Tag

Securities Law

All articles tagged with #securities law

politics25 days ago•20 min saved

Truth API Draws Criminal and Civil Fire as Prosecutors and California Challenge Trump Media

A coalition of 53 former federal prosecutors and agents has filed an amicus brief in a federal lawsuit against Trump Media & Technology Group, arguing that the 'Truth API' service, which charges $100,000 monthly for early access to presidential posts, likely violates federal securities and anti-corruption laws. Simultaneously, San Francisco has sued the company in state court, alleging the scheme violates California’s Unfair Competition Law by creating a marketplace for insider trading. The federal suit, brought by the Intercept and Freedom of the Press Foundation, seeks a preliminary injunction, with a hearing scheduled for October 7.

via Yahoo Finance|

#first-amendment #insider-trading #politics

politics-and-law28 days ago•2 min saved

San Francisco and Federal Groups Challenge Trump's $100k Truth API Subscription

San Francisco’s city attorney has sued Trump Media & Technology Group to block the 'Truth API,' a $100,000 monthly subscription that grants early access to President Trump’s posts. The lawsuit argues this service facilitates insider trading and violates California’s Unfair Competition Law. Simultaneously, a federal lawsuit challenges the service as unconstitutional, with former federal prosecutors filing an amicus brief claiming the scheme likely violates federal securities and anti-corruption laws. Trump Media, in which the President holds a 41% stake, faces potential civil penalties and injunctions.

via Bloomberg Law News|

#insider-trading #politics-and-law #san-francisco

politics2 months ago•8 min saved

Lawsuit and Criticism Target Trump Media’s Paid Early-Access to Truth Social Posts

Trump Media is selling early access to President Trump’s Truth Social posts for up to $100,000 a month, drawing a federal lawsuit and sharp criticism from lawmakers and media outlets. The product, Truth API, grants subscribers milliseconds of advance notice on posts that often contain policy announcements, executive orders, and personnel changes. Critics argue this creates an unfair advantage for Wall Street traders and violates constitutional rights to equal access to government information. While the White House has not responded to requests for comment, the controversy highlights tensions between private media ownership and public accountability.

via HuffPost|

#first-amendment #jamie-raskin #politics

business8 months ago•37 min saved

Bias Shrinks Musk Trial Jury Pool by Nearly Half

Nearly half of the 93-person jury pool for Elon Musk’s Twitter investors’ securities lawsuit was dismissed after many prospective jurors expressed strong negative views about Musk; 40 jurors were removed as Judge Charles Breyer searches for an impartial panel ahead of a March 2 start, with the trial expected to last about three weeks and potentially feature Musk as a witness.

via Yahoo|

#business #elon-musk #jury-pool

business8 months ago•15 min saved

SEC lays out framework for tokenized securities under federal law

SEC staff provide clarity on how tokenized securities—whether issuer- or third-party-sponsored—fit under federal securities laws, describing on-chain and off-chain recordkeeping, potential classes and rights, and when registration or exemptions apply; they outline custodial and synthetic models, as well as security-based swaps, and emphasize that the format does not alter the underlying legal obligations.

via SEC.gov|

#business #crypto-assets #regulation

cryptocurrency-regulation2 years ago•3 min saved

"Coinbase Faces SEC in Courtroom Showdown Over Crypto Securities"

A U.S. judge is deliberating on whether the SEC's case against Coinbase, regarding the classification of transactions in a dozen crypto tokens as unregistered securities, should be dismissed. Both sides argued their positions in a court hearing, with the judge expressing skepticism and not revealing her ruling. The decision could impact the SEC's pursuit of crypto platforms and may influence similar cases against other exchanges. The judge's eventual ruling is expected in the coming weeks.

via CoinDesk|

#coinbase #cryptocurrency #cryptocurrency-regulation

cryptocurrency-regulation2 years ago•1 min saved

"SEC Chair Gensler Warns of Crypto Danger as Bitcoin ETF Decision Nears"

As the SEC's decision on a spot bitcoin ETF looms, Chair Gary Gensler reiterates warnings about the dangers of investing in digital assets, citing scams and non-compliance with securities laws. His remarks come amidst expectations of ETF approvals that could significantly impact the industry. The regulatory landscape for cryptocurrency businesses and securities law compliance remains uncertain, with ongoing legal battles shaping the debate.

via CoinDesk|

#bitcoin-etf #cryptocurrency #cryptocurrency-regulation

cryptocurrency-regulation3 years ago•2 min saved

SEC Urges Rejection of Coinbase's Lawsuit Dismissal Motion

The U.S. Securities and Exchange Commission (SEC) has urged a federal judge to reject Coinbase's attempt to dismiss the securities law violation lawsuit filed against it. The debate centers around the interpretation of the Howey test, a key precedent in securities law. The SEC argues that Coinbase's justification contains "fatal flaws" and that the court must determine whether Coinbase intermediated transactions in "investment contracts" that should be regulated by the SEC. Coinbase contends that crypto trades do not meet the definition of an investment contract, while the SEC maintains that the Howey test should be flexibly and widely interpreted. The SEC also refutes Coinbase's claim that the agency blessed its conduct and emphasizes that going public does not automatically endorse compliance with securities laws.

via CoinDesk|

#coinbase #cryptocurrency-regulation #howey-test

cryptocurrency3 years ago•1 min saved

SEC Seeks Appeals Court Review for Ripple's XRP Ruling

The U.S. Securities and Exchange Commission (SEC) has requested permission to appeal a federal judge's ruling that XRP sales through exchanges did not violate securities law. The SEC is specifically appealing the judge's ruling that Ripple's programmatic sales of XRP did not violate securities law. The ruling could have implications for other SEC cases and legal matters. Ripple has until September 1, 2023, to respond to the SEC's motion.

via CoinDesk|

#appeal #cryptocurrency #ripple

cryptocurrency3 years ago•3 min saved

"Judge Breaks Precedent, Denies Terraform Labs' Motion to Dismiss SEC Lawsuit Against Ripple"

A federal judge has denied Terraform Labs' motion to dismiss a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), stating that the SEC has jurisdiction and a plausible claim that Terraform's stablecoin, TerraUSD (UST), the Anchor Protocol, and LUNA may have violated securities law. The judge also rejected the use of a ruling in the Ripple case, where another judge ruled that Ripple did not violate securities law in selling XRP to retail investors through an exchange intermediary. The SEC has hinted at a possible appeal, and the price of XRP dropped around 2% following the ruling.

via CoinDesk|

#cryptocurrency #ripple #sec-lawsuit

business3 years ago

Sam Bankman-Fried to Face Two Criminal Trials in FTX Fraud Case, DOJ Withdraws FCPA Count.

A judge has split the charges against Sam Bankman-Fried, the CEO of cryptocurrency exchange FTX, into two separate criminal trials. The first trial will focus on allegations that Bankman-Fried violated securities law by offering derivatives without proper registration. The second trial will address charges of market manipulation. Bankman-Fried has denied all allegations.

via The Wall Street Journal|

#business #criminal-trials #cryptocurrency

policy3 years ago•3 min saved

Crypto Compliance and Lawsuits: A Rough Week for Binance and Coinbase

SEC Chair Gary Gensler outlined multiple paths for crypto projects to register with the agency and comply with securities law, while criticizing Binance and pushing back on arguments made by Coinbase. Gensler noted that Binance executives knowingly broke the law and redirected billions in customer assets to investment vehicles owned by CEO Changpeng ‘CZ’ Zhao. He also pointed out that Coinbase made a calculated economic decision to take the risk of enforcement as the cost of doing business.

via The Block - Crypto News|

#binance #coinbase #crypto-compliance

cryptocurrency3 years ago•2 min saved

SEC Cracks Down on Crypto Giants Coinbase and Binance.

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Coinbase and its parent company, CGI, for allegedly breaking securities law by acting as an unregistered broker for its main crypto trading platform, Coinbase Prime, and the Coinbase Wallet. The SEC is also suing over Coinbase's staking-as-a-service platform. The Alabama Securities Commission has also issued a "show cause" order to Coinbase, asking the company to explain why it should not be directed to cease and desist from selling unregistered securities in Alabama. Coinbase's chief legal officer responded to the lawsuit, saying that the SEC's enforcement-only approach is hurting America's economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance.

via The Verge|

#coinbase #cryptocurrency #lawsuit

cryptocurrency3 years ago•4 min saved

XRP Litigation and Ripple's Future: Latest Developments.

The release of internal documents related to the SEC's classification of digital assets as securities, including the "Hinman speech," could strengthen Ripple's case and potentially provide a legal precedent for the industry. The documents may reveal dissenting opinions within the SEC and bolster Ripple's argument that the lack of regulatory clarity caused the company to lack fair notice of what was prohibited under existing law. The documents could also strengthen Coinbase's future litigation against the SEC, as the agency approved Coinbase's IPO knowing the company's business model was to list digital assets similar to XRP without a broker-dealer license to sell securities.

via Forbes|

#coinbase #cryptocurrency #digital-assets

business3 years ago•2 min saved

Disney and Former Executives Face Shareholder Lawsuits Over Streaming Statements and Losses

Former Disney CEO Bob Chapek and other executives are facing a lawsuit for allegedly violating securities law by providing misleading statements and omissions about Disney+ and its subscriber growth. The lawsuit alleges that Chapek and other executives did not properly disclose the truthful state of Disney, specifically its projections for Disney+ subscriber numbers and the company’s overall health in the streaming industry. The case seeks a lead plaintiff and judicial determination for a class action suit representing Disney shareholders from Dec. 10, 2020 to Nov. 8, 2022.

via Variety|

#bob-chapek #business #disney