Daily Archives: November 30, 2023, 9:13 am

SoFi Exiting Crypto With Banking Regulators Stepping Up Scrutiny – Bloomberg

SoFi Technologies Inc., the fast growing one-stop shop for financial-services products, is exiting crypto even with token prices surging because of increased scrutiny of the sector by banking regulators. The San Francisco-based company told crypto customers Wednesday they will need to liquidate their accounts in coming weeks, or move to crypto exchange and wallet provider Blockchain.com. Source: SoFi Exiting Crypto…

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Conservative Supreme Court justices seem open to an attack on the Securities and Exchange Commission

In the Jarkesy case, the Democratic administration is relying on a 50-year-old decision in which the court ruled that in-house proceedings did not violate the Constitution’s right to a jury trial in civil lawsuits. But Chief Justice John Roberts, signaling his concerns with the power of federal regulators, noted that “the impact of governmental agencies on daily life today is…

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‘A Politician Masquerading as a Regulator’ – 3 Takeaways From Gary Gensler’s Fortune Profile

It’s strange to think now how crypto received Gary Gensler as he became Securities and Exchange Commission chair in 2021. At the time, he was a breath of fresh air for an industry that badly needed change. His SEC predecessor, Jay Clayton, had seemed largely disinterested in digital assets, whereas Gensler had taught courses on blockchain at MIT. He was…

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Short-Seller Reports and Securities Class Action Lawsuits | The D&O Diary

You all know the pattern: a short seller publishes a splashy report with attention-grabbing revelations about the operations or financial results of a listed company; the company’s shares decline; and a plaintiffs’ securities class action law firm files a securities class action lawsuit, often based solely on the accusations in the short seller’s report. The defendant company will of course…

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U.S. Treasury Campaigning for Amplified Powers to Chase Crypto, Tether Overseas

The U.S. Department of the Treasury is pressing lawmakers for a new set of powers that would give the government unprecedented enforcement and sanctions authority over the crypto sector, including the ability to roam well beyond American borders and get involved with transactions that don’t involve its citizenry. Deputy Secretary of the Treasury Wally Adeyemo has lobbied senior members of…

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