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First Digital Trust has taken to X to defend its First Digital USD (FDUSD) stablecoin against attacks from cryptocurrency entrepreneur Justin Sun.  In the statement, First Digital claims that “every FDUSD is securely backed 1:1 by cash and cash equivalents” and adds that the firm “remains fully solvent.” Additionally, First Digital denies “any and all claims of FDT being involved in a coordinated scheme or misappropriation of funds.” First Digital stands firm: Justin Sun’s baseless accusations won’t distract from Techteryx’s own failures— our stablecoin FDUSD remains fully backed and solvent. Read our official statement. pic.twitter.com/FndxX1mCCg — First Digital (@FirstDigitalHQ) April 3, 2025 First Digital is responding to Sun and Techteryx’s (the firm behind TrueUSD) claims that First Digital had misappropriated the vast majority of TrueUSD reserves .   This portion of the reserves, currently totaling over $500 mi...

Crypto Misconduct Daunting In response to a question on the US SEC’s strength in terms of having enough staff for enforcing regulation on the crypto ecosystem, Gensler said the agency is far from being overstaffed. United States Senator Catherine Cortez Masto had asked whether the agency was understaffed particularly on the enforcement side. Gensler stated that the agency is only 3% larger in terms of staff count compared to 7 years ago. advertisement “The markets have grown 50-60% in terms of activity and complexity.” He added that in terms of crypto, the SEC Chair said, “I have been around finance 44 years now and I have never seen a field that’s rife with more misconduct. It’s daunting.” In October 2022, CoinGape reported that the SEC staff lacks knowledge required to draft rules for the crypto market. It was revealed that over 20% of the senior attorneys and officials, likely as a result of Gensler’s failure as the Ch...

SEC Charges Yet Another Crypto Firm Charges that claimed Coinme’s Up Global division and Neil Bergquist — who oversaw both the companies — and deceived investors in a 2017 Initial Coin Offering (ICO) for an Ethereum-based UpToken, were resolved in an unambiguous settlement announced on Friday. advertisement Read More: Can Terra’s New USTC Repeg Proposal Bring LUNC Price Back To $1? According to the SEC, investors were allegedly persuaded to believe that Up Global would set a hard cap of the total supply of UpToken, while Coinme would generate consistent demand for the token “to fund a Bitcoin automated teller machine” incentives program, which would thereby boost the price of the token. The regulatory body believed that the assertions were deceptive due to the fact that Up Global had secretly carried out transactions that lowered Coinme’s requirement for UpToken. Moreover, according to the SEC report, Up Global and ...

Also Read: Top Bank’s 2024 Bitcoin Price Prediction Stirs Up Market, But Can It Really Happen? advertisement Several Congressmen expressed the need for immediate resolution to the regulatory issues surrounding trade of cryptocurrencies in the United States . Hence, it is possible that Gensler could face more of such Congressional hearings in that pursuit. But whether such hearings will further delay outcome from the legal route in crypto related lawsuits remains to be seen. Ripple Lawsuit Summary Judgement Delay After the ruling in the Ripple Vs SEC lawsuit in March 2022, experts have been predicting that the Summary Judgement could be out any time before May 6, 2020, which marks a 60 days period. However, it is highly unpredictable as to when Judge Analisa Torres gives out the judgement, especially after the Gary Gensler Congressional hearing led to a widespread debate in the mainstream. XRP influencer Mr Huber said there could be many more Congress...