Daily Archives: February 14, 2023, 9:41 am

Willkie to Add Prominent Investigations and Compliance Leaders Timothy Heaphy and Soumya Dayananda as Partners

Willkie Farr & Gallagher LLP today announced that Timothy Heaphy and Soumya Dayananda will join the Firm as partners in the Litigation Department, where they will be members of the Compliance, Investigations & Enforcement Practice. Tim and Soumya will be based in Willkie’s Washington, DC office. Source: Willkie | Willkie to Add Prominent Investigations and Compliance Leaders Timothy Heaphy and…

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The SEC Cracks Down on Crypto – Bloomberg

SEC Chair Gary Gensler gave a strange television interview after this enforcement action, minimizing the burden of the US securities registration system. “It’s just a form on our website,” Gensler said, which is surely news to the public companies that spend millions of dollars a year on public-company securities-law compliance. 4  There is a widespread view in the crypto industry…

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U.S. judge puts SEC, CFTC cases against FTX’s Sam Bankman-Fried on hold | Reuters

A U.S. judge on Monday put two regulators’ civil lawsuits against Sam Bankman-Fried on hold until the conclusion of the Department of Justice’s criminal case against the founder of the now-bankrupt FTX cryptocurrency exchange. U.S. District Judge Kevin Castel in Manhattan granted a Justice Department motion to stay the lawsuits filed by the Securities and Exchange Commission and the Commodity…

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Crypto Work With Hedge Funds Faces Scrutiny Under US Regulator’s Proposal – Bloomberg

Hedge funds, private equity firms and pension funds could have a tougher time working with many crypto firms under a draft proposal from a top US regulator, according to people familiar with the matter. Rule changes that the US Securities and Exchange Commission plans to propose Wednesday would in effect make it harder for crypto firms to be “qualified custodians”…

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Crypto Investors Brace for More Crackdowns From Regulators – WSJ

The walls are closing in around crypto. Regulators hadn’t taken action against many of the industry’s biggest players, but are now cutting off access to products and services central to the digital-currency business. *** The flurry of actions came after years of slow-moving investigations and debate in Washington over how to best handle the fast-growing industry. Some observers detected a…

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Paxos ‘Categorically Disagrees’ With SEC That BUSD Is a Security, Says It Will Litigate if Needed

Stablecoin issuer Paxos acknowledged that it has received a Wells Notice from the U.S. Securities and Exchange Commission, indicating a possible enforcement action based on the charge that its Binance USD constitutes an unregistered security, according to a Monday press release. BUSD is a stablecoin branded by Binance that’s pegged to the U.S. dollar. But the firm said it “categorically…

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Blockchain Association Files Amicus Brief in Coinbase Insider Trading Case

In court, Wahi’s lawyers have argued that these tokens are not securities, and therefore he cannot be charged for securities fraud. The Blockchain Association, a Washington-based crypto lobbying organization, is seeking to advance that argument by saying that the SEC is engaging in “absentee enforcement” as the token creators are not linked to the case, nor, by statute, can they…

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