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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInCrypto Is Still a Mess. A Crackdown Would Do It Good – Bloomberg
Distant as that brighter future might seem, regulators should at least allow for it, as the European Union has sought to do with new rules on crypto markets. To that end, the US should create legal space for the issuance and trading of instruments — such as Bitcoin and Ether — that don’t fall into […]
Regulatory Estoppel Does Not Apply to SEC v. Coinbase – John Reed Stark
But let’s be clear: The SEC’s role when “approving” Coinbase’s registration statement was merely to ensure that Coinbase made the proper disclosures in their application. To suggest that the SEC somehow endorsed or approved the various business lines of Coinbase (so Coinbase now has some sort of regulatory safe harbor for everything they do and […]
Coinbase, crypto industry hope new Supreme Court doctrine is silver bullet | Reuters
With the U.S. Securities and Exchange Commission in the midst of a stunning barrage of enforcement actions against crypto defendants, the industry has developed a sweeping, if long-shot, argument that the U.S. Supreme Court’s recently-formalized “major questions doctrine” dooms the agency’s campaign. The argument first emerged last fall in the SEC’s closely-watched Manhattan federal court […]
Crypto Exchange Poloniex to Pay $7.6 Million to Settle Probe Into Sanctions Violations – WSJ
Cryptocurrency exchange Poloniex LLC has agreed to pay about $7.59 million to settle allegations it allowed users in sanctioned regions to trade digital assets on its platform, the U.S. Treasury Department said. The settlement agreement, which became public Monday, alleged that Poloniex processed digital assets transactions worth a total of more than $15.3 million for […]
U.S. Supreme Court to examine whistleblower claims against financial firms in UBS case | Reuters
The U.S. Supreme Court on Monday agreed to examine how difficult it should be for financial whistleblowers to win retaliation lawsuits against their employers as the justices took up a long-running case involving Switzerland’s UBS Group AG. The justices will hear an appeal by Trevor Murray, a former UBS bond strategist, of a lower court’s […]
Block, Robinhood, Coinbase Lawyers Among Fintech’s Top Paid
Robinhood’s chief legal, compliance, and corporate affairs officer Daniel Gallagher Jr., hired in 2020 after working for the US Securities and Exchange Commission, received nearly $15.1 million in total compensation last year, the company said in its proxy filing. Coinbase’s chief legal officer and corporate secretary Paul Grewal received almost $7.5 million in total compensation […]
Fed Watchdog Recommends More Staff Be Covered by Trading Rules – Bloomberg
The Federal Reserve’s internal watchdog recommended that personal trading rules be extended to more staff after discovering that hundreds with access to confidential information are not covered. Chair Jerome Powell agreed with the recommendations in a letter accompanying the report, which was released Monday. The Fed in 2021 beefed up its rules governing the investment […]