Daily Archives: January 19, 2024, 9:23 am

Despite SEC’s novel alignment on bitcoin ETF vote, it’s regulatory politics as usual

A recent SEC vote to approve a spot bitcoin ETF was both typical – in that the agency split, 3-2, on a controversial decision, and extraordinary – in that the three “yeas” consisted of SEC Chair Gary Gensler and the two Republican commissioners. But rather than representing a tectonic shift in the politics of regulation, the alignment of the five-member…

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Robinhood settles Massachusetts regulators’ trading case for $7.5 million | Reuters

Online brokerage Robinhood on Thursday agreed to pay a $7.5 million fine and overhaul its practices to resolve allegations by Massachusetts’ securities regulators that it encouraged inexperienced investors to place risky trades. Massachusetts Secretary of State Bill Galvin filed an enforcement action in 2020 alleging Robinhood’s app-based service used strategies that treated trading like a game to lure young, inexperienced…

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Best Short Call of 2023 Belongs to Amateur ‘Dirty Bubble’ Sleuth James Block – Bloomberg

Block, now a second-year resident in psychiatry at the University of Michigan hospital, considers the collapse of the whole crypto edifice — what he views as little more than a collection of “pyramids and ponzis” — inevitable. In the meantime, faced with the current resurgence, he now views his role as chronicling the madness rather than curing it. “It sounds…

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Former OpenSea Exec Argues NFT Insider Trading Conviction Violated Law – Decrypt

Nathaniel Chastain, the ex-OpenSea executive who was convicted last May of fraud and money laundering after profiting off several NFT collections he chose to highlight on the marketplace’s homepage, has asked a federal appeals court to overturn his conviction on the grounds that it improperly designated information about NFTs as “property.” In a brief filed this week in the United…

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Coinbase Trades Beanie Babies – Bloomberg

But even if Coinbase wins, there’s something a little hollow about the victory. Bloomberg News reports: William Savitt, a lawyer for Coinbase, told US District Judge Katherine Polk Failla that tokens trading on the exchange aren’t securities subject to SEC jurisdiction because buyers don’t gain any rights as a part of their purchases, as they do with stocks or bonds.…

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Regulatory Reckoning: Navigating the New Era of Crypto Compliance and Maturation in 2024

2023 was a year of both challenge and stabilization in crypto. Traditional financial services (“tradfi”) entities scaled back their engagement with crypto and DeFi, exploratory partnerships never materialized, legislators cheered and raged at the industry, and more entities and individuals sought safe, trusted choices in crypto. Now, with the recent spot BTC ETF approval bringing more institutional and lower-risk investors…

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Ex-Pfizer Employee Convicted of Insider Trading on Covid Pill

A former Pfizer Inc. employee was convicted of using confidential information about the company’s Covid-19 treatment to make illegal options trades, giving federal prosecutors yet another victory in their attempts to clamp down on insider trading. Amit Dagar was found guilty on securities fraud and conspiracy following a one-week trial in federal court in New York before US District Judge…

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