Daily Archives: March 21, 2023, 8:16 am

Sadly, Bitcoin – Bloomberg

On Friday, tech Twitter guy Balaji Srinivasan entered into a Twitter bet in which he bet $1 million against 1 Bitcoin that Bitcoin would be worth more than $1 million in 90 days. Noah Smith explains the bet here. If a Bitcoin is worth more than $1 million, Srinivasan wins one Bitcoin, which in this scenario is worth $1 million.…

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SVB Chief Becker Hires Defense Lawyers in Securities Fraud Suit

Silicon Valley Bank Chief Executive Officer Greg Beckerhas hired defense lawyers for a shareholder suit accusing him and the bank of securities fraud. James Kramer and Alex Talarides, both San Francisco partners at Orrick, Herrington & Sutcliffe, are now representing Becker, according to a court filing in the shareholder case. It’s unclear if the two are also representing Becker in…

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Former Tesla Australia Boss Avoids Jail After Insider Trading – Bloomberg

Schlosser was sentenced in the Sydney District Court to two years and six months in prison, though was immediately released on a good behavior bond, Australia’s securities regulator said Tuesday. Schlosser bought 86,478 shares in Piedmont Lithium Ltd. on Sept. 16., 2020 after becoming aware that Tesla had struck a supply deal with the Australia-listed mining company. Schlosser also told…

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Crypto Wants Its Shine Back – The New York Times

After a disastrous 2022, when a procession of prominent crypto firms imploded, the industry is angling for an audacious rebrand. Executives like Mr. Kwon and Mr. Bankman-Fried — once beloved crypto celebrities, with hundreds of thousands of devotees hanging on their every tweet — are now personae non gratae. Their former admirers argue that these crypto villains never truly embodied…

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Developments in Securities Fraud Class Actions Against U.S. Life Sciences Companies

Given the numbers from 2022 and recent years’ filings, and accounting for residual impact of the COVID-19 pandemic, there is no indication that the filings of securities claims against life sciences companies are going to slow down any time soon, and plaintiffs continue to have mixed results in surviving a motion to dismiss. The decisions in 2022 resulted in a…

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Biden vetoes bill to block Labor Dept. rule on ESG investing

President Biden on Monday vetoed his first bill — blocking a Republican-led effort to restrict pension funds from making investment decisions based on factors such as climate change. “I just signed this veto because the legislation passed by the Congress would put at risk the retirement savings of individuals across the country,” Biden said in a tweeted video. The bill passed Congress…

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U.S. Supreme Court to Hear First Crypto Case Tuesday

The U.S. Supreme Court will hear arguments in its first-ever crypto-related case on Tuesday, when lawyers for San Francisco-based crypto exchange Coinbase will attempt to convince the nine Justices to pause a pair of class-action lawsuits against the crypto exchange. Though the case the high court will hear Tuesday involves crypto, it is not itself a crypto case. Instead, this…

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Florida Gov. Ron DeSantis Proposes Law to Ban CBDCs

A legislative proposal from Florida Gov. (and possible Republican U.S. presidential candidate) Ron DeSantis would prohibit the use of a national central bank digital currency (CBDC) as money within his state. “Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote government-sanctioned surveillance,” DeSantis said in a…

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