‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Launches Cryptocurrency Probe – WSJ
The Securities and Exchange Commission has issued scores of subpoenas and information requests to technology companies and advisers involved in the red-hot market for digital tokens, according to people familiar with the matter. The sweeping probe significantly ratchets up the regulatory pressure on the multi-billion-dollar U.S. market for raising funds in cryptocurrencies. It follows a […]
Jones Day Partner, Receiver Discusses Digital Asset Challenges in ICO Suit | The Recorder
In a suit filed a month ago by the SEC against Texas-based AriseBank for alleged securities violations related to an ICO, U.S. District Chief Judge Barbara Lynn appointed Jones Day partner Mark Rasmussen in Dallas as the first-ever neutral receiver in an ICO enforcement action. In his new role, Rasmussen will oversee all the assets […]
SEC Settles With Corporate Insider Who Traded Then Lied
Some corporate insiders make the mistake of trading while in possession of material non-public information. Others compound the error by lying to the SEC staff during an ensuing investigation. Yang Xie, formerly an employee at a pharmaceutical company, made both mistakes. SEC v. Xie, Civil Action No. 2:18-cv-02779 (Feb. 27, 2018). via SEC Settles With […]
Cryptocurrencies, ICOs, and blockchain technology get multi-pronged attention at SEC Speaks 2018 | Eversheds Sutherland
Cryptocurrencies and initial coin offerings (ICOs) were a recurring area of focus in presentations by multiple divisions of the Securities and Exchange Commission at its annual “The SEC Speaks” conference in Washington, DC on February 23-24, 2018. While the SEC does not seem to have reached consensus yet on how to treat this new, rapidly […]
Crypto’s Hottest Hires Aren’t Millennials. They’re Banking Cops – Bloomberg
The drumbeat of hires crescendoed in November when Ripple, a venture looking to rewire global banking with its own cryptocurrency, added Ben Lawsky to its board. He earned a tough reputation as New York’s top financial watchdog by pushing banks to scrutinize client transactions for illicit dealings. In January, crypto brokerage Omega One enlisted a […]
Trump’s SEC Makes Slow Progress on Trimming Rules – WSJ
The SEC has signaled more gradual action aimed at streamlining regulations for the coming year. “Modernizing the rules without in any way taking away investor protection is the best thing that we can do,” Mr. Clayton told CFO Journal on the sidelines of the Practicing Law Institute’s “SEC Speaks” conference in Washington on Friday. The […]
Investigations Pick Up As Cryptocurrency Worries Permeate SEC
Cryptocurrency worries are permeating the Securities and Exchange Commission. The SEC’s Enforcement Division already has many cryptocurrency investigations going on, says Enforcement Co-Director Stephanie Avakian. Meanwhile, SEC Chair Jay Clayton predicts there will be more enforcement actions unless players in the industry change their behavior. Their comments came this weekend during the annual two-day SEC Speaks conference, […]
2017 Saw Dip in Securities Class Settlements | The American Lawyer
Following a banner year for high-dollar securities class action settlements in 2016, plaintiffs lawyers who represent investors in such cases had a less lucrative 2017, with settlement values and legal fees dropping to lows not seen in more than a decade, economic consulting firm NERA said in a new report. NERA Economic Consulting released its year-end review […]
SEC Commissioner Criticizes Idea of Curbing Shareholder Lawsuits – WSJ
The SEC shouldn’t let a company doing an initial public offering restrict possible class-action lawsuits by its shareholders, Commissioner Robert Jackson Jr. told a New York investment conference. Such a move should only follow a rulemaking process through which the SEC gets public comments and studies the costs to investors of forcing disputes into private […]
What’s in a Broker’s Name? SEC to Address Titles Used When Advising Investors – WSJ
Speaking at a conference in Washington, Securities and Exchange Commission Chairman Jay Clayton said a regulation requiring brokers to act in the best interest of clients would address the ability of brokers to use titles such as “financial adviser.” Some investor advocates say the title misleads clients into thinking that brokers have the same legal […]