Tagged: sec

June 13, 2022 @ 11:07 am By JD Alois  |  

The Charles Schwab Corporation (NYSE: SCHW) has commented on the settlement with the Securities and Exchange Commission (SEC) pertaining to Robo-advisor offerings and allegations of undisclosed fees and poor performance. Schwab stated via a release: “Schwab has resolved a matter with the SEC regarding certain… Read More

June 13, 2022 @ 9:36 am By JD Alois  |  

The Securities and Exchange Commission (SEC) charged three Charles Schwab investment adviser subsidiaries for allocating client funds in a manner that their own internal analyses showed would be less profitable for their clients under most market conditions. Schwab has agreed to pay $187 million to… Read More

June 9, 2022 @ 11:54 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has posted a notice that the United States Court of Appeals for the Second Circuit has affirmed a district court order requiring compliance with investigative subpoenas served by the Commission on Terraform Labs Pte Ltd and Do Kwon – based… Read More

June 8, 2022 @ 2:43 pm By JD Alois  |  

Longfin, a Reg A+ issuer that saw its shares trade on the Nasdaq only to later implode, has generated some more collateral damage as an audit firm providing services to the firm has been penalized by the Securities and Exchange Commission (SEC). Back in 2020,… Read More

June 8, 2022 @ 11:17 am By JD Alois  |  

The Securities and Exchange Commission (SEC) is investigating the BNB token, issued by the world’s largest crypto exchange Binance. This is according to a report by Bloomberg and should come as no surprise to anyone as the SEC has long messaged their view that just… Read More

June 7, 2022 @ 4:12 pm By JD Alois  |  

John Berlau, a securities and regulatory expert at the Competitive Enterprise Institute (CEI) has shared his initial thoughts on the bi-partisan legislation posted today by Senators Kirsten Gillibrand and Cynthia Lummis. Berlau, long a supporter of beneficial Fintech innovation believes the legislation is a solid… Read More

June 5, 2022 @ 5:24 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has received final judgments against crowdfunding issuer, 420 Real Estate, LLC, and its CEO, Willard Jackson. The court case, SEC v. Shumake, has previously obtained judgments against Defendants TruCrowd, Vicent Petrescu, and Nicole Birch. According to FINRA, TruCrowd is… Read More

June 2, 2022 @ 10:25 am By JD Alois  |  

The Depository Trust & Clearing Corporation (DTCC) is reporting that the Securities and Exchange Commission (SEC) has approved the Securities Financing Transaction (SFT) Clearing Service proposal of the National Securities Clearing Corporation (NSCC), the equity clearing subsidiary of DTCC, to operate a central clearing and… Read More

May 27, 2022 @ 4:33 pm By JD Alois  |  

SEC Commissioner Hester Peirce and CFTC Commissioner Caroline Pham have partnered on an Op-Ed published this week in the Hill calling for progress on the regulation of decentralization. Alluding to possible friction between the two agencies as regulators jostle as to which sector of crypto… Read More

May 19, 2022 @ 11:00 am By JD Alois  |  

The Securities and Exchange Commission has obtained final judgments on consent against Sohrab “Sam” Sharma, Robert Farkas, and Raymond Trapani in regards to Centra Tech and an initial coin offering (ICO) deemed to be an unregistered security by the SEC. The SEC states that Centra… Read More

May 18, 2022 @ 12:03 pm By JD Alois  |  

SEC Chairman Gary Gensler testified in front of the Subcommittee on Financial Services and General Government, part of the House Appropriations Committee, to justify the agency’s budget request. As part of the questioning from various members, Gensler answered several questions which were crypto-related. Chairman Gensler… Read More

May 17, 2022 @ 5:18 pm By JD Alois  |  

Tomorrow (May 18, 2022), SEC Chairman Gary Gensler will hike up to Capitol Hill to extoll the need for a slight budget increase for the SEC and its ~ 4800 employees. Chair Gensler, along with the Chair of the FTC, will address the Subcommittee on… Read More

May 16, 2022 @ 7:30 am By David R. Burton  |  

Passed with large bipartisan majorities and signed into law by President Obama, the 2012 JOBS Act was a bipartisan achievement of consequence. The JOBS Act substantially improved the laws governing entrepreneurial capital formation and has had a measurable positive impact on entrepreneurial capital formation. But… Read More

May 11, 2022 @ 11:53 am By JD Alois  |  

“Most crypto tokens are investment contracts under the Supreme Court’s Howey Test.” SEC Chairman Gary Gensler is not wavering from his view that most all crypto assets are securities. Gensler has consistently voiced this belief queueing up expectations for a growing number of enforcement actions… Read More

May 9, 2022 @ 5:26 pm By JD Alois  |  

SPACs, once red hot topping the traditional IPO market, have dimmed in recent months as the Securities and Exchange Commission has proposed new rules that may make the financing vehicle less viable. Today, the most prominent investment bank in the US, Goldman Sachs (NYSE:GS), has… Read More

May 9, 2022 @ 11:58 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has extended the comment period on proposed ESG rules that may compel public firms to disclose their climate risks and impact on the environment. The SEC has received broad criticism in regards to the rushed nature of the rulemaking… Read More

May 9, 2022 @ 10:52 am By JD Alois  |  

A Twitter thread by CrypTones, an individual who says they are a securities attorney working for a crypto firm, said the Otherside NFT sale is unregistered security as it checks all of the boxes under the Howey Test. OtherSideMeta is a project created by YugaLabs,… Read More

May 9, 2022 @ 10:22 am By JD Alois  |  

Announced last week, the Securities and Exchange Commission (SEC) revealed its intent to step up its crypto enforcement actions with a newly renamed Crypto Assets and Cyber Unit doubling its headcount. The SEC outlined its reinvigorated mission as targeting digital asset offerings, crypto exchanges, lending… Read More

May 8, 2022 @ 6:38 pm By JD Alois  |  

Last week it was reported that the Securities and Exchange Commission (SEC) was doubling the size of its crypto enforcement team. The SEC also revealed that it had rebranded its Cyber Unit to the Crypto Assets and Cyber Unit to reflect its additional focus on… Read More

May 6, 2022 @ 2:36 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has once again filed fraud charges against a crypto operation. The SEC alleges that MCC International Corp. (MCC), which does business as Mining Capital Coin Corp., its founders Luiz Carlos Capuci, Jr. (aka Junior Caputti or Capuci) and Emerson… Read More