Daily Archives: March 1, 2023, 2:14 pm

Covington & Burling was hacked, SEC is now suing the D.C. law firm

Covington said it had already engaged in an “extensive internal review,” court filings show, and devoted nearly 500 hours of attorney time in an effort to comply with the SEC’s requests for information. The review involved nine Covington attorneys, including a former SEC associate director, and concluded that the compromised data of only seven of the 298 impacted clients “might…

Read More

Arthur Hayes, the Original King of Crypto, Is Back

And then there’s the biggest difference: Where Bankman-Fried effectively (but still allegedly) stole billions of dollars from regular people around the world, Hayes has never been accused of taking anything that didn’t belong to him, or lying to his customers, or running a crooked business. “He’s absolutely one of the good guys of crypto,” says Nic Carter, the co-founder of…

Read More

Oversight of Crypto Auditing: Asking the PCAOB to Go Out of Bounds | by Dan Goelzer

The work that some PCAOB-registered accounting firms have performed for clients in the cryptocurrency industry may well have been, at best, questionable and possibly in violation of the standards of the American Institute of Certified Public Accountants that apply to private company audits. But that does not give the PCAOB jurisdiction over their conduct. If Congress wants the Board to…

Read More

Binance-branded crypto token hit by $6bn outflow after US crackdown | Financial Times

Investors have pulled more than $6bn out of a Binance-branded digital token in the past month, in a sign that a recent US regulatory crackdown on digital assets is putting pressure on the world’s largest crypto exchange. New York’s financial regulator last month halted new issuance of the stablecoin, known as BUSD, citing “several unresolved issues” relating to Binance’s relationship…

Read More

Grayscale to Argue SEC’s Inconsistency as Bitcoin ETF Dispute Heads Toward Court

Grayscale says it’s preparing to argue in court next week that the Securities and Exchange Commission (SEC) inappropriately treated its bitcoin exchange-traded fund (ETF) bid differently than earlier decisions approving bitcoin futures-based ETFs, according to the company’s legal team. The digital investment company’s application to convert the Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF was denied in June,…

Read More

Visa, Mastercard pause crypto push in wake of industry meltdown – sources | Reuters

Both Visa and Mastercard have decided to push back the launch of certain products and services related to crypto until market conditions and the regulatory environment improve, said the people, who asked not to be named as talks were confidential. “Recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before…

Read More