The Securities and Exchange Commission today announced that Gurbir S. Grewal has been appointed Director of the Division of Enforcement, effective July 26, 2021. Grewal currently serves as Attorney General for the State of New Jersey, a role he has held since January 2018, when he was confirmed by the New Jersey State Senate after being nominated by Governor Phil Murphy.…
One approach might be to make it harder to use or transfer cryptocurrency once stolen, much like suitcases filled with $1 million in cash are difficult to actually spend without getting noticed. The Biden administration is proposing to adopt the same requirement for crypto that all businesses have when they are paid more than $10,000 in cash—reporting it to the…
The Securities and Exchange Commission is investigating whether the recently dismissed chairman of the auditing industry’s oversight board violated any rules in his handling of internal complaints at the regulator, according to people familiar with the matter. The SEC’s enforcement investigation is examining the actions of William Duhnke, who was dismissed from his job as chairman of the Public Company…
Given the CFTC’s importance, it’s puzzling that President Biden has yet to nominate a chair. After he was sworn in Jan. 21, there were news reports that the two Democratic CFTC commissioners, Rostin Behnam and Dan Berkovitz, and Georgetown University law professor Chris Brummer were being considered for the top spot. But there has been no action taken, other than…
With offerings across a growing number of online platforms and increased trading volume, NFT issuers, promoters, and buyers should consider the legal and regulatory implications relating to NFTs and federal securities laws. Throughout the first half of 2021, non-fungible tokens (“NFTs”) have continued to experience widespread adoption across a range of industries. Just last week, rights to a so-called CryptoPunk NFT, dubbed…
Shortly after Marriott International’s November 2018 announcement that it had uncovered a data breach in the guest registration system of Starwood (which Marriott had acquired two years earlier), the company was hit with a raft of litigation, including both securities class action lawsuits and shareholder derivative lawsuits. In twin June 11, 2021 opinions, the federal district judge presiding over the…
Regardless of which side is correct, the key point is that the agency is heading toward the kind of gridlock on Capitol Hill and Congress. If that is the case its independence is being compromised; the losers will be the registrants, markets and the public. Transparency and investor protection will be lost in a cloud of political posturing. In the…
The crypto industry has grown to a point where lawyers representing businesses in the sector must tap an increasing number of global resources, said Andrew Hinkes, a prominent lawyer in the space. Hinkes and a colleague, Justin Wales, have joined global law firm K&L Gates, after a combined 11 years as counsel at Carlton Fields, a smaller, U.S.-based law firm…
According to the SEC’s complaint, Nathaniel Brown, who served as the revenue recognition manager for Infinera Corporation, repeatedly tipped Infinera’s unannounced quarterly earnings and financial performance to his best friend, Benjamin Wylam, from April 2016 until Brown left the company in November 2017. The SEC’s complaint alleges that Wylam, a high school teacher and bookmaker, traded on this information and…
Chairman Gensler’s comments indicate that new, additional requirements for 10b5-1 plans are likely to be coming. In prepared comments made at The Wall Street Journal’s CFO Network event on June 7, 2021, SEC Chairman Gary Gensler explained that he has asked the SEC Staff to make recommendations on how to “freshen up” Rule 10b5-1 under the Securities Exchange Act of…