Monthly Archives: April 2022

“We Know Wrongful Trading When We See It” – Some Observations Concerning the Recent Senate Hearing on the ITPA

Earlier this month, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the Insider Trading Prohibition Act (ITPA), which passed the house with bipartisan support in May of last year. Some prominent scholars, like Professor Stephen Bainbridge, have criticized the ITPA as ambiguous in its text and overbroad in its application, while others, like Professor…

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Coinbase Cracks Down on Front-Running of New Crypto Listings – Bloomberg

In a blog post Thursday, Chief Executive Officer Brian Armstrong said Coinbase is implementing new procedures, so people wouldn’t be able to guess, by examining Coinbase’s blockchain activity or playing around with its software, if it’s considering listing new tokens. “While this is public data, it isn’t data that all customers can easily access, so we strive to remove these…

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John Carlin, Top Adviser to Deputy Attorney General, Plans to Leave DOJ | Law.com

John Carlin, the top associate to Deputy Attorney General Lisa Monaco, is planning to leave the U.S. Justice Department at some point in the coming months, the department said Thursday. Carlin, who has worked with Monaco for much of his DOJ career, played a role in developing the department’s agenda on cybersecurity and corporate crime. He always expected to serve…

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Fidelity to Allow Retirement Savers to Put Bitcoin in 401(k) Accounts – WSJ

Fidelity Investments plans to allow investors to put a bitcoin account in their 401(k)s, the first major retirement-plan provider to do so. Employees won’t be able to start adding cryptocurrencies to their nest eggs right away, but later this year, the 23,000 companies that use Fidelity to administer their retirement plans will have the option to put bitcoin on the…

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Grayscale Renews Push With SEC for Bitcoin Spot ETF – Decrypt

Grayscale’s attorneys jumped on Teucrium’s approval via the 1933 act: “We believe the Teucrium order confirms the fundamental point … [that] when it comes to approving [exchange traded products], there is no basis for treating spot bitcoin products differently from bitcoin futures products.” The SEC likely will decide on Grayscale’s ETF application by July. Just weeks ago, Grayscale CEO Michael…

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SPACs Remain in the SEC’s Crosshairs

SPACs remain in the SEC’s crosshairs with this comprehensive rule proposal that expands the scope of underwriter liability, amends the scope of a safe harbor for financial projections and adopts a new safe harbor under the Investment Company Act of 1940. If adopted, the proposal would represent the most expansive regulatory consequences to SPAC business combination transactions since their creation…

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The Continuing Problem of Frequent Filers in Securities Litigation | The D&O Diary

When Congress enacted the Private Securities Litigation Reform Act (PSLRA) in 1995, it aimed to address perceived abuses in securities class action litigation. Among the ills Congress sought to address was the prevalence in securities litigation at the time of “professional plaintiffs” — that is, repeat players who lent their names to lawyer-driven lawsuits without performing any oversight or monitoring…

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Secret Service seizes more than $102 million in crypto assets

The U.S. Secret Service is cracking down on illicit digital currency transactions, seizing more than $102 million in cryptocurrency from criminals in connection with fraud-related investigations. David Smith, assistant director of investigations, said agents and analysts actively track the flow of Bitcoin and other cryptocurrencies on the blockchain, similar to an old-fashioned surveillance. Best known for protecting presidents, the Secret…

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