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Illinois Secretary of State files legal action against crypto company for allegedly violating securities laws

Published

2 years ago

June 8, 2023

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SPRINGFIELD, Ill. (WCIA) – Illinois Secretary of State Alexi Giannoulias is taking legal action against a cryptocurrency exchange platform.

Giannoulias’ Securities Department is asking cryptocurrency company Coinbase to appear at a hearing for allegedly not registering its stakings with the department as a security. Officials say without registering, investors were not given useful information to evaluate the risks of staking.

Staking is the concept of holding onto digital assets like cryptocurrency on a blockchain. By committing to not transferring the currency, it helps the blockchain verify transactions faster and gives the holder rewards. Through exchanges like Coinbase, investors could stake any amount of coin on their website or app without validator software.

The Securites Department estimates more than 140,000 accounts in Illinois held stakings from Coinbase. Officials estimate those accounts’ investment were worth $228,000,000 in March.

Illinois worked with a taskforce of nine other states’ security regulators in investigating Coinbase’s staking. The company also faces a lawsuit filed Tuesday from the U.S. Securities and Exchange Commission.

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Giannoulias believes the legal action will help Illinoisans make smarter financial decisions.

“This action will protect consumers and investors to ensure they can make informed and safe decisions in Illinois and across the nation,” Giannoulias said. “Illinoisans who invest their money in Coinbase or any other digital asset trading business deserve both security and transparency and my office intends to hold crypto companies to the highest standards.”

A Coinbase spokesperson told WCIA they are reviewing all action from the security regulators and hope to have productive conversations. They do not believe they violated Illinois’ securities laws.

“We are confident that our staking services are not securities under federal or state law,” the spokesperson said.

Coinbase is not a part of the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation programs. This means that investors have no protection from loss of investing in Coinbase.

The public hearing with Coinbase is scheduled for Aug. 8. in Chicago.

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Man attacks Jeff Co. deputy with screwdriver during attempted arrest

Published

2 years ago

July 11, 2023

Natural Bridge

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JEFFERSON COUNTY, Mo. – Two people are behind bars after a man reportedly attacked a Jefferson County deputy with a screwdriver during an attempted arrest over the weekend.

Prosecutors have charged Nicholas Davis, 47, and Amanda Davis, 45, of Dittmer, Missouri, with felonies in the investigation.

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The alleged attack followed a traffic stop of a driver in the 9500 block of Jones Creek Road on July 7, though the driver was not Nicholas or Amanda.

According to court documents obtained by FOX 2, Nicholas reportedly came out of his nearby home, yelled at a deputy and started approaching him while holding a screwdriver. The deputy initially ordered Nicholas to back away, then used pepper spray.

Per court documents, the deputy attempted to arrest Nicholas, who then struck him in the chest with the screwdriver. Amanda reportedly approached the deputy and pulled him away from Nicholas before both ran inside their home.

The Jefferson County Sheriff’s Office says the situation prompted an hours-long standoff involving negotiators, a SWAT team and a K-9 deputy. The situation led to Nicholas refusing warnings and being bitten by a K-9.

Nicholas and Amanda are both jailed in the Jefferson County Jail without bond. Nicholas is charged with first-degree assault on a special victim and armed criminal action. Amanda is charged with resisting/interfering with arrest.

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St. Louis Public Schools superintendent to be sworn in

Published

2 years ago

July 11, 2023

Natural Bridge

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ST. LOUIS — The new St. Louis schools superintendent will be officially sworn into office today. Dr. Keisha Scarlett took over the job in July after the retirement of Dr. Kelvin Adams. She was assistant superintendent in the Seattle Public School District. The installation ceremony is at 6:15 p.m. before the regular school board meeting.

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Gas tanker crashes into St. Louis Metro transit center

Published

2 years ago

July 11, 2023

Natural Bridge

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ST. LOUIS — A gasoline tanker truck crashed into a Metro transit center near Riverview and Hall Streets early Tuesday morning and knocked over a power pole. The pole is leaning on other power lines. Police have the area blocked off here because there is a downed power line. Ameren and Metro crews are also on the scene.

The incident happened around 12:30 a.m. It’s still unclear exactly what caused the crash, but we do that there was a second vehicle somehow involved. The airbags on that second vehicle did deploy.

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Police at the scene have not been able to give us a lot of details. Metro officials tell FOX 2 that the transit center here is operating this morning for passengers and buses. Access to certain areas will be limited here as clean up unfolds.

A Metro spokesperson says half of the station isn’t being used right now because of safety issues. It isn’t impacting overall bus operations, everything is just happening on the other side of transit center.

The extent of the damage to the actual transit center is still unclear, but I’m told it does not appear to be extreme. A Metro spokesperson tells me there were no injuries to any metro workers or passengers. The tanker driver also was not injured.

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