Daily Archives: March 30, 2023, 8:20 am

Top U.S. Treasury Official Says Crypto Had No ‘Direct Role’ In Bank Failures

Nellie Liang, the U.S. Treasury Department’s undersecretary for domestic finance, doesn’t believe the digital assets sector should be blamed for the runs on Silicon Valley Bank (SVB) and Signature Bank that led to their quick demise earlier this month. “I don’t believe that crypto played a direct role in either of the failures,” Liang said during a hearing of the…

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Guest Post: Why are Securities Class Action Mediations Different from Other Mediations? | The D&O Diary

One reason for this difference is that securities cases often have very large amounts of money at stake (hundreds of millions or even billions of dollars are commonly claimed).  Furthermore, securities actions are governed by a highly complex body of case law from state and federal courts at all levels, including the Supreme Court, as well as pleading requirements, discovery…

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Ex-CEO of Binance’s US firm has enlisted lawyer for US investigations | Reuters

A former chief executive of Binance’s de-facto U.S. subsidiary has enlisted a former federal prosecutor and top cop at the Commodity Futures Trading Commission to represent her in the U.S. government’s investigations into the giant cryptocurrency exchange, a person with direct knowledge told Reuters. Catherine Coley, who launched Binance.US in 2019 and left suddenly two years later, is being advised…

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Fox, Snap Beat Investors in Executive Liability Shield Challenge

Fox Corp. and Snap Inc. prevailed Wednesday in lawsuits challenging liability shields for senior executives in new charter amendments. Vice Chancellor J. Travis Laster, in a ruling from the bench, granted the companies’ motions for summary judgment in the coordinated cases in Delaware’s Chancery Court. The lawsuits by investors alleged the charters were changed without a vote from class A…

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Crypto Fugitive Do Kwon Faces US and South Korean Charges. Who Gets Him First? – Bloomberg

Terraform Labs Pte co-founder Do Kwon is in a jail in Montenegro, but his ultimate destination will likely be the US or South Korea. Both countries have charged him in connection with an alleged cryptocurrency fraud that wiped out $40 billion in market value. But which country will get first crack at the TerraUSD creator? US and South Korean prosecutors…

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CFTC Charges Against Binance Highlight Role of Former Compliance Chief – WSJ

The suit by U.S. regulators against Binance Holdings Ltd. focuses in large part on the work of the cryptocurrency exchange’s former chief compliance officer, alleging he willfully aided and abetted the firm in evading U.S. laws. Samuel Lim, Binance’s compliance chief between 2018 and 2022, faces civil charges of undermining Binance’s compliance program and conducting activities to evade rules designed…

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As the crypto industry warns of offshoring, Binance represents the worst-case scenario for U.S. regulators | Fortune Crypto

With the crypto industry facing a deluge of regulatory backlash, the common refrain among U.S. entrepreneurs is that aggressive action will push them offshores, where they can freely frolic in the sandboxes of more hospitable regimes, like the Bahamas or Dubai. This tired rhetoric often elicits eye rolls—traditional bankers have been using the argument for years, after all—but Monday’s stunning…

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