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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInFTX Founder Bankman-Fried Wins Texas Crypto Ruling as States Go After Lost Funds – Bloomberg
Embattled FTX founder Sam Bankman-Fried has staved off a case alleging he broke Texas securities laws, after a judge ruled that the state regulator lacks jurisdiction to act against him. The ruling came in a case brought by the Texas State Securities Board claiming Bankman-Fried offered unregistered securities through FTX’s yield-bearing cryptocurrency accounts and that […]
Shadow ETF trading – Bloomberg
But another question you might have is: Does shadow trading happen a lot? Are there a ton of corporate insiders and deal advisers who are regularly making shadow trades in order to profit from inside information? Some casual empirical data: Very few people get caught shadow trading; I can only really think of the one enforcement action. This could mean […]
House Subcommittee on Digital Assets Includes Crypto-Friendly Lawmakers
In one of his first moves as chair of the House Financial Services Committee, Rep. Patrick McHenry (R., N.C.) created a subcommittee on digital assets, financial technology and inclusion. The panel was formed as lawmakers are scrutinizing the industry after trading platform FTX’s implosion last year. Mr. McHenry has said Congress should create a regulatory […]
White House Calls on Congress to ‘Step Up Its Efforts’ on Crypto Regulation
Four senior U.S. officials in the Biden administration published a statement on Friday urging Congress to “step up its efforts” with respect to regulating the cryptocurrency market. The officials – Brian Deese, director of the National Economic Council; Arati Prabhakar, director of the White House Office of Science and Technology Policy; Cecilia Rouse, chair of […]
FTX Collapse Puts Focus on Ripple Case for Who Should Regulate Crypto – Bloomberg
In the wake of the implosion of cryptocurrency exchange FTX, one urgent question keeps resurfacing: Who should regulate the industry? An upcoming ruling in New York federal court could help determine the answer, along with the fates of numerous crypto investors and companies. The case hinges on whether a prominent digital token should be treated as a […]
AG Platkin Launches Office to Combat Securities and Financial Crimes
Attorney General Matthew J. Platkin today announced the creation of a new office within the Division of Criminal Justice that will focus on pursuing major financial crimes, including securities fraud, and holding white collar criminals accountable for their wrongdoing. The newly created Office of Securities Fraud and Financial Crimes Prosecutions (OSFFCP) will enhance existing efforts […]
Market-Trading Surge Before US CPI Inflation Report Was ‘Extremely Unusual’ – Bloomberg
New analysis highlights just how unusual the surge in trading of US Treasuries was last month, just a minute before the release of closely watched inflation data. The trading volume for 10-year Treasury note futures during the 60 seconds before the Dec. 13 release of November’s consumer price index was more than three times greater […]
It’s Time for Congress to Pass a Federal Virtual Currency Law
Recent events regarding FTX and other failed crypto enterprises amplify the need for the 118th Congress to take action by passing legislation to provide holistic federal oversight of the virtual currency market. This includes regulating market participants that engage in a virtual currency business from the US or with US persons. The Commodity Futures Trading […]
Regulators warn U.S. banks on crypto risks including ‘fraud and scams’
U.S. banking regulators warned financial institutions on Tuesday that dealing with cryptocurrency exposes them to an array of risks, including scams and fraud. “The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector,” the regulators said in a joint statement from the Federal Reserve, […]
The Republican senator on a crusade against crypto | Semafor
Sen. Roger Marshall, R-Kan., isn’t graded yet on the cryptocurrency industry’s big scorecard. But at this point, he’d be happy to flunk it. “Even when you talk to the crypto people, people who support it readily admit that more than half of the cryptocurrencies out there are bad actors that take advantage of people,” Marshall […]