But staff are already feeling the fallout: One former SEC employee, who was granted anonymity over concerns of retaliation from the industry, said they are aware of at least one instance where a law firm declined to move forward with interviewing an individual at the agency because of the firm’s work in crypto. In another case, the former employee said,…
The Securities and Exchange Commission’s Crypto Task Force will host a series of roundtables to discuss key areas of interest in the regulation of crypto assets. The “Spring Sprint Toward Crypto Clarity” series will begin on March 21 with its inaugural roundtable, “How We Got Here and How We Get Out – Defining Security Status.” The initial roundtable on March 21 is…
For public companies, the SEC’s announced focus on “fraudulent” cybersecurity disclosures potentially marks a likely shift away from SEC cybersecurity disclosure cases to date. The SEC’s cybersecurity disclosure actions have largely applied a consistent, but aggressive, approach in seeking negligence-based fraud charges and significant penalties despite mitigating factors such as cooperation and remediation. The cybersecurity enforcement landscape going forward may…
For Wall Street, this year’s event also brought a reckoning: the blockchain that created and electronically-stored cryptocurrencies will be key to the shift to trading US stocks 24 hours a day, seven days a week. “There was a previous year where there was a lot of hype around crypto,” said DRW’s Wilson, who also co-founded crypto firm Digital Asset. “But…
At today’s bitcoin price of around $80,000, Strategy could amass another 262,500 bitcoins, bringing its total holdings to 3.6 per cent of all bitcoin in existence. According to JPMorgan research, “MicroStrategy’s bitcoin purchases alone accounted for 28 per cent of last year’s record capital inflow into crypto markets.” It’s no exaggeration to say that Strategy is not merely a major…
President Donald Trump has targeted Paul, Weiss, Rifkind, Wharton & Garrison in a broad order that seeks to punish the firm for the legal work of one of its former lawyers. The order, signed Friday, suspends the security clearances of firm personnel, restricts their use in government buildings, and cuts off any government contracts with the firm, while its practices…
…. We don’t want to use our enforcement division to write regulatory policy, and so we’re really trying to get back to using our enforcement division for its intended purpose, and letting the regulatory divisions do the hard work of figuring out how to craft rules, guidance, interpretations, and then enforcement has a rule after that, of course, to enforce…