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Join the Securities Litigation and Enforcement Group on LinkedInLummis-Gillibrand crypto bill would elevate CFTC – Protocol
Self-regulatory organizations “form the first line of defense for regulating large, complex markets” that “can write their own rules as well as enforce SEC or CFTC rules,” he added. “If you want to see digital assets regulated, that almost certainly means developing one or more SROs.” Marc Fagel, the SEC’s former regional director for San […]
Senators to Propose Industry-Friendly Cryptocurrency Bill – WSJ
Among other objectives, the bill seeks to carve some cryptocurrencies out of the Securities and Exchange Commission’s jurisdiction. It also would create new concepts in the nearly 90-year-old securities laws that would allow issuers of some digital tokens to meet lighter disclosure requirements than public companies face. SEC Chair Gary Gensler has said most cryptocurrencies […]
Crypto Implosion Juices Senate Odd Couple’s Push to Clamp Down
Cynthia Lummis, a conservative Republican from a Wyoming ranching family, and Kirsten Gillibrand, a moderate Democrat from Albany, New York, aren’t supposed to get along — let alone work together. But with Washington riven by deep partisan division, they have bonded over one thing: crypto needing new rules. The duo is planning to release a […]
Are We There Yet? The Latest Attempt at an Insider Trading Statute | New York Law Journal
In sum, if the Senate passes and the President signs it, this legislation will create a standard that Congress has tried to achieve for decades. Recognizing the polarization of our current political climate during a presidential election year, many may suggest that any effort to enact this legislation will likely be unsuccessful. However, given the […]
House Passes Bill Establishing a Clear Definition of Insider Trading – WSJ
The House bill aims to establish a legal foundation that is less susceptible to change. It doesn’t require prosecutors to prove that a defendant knew how a piece of inside information was obtained or whether there was a personal benefit paid to anyone in the chain of communication. Instead, the recipient or provider of an […]
Insider-trading law fix is within reach | Reuters
The act still has a ways to go before becoming law. It won approval from the U.S. House of Representatives’ Financial Services Committee in May, drawing support from Republicans and Democrats alike – no small feat in a highly partisan Congress. The full House is expected to take it up in the fall. Like a […]
A Whack at Dodd-Frank Could Hamstring the S.E.C. – The New York Times
The draft of the Financial Choice Act 2.0, released last week by the House Financial Services Committee and aimed at overturning much of the Dodd-Frank Act, contains provisions that could change how the Securities and Exchange Commission polices the markets. Unlike similar legislation introduced last year by Representative Jeb Hensarling, Republican of Texas and chairman […]
Senate bill aims for higher SEC enforcement penalties — CNNMoney
The bill would allow the SEC to impose a maximum $1 million penalty on individuals per violation for the most serious offenses and a maximum $10 million per violation on financial firms. Those levels would be an increase from the current $181,071 for individuals and $905,353 for firms. The measure also would give the SEC […]
Rep. Garrett Proposes Game-Changing Legislation for SEC APs | Compliance Week
Congressman Scott Garrett’s proposed “Due Process Restoration Act” would provide parties to administrative proceedings with the option to have their case heard in federal court, and also impose a higher burden of proof on the SEC in its APs. via Rep. Garrett Proposes Game-Changing Legislation for SEC APs | Compliance Week.
Senate Bill Seeks Transparency in Settlements – The Blog of Legal Times
Two senators introduced legislation today to make settlements with federal enforcement agencies more transparent. Sens. Tom Coburn R-Okla. and Elizabeth Warren D-Mass. said the Truth in Settlements Act will require greater public disclosure about agreements and it will create greater accountability concerning the actual value of deals made with federal agencies. via Senate Bill Seeks […]