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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInThe SEC is Busy – Bloomberg
A somewhat exaggerated model you could have for the US Securities and Exchange Commission under its current chair, Gary Gensler, is that Gensler wants to remake all of securities regulation all at once…. You could imagine the SEC’s staff loving this. “Finally, after years of not remaking securities regulation, we’ve got something exciting to do!” But it […]
Crypto Companies FTX, Kraken See C-Suite Resignations in Face of Meltdown – Bloomberg
The convulsions that set the cryptocurrency market tumbling earlier this year and delivered shock waves through the industry have subsided. Now comes the shakeup in the C-suite. More than two dozen high-ranking executives — from Alex Mashinsky, the charismatic and controversial co-founder of now-bankrupt crypto lender Celsius Network to Brett Harrison of digital-asset exchange FTX US and Jesse Powell, the outspoken head of […]
Grayscale’s Bitcoin Case Gets Support From View Of Capricious SEC
The friend-of-the-court brief, signed by former U.S. regulatory officials, points out that the SEC is fine with ETFs based on a futures index that has an almost perfect correlation with a gauge based on spot prices. The SEC has based its opposition to spot-based ETFs on their vulnerability to fraud and manipulation, but the evidence […]
CFPB Appellate Ruling Portends ‘Chaos’ in Financial System
A Fifth Circuit ruling that the Consumer Financial Protection Bureau’s funding stream is unconstitutional has left companies under its oversight in limbo about whether its actions still have teeth. The US Court of Appeals for the Fifth Circuit’s Wednesday decision—which said the CFPB’s funding mechanism runs afoul of the US Constitution—is seen as a case […]
A Text Scam Called ‘Pig Butchering’ Cost Her More Than $1.6 Million – WSJ
The text message on Jane Yan’s mobile phone came from a number she didn’t recognize. “Are we going to the salon tonight?” It looked like the kind of mistake that can happen any day. In fact, it was part of a continuing scam that cost U.S. victims more than $429 million in losses last year, […]
CFTC Racked Up Crypto Enforcement Record in Past Year – Blockworks
The Commodity Futures Trading Commission (CFTC) said Thursday the crypto industry made up more than 20% of all enforcement cases filed for the 2022 financial year, as questions over which US regulator should police digital assets remain front and center. Around 18 actions relating to digital assets were executed for the year reported, the commission […]
SPAC liquidations top $12 billion this year as sponsors grapple with tough market, new buyback tax
A new buyback tax has motivated more and more SPAC sponsors to close up shop before the year-end, adding another headwind to the blank-check space already roiled by a tough market environment. A total of 27 SPAC deals, worth $12.8 billion, have been liquidated this year, according to data from SPAC Research. Under the new […]
Binance.US Hires Former FBI Agent BJ Kang as Head of Investigations – WSJ
The U.S. arm of Binance, the world’s largest cryptocurrency exchange by trading volume, has hired former FBI agent BJ Kang as its first head of investigations. In his new role, Mr. Kang will work closely with law enforcement, regulators and other crypto companies, Binance.US said. The company said it will build Binance.US’ own “investigations infrastructure” […]
THE Memes Won’t DIE: Crypto Hopefuls Seek Value in Joke Tokens After Vitalik Buterin’s Tweets
One of the most-traded tokens on the decentralized exchange Uniswap is called THE, which has seen some $10 million in on-chain trading volume and counts over 5,000 holders as of Friday afternoon. THE was created after Ethereum co-creator Vitalik Buterin, presumably jokingly, said on the bird app last week: “Someone should make a project called […]