Hodler’s Digest, March 17-23 – Cointelegraph Magazine

Top Stories This Week

SEC is attempting to classify Ether as a security

The United States Securities and Exchange Commission reportedly issued numerous subpoenas to companies as part of its efforts to classify Ether as a security. 

According to a recent report, an SEC investigation into the Ethereum Foundation could potentially grant the commission regulatory jurisdiction to label the digital asset as a security.

The foundation suggested via GitHub that it may be under investigation “from a state authority.”

Meanwhile, several U.S.-based companies reportedly received requests from the SEC to provide documents and financial records related to dealings with the Ethereum Foundation.

Celsius seeks to claw back $2B in customer withdrawals

Bankrupt crypto lender Celsius is reportedly aiming to recover $2 billion from major customers who withdrew from the platform just before its bankruptcy in July 2022. 

According to a recent report, a Celsius bankruptcy oversight committee has begun contacting customers who withdrew more than $100,000 prior to its downfall, with the goal of using potential returned funds to pay back customers who did not withdraw from the platform in time. 

The committee will offer clawback-affected customers a “favorable rate” if they decide to settle, with the threat of litigation if funds are not returned.

In addition, customers who settle will have their notional digital assets adjusted based on their July 2022 value, near the nadir of the crypto bear market.

SEC hit with sanctions for its ‘gross abuse of power’ in Debt Box case

A United States district court imposed sanctions on the Securities and Exchange Commission (SEC) for acting in “bad faith” in a lawsuit it brought against Debt Box. 

The SEC initially filed a motion to dismiss without prejudice, but that was denied by Judge Robert J. Shelby, who slammed the regulator for intentionally lying to the court about evidence it obtained to secure a temporary…

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