Daily Archives: October 25, 2022, 8:38 am

The Only Crypto Story You Need, by Matt Levine

There was a moment not so long ago when I thought, “What if I’ve had this crypto thing all wrong?” I’m a doubting normie who, if I’m being honest, hasn’t always understood this alternate universe that’s been percolating and expanding for more than a decade now. If you’re a disciple, this new dimension is the future. If you’re a skeptic,…

Read More

Warren, Ocasio-Cortez Ask Regulators to Clarify Stance on Crypto Hires

U.S. Senator Elizabeth Warren (D-Mass.) and Representative Alexandria Ocasio-Cortez (D-N.Y.) have asked regulators to clarify their rules on former employees taking roles in the crypto industry. In a letter sent to almost all federal financial regulators, the lawmakers noted “the increasing number of revolving door hires” and asked how long individuals involved in regulating the crypto industry are barred from…

Read More

S. Korean Prosecutors Request Eight Year Prison Sentence for Ex-Bithumb Chairman on $70M Fraud Charges

South Korean prosecutors have asked the court to sentence Lee Jung-hoon, the former chairman Bithumb Holdings, which operates South Korean crypto exchange Bithumb, to eight years in prison on $70 million fraud charges. The trial took place on October 25 and the verdict will be delivered on December 20, according to Yonhap. Lee is accused of stealing $70 million from…

Read More

‘The million-dollar question’: CFTC chair on regulating crypto alongside the SEC | Fortune

Speaking at a Rutgers Law, Wall Street Blockchain Alliance, and Lowenstein Sandler event in Manhattan on Monday, Commodity Futures Trading Commission Chair Rostin Behnam sought to dispel the narrative of a turf war between his agency and the Securities and Exchange Commission. “It’s a pretty cynical view to suggest two agencies can’t figure it out and work together,” he said to…

Read More

Speech by SEC Chair Gary Gensler: “Competition and the Two SECs” Remarks Before the SIFMA Annual Meeting

1933 was an important year in SEC history. No, I’m not referring to the passage of the first federal securities law. I’m not actually referring to the Securities and Exchange Commission at all. I mean the other SEC: you know, the Southeastern Conference. *** The Southeastern Conference was first formed in February 1933. That was a mere three months before…

Read More

Two Chinese Intelligence Officers Charged with Obstruction of Justice in Scheme to Bribe U.S. Government Employee and Steal Documents Related to the Federal Prosecution of a PRC-Based Company | USAO-EDNY

According to court documents, Guochun He, also known as “Dong He” and “Jacky He,” and Zheng Wang, also known as “Zen Wang,” allegedly orchestrated a scheme to steal files and other information from the U.S. Attorney’s Office for the Eastern District of New York related to the ongoing federal criminal investigation and prosecution of a global telecommunications company (Company-1) based…

Read More

SEC Charges Canadian Cannabis Company and Former Senior Executive with Accounting Fraud

The Securities and Exchange Commission today charged Cronos Group Inc., a Nasdaq-listed cannabis company based in Toronto, for improperly accounting for millions of dollars of revenue and for other accounting misconduct in multiple reporting periods. The SEC also charged Cronos’s former Chief Commercial Officer, William Hilson, with fraud and aiding and abetting the company’s violations. In agreeing to settle with…

Read More

CFTC Chair Behnam Says ‘Number One Accomplishment’ Is Track Record of Enforcement Actions

Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam is eager for his agency to shed its reputation as the friendlier regulator for the crypto industry. Speaking at a panel discussion hosted by law firm Lowenstein Sandler in New York on Monday, Behnam said he gets “very irritated when folks start to talk about the CFTC as a more favorable regulator,”…

Read More