‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInWhen Will The CFTC Get New Leadership?
Given the CFTC’s importance, it’s puzzling that President Biden has yet to nominate a chair. After he was sworn in Jan. 21, there were news reports that the two Democratic CFTC commissioners, Rostin Behnam and Dan Berkovitz, and Georgetown University law professor Chris Brummer were being considered for the top spot. But there has been […]
Bitcoin Backers Losing Hope in Washington Amid Ransom, Volatility – Bloomberg
Just a few months ago, crypto enthusiasts were hopeful that Washington was warming to digital assets. But cyberattacks demanding Bitcoin ransoms, wild trading and rebukes from regulators have eroded their optimism. The timing couldn’t be worse. Policy makers are poised to make a number of critical rulings on virtual tokens in the coming months — […]
How the FBI Got Colonial Pipeline’s Ransom Money Back – WSJ
After Colonial Pipeline Co. on May 8 paid roughly $4.4 million in cryptocurrency to hackers holding its computer systems hostage, the Federal Bureau of Investigation followed the digital money. Over the next 19 days, court records show, a special agent watched on a publicly visible bitcoin ledger as hackers transferred the 75 bitcoins to other […]
Bitcoin, Other Crypto Assets Targeted for Stiff Banking Regulation – WSJ
The top global standard setter for banking regulation proposed a strict new rule that would require banks to essentially set aside a dollar in reserves for every dollar of bitcoin they own. The Basel Committee for Banking Supervision, a group of global central bankers and regulators, announced the plan Thursday in a public consultation about […]
NYAG’s Probe of Bitfinex, Tether Ends in an $18.5M Settlement – CoinDesk
Charles Michael, a partner at law firm Steptoe & Johnson LLC who represented the companies in the inquiry, said the settlement “resolves allegations about public disclosures” around Tether’s loan to Bitfinex. “To the Attorney General’s office’s credit, after two and a half years of investigation, [its] findings are limited only to the nature and timing […]
Fake Securities Regulator Used for Identity Theft, DOJ Says
The unknown individual masquerading as a securities regulator is using its website to collect personal information as part of an identity theft scheme, DOJ alleged Thursday in Texas federal district court. The fictitious regulator calls itself the Board of Securities and Financial Services, but there’s “no federal or state regulatory entity known” by that name, […]
US Congressman Introduces Crypto-Currency Act of 2020 | Cointelegraph
A United States congressman is the latest working to clarify and determine which U.S. regulator is responsible for which digital assets. On March 9, Representative Paul Gosar (R-AZ) introduced the “Crypto-Currency Act of 2020,” a bill that looks to choreograph a wide range of digital assets to answer to the appropriate regulator. via US Congressman […]
Rule 10b5-1 Plans at 20: Enforcement Trends & Best Practices – Lexology
2020 marks the 20th anniversary of the Rule 10b5-1 plan. During its two-decade history, it has provided an affirmative defense against allegations of insider trading by corporate insiders that trade their company’s stock, even while in possession of material non-public information at the time of trading, through plans that are set up in advance. It […]
California Companies Are Rushing to Find Female Board Members – The New York Times
In September 2018, California became the first state to legally compel corporate board diversity with a law mandating that every public company in the state have at least one female director by the end of 2019. The law set off a scramble to find hundreds of female directors, many of whom don’t fit the traditional […]
California Law Mandating Women Directors Is Challenged
It has been a surprisingly strong catalyst to nudge boards to add more female directors. But now, California’s first-in-the-nation law that mandates women on boards is facing a critical court challenge. The libertarian group Pacific Legal Foundation recently filed a federal lawsuit, saying California’s law violates the U.S. Constitution’s equal protection clause. The group also […]