Home / Tether News /SEC Charges Crypto Exchange Bittrex With Operating Unregistered Exchange, Broker, And Clearing Agency

SEC Charges Crypto Exchange Bittrex With Operating Unregistered Exchange, Broker, And Clearing Agency

17 Apr 2023

Since January 2023, the number of tether stablecoins in circulation has grown from 66 billion to the current 80.9 billion, representing growth of more than 22% this year. Tether’s growth is approaching the high of $83 billion in stablecoins in circulation that the project saw almost a year ago, in May 2022.

The stablecoin market has recently contracted and is currently hovering around $131.94 billion. The decrease in the stablecoin market can be attributed to several dollar-pegged coins that have reduced their token supplies. In the last month, usd coin (USDC) has decreased its supply by 12.6%, while binance usd (BUSD) has seen an 18.9% reduction in supply. Additionally, Makerdao’s DAI has experienced a 9.8% decrease in supply, and Tron’s USDD supply has decreased by 1.3% in the past month.

Tether (USDT), on the other hand, has increased its supply by more than 22% this year, rising from 66 billion tethers in January to the current 80.93 billion. Roughly 6.3% of USDT’s growth was recorded during the past 30 days alone, according to statistics. Tether’s market capitalization is the third-largest in the cryptocurrency economy, accounting for 6.213% of the $1.2 trillion in value. Moreover, tether accounts for $29 billion of the current $52.2 billion in 24-hour global trades as of Monday, April 17, 2023.

With a 24-hour trade volume of around $29 billion, tether trades account for 55.56% of every trade settled during the last day in the crypto economy. Tether’s market capitalization was around $80 billion on April 17 after briefly reaching $81 billion. The last time Tether’s market valuation was this high was in May 2022, when USDT’s market valuation exceeded $83 billion. The lowest drop in valuation after that point in time was $65 billion in November 2022.

According to data from coincarp.com, the ERC20 version of tether built on top of Ethereum has 4,266,498 unique holders, and 37.3% of it is controlled by the top 100 wallets. The tether minted on Arbitrum has 276,383 unique holders, and 10 wallets hold 49.15%. The tether minted on Solana, however, is a different story, with 480,388 holders, and the top ten wallets only hold 2.16%. Tether is also issued on several other blockchains including Polygon, Tron, and others, but the majority is stored on the Ethereum chain.

What do you think the future holds for tether and stablecoins in general, given the recent market contraction? Share your thoughts in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

Since January 2023, the number of tether stablecoins in circulation has grown from 66 billion to the current 80.9 billion, representing growth of more than 22% this year. Tether’s growth is approaching the high of $83 billion in stablecoins in circulation that the project saw almost a year ago, in May 2022.

The stablecoin market has recently contracted and is currently hovering around $131.94 billion. The decrease in the stablecoin market can be attributed to several dollar-pegged coins that have reduced their token supplies. In the last month, usd coin (USDC) has decreased its supply by 12.6%, while binance usd (BUSD) has seen an 18.9% reduction in supply. Additionally, Makerdao’s DAI has experienced a 9.8% decrease in supply, and Tron’s USDD supply has decreased by 1.3% in the past month.

Tether (USDT), on the other hand, has increased its supply by more than 22% this year, rising from 66 billion tethers in January to the current 80.93 billion. Roughly 6.3% of USDT’s growth was recorded during the past 30 days alone, according to statistics. Tether’s market capitalization is the third-largest in the cryptocurrency economy, accounting for 6.213% of the $1.2 trillion in value. Moreover, tether accounts for $29 billion of the current $52.2 billion in 24-hour global trades as of Monday, April 17, 2023.

With a 24-hour trade volume of around $29 billion, tether trades account for 55.56% of every trade settled during the last day in the crypto economy. Tether’s market capitalization was around $80 billion on April 17 after briefly reaching $81 billion. The last time Tether’s market valuation was this high was in May 2022, when USDT’s market valuation exceeded $83 billion. The lowest drop in valuation after that point in time was $65 billion in November 2022.

According to data from coincarp.com, the ERC20 version of tether built on top of Ethereum has 4,266,498 unique holders, and 37.3% of it is controlled by the top 100 wallets. The tether minted on Arbitrum has 276,383 unique holders, and 10 wallets hold 49.15%. The tether minted on Solana, however, is a different story, with 480,388 holders, and the top ten wallets only hold 2.16%. Tether is also issued on several other blockchains including Polygon, Tron, and others, but the majority is stored on the Ethereum chain.

What do you think the future holds for tether and stablecoins in general, given the recent market contraction? Share your thoughts in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

After the report revealing that the cryptocurrency exchange Bittrex had received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), the securities regulator charged Bittrex and the company’s CEO on April 17 for “operating an unregistered exchange, broker, and clearing agency.”

On Monday, the U.S. Securities and Exchange Commission (SEC) charged another cryptocurrency exchange, accusing the trading platform Bittrex of operating “an unregistered national securities exchange, broker, and clearing agency.” Since 2014, Bittrex allegedly sold crypto assets that were “offered and sold as securities.” The SEC’s complaint was filed in the U.S. District Court for the Western District of Washington.

The SEC further alleged that Bittrex Global should have registered the exchange, and the regulator claims the two entities leveraged a “shared order book.” The complaint also notes that Bittrex should have registered as a clearing agency and a broker. “[Bittrex] regularly engaged in the business of effecting transactions for the accounts of others in crypto assets that were offered and sold as securities,” the SEC’s complaint insists.

“Today we’re holding Bittrex accountable for its noncompliance,” SEC chair Gary Gensler wrote in a statement on Monday. “Today’s action, yet again, makes plain that the crypto markets suffer from a lack of regulatory compliance, not a lack of regulatory clarity. “As alleged in our complaint, Bittrex and issuers that it worked with knew the rules that applied to them but went to great lengths to evade them by directing issuer-applicants to ‘scrub‘ offering materials of information indicating that certain crypto assets were securities.”

The SEC chairman added:

Further, Bittrex, as alleged, failed to register and comply with U.S. securities laws as an exchange, broker-dealer, and clearing agency. Cosmetic alterations did nothing to change the underlying economic realities of the offerings and Bittrex’s conduct.

The SEC’s complaint follows the recent news that Bittrex received a Wells notice informing the cryptocurrency exchange of possible enforcement action. Bittrex’s general counsel, David Maria, told the Wall Street Journal that if the SEC decided to sue the firm, the exchange would contest the action in court unless the regulator “presented a reasonable settlement offer.” At the time of writing, the SEC’s complaint doesn’t offer any settlement, and the court filing says a “jury trial [is] demanded.” In addition to the cryptocurrency exchange Bittrex Global, the company’s CEO, William Hiroaki Shihara, is also named in the case.

What are your thoughts on the SEC’s latest enforcement action against Bittrex, and do you think it will lead to increased regulatory scrutiny in the cryptocurrency industry? Share your thoughts in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

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