Tagged: securities and exchange commission

August 15, 2024 @ 6:27 am By JD Alois  |  

The Securities and Exchange Commission has penalized 26 broker-dealers, and investment advisers, for “widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications.” The 26 firms have settled the matter by acknowledging their shortcomings and have agreed to pay… Read More

August 8, 2024 @ 8:47 am By JD Alois  |  

Ripple, the issuer of XRP, has long been ensconced in a legal battle with the Securities and Exchange Commission over allegations of offering an unregistered security. However, it appears to have been let off lightly by paying a penalty of $125 million. Ripple CEO Brad… Read More

August 5, 2024 @ 4:52 pm By JD Alois  |  

SEC Commissioner Mark Uyeda recently spoke at an event sponsored by Schwab. Commissioner  Uyeda spoke during a session to address the “regulatory onslaught” that has taken place during Chairman Gary Gensler’s tenure at the agency. In notes provided to CI, Uyeda commented on the impact… Read More

July 31, 2024 @ 1:06 pm By JD Alois  |  

Recently, the SEC Small Business Capital Formation Advisory Committee (SBCFAC) issued a recommendation to the Commission to adjust the threshold when issuers using the Reg CF securities exemption are required to provide reviewed financials. The formal letter told the Commission the hurdle should be moved… Read More

July 19, 2024 @ 1:49 pm By JD Alois  |  

The Securities and Exchange Commission, Division of Enforcement, has issued a statement on the new Interagency Securities Council (ISC). This new entity aims to coordinate discussions on fraud and scams and share strategies to counter nefarious activities. The ISC is expected to meet quarterly. The… Read More

July 15, 2024 @ 10:23 am By JD Alois  |  

The SEC Small Business Capital Formation Advisory Committee (SBCFAC) has posted its recommendation to the Commission, taking the stance that issuers using Regulation Crowdfunding (Reg CF) should receive some relief under the current requirement to provide reviewed financials starting at an offering of $124,000. The… Read More

July 14, 2024 @ 8:04 pm By Omar Faridi  |  

Paxos, the regulated blockchain & tokenization infrastructure platform, announced that it received a formal termination notice from the US Securities and Exchange Commission (SEC) on July 9, 2024, stating that it will “not recommend enforcement action against Paxos Trust Company in the investigation of Binance… Read More

July 10, 2024 @ 4:55 pm By JD Alois  |  

Congressman Patrick McHenry took to the floor of the House today to criticize the actions of President Joe Biden regarding his veto of HJ Res. 109 as well as the inability of FIT21 – digital asset legislation – to become law. McHenry noted that HJ… Read More

July 4, 2024 @ 1:26 pm By Omar Faridi  |  

On Friday, June 28, 2024, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia appeared to have struck a major blow to the US Securities and Exchange Commission (SEC) Chair Gary Gensler’s “regulation-by-enforcement” campaign being carried out against secondary crypto-asset… Read More

July 4, 2024 @ 9:31 am By Omar Faridi  |  

Paul Grewal, Chief Legal Officer at Coinbase (NASDAQ:COIN), confirmed via social media that Coinbase has responded to the US Securities and Exchange Commission’s (SEC) effort to block “reasonable discovery” from SEC Chairman Gary Gensler in a case that it—not Coinbase—chose to file. Democracy, as well… Read More

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

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 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

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 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

May 7, 2024 @ 8:49 am By Omar Faridi  |  

Robinhood Markets, Inc. (NASDAQ:HOOD) announced that it had received a Wells Notice from the US Securities and Exchange Commission (SEC) staff. As reported on May 6, 2024, Robinhood Crypto (RHC) received a Wells Noticer “indicating [staff] will recommend that the Commission file an enforcement action.”… Read More

May 6, 2024 @ 10:44 am By JD Alois  |  

The Securities and Exchange Commission (SEC) and Small Business Capital Formation Advisory Committee (SBCFAC) have finally issued their recommendation regarding the definition of Accredited Investors. This definition impacts the Reg D marketplace, an ecosystem that enabled around $3 trillion in funding in 2023. Just about… Read More

April 26, 2024 @ 7:50 am By Michael Wong  |  

The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee (SBCFAC) is set to convene on Monday, May 6, 2024, to discuss key topics in small business financing, including the state of Regulation Crowdfunding (Reg CF) and trends in angel investing. The meeting, accessible… Read More

April 6, 2024 @ 12:12 pm By Michael Wong  |  

Following a nine-day trial, a jury in the United States District Court for the Southern District of New York has found Terraform Labs PTE Ltd. and its former CEO, Do Kwon, guilty of defrauding investors in crypto asset securities. The verdict comes after the Court’s… Read More