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Story time.
I had a great time at the CryptoPunks meetup in Dubai this morning. We had good coffee all around, and there's nothing quite like meeting punks in person.
I had checked out of my hotel, and brought my bags to the meetup. I was scheduled to check into a new hotel shortly after, which was about an hour outside of town.
"Uber, I suppose", I replied.
"No need", he said, "I'll drive you. I love trips out into the desert!".
This is what I love so much about the NFT community - no matter where in the world you are, you have "family". Ozark treated me like nothing less.
"It'll be a fun trip", he said. "I have a bit of a...stereotypical crypto car. You'll see".
I got excited. "Oh man, a lambo? Hell yeah, let's gooooo" I said, and Ozark smiled.
I prepared mentally to race through the desert in a brightly colored sports car. Thank god I didn't end up in an uber, this was going to be so much better.
We continued chatting, and finished up one more round of coffee.
Finally, it was time to say our goodbyes. I grabbed my luggage and we headed for the door. "You guys wanna check out the car real quick?" Ozark asked a few people excitedly, and a small crowd gathered to follow.
We walked out into the heat, around the building, and to the parking lot, where I laid my eyes upon a...
gently.
used.
2001.
honda.
civic.
I have never felt so rugged in my life. In a new regulatory development, TradeStation Crypto has agreed to pay $3 million as part of a settlement with federal and state authorities over allegations of offering and selling unregistered securities. The settlement, which includes a $1.5 million payment to the Securities and Exchange Commission (SEC) and an equal amount to a multi-state task force, marks the latest in a series of enforcement actions by the SEC in the crypto space.
The SEC’s announcement highlighted that TradeStation Crypto had been offering a crypto loan product without proper registration. The product in question allowed investors to earn interest on crypto assets loaned to TradeStation. The SEC’s enforcement action underscores its stance that financial products, irrespective of how they are branded, must adhere to federal securities laws, including registration and disclosure requirements.
TradeStation had proactively ceased offering the interest feature to investors by June 30, 2022, aligning with SEC’s directives. Furthermore, the firm indicated its plan to withdraw from all U.S.-market crypto-related products and services by February 22, 2024.
Settlement Terms and Multi-State Collaboration
While not explicitly admitting to the SEC’s findings, TradeStation has consented to a cease-and-desist order and agreed to the financial terms of the settlement. The multi-state settlement, involving a task force from eight states including New Jersey, South Carolina, North Carolina, California, Mississippi, and Ohio, reflects a coordinated effort to address unregistered securities offerings in the crypto market. New Jersey authorities noted that TradeStation offered the crypto interest-earning scheme to at least 142 state residents between August 2021 and June 2022.
The North American Securities Administrators Association (NASAA) also referred to TradeStation’s product in their communication, reinforcing the importance of investor protection and the adherence to regulatory standards.
Recent SEC Actions Underscore Regulatory Vigilance
The SEC’s actions against TradeStation are part of a broader regulatory crackdown on unregistered securities offerings in the crypto space. Recent legal actions initiated by the SEC against the former CEO of Zipmex Thailand and the revelation of a $1.9 billion cryptocurrency scam involving HyperFund by the Department of Justice (DOJ) and SEC highlight the agencies’ commitment to protecting investors and maintaining market integrity.
Additionally, the SEC of Thailand has charged the former CEO of Zipmex with allegations of corruption and deceit, following a similar pattern of enforcement as seen with TradeStation. This move came after the Thai SEC requested the exchange to halt trading due to inadequate capital structure and management processes.
HyperFund’s Hefty Scam
In a related context, the DOJ and SEC’s joint charges against individuals involved in HyperFund’s $1.9 billion Ponzi scheme further illustrate the global scope of crypto-related frauds and the concerted efforts to combat them. The scam promised investors hefty returns from non-existent cryptocurrency mining operations.
Two of them were indicted by the Securities and Exchange Commission in a connected civil suit for their alleged roles in the 2022-collapsed crypto pyramid scam.
According to acting Assistant Attorney General Nicole Argentieri of the DOJ’s Criminal Division, the three individuals facing charges made fraudulent claims to HyperFund investors about receiving “substantial returns paid from cryptocurrency mining operations,” that did not really exist.
The cases against TradeStation, Zipmex, and HyperFund represent a global regulatory stance against fraudulent and unregistered crypto activities. Authorities worldwide are sending a clear message that crypto companies must operate within the bounds of securities laws, ensuring full disclosure and registration of their offerings. Say a few promising copycats
(1): STX first Build a Position 0.6, double 1.2 out of the capital, buy 1.03 again, 1.6 out of half position, 1.4 and 1.2 around the buy again, the current 1.8, this I see the future, the principal has been out, the remaining funds half long take half of the half position to do T, are relatively long to do once
(2): link If the big bull starts, then link must be a pioneer, no need to say, Auto-invest
(3): OP ARB Ethereum has not started yet, Bull MarketEthereum it is impossible not to rise, it will definitely start, then these L2 will definitely rise
(4): RNDR and other AI coins, Apple's basic release of the headset, I think AI and VR this time the hype will be bigger than before, in addition, Nvidia's stock pullback can be held for a long time, 10 years like this, the future is immeasurable
(5): Rune this thing is strong, and if it is destroyed, the Bull Market will fly
(6): SNX Ethereum the second layer is mainly deflationary, and there will definitely be a market 
