Archives

July 3, 2024 @ 9:30 am By JD Alois  |  

In commenting on a rule adopted this week pertaining to Registered Index-Linked Annuities and an amended registration form to accommodate these offerings, SEC Commissioner Mark Uyeda slipped in a note about his opinion as to how crypto or digital asset offerings may be managed going… Read More

July 2, 2024 @ 7:46 am By Omar Faridi  |  

The Securities and Exchange Commission (SEC) charged Silvergate Capital Corporation, its former CEO Alan Lane, and former Chief Risk Officer (CRO) Kathleen Fraher with allegedly “misleading investors about the strength of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program and the monitoring of crypto customers,… Read More

June 30, 2024 @ 11:50 am By Omar Faridi  |  

Consensys claims that it fully expected the US Securities and Exchange Commission (SEC) to follow through on its threat to claim their MetaMask software interface must register as a securities broker. Consensys further noted via social media that the SEC has been pursuing an “anti-crypto… Read More

June 28, 2024 @ 6:11 pm By JD Alois  |  

While there are crickets at the Securities and Exchange Commission (SEC), a Commissioner at the Commodities Futures Trading Commission has welcomed the Supreme Court’s decision this week in SEC v. Jarkesy. CFTC Commissioner Caroline Pham has issued the following statement on the ruling: “As I’ve said… Read More

June 28, 2024 @ 1:35 pm By JD Alois  |  

Consensys, founded by an Ethereum co-founder, has been hit with charges by the Securities and Exchange Commission (SEC) alleging the offer and sales of unregistered securities via its Metamask staking service. Metamask offers staking of Ethereum for users to generate “rewards.” Consensys is one of… Read More

June 27, 2024 @ 11:43 am By JD Alois  |  

The Investor Choice Advocates Network (ICAN) has issued a statement pertaining to the US Supreme Court’s decision issued today regarding SEC v. Jarkesy. The Supreme Court has ruled that when the Securities and Exchange Commission seeks civil penalties against a defendant for securities fraud, the… Read More

June 27, 2024 @ 10:44 am By JD Alois  |  

In what will be a dramatic change for the Securities and Exchange Commission (SEC), the Supreme Court has ruled that when the SEC seeks civil penalties against a defendant for securities fraud, the defendant is entitled to a jury trial. Currently, the SEC may adjudicate… Read More

June 19, 2024 @ 10:51 am By Omar Faridi  |  

Blockchain and smart contract development firm Consensys has shared an important update via social media, noting that Ethereum (ETH) has “survived” the SEC. ConenSys confirmed that they are announcing a major win for Ethereum developers, technology providers, and industry participants. ETHEREUM SURVIVES THE SEC. Today… Read More

June 18, 2024 @ 5:40 pm By JD Alois  |  

Boxabl’s former Investor Relations executive, Yanni Tassev, has been charged with fraud by the Securities and Exchange Commission (SEC). The complaint states that Tassev was hired in July 2021 and became VP of Investor Relations in November 2022. Boxabl is an early-stage firm in the… Read More

June 9, 2024 @ 6:29 pm By JD Alois  |  

Last month, the SEC Small Business Capital Formation Advisory Committee (SBCFAC) told the Commission to make the definition of an Accredited Investor more inclusive. This is not the first time the Committee has advised the Commission to update the definition and make it more rational… Read More

June 7, 2024 @ 1:08 pm By JD Alois  |  

The SEC’s Private Fund Advisor rule has been vacated by the courts. In August 2023, the SEC enacted the new rules, claiming they would enhance the regulation of private fund advisers by requiring annual audits, fairness and valuation opinions, and quarterly statements. SEC Chairman Gary Gensler… Read More

May 30, 2024 @ 11:48 am By JD Alois  |  

SEC Commissioner Hester Peirce has publicly shared a comment on a consultation in the UK. Launched last April, the proposal is for a Digital Securities Sandbox (DSS) initiated by the UK Financial Conduct Authority and the Bank of England. The deadline for feedback from interested… Read More

May 24, 2024 @ 12:42 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) is poised to green-light Ethereum (Ether) ETFs after years of pushback. As of this writing, it was not clear as to when these products would commence trading. Earlier this year, the SEC approved spot Bitcoin ETFs for trading after… Read More

May 22, 2024 @ 12:28 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has penalized the Intercontinental Exchange (NYSE:ICE), the operator of the New York Stock Exchange, for failing to notify the SEC promptly of a cyber intrusion. ICE has agreed to pay a $10 million penalty to settle the allegations without… Read More

May 16, 2024 @ 2:34 pm By JD Alois  |  

Following approval in the House earlier this month, the US Senate has voted on and approved HJ Res. 109, which overturns the SEC’s Staff Accounting Bulletin (SAB) 121 under the Congressional Review Act (CRA). When the House approved the resolution. Chairman of the House Financial… Read More

May 13, 2024 @ 10:39 am By JD Alois  |  

FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDQ:FAT) has been hit with allegations of fraud. This past Friday, the Securities and Exchange Commission (SEC) filed fraud charges against FAT, its former CEO and current Chairman, Andrew Wiederhorn, and its former CFOs, Ron Roe and Rebecca Hershinger,… Read More

May 13, 2024 @ 7:42 am By Omar Faridi  |  

Upstart has reportedly received a subpoena from the US Securities and Exchange Commission (SEC) pertaining to the Fintech company’s disclosures as they relate to use of its AI algorithms/models and loans. This, according to Upstart’s quarterly filing released this past Tuesday. The California-headquartered alternative lender… Read More

May 8, 2024 @ 11:21 am By JD Alois  |  

The Securities and Exchange Commission (SEC), Investor Advisory Committee (IAC), has scheduled a meeting for June 6th. Topics include artificial intelligence (AI) and the ongoing discussion of investment advice. Regarding investment advice, the Committee worries that younger investors are receiving guidance from “non-traditional ways,” including… Read More

May 7, 2024 @ 3:27 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against Curt Kramer and his wholly-owned businesses Power Up Lending Ltd., Geneva Roth Remark Holdings, Inc., and 1800 Diagonal Lending, LLC (formerly known as Sixth Street Lending LLC), for operating as unregistered securities dealers. According to… Read More

May 7, 2024 @ 12:35 pm By JD Alois  |  

Coinbase co-founder and CEO Brian Armstrong welcomed Robinhood (NASDAQ:HOOD) to the Wells Notice club. This past week, it was reported that Robinhood has received a Wells Notice from the Securities and Exchange Commission (SEC). A Wells Notice indicates that SEC staff is recommending an enforcement action by… Read More