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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Charges NBA Hall of Famer Paul Pierce for Unlawfully Touting and Making Misleading Statements about Crypto Security
The Securities and Exchange Commission today announced charges against former NBA player Paul Pierce for touting EMAX tokens, crypto asset securities offered and sold by EthereumMax, on social media without disclosing the payment he received for the promotion and for making false and misleading promotional statements about the same crypto asset. Pierce agreed to settle […]
The SEC Comes for Crypto Custody – Bloomberg
A general theme of financial regulation is that regulators write rules, and then creative financial-industry lawyers find ways around them. The industry lawyers tend to have advantages over the regulators: They are better paid, for one thing, but also the regulators have to write general public rules that account for all cases and then the […]
Judge Signals Jail Time if Bankman-Fried’s Internet Access Is Not Curbed – The New York Times
Since his arrest two months ago, Samuel Bankman-Fried, the disgraced cryptocurrency executive, has been physically confined to the Palo Alto home of his parents, under the force of a $250 million bail package. But he has roamed largely unfettered in the wilderness of the internet: conducting interviews, posting narratives, making calls on encrypted apps and […]
Lack of Crypto Audit Regulation Raises Questions About PCAOB Authority – WSJ
The PCAOB—which sets audit standards, inspects audits and disciplines audit firms—has said it can only oversee audits of public companies and SEC-registered broker-dealers. The watchdog in 2019, however, set up a team of inspectors who focus on emerging audit risks, including in the cryptocurrency field. *** Those efforts aren’t enough for Sens. Ron Wyden (D., […]
Blockchain Association wants crypto to fight regulators through Congress and the courts | Kitco News
The reactions of company leaders to the SEC’s regulation by enforcement have ranged from surrender (Kraken), defiance (Coinbase), obfuscation (Binance) and bewilderment (everyone). Now the industry’s associations and policy experts are starting to weigh in. “The recent flurry of activity is jarring, but it’s not a surprise and it doesn’t spell doom for crypto in […]
Nunn backs congressional stock trading ban | National News | kpvi.com
Members of Congress and their spouses would be prohibited from trading stock under a bill introduced by Iowa Congressman Zach Nunn. Nunn and Arizona Congressman Greg Stanton Thursday announced a bipartisan measure called the Prohibit Insider Trading Act. At a news conference in Des Moines, the Bondurant Republican says the bill is focused on curbing […]
To be or not to be a “non-Rule 10b5-1 trading arrangement” – that is the question! | Nelson Mullins Riley & Scarborough LLP
Perhaps someone should submit the following request to the SEC with respect to its Rule 10b5-1 amendment: “Chairman Gensler – we note your definition of the term ‘non-Rule 10b5-1 trading arrangement.’ Please provide a description of the trading arrangements that would be included in, and those that would be excluded from, that definition. It would […]