Daily Archives: June 15, 2022, 11:34 am

U.S. financial firms push back on SEC bid to rein-in blank check company deals | Reuters

U.S. financial industry groups are pushing to water down a draft Securities and Exchange Commission (SEC) rule aimed at reining-in special purpose acquisition companies or SPACs, arguing it could kill the industry. The American Securities Association (ASA), the SPAC Association and the CFA Institute are among groups warning that the SEC’s proposed March rule would create too much liability for…

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Crypto Firms Quake as Prices Fall – The New York Times

A global industry worth hundreds of billions of dollars rose up practically overnight. Now it is crashing down. After weeks of plummeting cryptocurrency prices, Coinbase said on Tuesday that it was cutting 18 percent of its employees, after layoffs at other crypto companies like Gemini, BlockFi and Crypto.com. High-profile start-ups like Terraform Labs have imploded, wiping away years of investments.…

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SEC launches insider trading inquiry into crypto exchanges | Fox Business

The U.S. Securities and Exchange Commission has launched a sweeping inquiry into whether crypto exchanges have proper safeguards to prevent insider trading on their platforms, FOX Business has learned. According to a person with direct knowledge of the inquiry, the SEC has sent a letter to one major crypto exchange requesting information about how the platform protects users from insider…

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Bill Gates says crypto and NFTs are based on ‘greater fool theory’

Bill Gates is not a fan of cryptocurrencies or non-fungible tokens. Speaking at a TechCrunch talk on climate change Tuesday, the billionaire Microsoft co-founder described the phenomenon as something that’s “100% based on greater fool theory,” referring to the idea that overvalued assets will go up in price when there are enough investors willing to pay more for them. Gates…

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The SEC and Messaging Apps

Despite the broad sweep of the requests, the SEC appears to be taking a lighter touch in the course of its investigation for now. And it is unclear to what extent financial institutions will be able to corral their employees’ use of personal phones or recover information from ephemeral messaging apps. But failure to have robust procedures in place to…

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Investors Are Increasingly Skeptical of ESG. This Is Why – Bloomberg

ESG has become a punching bag for the far right, for disgruntled corporate executives and even industry insiders. But there’s one group whose growing disapproval might be the ultimate game changer. Retail investors are slowly starting to look under the hood of the $40 trillion environmental, social and governance industry that’s increasingly steering their savings, and many aren’t liking what…

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Crypto Legislation Could Undermine Market Regulations, Gensler Says – WSJ

Asked about a bill introduced last week by Sens. Cynthia Lummis (R., Wyo.) and Kirsten Gillibrand (D., N.Y.), Mr. Gensler initially demurred, saying he would prefer to discuss the proposed legislation with the senators. But he then suggested that legislative changes targeting cryptocurrencies could have implications for stock exchanges or mutual funds. “We don’t want to undermine the protections we…

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