Monthly Archives: July 2022

Ex-CFTC Chairman Sees Europe’s MiCA Bill as Threat to US Crypto Industry

Former Commodity Futures Trading Commission chief Chris Giancarlo is worried that the European Union’s fast-moving Markets in Crypto Assets (MiCA) bill could lead to the global export of European-style crypto regulation, hurting U.S. regulators’ ability to effectively create rules of their own. The landmark legal framework, which hasn’t been made law yet, aims to provide regulatory clarity to the growing…

Read More

Bankrupt Crypto Brokerage Voyager Ordered to Cease False Promises About U.S. Banking Insurance – WSJ

U.S. regulators issued a joint letter ordering bankrupt cryptocurrency broker and lender Voyager Digital Ltd. to cease and desist from marketing itself as insured by the Federal Deposit Insurance Corp., saying statements on its website and elsewhere were false and misleading. The joint letter released Thursday, from the Federal Reserve and FDIC, said the company’s statements “likely misled and were…

Read More

‘I Don’t Believe in Any Kind of “Gotcha” Regulation,’ CFTC Commissioner Says on SEC Insider Trading Case

Commodity Futures Trading Commission (CFTC) member Caroline D. Pham told CoinDesk TV Wednesday her agency should have had “a seat at the table” before the Securities and Exchange Commission brought insider trading allegations against a former manager at crypto exchange Coinbase (COIN). Pham, who was sworn in as a commissioner in April, said the CFTC also has insider trading enforcement…

Read More

SEC Charges Former CFO and Coo with Falsifying Books and Records and Circumventing Internal Controls to Misappropriate Funds

The Securities and Exchange Commission today announced it was charging Frank Okunak, the former Chief Financial Officer and Chief Operating Officer of a subsidiary of a public global advertising and marketing company, with falsifying books and records and circumventing accounting controls to misappropriate more than $16 million for his benefit. The SEC’s complaint, filed in federal court in Manhattan, alleges…

Read More

Sign on the Dotted Line: Compliance Certifications by CEOs and CCOs A Likely Requirement | Paul Hastings LLP

As it continues its focus not just on enforcement, but on compliance, members of the U.S. Department of Justice have foreshadowed a sea change for Chief Executive Officers and Chief Compliance Officers in corporate resolutions: namely, individual certifications as to the design and efficacy of a company’s corporate compliance program. Source: Sign on the Dotted Line: Compliance Certifications by CEOs…

Read More

UK Says Crypto, NFTs Should Get Own Laws to Aid Ownership Claims – Bloomberg

The UK needs to reform legislation to specifically account for cryptocurrencies and nonfungible tokens, the country’s Law Commission said, arguing that existing laws aren’t robust enough to govern the fledgling sector. Laws regarding personal property should be changed to include a distinct category for so-called “data objects”, which would encompass intangible, and sometimes unique, assets like crypto tokens, the commission…

Read More

A Law Firm Is Seeking Disgruntled Bored Ape Yacht Club Investors for a Class Action Suit Alleging Yuga Labs Overpromised on Returns | Artnet News

The New York law firm Scott and Scott is looking to drum up plaintiffs to file a class action suit against Yuga Labs, alleging that the NFT juggernaut tapped celebrities to talk up the value of their tokens and lure in “unsuspecting investors” with the promise of high returns. A slew of stars, including Gwyneth Paltrow, Eminem, and Madonna, acquired…

Read More

ESG should be boiled down to one simple measure: emissions | The Economist

Unfortunately esg suffers from three fundamental problems. First, because it lumps together a dizzying array of objectives, it provides no coherent guide for investors and firms to make the trade-offs that are inevitable in any society. Elon Musk of Tesla is a corporate-governance nightmare, but by popularising electric cars he is helping tackle climate change. Closing down a coalmining firm…

Read More