Daily Archives: March 22, 2023, 7:53 pm

Coinbase Gets SEC Wells Notice Over Crypto Offerings – Bloomberg

Coinbase Global Inc. said it received a notice from the SEC formally declaring the securities regulator’s plans to bring an enforcement action against the largest US crypto exchange, the latest development in a long-running dispute between the watchdog and the digital-asset company. Securities and Exchange Commission Chair Gary Gensler has repeatedly said many of the tokens and products offered by…

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SEC Charges Crypto Entrepreneur Justin Sun and his Companies for Fraud and Other Securities Law Violations

The Securities and Exchange Commission today announced charges against crypto asset entrepreneur Justin Sun and three of his wholly-owned companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent), for the unregistered offer and sale of crypto asset securities Tronix (TRX) and BitTorrent (BTT). The SEC also charged Sun and his companies with fraudulently manipulating the secondary market…

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Belgium Crypto Ads to Include Warning: “The Only Guarantee in Crypto is Risk” – Bloomberg

Belgium’s financial regulator is requiring virtual currency firms to add a punchy disclaimer to their advertisements: “The only guarantee in crypto is risk.”  The move is part of a crackdown by the Financial Services and Markets Authority, which was given the power to regulate the industry’s marketing. Firms will also be required to lay out risks and conditions, and will…

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DiCello Levitt to Launch Securities Litigation Practice with Addition of Preeminent Securities Litigation Team | DiCello Levitt

Leading national plaintiffs’ law firm, DiCello Levitt, today announced that it will launch a new securities litigation practice and open its first California office as part of its ongoing strategic expansion. The firm will add a group of five leading securities class action and corporate governance lawyers from Robbins Geller Rudman & Dowd LLP, including Patrick Daniels, Roxana Pierce, Henry…

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U.S. Senate’s Warren Calls for Crackdown on ‘Sham’ Crypto Audits

Sen. Elizabeth Warren (D-Mass.) and another prominent colleague urged the U.S. auditing watchdog to take action against “sham audits” of crypto companies, citing the contribution of such audits to the recent stresses in the U.S. banking system. The Public Company Accounting Oversight Board (PCAOB), which is authorized and overseen by the U.S. Securities and Exchange Commission (SEC) and funded by…

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Relative of wealthy US retail family gets prison for insider trading | Reuters

A member of a wealthy family that has held investments and leadership roles in retailers like DSW owner Designer Brands Inc (DBI.N) and American Eagle Outfitters Inc was sentenced on Tuesday to a year in prison for insider trading. Prosecutors had urged U.S. District Judge Douglas Woodlock in Boston to sentence David Schottenstein to nearly four years in prison, saying…

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DeFi Project Sushi Reveals SEC Subpoena, Doesn’t Disclose Why

Sushi DAO, the organization behind what was once the leading decentralized crypto exchange, said the US Securities and Exchange Commission has subpoenaed the project as well as its new “head chef.” Jared Grey, Sushi’s equivalent to a chief executive officer, confirmed in a Twitter direct message to Bloomberg that he and the decentralized autonomous organization behind the DeFi exchange SushiSwap…

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Miami, New York Crypto CityCoins Trading Suspended by OKcoin Exchange – Bloomberg

A crypto exchange has suspended trading of cryptocurrencies dedicated to New York City and Miami, citing limited liquidity for the tokens. Both coins earlier received support from the cities’ respective mayors, New York City’s Eric Adams and Miami’s Francis Suarez, who touted the digital assets as benefiting the community. Like any other proof-of-work token, users could mine the coins, but…

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NFTs Used to Serve Complaint | BakerHostetler

According to a recent report, a Florida federal judge entered a default judgment in favor of a party who served “complaints to more than a dozen unidentified suspects through a non-fungible token.” According to the report, it is “possible to track the NFT when opened.” An attorney for the plaintiff in the case said allowing service through NFTs “is going…

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