On November 1, New York judge Martin Glenn urged the US Securities and Exchange Commission (SEC) to decide quickly whether to authorize the transformation plan of cryptocurrency lending company Celsius Network LLC, which is undergoing bankruptcy proceedings. Judge Glenn said he will make a ruling on Celsius' proposal as soon as possible. However, even if he approves Celsius' transformation plan, the company and its creditors still need SEC approval. If Celsius' exit from Chapter 11 fails, the company may be liquidated.

According to the US Government Accountability Office (GAO), guidance from the Securities and Exchange Commission (SEC) on how companies should account for holding cryptocurrency must be publicly disclosed before it can take effect in Congress. Staff Accounting Bulletin No. 121 from the SEC, released in March 2022, requires companies holding cryptocurrency to record their customers' holdings as liabilities on their balance sheets. This bulletin is subject to the Congressional Review Act (CRA), which requires agencies to submit a report to Congress about the rule before it takes effect, according to the congressional watchdog on Tuesday. The CRA, enacted in 1996, aims to strengthen congressional oversight of agency rule-making. GAO said on Tuesday that "we conclude that the bulletin is a rule for purposes of the CRA because it meets the definition of a rule under the APA [Administrative Procedure Act], without exception applicable. Therefore, the bulletin must be submitted to Congress." SEC said the bulletin is not subject to the CRA because it did not meet the definition of a rule, according to GAO.

Terraform Labs and its co-founder Do Kwon have submitted a motion for summary judgment to a judge in the Southern District of New York, asking the judge to dismiss the SEC's allegations of involvement in a multi-billion dollar securities fraud. The company stated that after two years of investigation, collecting over 20 pieces of evidence, exchanging over 2 million pages of documents and data, the SEC has not proven that the defendants did anything wrong. Terraform is asking the judge to rule that the SEC has not sufficiently proven its case to justify a trial.

Hester Peirce of the US Securities and Exchange Commission (SEC) has expressed opposition to the regulatory agency's actions towards the cryptocurrency industry. Peirce criticized the SEC's enforcement action against LBRY blockchain company, calling the decision to sue LBRY "puzzling" because the complaint did not include allegations of fraud, and there was no evidence presented during the case to suggest that the blockchain company engaged in fraudulent behavior. Peirce also stated that there is no clear agreement for blockchain companies like LBRY to register their token products with the SEC, as the applicability of securities laws to cryptocurrency projects is still unclear. If a company is able to register its token issuance, Peirce describes this action as "not particularly useful effort." Peirce suggested that the SEC could redeploy its resources to develop a clear regulatory framework applicable to cryptocurrency projects like LBRY instead of suing LBRY.

Hester Peirce, a commissioner of the US Securities and Exchange Commission (SEC), issued a statement stating that the SEC has taken many disturbing cryptocurrency enforcement actions, but the LBRY, Inc. case is particularly disturbing and disappointing. Peirce stated that although the agency claims that the application of securities law to token projects is clear, this is not the case. She said that companies like LBRY have no way to enter and register their functional token products. Even if a company does successfully register its token issuance, this does not completely prevent SEC enforcement actions. Peirce added that compliance is important for investors. On October 19, LBRY announced that it will shut down after the SEC charged the startup with selling unregistered securities.

Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), discussed the agency's enforcement efforts during a recent speech. He highlighted that the SEC initiated over 780 enforcement actions in 2023, resulting in judgments and orders amounting to $5 billion. Gensler also reiterated his previous stance on cryptocurrencies, stating that a substantial portion of the crypto market should be classified as securities and subject to the same regulatory framework. However, his remarks on the cryptocurrency market have stirred discussion within the crypto community, with some urging him to provide clearer and more comprehensive guidance on cryptocurrency regulations.

Jay Clayton, Chairman of the U.S. Securities and Exchange Commission, said that there are 8-10 applications before the SEC regarding the possible launch of Bitcoin exchange-traded products.

JPMorgan stated that if the US Securities and Exchange Commission (SEC) rejects the application for a bitcoin exchange-traded fund (ETF), it may face legal action from the applicant. JPMorgan analyst Nikolaos Panigirtzoglou wrote that any rejection could potentially lead to lawsuits against the SEC, causing more legal trouble for the agency. Although the likelihood of such a rejection is low, it is still possible. We believe that the SEC would not want to face another legal battle over the approval of a bitcoin ETF. Last week, JPMorgan stated that it expects multiple bitcoin ETFs to be approved within "a few months." Today, it stated that asset management companies appear to be making progress with the SEC in terms of technical preparation and document modifications to clarify issues such as market manipulation and commingling of client funds.

Odaily Planet Daily News Fox reporter Eleanor Terrett wrote on X platform that SEC Chairman Gary Gensler said in an interview regarding crypto compliance, "There is no doubt that today, the 2009 custody rule applies to many funds and crypto securities. Now, if you operate as an exchange, then the definition of an exchange applies to this rule."

Gary Gensler, the chairman of the US SEC, stated in his speech at the Washington Securities Law Forum on Wednesday that the SEC continues to actively take enforcement actions against fraudsters, financial companies, and cryptocurrency companies. As of September 30, the enforcement statistics show that the SEC has handled judgments and orders worth $5 billion and 780 actions. Last year, the SEC filed 760 cases and imposed a record $6.4 billion in fines. However, Gensler stated that these numbers "only tell part of the story". He emphasized in his speech that even if the SEC faces "enforcement regulation" and questions about its increased caseload, the agency will not relax its enforcement strategy and is willing to resort to the courts to complete its actions.