Daily Archives: February 15, 2023, 6:44 pm

Crypto CEOs Like Coinbase’s Brian Armstrong Need to Accept That Existing Regulations Also Apply to Them

The problem is the pernicious concept in crypto that goes under the name “regulation by enforcement.” We need to excise this phrase from crypto, not just because it is imprecise but because it simply is not a thing. Regulators in the U.S. are not creating new rules; they are enforcing existing rules. Perhaps crypto executives need a quick refresher on…

Read More

Securities Litigator Mark R.S. Foster Joins Skadden as a Partner in Palo Alto | Skadden, Arps, Slate, Meagher & Flom LLP

Skadden is pleased to announce that Mark R.S. Foster has rejoined the firm, as a partner in the Litigation Group in our Palo Alto office. Mr. Foster was previously a co-chair of the securities litigation, enforcement and white collar defense group and co-head of the San Francisco litigation department at another global law firm. His practice focuses on representing public companies…

Read More

SEC Chair Gensler’s new proposal tightens crypto custody restrictions

Securities and Exchange Commission chairman Gary Gensler on Wednesday proposed sweeping changes to federal regulations that would expand custody rules to include assets like crypto and require companies to gain or maintain registration in order to hold those customer assets. The proposed amendments to federal custody rules would “expand the scope” to include any client assets under the custody of an investment…

Read More

Russian businessman found guilty in hacking, insider trading scheme – CBS News

A Russian millionaire with ties to the Kremlin was convicted Tuesday of participating in an elaborate $90 million insider trading scheme using secret earnings information from companies such as Microsoft that was stolen from U.S. computer networks. Vladislav Klyushin, 42, who ran a Moscow-based information technology company associated with the Russian government, was found guilty on all charges against him,…

Read More

FTX Class-Action Investor Suit Targets Sequoia Capital, Thoma Bravo, Paradigm – Bloomberg

Venture capital and private equity firms including Sequoia Capital, Thoma Bravo and Paradigm were accused in a lawsuit of hyping the legitimacy of FTX, the cryptocurrency exchange that collapsed causing billions of dollars in losses. The firms participated in a marketing campaign in 2021 to tout their own investments of hundreds of millions of dollars in FTX entities, according to…

Read More

Oh Elon – Bloomberg

Remember last year when Elon Musk was going around pretending that Twitter Inc. was doing a whole assortment of fraud, hoping that some of it would stick so that he could get out of his deal to buy Twitter? That was annoying. It did not go well, for him, and he eventually dropped it and bought Twitter at the price…

Read More