Daily Archives: June 3, 2024, 7:53 am

SEC Staff Clarifies Form 8-K Reporting Requirements for Cyber Incidents | Paul, Weiss

Public companies should carefully consider the specific item of Form 8-K under which they disclose cybersecurity incidents. Since Item 1.05 was added, many companies have erred on the side of providing early disclosure under Item 1.05 even before the company has determined that an incident is material. Gerding acknowledges that early, voluntary disclosures have value to investors and the marketplace.…

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Flood of Cash from Coinbase Gives Crypto One of the Biggest U.S. Election War Chests

U.S. digital assets exchange Coinbase (COIN) announced that it was following in the footsteps of its two major campaign-finance partners, Ripple and Andreessen Horowitz (a16z), in throwing another $25 million each into the pot that has taken in about $161 million to spend on the 2024 U.S. elections. The other two companies announced their new commitments last week. The money…

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Legal Threats to Wall Street’s Self-Regulators May Upend Markets

Looming circuit court rulings on the constitutionality of FINRA and other Wall Street self-regulatory groups have attorneys and law professors concerned about a potential shock to the American securities trading system if the bodies that police the market are rendered powerless. The clashes over those self-regulatory organizations, some little known outside the financial industry, are playing out in the shadow…

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Top adviser recommends against Elon Musk’s $56B Tesla pay package

Top proxy adviser Institutional Shareholder Services on Friday recommended Tesla shareholders vote against the reapproval of CEO Elon Musk’s $56 billion pay package and withhold their support from the re-election of News Corp. scion James Murdoch to the automaker’s board. Tesla’s shareholder meeting is on June 13. Source: Top adviser recommends against Elon Musk’s $56B Tesla pay package

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Binance ex-CEO Changpeng Zhao begins prison sentence in California

Binance’s billionaire founder Changpeng Zhao has reported to a low-security federal prison in Lompoc, California, according to the Bureau of Prisons website. Zhao was sentenced to four months in prison in April after pleading guilty to charges of enabling money laundering at his crypto exchange. The sentence handed down to the former Binance chief was significantly less than the three years that…

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U.S. President Biden Vetoes Resolution Overturning SEC Guidance

U.S President Joe Biden signed a veto of a House Joint Resolution that would have repealed the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121, he announced Friday afternoon. SAB 121 is a controversial piece of SEC accounting guidance that directs financial institutions holding crypto for customers to keep the assets on their own balance sheets. Critics of the…

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