Daily Archives: August 5, 2022, 5:36 pm

What is regulation by enforcement — and is it bad? – Protocol

Congress has inched toward new rules for crypto, often with support from the industry. Sens. Kirsten Gillibrand and Cynthia Lummis have indicated their bipartisan crypto bill is unlikely to pass this year, but could have sections approved through committee. Sens. Debbie Stabenow and John Boozman introduced a separate bipartisan bill on Wednesday that would give the CFTC oversight of bitcoin…

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Coinbase Hit With Another Class Action Lawsuit Following SEC Allegations

Beleaguered US cryptocurrency exchange Coinbase is staring down yet another class action lawsuit. Law firm Bragar Eagel & Squire filed the suit on Thursday in the US District Court of New Jersey, alleging Coinbase made false or misleading claims about its business activities and compliance policies for more than a year, according to a statement. Specifically, the multi-faceted claim asserts…

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Crypto Becomes Next Financial Sector Under US Lawmakers’ Diversity Lens

Rep. Maxine Waters (D-Calif.), the chairwoman of the House Financial Services Committee, has asked 20 of the largest cryptocurrency firms doing business in the U.S. to explain their hiring practices as the panel adds the digital assets industry to the financial sectors it has questioned about employment diversity. Waters, who is also leading an effort alongside the panel’s ranking Republican…

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NYC’s Comptroller Strikes Back at Republicans’ ESG Criticisms – Bloomberg

New York City Comptroller Brad Lander, who helps oversee about $240 billion in pension funds, said efforts by conservative US states to thwart the financial industry’s plans to address climate change are just a cover to defend the interests of oil companies. Lander is referring to the growing backlash by elected officials from Republican-led states including Texas and West Virginia…

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Every U.S. Crypto Exchange (And Binance) Is Being Investigated By The SEC, Says Senator Lummis Staffer

Widely circulated reports that the U.S. Securities and Exchange Commission (SEC) is investigating $20 billion crypto exchange Coinbase are just the tip of the iceberg, according to a staffer from U.S. Senator Cynthia Lummis’ (R-Wy) office. The staffer says every U.S. crypto exchange—and the largest crypto exchange in the world, Binance—are in various stages of being investigated. There are more…

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Meet the accountants who may become the new power brokers of taxes. – The New York Times

Here’s where the accounting officials come in. Nearly 50 years ago, the Securities and Exchange Commission gave responsibility for writing and updating its “generally accepted accounting principles,” which determine how quarterly and annual profits are calculated, to the Financial Accounting Standards Board, a private organization funded by corporations and overseen by a nonprofit group, the Financial Accounting Foundation. FASB —…

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Michael Saylor Lost Big in the Dot-Com Bubble and Bitcoin’s Crash. Now He Aims to Rebound Again

Saylor and MicroStrategy then spent two decades mostly under Wall Street’s radar. Not that he was suffering. MicroStrategy kept plugging away, developing software for businesses. Saylor lived in a Miami Beach, Fla., mansion that looks like a Spanish colonial palace. A recent visit by a CoinDesk reporter revealed painted cherubs on the foyer ceiling, gold paneling and crimson-red wall paper…

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