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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInFTC Probes BitMart Exchange Hack, Marking US Agency’s First Crypto Case – Bloomberg
The Federal Trade Commission is investigating the operators of the BitMart cryptocurrency exchange over a December 2021 hack that led to consumer losses between $150 million and $200 million — marking the agency’s first known probe into crypto markets. The investigation was disclosed Wednesday in an FTC order denying a bid by BitMart operators Bachi.Tech […]
Regulators Weigh Asking Hedge Funds to Report Crypto Exposure – WSJ
The collapse in cryptocurrency prices this year has left U.S. regulators scrambling to understand the risks that digital-asset markets could pose to the broader economy. They may soon enlist hedge funds in the effort. The Securities and Exchange Commission issued a proposal Wednesday that would require large hedge funds to report their cryptocurrency exposure through […]
Recent SEC Enforcement Hints at Looming Crackdown on ESG Claims
A new SEC task force to police corporate environmental, social and governance disclosures is gradually ramping up enforcement, putting companies on notice. The Securities and Exchange Commission created its Climate and ESG Task Force a year and a half ago. The unit has mostly kept working behind the scenes. But in the last four months, […]
U.S. Republicans prepare consumer watchdog, SEC probes as mid-term elections loom | Reuters
“A new day is coming,” Tom Emmer, the top Republican on the House finance panel’s oversight and investigations subcommittee, said in an interview, adding the two agencies are not being held accountable by Democrats. “Once we have the power to subpoena, once they have to listen to us, aggressive congressional oversight will only strengthen our […]
PCAOB ‘Up to the Task’ of Updating Standards, Tougher Enforcement – CPA Practice Advisor
One day after Securities and Exchange Commission (SEC) Chair Gary Gensler said the Public Company Accounting Oversight Board (PCAOB) has been too slow to update auditing standards, the audit regulator’s chair said that effort is already underway. “Just six months into my term, we are already actively working to update more than 25 standards within […]
What’s at Stake: Will the Merge Turn Ether Into a Security?
Ethereum’s upcoming Merge could make the second-largest blockchain greener, faster and cheaper. But a law professor says it could also create regulatory headaches by transforming ether (ETH), the network’s native asset, into a security under U.S. law. “After the Merge, there will be a strong case that ether will be a security. The token in […]
South Korea Makes First Arrests in Major Crypto-Linked Inquiry – Bloomberg
South Korean prosecutors made their first arrests in a probe of $3.4 billion worth of foreign-exchange transactions for possible links to illegal cryptocurrency-related activities. Three people were held on allegations including setting up paper companies and operating a cryptocurrency trading business without registration, the Daegu District Prosecutors’ Office said in a text message on Thursday. […]
Investors in Alleged Crypto Ponzi Scheme EminiFX Are Cheering CEO Eddy Alexandre – Bloomberg
For Louisiana Francois, who sank $10,000 into what prosecutors say was a Ponzi-like crypto scheme, driving four hours from her home outside Boston to watch the man who allegedly took her money appear in court was an easy call. But she didn’t go to condemn him. She went to cheer him on. “I’m standing with Eddy Alexandre, […]
Coinbase Under SEC Scrutiny Over Its Crypto-Staking Programs – Bloomberg
Coinbase Global Inc. said it’s being probed by the US Securities and Exchange Commission over its staking programs, which allow users to earn rewards for holding certain cryptocurrencies. The company “has received investigative subpoenas and requests from the SEC for documents and information about certain customer programs, operations and existing and intended future products,” according […]