term. With Paul Atkins sworn in as the new SEC Chair earlier this week, the agency appears to be moving away from enforcement-heavy actions toward more regulatory clarity and industry engagement. The SEC, under Biden and Gary Gensler, made numerous attempts to pursue crypto firms by accusing their token offerings of violating federal securities laws. Dragonchain, Coinbase, Ripple, and Kraken were among several targeted during that period. The formation of the Crypto Task Force in January has led to increased engagement with stakeholders across the digital asset space. According to records, the task force met with Dragonchain representatives on March 24 to explore jurisdictional concerns on blockchain tokens. Following the announcement of the lawsuit’s dismissal, Dragonchain’s native token DRGN experienced a sharp price increase, climbing over 95% within 24 hours. The token, which peaked at $5.46 in 2018, remains significantly below its all-time high but showed renewed investor interest after the legal development. SEC Chair Paul Atkins will deliver his first public remarks on digital assets at the agency’s third crypto industry roundtable. The event will address crypto custody issues and feature participants from major firms, including Kraken, Fireblocks, and Fidelity. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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The world of cryptocurrencies, while offering exciting opportunities, also unfortunately attracts malicious actors. A recent case in the legal system of South Korea serves as a stark reminder of the severe consequences faced by those who exploit public trust through deceptive schemes. This particular instance of Crypto Fraud South Korea involves a significant prison sentence handed down by an appeals court. At the heart of this case is a large-scale Investment Scam orchestrated by an individual identified as Hahm, in collaboration with a company executive. The scheme managed to illicitly raise a staggering 446.7 billion won, which translates to approximately $311 million USD at the time of the report. This was collected through a massive 140,000 individual transactions over a relatively short period, between February and July of 2023. The modus operandi involved nationwide investment seminars. These weren’t just casual meetups; they were carefully crafted events designed to build trust and persuade potential investors. The key promises made were highly enticing, yet ultimately fraudulent: To facilitate the scheme, investors were directed to use a custom payment application. This added a layer of technical legitimacy while centralizing the flow of funds into the scam’s control. The investments were tied to a specific cryptocurrency promoted by the perpetrators, adding a layer of complexity and perceived innovation to the traditional Ponzi-like structure. Under South Korean Crypto Regulation and broader financial statutes, raising funds from the general public requires specific authorization and registration. This is a crucial legal safeguard designed to protect citizens from unregulated and potentially fraudulent financial activities. The actions of Hahm and his accomplice directly violated these regulations, falling under the category of Illegal Deposit Taking. Illegal deposit taking typically involves soliciting funds from an unspecified number of people under the promise of future repayment with interest or other forms of return, without holding the necessary licenses from financial authorities. In this case, the promises of guaranteed principal and high daily returns fit this definition perfectly, regardless of whether the funds were collected in traditional currency or digital assets. One of the most significant aspects of this case is the appellate court’s ruling regarding the nature of the assets involved. Initially, a lower court had acquitted Hahm of charges specifically related to receiving Bitcoin and Ethereum. This earlier decision seemingly drew a distinction between traditional money and virtual assets under existing laws, which were arguably not fully updated to address the nuances of cryptocurrencies. However, the appeals court overturned this part of the decision. It delivered a crucial clarification on Cryptocurrency Law, stating that transactions involving virtual assets can indeed constitute illegal deposit-taking activities, just as transactions involving traditional currency can. This ruling sets an important precedent, indicating that South Korean courts are increasingly applying existing financial regulations to the crypto space, closing potential loopholes that fraudsters might try to exploit by operating with digital assets. The appellate court’s perspective highlights the principle that the underlying nature of the activity (unlicensed fund-raising with promises of returns) is what matters, not just the specific form of currency or asset used in the transaction. This case underscores several challenges within the crypto landscape: For potential investors, the actionable insights are clear: Due Diligence is Paramount: The increased sentence from five to seven years reflects the severity with which the appellate court viewed this crime and its impact on 140,000 victims. It also signals a strengthening stance under South Korean Crypto Regulation against fraudulent activities. Regulatory bodies globally are grappling with how to effectively oversee the rapidly evolving crypto market while fostering innovation. Cases like this demonstrate the need for clear legal frameworks that protect investors while ensuring accountability for those who abuse the system. The ruling on Illegal Deposit Taking involving virtual assets is a key development, providing greater clarity for future cases and reinforcing the idea that crypto operations are not above the law. This stricter enforcement contributes to building a more secure environment for legitimate crypto activities in South Korea. The sentencing of Hahm to seven years in prison for orchestrating a massive Crypto Fraud South Korea serves as a powerful warning to potential fraudsters and a cautionary tale for investors. The case highlights the significant financial and human cost of such schemes and demonstrates the increasing willingness of courts to apply stringent financial laws, including those pertaining to Illegal Deposit Taking, to the cryptocurrency space. As Cryptocurrency Law continues to evolve, robust enforcement and investor education remain critical tools in combating sophisticated Investment Scam operations and strengthening South Korean Crypto Regulation. To learn more about the latest crypto market trends and regulatory developments, explore our articles on key developments shaping cryptocurrency law and South Korean crypto regulation . Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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