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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInUS SEC Investigates Bored-Ape’s Yuga Labs Unregistered Digital Assets Sales – Bloomberg
The US Securities and Exchange Commission is investigating Yuga Labs Inc., the creator of the popular Bored Ape Yacht Club collection of NFTs, over whether sales of its digital assets violate federal law. The SEC is examining whether certain nonfungible tokens from the Miami-based company are more akin to stocks and should follow the same […]
Is there really such a thing as crypto addiction? | Financial Times
I’ve long thought that buying crypto is less like an investment, which is how it is usually touted, and more akin to gambling. There’s the get-rich-quick promises, the gamified trading platforms and the sheer unpredictability of the markets. It wasn’t until I hosted the latest series of the FT’s Tech Tonic podcast that I realised […]
SEC Climate Regulation Burdensome, Crypto Rules Unclear | National Review
Besides the legitimate question of whether the SEC has the authority to impose these disclosure obligations, and the hurdle crystallized in the Supreme Court’s West Virginia v. EPA ruling, Gensler steadfastly refuses to consider the evidence that these disclosure obligations risk burdening companies and their shareholders with high regulatory costs while providing little information of value for investors. As […]
Elon Musk Has Three Weeks to Change His Mind – Bloomberg
The deep point of the stay in this case is to make the litigators go away. They have been punching each other in the face for months, because that is their job and because they enjoy it, but now they have to stop, so the deal lawyers can come back and actually close the deal. If […]
Brazilian Police Issue Warrants Against Alleged Leader of $767M Crypto Pyramid Scheme
On Thursday, a hundred police officers took to the streets of six Brazilian cities to serve search and seizure warrants against Francisley Valdevino da Silva, who is accused of running a cryptocurrency pyramid scheme that raised $767 million. At the time of publication, there was no news on whether he had been arrested. The justice […]
Crypto’s Evolution as an Asset Class Needs Better Accounting
But after last year’s initial hype, the corporate balance sheet clamor for bitcoin has slowed to a crawl, likely due in part to complex accounting rules. For observers and investors in public companies holding bitcoin, disclosure rules are also vague and deter transparency. Tesla recently left a mystery in its wake as it sold 75% […]
Elon Musk Sued by Investor Over Manipulate Twitter Stock Price – Bloomberg
Elon Musk was sued by a Twitter Inc. investor who says the world’s richest person’s on-again off-again purchase of the social-media platform and his public attacks on the company were designed to manipulate its stock price. Giuseppe Pampena says that when Musk agreed last week to go ahead with his purchase of Twitter, at the […]
Transparency for Thee, but Not for the SEC – WSJ
But based on my experience in a half-dozen currently active lawsuits involving records requests to federal agencies, including the SEC, political appointees and other federal regulators regularly engage in the same sort of practices. Regulators are bound by requirements similar to those covering banks and traders, thanks to laws such as the Freedom of Information […]
GOP treasurers withdraw $1B from BlackRock over ESG investments
The world’s largest asset manager is facing $1 billion in withdrawals from Republican state treasurers because of the financial giant’s investment priorities, according to published reports. BlackRock, which manages $8.5 trillion, has come under fire for its aggressive push on so-called ESG investments that promote environmental, social and governance issues. The outrage has led multiple […]
SPAC-Merged Real Estate Platform Hit with Securities Suit | The D&O Diary
In the latest lawsuit to emerge in the aftermath of the recent SPAC frenzy, a plaintiff shareholder has filed a securities class action suit against Opendoor Technologies, a residential real estate digital platform, which merged into a publicly traded SPAC in December 2020. The SPAC involved was one of the many financial vehicles launched by […]