Daily Archives: September 8, 2022, 3:16 pm

Speech by SEC Chair Gary Gensler: Kennedy and Crypto

My predecessor Jay Clayton said it, and I will reiterate it: Without prejudging any one token, most crypto tokens are investment contracts under the Howey Test. Some in the crypto industry have called for greater “guidance” with respect to crypto tokens. For the past five years, though, the Commission has spoken with a pretty clear voice here: through the DAO…

Read More

WeWork Founder Adam Neumann’s Flow Draws Crypto Interest – Bloomberg

Within the crypto industry, which has had no lack of outlandish personalities and shameless hucksterism, Neumann’s past does not seem to be raising many concerns. He’s “a world-class founder,” says Michael Anderson, co-founder of crypto venture-capital firm Framework Ventures. After all, one of Neumann’s indisputable strengths is building hype: He raised billions from investors for WeWork and turned straightforward real…

Read More

Crypto Crash Gives U.S. Bank Regulators ‘Breathing Space,’ Official Says – WSJ

Federal agencies have in recent months seen a less pressing need to publish planned interagency guidance on how banks should treat digital assets, Michael Hsu, acting comptroller of the currency, said Wednesday at a banking industry conference in New York. The overall crypto market capitalization sat at about $960 billion Wednesday, down from about $3 trillion in November, according to…

Read More

ESG Can’t Square With Fiduciary Duty – WSJ

Second, both Mr. Landry’s and Mr. Rokita’s letters are warnings to public pension-plan trustees, who are under the same fiduciary duties that BlackRock is. Mr. Rokita’s opinion concludes that public pension boards are “prohibited” from retaining asset managers who “make investments, set investment strategies, engage with portfolio companies, or exercise voting rights appurtenant to investments based on ESG considerations,” which…

Read More

Vermont Regulators Didn’t Use the Word, but I Will: Celsius Was a Ponzi

A bombshell new filing by the Vermont Department of Financial Regulation in the Chapter 11 proceedings of the collapsed Celsius Network makes the case that the crypto lender was effectively insolvent, not just after the crypto market declines of early 2022 but as early as 2019. Celsius itself admitted to investigators “that the company had never earned enough revenue to…

Read More