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Join the Securities Litigation and Enforcement Group on LinkedInRegulators’ Take On ESG Investing | The D&O Diary
As readers of this blog well know, ESG is one of the hot topics in the investment and financial world these days. ESG is also very much on the mind of regulators as well, as two recent developments show. First, on November 22, 2022, the U.S. Department of Labor issued updated rules expressly allowing plan […]
FTX’s Collapse Upends Sam Bankman-Fried’s Washington Play – WSJ
For FTX, the crypto exchange Mr. Bankman-Fried founded, the goal was to steer oversight of crypto into the hands of what was perceived to be a friendlier regulator than the Securities and Exchange Commission, which has been promising a more stringent approach. His effort dovetailed with desires of other regulators and legislators to hold sway over […]
No One is Using Some Bitcoin ATMs in the Crypto Downturn – Bloomberg
Amherst County, Virginia, doesn’t have a hospital. It does have a Bitcoin ATM. It’s inside the Dogwood Express Market, a convenience store just down the road from the local used-car dealership. The machine lets people buy, receive and send Bitcoin, the largest cryptocurrency. Whether they choose to do so, however, is another matter. “I’ve never […]
Bitcoin, Ether Needn’t Follow Financial Rules, Belgian Regulator Says
Cryptocurrencies without an issuer such as bitcoin (BTC) and ether (ETH) are not securities, Belgium’s Financial Services and Markets Authority said Thursday. The regulator said it was getting an increasing number of questions about the regulatory treatment of crypto and hoped to address the most frequently occurring gray areas, including when digital assets can be […]
How a CoinDesk scoop led to the fall of Sam Bankman-Fried and implosion of FTX | CNN Business
The staggering level of apparent deception staged by former crypto king Sam Bankman-Fried wasn’t uncovered by government investigators or a major powerhouse financial news organization, such as The Wall Street Journal. Instead, the public’s first glimpse of the alleged wrongdoing by Bankman-Fried — known to insiders as SBF — came earlier this month from a […]
Bahamas reels from FTX collapse: ‘Crypto was going to be our way out’ | Financial Times
Sam Bankman-Fried chose a slice of prime Bahamas real estate to build the new headquarters of his fast-growing cryptocurrency exchange FTX, posing with a shovel alongside the Caribbean country’s prime minister in a shared embrace of the huge potential for digital assets. Just seven months later, FTX’s spectacular collapse has sent shockwaves through an industry […]
Nov. 30 Webcast: Cyber Risk — Insider Threat and Whistleblower Risk Management
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FTX Hires Ex-Regulators to Investigate Firm’s Collapse – WSJ
In its first hearing in Delaware bankruptcy court on Tuesday, a lawyer representing FTX said the firm has hired former enforcement chiefs from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, now both partners at law firm Sullivan & Cromwell LLP, to help the company’s new chief executive investigate what went […]
Private Equity Regulation Becomes Biden Administration Focus – Bloomberg
Private equity could use a few friends in Washington. While buyout firms have been busy protecting their lucrative carried interest fee structure in Congress, Biden administration securities, antitrust and broadcast TV regulators have quietly been undermining the industry’s business model by proposing tough rules, slow-walking deals and scrutinizing acquisitions that would consolidate industries or result […]
Regulate Crypto or It’ll Take Down the Economy – WSJ
Many say crypto is a scam. Crypto advocates tout the technology’s world-transforming potential and argue that naysayers just don’t understand. Either way, it is past time for crypto to be subjected to the same basic rules as other financial activities. If the crypto industry can succeed without stealing from investors or providing money-laundering services to […]