The Bitcoin price, which rose to the $57,000 threshold, suddenly changed due to US data. Following the announcement by the SEC, sales accelerated, and a long upper wick formed near $57,000. Subsequently, BTC erased its gains in just two 15-minute candles as the data arrived.
SEC Made a Cancellation Decision
In 2020, Salt Blockchain faced the SEC, and later resolved its issues with the institution. Following this, we began to see news about discussions with buyers for the company’s sale. However, today the SEC announced that the registration of Salt Blockchain’s securities was canceled due to rule violations.
The reason cited was non-compliance with certain legal rules:
- Salt Blockchain is a Delaware company with a class of securities registered with the Commission under Section 12(g) of the Exchange Act. Since the period ending December 31, 2021, Salt Blockchain has not submitted any periodic reports to the Commission, thus failing to comply with Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13.
“Section 12(j) of the Exchange Act is as follows.
The Commission, as necessary or appropriate for the protection of investors, upon notice and opportunity for hearing, may suspend for a period not exceeding twelve months, or revoke the registration of a security if the issuer has failed to comply with any provision of this title or the rules and regulations thereunder.”
Based on this authority, the SEC announced, “Pursuant to Section 12(j) of the Exchange Act, the registration of each class of securities of Salt Blockchain Inc. (CIK No.: 1686400) under Section 12 of the Exchange Act is hereby revoked.”
This may not be the only reason for the decline, as the 50bp cut expectation in the markets also suddenly reversed according to FedWatch. However, during this period, we did not see any triggering statements or different data from Fed members. In the last-minute announcement, we mentioned that BTC showed a downward trend after the US market opened and that we might see the same today.
