Daily Archives: July 19, 2022, 2:59 pm

SEC Enforcement Head Asks Congress for More Resources to Tackle Crypto Issues

Several subcommittee members brought up the possibility of expanding the SEC Enforcement Division’s allocated resources. When Rep. Sean Casten (D-Ill.) asked Grewal whether his unit had sufficient resources to regulate crypto, Grewal hinted at a potentially massive expansion on the horizon.“ I could always use more resources but we’re making the best with the additional 20 slots and then we’re…

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SEC Issues More than $17 Million Award to a Whistleblower

The Securities and Exchange Commission today announced an award of more than $17 million to a whistleblower who provided information and assistance in a covered action and related action. The whistleblower’s information prompted SEC staff to open a new investigation that led to the successful covered action. The whistleblower also provided SEC Enforcement staff with detailed information and documents throughout…

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Twitter Calls Elon Musk’s Bots Complaints ‘Irrelevant Sideshow’ – Bloomberg

Twitter Inc. dismissed Elon Musk’s complaints that he doesn’t have enough information about spam and robot accounts an “irrelevant sideshow” and urged a judge to hold a trial as soon as possible over his cancellation of a $44 billion buyout of the company. “The earliest possible trial date is imperative,” Twitter’s attorneys said in the nine-page filing Monday, responding to…

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Orrick Adds Fintech and Financial Services Litigator and Regulatory Enforcement Adviser

David McGill, a versatile litigator with deep experience advising clients in fintech and crypto and financial services, joins the firm’s Washington, DC office from Kobre & Kim. Dave brings a strong regulatory enforcement background representing clients in actions before the DOJ, SEC, CFTC and other agencies. Source: Orrick Adds Fintech and Financial Services Litigator and Regulatory Enforcement Adviser

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Cyber Criminals Create Fraudulent Cryptocurrency Investment Applications to Defraud US Investors

The FBI is warning financial institutions and investors about cyber criminals creating fraudulent cryptocurrency investment applications (apps) to defraud cryptocurrency investors. The FBI has observed cyber criminals contacting US investors, fraudulently claiming to offer legitimate cryptocurrency investment services, and convincing investors to download fraudulent mobile apps, which the cyber criminals have used with increasing success over time to defraud the…

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US Senator Says Too Many Crypto Firms Are Able to Scam Customers — Urges SEC to Regulate – Bitcoin News

U.S. Senator Elizabeth Warren says that “too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money.” She stressed the need for stronger rules, urging the Securities and Exchange Commission (SEC) and Congress to take action on crypto regulation. Source: US Senator Says Too Many Crypto Firms…

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