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Join the Securities Litigation and Enforcement Group on LinkedInSenate banking chairman says ‘maybe’ to cryptocurrency ban | The Hill
Sen. Sherrod Brown (D-Ohio) on Sunday said federal agencies need to address the cryptocurrency market and “maybe” ban it after the high-profile collapse of cryptocurrency market FTX last month. Brown, the chairman of the Senate Banking, Housing, and Urban Affairs Committee, told NBC’s “Meet the Press” moderator Chuck Todd that the Treasury Department and “all […]
SEC Awards More Than $37 Million to Whistleblower
The Securities and Exchange Commission today announced an award of more than $37 million to a whistleblower whose information led to a successful SEC enforcement action and a related action. The whistleblower was the initial source of the company’s internal investigation, as well as the source for investigations by the SEC and another agency. While […]
SEC Charges Honeywell with Bribery Schemes in Algeria and Brazil
The Securities and Exchange Commission today announced charges against Honeywell International Inc. for violations of the Foreign Corrupt Practices Act (FCPA) arising out of bribery schemes that took place in Brazil and Algeria. The company has agreed to pay more than $81 million to settle the SEC’s charges. The SEC’s order finds that Honeywell, a […]
Binance’s books are a black box, filings show, as crypto giant tries to rally confidence
The exchange said it dealt with net outflows of around $6 billion over 72 hours last week “without breaking stride” because its finances are solid and “we take our responsibility as a custodian seriously.” After the collapse of rival exchange FTX last month, Binance’s founder Changpeng Zhao promised his company would “lead by example” in […]
US Rings Crypto Warning Bell That Regulators Say Only Congress Can Silence
There are hazardous gaps in how crypto is overseen, according to the latest annual report from the Financial Stability Oversight Council (FSOC) – restating a view that’s long been adopted by U.S. lawmakers, regulators and the industry itself. The FSOC – a panel of U.S. financial agency chiefs that includes U.S. Treasury Secretary Janet Yellen, […]
FTX Founder Sam Bankman-Fried Needs New Defense Besides ‘Sorry,’ Lawyers Say – Bloomberg
For weeks, FTX founder Sam Bankman-Fried has been previewing a possible defense to criminal charges over the cryptocurrency exchange’s collapse: I made mistakes but I didn’t mean to do it. But that’s probably not going to cut it now that he’s been arrested in the Bahamas and charged by federal prosecutors in New York, several […]
The Busiest Lawyer in Crypto is Turning His Attention to FTX
“What is Voyager Digital, and what do you do?” Sussberg said he asked. “I got a crash course in crypto.” That was the start of an education that at this point might give Sussberg enough credits for an advanced degree in the murky world of cryptocurrency. In an industry swarming with lawyers, Sussberg has emerged […]
‘Crypto winter’ has come. Will it become an ice age? – The Washington Post
The crypto industry is calling this moment its “crypto winter.” They say it’s cyclical, much like a bear market for Wall Street — something that has happened before and will eventually blow over. But experts say the ferocity and scale of this downturn could end up leading to more of an ice age. “Where we […]
If Grayscale’s Bitcoin ETF Dreams Fail, Firm May Try a Tender Offer, CEO Says – WSJ
Grayscale Investments said the firm would explore new options to return a portion of the Grayscale Bitcoin Trust’s capital to shareholders if it fails to transform the world’s largest bitcoin fund into an exchange-traded fund. These options could include a tender offer for up to 20% of the outstanding shares of the $10.7 billion trust, […]
Where Was Biden’s SEC Sheriff on Sam Bankman-Fried? – WSJ
That FTX hadn’t registered with the SEC doesn’t let Mr. Gensler off the hook. For months he’s claimed to have authority over crypto and warned about self-dealing at their exchanges. Why didn’t he investigate the company? That would have given the SEC records of FTX’s sloppy bookkeeping and perhaps its alleged fraud. A charitable explanation […]