All articles tagged with #securities
Originally Published 6 months ago — by Firefly Aerospace
Firefly Aerospace has filed a registration statement for an IPO on the Nasdaq under the ticker 'FLY', aiming to raise capital to support its space and defense technology initiatives, with details on share offerings and underwriters yet to be finalized.
Originally Published 6 months ago — by SEC.gov
The article discusses the potential and limitations of blockchain-based tokenization of securities, emphasizing that despite technological advances, tokenized securities remain subject to existing securities laws and regulations, with market participants needing to consider legal implications and engage with regulators to ensure compliance.
Originally Published 1 year ago — by Department of Justice
Alexander Mashinsky, founder and former CEO of Celsius Network, pled guilty to commodities and securities fraud, admitting to misleading customers about the company's profitability and manipulating the price of Celsius's proprietary token, CEL. Mashinsky's schemes involved using customer funds for risky investments and artificially inflating CEL's price, allowing him to profit while customers suffered losses when Celsius went bankrupt. He agreed to forfeit over $48 million and faces a potential 30-year prison sentence.
Originally Published 1 year ago — by RichmondBizSense
Robert Brian Thompson, a former bank examiner at the Federal Reserve Bank of Richmond, pleaded guilty to insider trading and false statements, admitting to a scheme where he illegally earned over $700,000 by trading stocks of financial institutions he oversaw. Using confidential information, Thompson made 69 trades involving stocks like Capital One and New York Community Bancorp, violating federal regulations prohibiting such trades by Fed employees. He faces up to 20 years in prison, with sentencing scheduled for March 19.
Originally Published 1 year ago — by Reuters
The CEO of a U.S. biotech company, Keith Berman, has been sentenced to seven years in prison for securities fraud amounting to $28 million after falsely claiming the development of a quick and accurate 15-second COVID-19 test, which did not exist. The Justice Department stated that Berman exploited the pandemic to defraud investors, and the U.S. Securities and Exchange Commission had previously sued the company and Berman in December 2020.
Originally Published 1 year ago — by Investor's Business Daily
The stock market concluded a week of losses on a positive note, with investors turning their attention to upcoming releases of CPI inflation data and Federal Reserve meeting minutes. Market participants are closely monitoring these indicators for insights into the state of the economy and potential future monetary policy actions amidst concerns about inflation and market volatility.
Originally Published 1 year ago — by WIRED
Do Kwon, a crypto magnate, has been found liable for multibillion-dollar fraud by a US court, with Terraform facing a financial penalty and potential exclusion from the US securities market. The case has sparked debate over the classification of crypto assets as securities, with implications for the wider crypto industry. The judge's ruling and the verdict in favor of the SEC set a precedent, potentially influencing future legal disputes in the crypto space. Terraform intends to appeal the verdict, citing ambiguity over the classification of its tokens, while the broader classification question may ultimately be settled through appellate courts or the US Supreme Court.
Originally Published 1 year ago — by The Verge
A judge has ruled that the SEC's lawsuit against Coinbase for offering unregistered securities can proceed, stating that Coinbase operates as an exchange, broker, and clearing agency under federal securities laws. The judge rejected arguments from the crypto community that existing laws are inadequate, emphasizing that the challenged transactions fall within the framework used to identify securities for nearly eighty years. However, the SEC's claims against Coinbase's Wallet were dismissed. Coinbase's chief legal officer expressed determination to seek clarity despite the denial of early motions against the government agency.
Originally Published 1 year ago — by CNBC
A judge ruled in favor of the SEC in its lawsuit against Coinbase, allowing the claim that the cryptocurrency exchange engaged in unregistered sales of securities to proceed to trial. Coinbase's shares fell following the ruling, which rejected its attempt to dismiss the SEC's complaint. The judge agreed with the SEC's allegation that Coinbase's Staking Program involved unregistered securities, but dismissed the claim that the company acted as an unregistered broker through its Wallet application. Coinbase responded by expressing readiness to uncover more about the SEC's internal views on crypto regulation. This development comes as Coinbase plays a larger role in Wall Street's adoption of cryptocurrency, with the SEC recently approving U.S. spot bitcoin exchange-traded funds, many of which have partnered with Coinbase as their custody partner.
Originally Published 1 year ago — by Reuters
A federal judge in Manhattan allowed the U.S. securities regulator's lawsuit against Coinbase to proceed, partially granting the company's motion to dismiss the lawsuit. The SEC sued Coinbase in June, alleging that the firm facilitated trading of at least 13 crypto tokens that should have been registered as securities and was operating illegally as a national securities exchange, broker, and clearing agency without registering with the regulator. The decision is a partial win for Coinbase, but largely supports the SEC's approach to cryptocurrency, agreeing with other judges who have sided with the regulator.
Originally Published 1 year ago — by CoinDesk
Bitcoin surpassed $65,000, nearing its all-time high as bullish bets rose to a record, with meme tokens like Pepecoin surging 30% and trading volumes reaching $3.6 billion. In an insider trading case involving Coinbase's former product manager and others, a U.S. court ruled that certain crypto assets traded on a secondary market are securities transactions. The court's position was taken in a default judgment against one of the defendants.
Originally Published 1 year ago — by Fortune
A federal judge ruled in favor of the SEC in a lawsuit against Sameer Ramani, finding that the crypto assets he purchased and traded constituted securities, even when sold on secondary markets like Coinbase. This ruling has significant implications for the broader crypto industry, as it supports the SEC's argument that the majority of crypto activity falls under its jurisdiction. The ongoing legal debate over whether crypto assets should be classified as securities continues to create uncertainty, with various federal judges taking different stances on the issue in cases involving major crypto exchanges and individuals accused of insider trading.
Originally Published 1 year ago — by CoinDesk
The U.S. SEC has expanded its dealer rule to encompass a wider range of financial activities, including those involving crypto securities, with the new framework set to take effect in April next year. This move could have significant implications for the digital assets industry, particularly in decentralized finance (DeFi), as it requires dealers to register with the SEC and comply with securities laws. The expansion has drawn objections from industry insiders, including those in DeFi, who argue that the new rules are impractical and hostile to innovation. The crypto industry has been engaged in legal battles with the SEC over the classification of cryptocurrencies as securities, and the outcome could have far-reaching effects on which firms are considered dealers under the new regulatory requirements.
Originally Published 2 years ago — by Yahoo News
Colorado pastor and his wife are accused of pocketing $1.3 million through a cryptocurrency fraud scheme, claiming that the Lord told them to do it. They marketed their cryptocurrency, INDXcoin, to Christian communities in Denver, promising wealth through investment. The couple allegedly spent investors' funds on personal expenses, including a home remodel, luxury items, and travel. They are charged with securities fraud and are scheduled to appear in court. The Colorado Securities Commissioner urges those who invested in INDXcoin to contact the authorities.
Originally Published 2 years ago — by USA TODAY
A lawyer for Coinbase argued in court that owning cryptocurrency is akin to buying collectibles like Beanie Babies, American Girl Dolls, or baseball cards, and should not be classified as securities. The lawyer emphasized that cryptocurrency investors do not have a stake in the companies behind the currencies, unlike stock or bond holders. The Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase for operating its crypto asset trading platform as an unregistered national securities exchange and for failing to register the offer and sale of its crypto asset staking-as-a-service program.