Daily Archives: October 13, 2022, 8:49 am

SEC’s Peirce Calls for Crypto Legislation to Guide Regulation

Congressional efforts to regulate cryptocurrency have come at a “good time” for the SEC, which has relied on existing securities laws to police digital coins, agency Commissioner Hester Peirce said Wednesday. Crypto requires different rules than traditional securities, the Republican said. Lawmakers have been working on several bipartisan bills that would regulate digital assets, as crypto industry members have clamored…

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Cryptocurrency Market Hackers Set for Record Year After Looting Over $3 Billion – Bloomberg

Cryptocurrencies may have crashed this year but they remain a digital cash-machine for one potent constituency: hackers. At least $718 million has been stolen so far in October alone, taking the gross tally for the year past $3 billion and putting 2022 on course to be a record for the total value hacked, according to blockchain specialist Chainalysis Inc. Most…

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Crypto Advocacy Group Sues U.S. Treasury Over Tornado Cash Sanctions – WSJ

A cryptocurrency research and advocacy group has filed a lawsuit challenging the U.S. Treasury Department’s sanctions against cryptocurrency mixer Tornado Cash. Coin Center, a Washington, D.C.-based crypto-focused think-tank, along with three individuals, filed suit against the Treasury Department Wednesday in federal court in the Northern District of Florida, asking it to remove Tornado Cash from the sanctions list. The suit…

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Payments Company Hit With Data Breach-Related Securities Suit | The D&O Diary

The payment technology firm Block, Inc. (formerly known as Square) has been hit with a securities class action lawsuit related to the company’s announcement earlier this year that a former employee had improperly accessed and downloaded company customer data. The new lawsuit is the latest example of the ways in which data security incidents can translate into D&O claims. Source:…

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FASB Settles on Fair-Value Accounting for Measuring Crypto Assets – WSJ

The Financial Accounting Standards Board on Wednesday said companies should use fair-value accounting for measuring bitcoin and other crypto assets, moving a step closer to a standard that could clear up uncertainty over reporting how much such holdings are worth. There are currently no specific accounting or disclosure rules for cryptocurrency assets, so businesses classify them as indefinite-lived intangible assets…

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Oh Elon – Bloomberg

Well, look, it is a weird feature of US securities law that shareholders regularly sue companies for misleading them, and those companies regularly settle those lawsuits, and the companies pay money to the shareholders, but the money comes from the shareholders. The money belongs to the shareholders, so paying it out as damages seems counterproductive. I suppose there are some differences. (If you…

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