Daily Archives: December 6, 2022, 9:39 am

DLA Piper adds Patrick Bryan as a partner in the firm’s Litigation group | DLA Piper

DLA Piper is continuing the growth of its Litigation practice with the addition of Patrick Bryan as a partner in the firm’s Washington, DC office. Bryan is a leading authority in the financial services and enforcement sector. Over the last nine years, he has served in senior roles for three principal regulators, the Public Company Accounting Oversight Board (PCAOB), the…

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Let crypto burn | Financial Times

In the aftermath of the collapse of FTX, authorities should resist the urge to create a parallel legal and regulatory framework for the crypto industry. It is far better to do nothing, and just let crypto burn. Actively intervening would convey undeserved legitimacy upon a system that does little to support real economic activity. It also would provide an official…

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Sam Bankman-Fried Needs to Lawyer Up, Get Smart, and Stop Talking

Bankman-Fried may think he’s helping himself by making FTX’s collapse sound like a business mistake rather than a colossal fraud. But prosecutors can pick apart his public statements for inconsistencies and use his statements to show the extent of his knowledge or the facts that he has conveniently forgotten now that he faces scrutiny. Under US rules of evidence, Bankman-Fried…

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Wall Street Veteran Is the Face of Crypto in Ripple-SEC Fight

Stuart Alderoty is giving the US Securities and Exchange Commission its toughest fight against crypto regulation in one of the industry’s most important tests, even as the FTX debacle grips the world of digital assets. Alderoty, a 63-year-old lawyer, has spent most of his career working for traditional financial players. As chief legal officer for the payments company Ripple Labs…

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Crypto and SPACs are a Doomed Match in the Eyes of the SEC – Bloomberg

Banker Bob Diamond was forced to pull the ripcord this week on his attempt to take stablecoin issuer Circle Internet Financial public via a special purpose acquisition company. The ex-Barclays Plc boss’s dealmaking ability probably wasn’t the issue. Nor was the target’s financial performance: Circle earns interest income on the reserves that backstop its stablecoin USDC, and rising interest rates have thus benefited its…

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Small Investors Who Jumped Into Crypto on FTX Say, Now What? – The New York Times

In early November, Adrian Butkus, a 43-year-old father of two, put $600,000 — much of his life savings — into an account at BlockFi, a cryptocurrency trading firm. BlockFi had marketed the account as risk free, yielding 6.5 percent interest, more than Mr. Butkus could get anywhere else. Just days later, as the collapse of the cryptocurrency exchange FTX shook…

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