I notified President Joe Biden of my intent to step down as SEC Commissioner, effective January 17, 2025. For the better part of this year, my wife, Kelly, has confronted serious illness with admirable courage and a strong spirit. We are grateful for the support of colleagues, friends and family and are hopeful for her speedy and full recovery in…
SEC Commissioner Jaime Lizárraga, a former congressional aide who helped advance corporate reporting requirements on climate risk and data breaches while policing Wall Street, intends to step down on Jan. 17, leaving just one Democrat on the commission when President-elect Donald Trump returns to office. Lizárraga told Bloomberg Law Friday that he’s leaving the Securities and Exchange Commission to spend…
The Securities and Exchange Commission today announced settled charges against United Parcel Service Inc. for materially misrepresenting its earnings because it failed to follow generally accepted accounting principles (GAAP) in valuing one of its worst performing businesses. According to the SEC’s order, UPS determined in 2019 that UPS Freight, a business unit that transported less-than-truckload shipments, was likely to sell…
The US audit board approved a $399.7 million spending plan that would maintain its current staffing into 2025 while continuing to upgrade technology tools available to its staff. The Public Company Accounting Oversight Board’s budget represents a nearly 4% increase over the regulator’s current $385 million in funding, which paid for adding 20 jobs to the board’s inspections division over…
A Texas federal court has rejected the U.S. Securities and Exchange Commission’s recent rule expanding the definition of a securities dealer to include a wider swath of firms — including some in the cryptocurrency sector. This adds a significant legal loss to the crypto legacy of SEC Chair Gary Gensler on the same day he announced his January departure. In…
Binance, the world’s largest crypto exchange, says it expects to have 645 full-time compliance employees on staff by the end of the year — a 34% increase from last November — as it continues to rapidly build out its compliance department. Including contractors, the crypto exchange already has over 1,000 employees focused on compliance, according to a Friday press statement…