Daily Archives: June 21, 2023, 11:07 am

SEC Charges Audit Firm Marcum LLP for Widespread Quality Control Deficiencies

The Securities and Exchange Commission today charged audit firm Marcum LLP with systemic quality control failures and violations of audit standards in connection with audit work for hundreds of special purpose acquisition company (SPAC) clients beginning at the latest in 2020. The SEC’s order also found that Marcum’s deficiencies were not limited to SPAC clients, but they reflected systemic quality…

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Coinbase waged unusual legal defense ahead of SEC’s crypto crackdown | Reuters

Months before cryptocurrency exchange Coinbase (COIN.O) became the biggest target of the U.S. crackdown on digital assets, the company launched an unusual legal offensive, recruiting top lawyers to try to shape court rulings in other cases. Before the U.S. Securities and Exchange Commission sued Coinbase on June 6, the company had weighed in on two other crypto-related lawsuits brought by…

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Mark Cuban, Miami Attorney Take Shots Over Voyager Token Insider-Trading Claims | Daily Business Review

Cuban, an owner of the Dallas Mavericks, is accused by the plaintiffs, who represent former investors, of breaching securities laws by inducing them to open interest-bearing accounts at Voyager, as well as allegedly seeking to prevent the potential production of documents that plaintiffs claim are material, non-public, inside information regarding the listing of the VGX token on Coinbase. “He’s got…

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SEC Charges Stanley Black & Decker and Former Executive for Failures in Executive Perks Disclosure

The Securities and Exchange Commission today announced settled charges against Stanley Black & Decker Inc., a publicly traded tools company, for failing to disclose perquisites it provided to certain executives. In addition, Jeffery D. Ansell, a former Stanley Black & Decker executive, agreed to settle charges that he caused Stanley Black & Decker to violate proxy solicitation and books and…

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The SEC’s Climate Change Disclosure Rules are in Double Constitutional Trouble

The SEC’s climate change disclosure rules are in double constitutional trouble.  Two distinct but recently blurred administrative law doctrines loom to challenge the constitutionality of the Security and Exchange Commission’s (SEC) anticipated climate change disclosure rules.  Policymakers and courts alike should better understand the independence of these two doctrines and their capacity to defeat the SEC’s power grab. Source: The…

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USDT, USDC, DeFi Likely to Be SEC’s Next Targets in U.S. Crypto Crackdown: Berenberg

Stablecoins and decentralized finance (DeFi) are likely to become the next targets in the U.S. Securities and Exchange Commission (SEC)’s crackdown on the crypto industry, Berenberg said in a research report on Tuesday. The investment bank said the SEC may now focus on bringing stablecoins, including the two largest by market cap, tether (USDT) and USD Coin (USDC), and decentralized…

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FTX’s Bankruptcy Fees Already Topped $200M, Court-Appointed Examiner Says

The wind-up of crypto exchange FTX is set to be “very expensive by any measure” with professional fees already amounting to over $200 million, a court-appointed examiner said in a filing made on Tuesday. Katherine Stadler, a bankruptcy attorney appointed in March to check fees, said lawyers and other professionals had already racked up nearly 35,000 billable hours, equivalent to…

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