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Join the Securities Litigation and Enforcement Group on LinkedIn“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 […]
Musk Joins Moguls to Kill S.E.C. ‘Gag Orders’ at the Supreme Court – The New York Times
Mr. Musk is now part of a group of executives who are supporting a petition filed by Barry Romeril, a former chief financial officer of Xerox, asking the Supreme Court to review a 2003 deal he made with the S.E.C. that required him to stay forever silent about a fraud case against him. Mr. Romeril’s […]
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 […]
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. […]
May 5 Webcast — “Sustainable” Private Equity: An In-Depth Look at ESG Trends and Challenges
Please join Rodolfo Araujo, Christopher DeSa, Jessica Monson and Danielle Reyes for this free webcast.
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 […]
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 […]
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 […]
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 […]
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 […]