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☆ Federal prosecutors are examining financial transactions at Block, owner of Cash App and Square
▼ + stars: | 2024-05-01 | by ( Gretchen Morgenson | ) www.cnbc.com time to read: +13 min

Cash App, introduced in 2013, allows users to send and receive money instantaneously among themselves and to buy stocks and Bitcoin. As of December, Cash App had 56 million active transacting accounts and $248 billion in inflows during the previous four quarters, the company said. (Merchants are considered customers at Square, while users are considered customers at Cash App.) Cash App is not a bank, but it uses external banking partners to conduct various services. On March 29, Sutton Bank settled a consent order with the Federal Deposit Insurance Corp. that echoed the whistleblowers' allegations.

Persons: Jack Dorsey, Block, Venezuela —, Edward Siedle, Prosecutors, Cash, OFAC, Lawrence Summers, Sharon Rothstein, Summers, Rothstein, Lord Paul Deighton, Goldman Sachs, Deighton, Dorsey, Banks, Sutton, James Booker Organizations: Twitter, Southern, of, NBC, NBC News, Securities and Exchange Commission, Block, Foreign Assets Control, U.S . Treasury, Cash, OFAC, Goldman, Financial Market, Bank of Lithuania, Payments Lithuania UAB, PayPal, Consumer Finance Protection Bureau, Sutton Bank, Federal Deposit Insurance Corp, FDIC Locations: of New York, Cuba, Iran, Russia, Venezuela, Ohio, Sutton

The Treasury Department subsequently kicked off a rule-making process to implement the order, and financial firms have been rushing to meet a Sept. 28 to provide input. "It could apply to companies that are outside of China but are subsidiaries of Chinese companies or controlled by a Chinese person." While the U.S. already has restrictions on some Chinese investments in the U.S. and U.S. investments in China, the order creates a new program. The program proposes exempting publicly traded securities and index and mutual funds, but financial firms want those securities to be more tightly defined. Financial firms say they support the administration's national security goals but worry about increased liability and the economic costs of restricting capital flows.

Persons: Florence Lo, Joe Biden, Timothy Keeler, Mayer Brown, Jen Fernandez, Sidley Austin, Jay Clayton, Sullivan, Cromwell, Keeler, Peter Matheson, Fernandez, Pete Schroeder, Carol Mandl, Michelle Price, Deepa Babington Organizations: REUTERS, WASHINGTON, Treasury Department, Foreign Investment, Treasury, Former Securities and Exchange, DE, Financial, U.S, Securities Industry, Financial Markets Association, Thomson Locations: China, U.S, United States

☆ Former US SEC chair calls for companies to disclose China risk
▼ + stars: | 2023-09-12 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

Jay Clayton, former chairman of the SEC, speaks during the 13D Monitor's Active-Passive Investor Summit in New York City, U.S., October 18, 2022. In his testimony, the former Securities and Exchange Commission (SEC) chair proposed that companies with market capitalizations above $50 billion or with China-based revenues or costs above $10 billion unveil their exposure to the world's second biggest economy. He also recommended those companies explain how their operations would be affected in the event of a disruption in U.S.-China economic ties. Clayton's views as the former SEC chair still carry weight among Washington policymakers, though he is no longer in government. If the level of risk is decreased, they will invest," he said, adding more disclosure would reduce systemic risk.

Persons: Jay Clayton, Brendan McDermid, Cromwell, Clayton, Jim Chanos, Anne Stevenson, Yang, Donald Trump's, Carolina Mandl, Michelle Price, Chizu Organizations: SEC, REUTERS, Sullivan, Big U.S, Chinese Communist Party, Wall, Securities and Exchange Commission, Thomson Locations: New York City, U.S, Big, China, Wall Street, Washington, York, New York

☆ Wall Street firms and retired generals to discuss hypothetical Chinese invasion of Taiwan
▼ + stars: | 2023-09-07 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Wall Street firms and retired generals will discuss a hypothetical Chinese invasion of Taiwan. The "tabletop exercise" will take place next week in New York, sources told the New York Times. It comes as the congressional China committee plans to meet with top Wall Street investors. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. It comes as the congressional China committee plans to go to New York, where lawmakers will meet with banks, hedge funds and venture capital firms, according to the New York Times.

Persons: Jay Clayton, Jim Chanos, Anne Stevenson, Yang, Mike Gallagher, Biden, BlackRock Organizations: New York Times, Wall, Service, Chinese Communist Party, Council, Foreign Relations, Communist, Financial, Securities and Exchange, Kynikos Associates, J Capital Research, Financial Times, Wall Street Locations: Taiwan, New York, China, Wall, Silicon, Wisconsin, MSCI, Xinjiang

☆ Former CTFTC chair talks future of stablecoins: We're not addressing the risks
▼ + stars: | 2023-07-24 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

As its name would suggest, a stablecoin is a kind of cryptocurrency token meant to be backed by real assets. Massad said these coins could act as a bridge between "the crypto world and the real world." "My concern is we're not addressing the risks," he continued, adding that he is not. He added that if the U.S. were to create stablecoin regulations, the rest of the world would likely follow suit, but also said many countries are already creating their own frameworks. "I'm sympathetic to a lot of people in government saying, 'we don't really, we're not convinced of the use case here, we don't really see what the value is in the real world,' Massad said.

Persons: Timothy Massad, CNBC's Jim Cramer, Massad, Jay Clayton, stablecoins, we're Organizations: Futures Trading, Securities and Exchange, SEC Locations: United States, U.S

☆ NFL approves sale of Washington Commanders and evies $60 million fine on ex-owner
▼ + stars: | 2023-07-20 | by ( David Close | ) edition.cnn.com time to read: +3 min

CNN —The Washington Commanders will have a new ownership group as the team’s previous owner faces a $60 million fine from the league following an independent investigation finding workplace misconduct and financial improprieties. The Commanders’ new ownership group includes Basketball Hall of Famer Magic Johnson and billionaire Mitch Rales, Harris’ longtime sports business partner. NFL commissioner Roger Goodell congratulated Harris and his partners after the unanimous vote. Johnston told a congressional committee that the Commanders owner had put his hand on her leg under the table at a work dinner and tried to persuade her to get into his limousine. “The conduct substantiated in Ms. White’s findings has no place in the NFL,” a statement from NFL commissioner Roger Goodell stated.

Persons: Josh Harris, Harris, Basketball Hall of Famer Magic Johnson, Mitch Rales, Harris ’, Roger Goodell, “ Josh, Josh, ” Goodell, Daniel Snyder, Snyder, Tanya, Dan Snyder, Mary Jo White, White, Tiffani Johnston, Johnston, ”, “, Ms, ” Snyder, —, “ Mr, Goodell Organizations: CNN, Washington, NFL, Apollo Global Management, Philadelphia 76ers, New Jersey Devils, Basketball Hall of Famer, Street Journal, former Securities and Exchange Commission, SEC, ” Locations: Washington, Minnesota

☆ SBF won’t shut up, and it’s driving lawyers mad
▼ + stars: | 2022-11-29 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

SBF has repeatedly admitted that he “f—ked up.” He has apologized on Twitter and in a letter to staff. “What SBF is doing is a form of litigation suicide,” Howard Fischer, a former Securities and Exchange Commission lawyer tells me. SBF resigned as CEO when his crypto exchange, FTX, declared bankruptcy on November 11. Ray sought to make clear that SBF does not speak for FTX or its affiliates. (And no, I don’t mean extra sick days — I mean any sick days, which workers currently have to take unpaid).

☆ FTX: Customers who trusted crypto giant may be left with nothing
▼ + stars: | 2022-11-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

But a liquidity crunch last week forced FTX to halt withdrawals, leaving customers and investors in limbo. In theory, FTX’s customers should get a cut of what’s left of the company’s assets at the end of the bankruptcy process. And FTT coins, the crypto token issued by FTX, have lost more than 90% of their value over the past week.) But I think this is actually good for the industry long-term.”The giant crypto exchange briefly emerged as a lifeline for FTX before reversing course last week. Correction: An earlier version of this article misstated the name of the law firm Loeb & Loeb.

☆ The fall of crypto exchange FTX is 'worse than Theranos, worse than Madoff' as federal probes mount, former SEC official says
▼ + stars: | 2022-11-12 | by ( Brian Evans | ) www.businessinsider.com time to read: +3 min

The fall of cryptocurrency exchange FTX has drawn numerous comparisons to the collapse of Lehman Brothers. But a former Securities and Exchange Commission official likened FTX to the Theranos and Bernie Madoff debacles. "This is worse than Theranos, this is worse than Madoff," John Reed Stark told Yahoo Finance. But a former Securities and Exchange Commission official likened FTX to the Theranos and Bernie Madoff debacles. Stark noted "sophisticated" FTX investors have had to write down their holdings, even after performing due diligence on its financials.

The attorney general of Washington, D.C., on Thursday sued the Commanders and owner Dan Snyder, as well as the NFL and Commissioner Roger Goodell, for allegedly deceiving D.C. residents about the team's alleged toxic culture for its own financial gain. "The Commanders and the NFL secretly entered into an agreement about the investigation that the public didn't know about," Racine said, pointing to evidence gathered by his office. The attorney general is also seeking a court order that would release the findings from the 10-month investigation into the Commanders' workplace culture. Shortly after the House Oversight Committee sent a letter to the Federal Trade Commission, the Virginia attorney general and Racine opened up investigations into the team, too. Amazon founder and multibillionaire Jeff Bezos and rapper and music industry giant Jay-Z are reportedly interested in bidding on the team.

☆ Daniel Snyder: Washington Commanders owner denies allegations he hired private investigators to follow other NFL owners
▼ + stars: | 2022-10-20 | by ( Homero De La Fuente | ) edition.cnn.com time to read: +3 min

CNN —Washington Commanders owner Daniel Snyder has denied allegations that he hired private investigators to look into his NFL counterparts, as well as league commissioner Roger Goodell. I have never hired any private investigator to look into any owner or the Commissioner. I have never instructed or authorized my lawyers to hire any private investigator on my behalf for any such purpose. The NFL, however, declined to publicly release its findings, sparking a House Oversight Committee review in October. The NFL hired former Securities and Exchange Commission (SEC) Chairwoman Mary Jo White earlier this year to investigate workplace misconduct against Snyder.

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