Attorney General Letitia James of New York filed an insider trading lawsuit on Thursday against a former biotech chief executive, accusing him of turning a $7.6 million profit on the sale of the company’s stock before the public learned that millions of doses of a Covid-19 vaccine were contaminated. Filed in a New York State court, the lawsuit said that…
But while the crypto industry celebrates the SEC’s enforcement wind-down under Chairman Paul Atkins, the road ahead will likely be littered with an assortment of rules and enforcement actions from various parties. […] No matter what path the SEC’s rule-writers take, crypto companies will still have to contend with suits from state regulators and private litigants, which securities lawyers say…
The Trump administration is bringing significant personnel and policy changes across the federal government’s financial regulators. President Donald Trump has signed an executive order putting agencies and regulators—such as the Securities and Exchange Commission—under direct presidential oversight. Cryptocurrency regulation is already undergoing a significant change in enforcement priorities. The Trump administration appears to have reversed the SEC’s course on aggressively…
Investor litigation around cryptocurrency won’t disappear just because the US Securities and Exchange Commission has been dropping Biden administration enforcement actions. […] But even as Trump’s SEC ends suits against Coinbase Global Inc., Binance Holdings Ltd, Ripple Labs Inc.—in which a court had ruled its token was a security when sold to institutional investors, but not to the general public—and…
But even if state regulators are hemmed in by new legislation, that legislation would not limit the ability of state Attorneys General to file lawsuits alleging fraud by crypto-related businesses. State AGs previously brought those lawsuits when the SEC’s “regulation by enforcement” crusade was in full swing. In 2023, New York Attorney General Letitia James filed a lawsuit alleging that…
Eight states announced on Monday they’re bringing actions against the crypto-lending platform Nexo Group in connection with its unregistered, interest-bearing cryptocurrency product. State regulators in California, Kentucky, New York, Maryland, Oklahoma, South Carolina, Washington and Vermont allege Nexo offered customers interest-earning accounts without first registering them as securities and providing necessary disclosures. Without access to these financial statements, state regulators…
Wells Fargo will pay $575 million in a settlement with attorneys general from all 50 states and the District of Columbia that are investigating fake accounts opened without the knowledge of customers and a string of other dodgy practices. Under the agreement announced Friday, the bank will also create teams to review and respond to customer complaints about its banking…