The Securities and Exchange Commission is looking to dismiss its lawsuit against crypto startup DEBT Box after the agency’s lawyers admitted inaccurate statements were made in court. The agency, which first sued Digital Licensing Inc., doing business as DEBT Box, in July, told Utah U.S. District Court Judge Robert Shelby that it planned to dismiss the action without prejudice, meaning…
FTX has abandoned efforts to restart its crypto exchange, instead opting for a liquidation that should repay customers in full, a company attorney said on Wednesday. FTX has been negotiating for months with potential bidders and investors, but none were willing to put in enough money to rebuild the FTX exchange, FTX attorney Andy Dietderich said at a bankruptcy court…
Louisiana Republican Sen. John Kennedy, a member of the Senate Banking Committee which oversees the SEC, exclusively told FOX Business that the risk to investor privacy is “clearer than ever” after an unknown party on Jan. 9 gained unauthorized access to the official SEC account on X and posted an erroneous message to the agency’s 750,000 followers, announcing the SEC…
FTX, the bankrupt cryptocurrency exchange that was run by Sam Bankman-Fried, said it expects to fully repay its customers, according to a court hearing. However, the full recovery of customer assets is – unfortunately for those waiting for their money – based on the point of FTX’s actual bankruptcy, when the markets were already in turmoil. That date was preliminarily…
The US Securities and Exchange Commission wants to convince the Third Circuit, a federal appeals court, that it was appropriate to serve a lawsuit via email on an alleged Ponzi scheme fraudster living overseas, after exhaustive efforts concluded his foreign address was unknown. The commission’s suit, filed in March 2020, alleges businessman Thomas Megas and estate lawyer Todd Lahr sold…
With two of his most-formidable competitors in prison or likely headed there soon, Brian Armstrong has emerged as arguably the most-powerful leader in the digital-asset industry. And his ascendancy comes at an intriguing time: the start of campaign season for a US election that his company has described as “the most consequential in crypto’s history.” The Coinbase Global Inc. chief…
The SEC has seen the clearest preview yet of the looming court fight over its pending climate disclosure plans: a lawsuit from business advocates and farmers seeking to kill California’s emissions reporting law. The US Chamber of Commerce, American Farm Bureau Federation and other business and agricultural groups on Tuesday sued to stop California’s first-in-the-nation law directing companies operating in…
Nobody says life is easy for the lowest lawyers on Big Law’s totem pole. They are known to grind overnight and work plenty of weekends. Partners can be, well, demanding. But associates have never had it better than they do right now. Big Law associates have never logged fewer hours and never brought home bigger paychecks. Who doesn’t like working…
Elon Musk said Tesla would hold a shareholder vote to decide whether to move its state of incorporation to the Lone Star State after a Delaware court ordered him to give up a compensation package valued at $55.8 billion. “The public vote is unequivocally in favor of Texas,” Musk said Thursday in a post on X. “Tesla will move immediately…