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The Nevada Financial Institutions Division has recently lodged a petition for receivership for Prime Trust citing operational instability and insolvency. In a move seeking to stabilize its operation, the Nevada Financial Institutions Division has called for the initiation of receivership proceedings for cryptocurrency custodian Prime Trust. The institution’s call for receivership was prompted by concerns over Prime Trust’s financial soundness and current operational state. According to the regulator, the crypto custodian’s mode of operation was found to be precarious and unstable, and the company is identified as insolvent in compliance with the cease-and-desist order promulgated on June 21, 2023. FID alleged Prime Trust lost access to legacy wallets in 2021 and used customer assets to buy back crypto oh brother https://t.co/2rrW2jpmDr pic.twitter.com/zjebYPAkcA — db (@tier10k) June 27, 2023 By seeking the appointment of a receiver, the regulatory bod...

Last week, the US Court of Appeals for the Third Circuit ordered the US Securities and Exchange Commission (SEC) to respond to Coinbase’s request for clarifying the rulemaking .  According to documents shared by the exchange’s chief legal officer (CLO) Paul Grewal, the regulator has denied to “commit to any deadline despite the Court’s explicit order.” The SEC says in the letter that Coinbase’s petition might receive a recommendation within 120 days. Moreover, the SEC set the deadline to update the court on Oct. 11, 2023, according to Grewal’s tweet. In addition, the regulator asked the court to “take no action” before the time limit is reached. 4/5 pic.twitter.com/7obUPvATqK — paulgrewal.eth (@iampaulgrewal) June 13, 2023 Grewal added that the SEC disregards “the clear statements of the Chair that confirm they have no intent to issue new rules.” You might also like: Ava Labs CEO to testify before US House “Coinbase’s request for periodic reports is s...