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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInJoe Weisenthal on Terra- Bloomberg
Here’s the thing though, just because it may be a crucial component of the future DeFi vision doesn’t mean it’s necessarily going to be possible. The question remains how can you just create an asset and set the price unless you have an infinite amount of money, or some other persistent source of cash flow, to back it? Source: […]
Bitcoin investors are panicking as a controversial crypto experiment unravels
TerraUSD, or UST, sank below 70 cents for the first time late Monday, as holders continued to flee the token in what some have described as a “bank run.” The token fell as low as 62 cents before regaining ground to trade at 90 cents Tuesday, according to Coinbase data. Created by Singapore-based Terraform Labs […]
Goldman Sachs retreating from SPACs over regulatory threat
David Solomon’s Goldman Sachs is reducing its involvement with blank-check companies, a spokesperson for the bank said on Monday, as US regulators continue to clamp down on what was one of the hottest trends on Wall Street in recent years. The boom in the special purpose acquisition company (SPACs) market had been a boon for Goldman’s investment banking […]
Think an NFT is not a security? Don’t bet on it. Three lessons from the Texas and Alabama cease and desist order of Sand Vegas Casino Club | Thompson Coburn LLP – JDSupra
Recently, the Texas State Securities Board and the Alabama Securities Commission each issued emergency cease and desist orders to stop Sand Vegas Casino Club and its principals from selling Non-Fungible Tokens (“NFTs”) in those states. According to Sand Vegas, the proceeds of the sale of NFTs were stated to be used for the creation of […]
Fidelity’s Folly- Part II – Law and Economics in Capital Markets
I would suspect that the DOL was addressing Fidelity when it issued the CAR. As any lawyer will tell you, Fidelity is essentially telling the regulator to shove it. Fidelity knows that the CAR has not been withdrawn. In my experience, regulators hate to be ignored. *** Sooner or later, I suspect someone will write […]
Someone Hacked a Merger – Bloomberg
If you are a criminal mastermind, one thing you could do is go to law school, get good grades, get hired at a big M&A law firm, work 100-hour weeks on big deals, and eventually try wiring yourself the money that was meant to pay for a merger. There are many downsides to this approach, […]
The Rise of Crypto SPACs – King & Spalding
Digital assets and special purpose acquisition companies (“SPACs”) have been two of the hottest topics in the financial world over the past few years, and, unsurprisingly, the topics overlap with increasing frequency. We have set forth below a high-level overview of what SPACs are (including an explanation of the documentation involved in a crypto-related SPAC), […]
The Morrison Cohen Cryptocurrency Litigation Tracker | Morrison Cohen LLP
The Morrison Cohen Cryptocurrency Litigation Tracker keeps watch on all the latest cryptocurrency and blockchain litigation developments. We track SEC, CFTC, and criminal litigation; other public regulatory proceedings and summary orders; class action and private litigation; and major pronouncements by U.S. regulators about cryptocurrency. Readers will also find references to articles, webinars, and podcasts that include […]
Crypto-Rich Puzzle Over How to Pass On High-Risk Wealth to Heirs
J.W. Verret has a plan for his heirs to follow when he dies. And it’s unlike anything estate planners could have imagined just a decade ago. That’s because the middle-aged law professor has spent two years building up various crypto holdings. To access that wealth, should he meet an untimely end, his three children may […]
California governor signs executive order on cryptocurrencies
Newsom is directing the state’s business and economic development office to work in collaboration with California’s Business, Consumer Services and Housing Agency and the Department of Financial Protection and Innovation. The order is designed to “create a transparent and consistent business environment for companies operating in blockchain, including crypto assets and related financial technologies, that harmonizes […]