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‘Enforcement 40’ for 2020
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A former Coinbase Global Inc. manager was ordered to spend two years in federal prison for trading on confidential information about when the cryptocurrency exchange was going to list new tokens. US District Judge Loretta Preska pointed to “a massive abuse of Mr. Wahi’s employer’s trust” over 10 months in sentencing him Tuesday in Manhattan. […]
Who is the $279mn whistleblower? | Financial Times
Last week the SEC awarded someone a record-smashing $279mn for blowing the whistle on some nefarious activity that “led to the successful enforcement of SEC and related actions”. But who, and for what? That’s what Alphaville has been pondering over the weekend. That may sound beyond tragic, but from some of the texts we’ve been […]
Ripple will have spent $200 million fighting SEC lawsuit, CEO says
Ripple will have spent $200 million defending itself against a lawsuit from the U.S. Securities and Exchange Commission by the time it is over, CEO Brad Garlinghouse told CNBC Monday. “With the SEC, we will spend — this is the first time I’ve shared this publicly — by the time all’s said and done, we […]
Shaq Is Anything But Easy Target in FTX Suit Even at 7 Feet Tall – Bloomberg
Shaquille O’Neal is calling foul on the lawyers who chased him for months to serve a lawsuit accusing the basketball legend of duping investors in FTX crypto exchange. Chucking legal documents at the front of O’Neal’s car as he drove quickly through the gates of his Georgia home doesn’t count as properly serving a lawsuit, […]
Ex-Coinbase Lawyers Get Gigs After Crypto-Related Layoffs, Exits
Coinbase Global Inc.’s former lawyers are landing key legal posts after the biggest US digital-asset trading platform cut staff and prepared for a possible lawsuit from regulators. Richard “Rick” Estacio, who was on paternity leave when he was among two dozen legal and compliance staffers laid off at Coinbase, said he joined Reddit Inc. on […]
The Supreme Court Case That Could Threaten the SEC’s Climate-Disclosure Rule – WSJ
The high court last week said it would reconsider Chevron v. Natural Resources Defense Council, a 1984 Supreme Court opinion that gives regulators legal cover to interpret ambiguous—and sometimes outdated—statutes. The court’s conservative majority appears poised to overturn or narrow Chevron, a move that would weaken the Biden administration’s ability to defend its regulatory agenda, including […]
The SEC Awakens to Cybersecurity With the Zeal of a Convert | New York Law Journal
After a quarter-century of relative cyber slumber—a period of guidance and enforcement action, certainty, but no rule-making—the SEC is approaching information security with a convert’s zeal. In a January 2022 speech, SEC Chair Gary Gensler referenced remarks made by the director of the Cybersecurity and Infrastructure Security Agency (CISA), Jen Easterly, who had observed that […]
U.S. Crypto Exchange Bittrex Files for Bankruptcy in Delaware
Crypto exchange Bittrex has filed for bankruptcy in the U.S. state of Delaware on Monday, months after announcing it would wind down operations in the country and weeks after being sued by the Securities and Exchange Commission (SEC). The exchange believes it has more than 100,000 creditors, with estimated liabilities and assets both within the […]
Sam Bankman-Fried, in First Detailed Defense, Seeks to Dismiss Charges – The New York Times
Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has issued his first detailed legal defense since prosecutors accused him of fraud, seeking to dismiss several of the charges and claiming that the high-powered law firm representing FTX in its bankruptcy has been doing the government’s bidding. In court filings late Monday, lawyers for […]
ESG M&A – Bloomberg
Environmental, social and governance investing is not quite like that: ESG criteria tend to be imposed by shareholders, so a company that pursues ESG goals is giving (many of) its shareholders what they want. Still, to the extent there are trade-offs between financial returns and ESG criteria, the directors and executives, rather than the shareholders, will […]