Daily Archives: October 11, 2022, 5:50 pm

US 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 disclosure rules, according to a…

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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 Senator Bill Haggerty (R., Tenn.) pointed…

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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 also decreed that da Silva’s…

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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 Act and the Federal Records…

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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 GOP treasurers to announce they…

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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 the so-called “King of SPACS,”…

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