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☆ An abrupt exit at a Goldman Sachs-backed crypto bank spotlights the industry's tug-of-war with regulators
  + stars: | 2024-02-26 | by ( Rebecca Ungarino | ) www.businessinsider.com   time to read: +13 min
Read previewWhen the chief executive of cryptocurrency startup Anchorage Digital posted a message in the company's "announcements" Slack channel in late November about an executive's departure, employees started buzzing. Just over a year after it received the charter, the OCC issued a consent order against Anchorage in April 2022. Regulators are aggressively scrutinizing crypto players and prioritizing monitoring crypto compliance. Regulators' viewThe OCC is now led by Michael Hsu, the former Federal Reserve regulator and self-described crypto skeptic who has viewed crypto companies' regulatory compliance in some areas as inadequate. A crypto bank would face risks in safeguarding digital assets in its custody, maintaining appropriate hedges in crypto-lending, and adhering to capital requirements specific to crypto assets, said Kim, who studies crypto and blockchain technology.
Persons: —, Georgia Quinn, Nathan McCauley's, McCauley, Goldman Sachs, Andreessen Horowitz, Quinn, Brian Brooks, CoinDesk, Oliver Wyman, FTI, Brooks, Michael Hsu, Hsu, Evelyn Hockstein, Mark duBose, Seoyoung Kim, University's, Kim, Diogo Mónica, Axel Springer, Mark McCombe, Max Levchin, BNY, Seyfarth Shaw, Ellenoff Grossman, it's Organizations: Service, Anchorage, Business, Citadel Securities, Apollo Global Management, Visa, OCC, Regulators, Securities, Exchange, IBM, KPMG, Anchorage Digital Bank National Association, Federal Reserve, Reuters, Business Insider, Santander Bank, University's Leavey School of Business, KKR, BlackRock, BNY Mellon Locations: Anchorage, United States, Santa, San Francisco, Portugal
☆ Nasdaq halts IPOs of small Chinese companies as it probes stock rallies
  + stars: | 2022-10-22 | by ( Echo Wang | ) www.reuters.com   time to read: +5 min
The stock exchange operator's actions come amid a surge in the shares of Chinese companies that raise small amounts, typically $50 million or less, in their IPO. Nasdaq started asking the advisers of small Chinese IPO candidates questions in mid-September. Seven sources who work on IPOs of small Chinese companies spoke to Reuters on the condition that neither they nor their clients be identified. LOOPHOLESNasdaq's intervention underscores how liquidity standards it adopted in the last three years to prevent stock manipulation in small IPOs have loopholes that Chinese companies are exploiting. There have been 57 listings of small Chinese companies in the last five years, up from 17 listings in the prior five years, according to Dealogic.
☆ Meet Michael Klausner, the Stanford law professor who is the biggest critic of the SPAC deal craze — and believes its crash was 'completely predictable'
  + stars: | 2022-09-23 | by ( Sindhu Sundar | Stephanie Palazzolo | ) www.businessinsider.com   time to read: +7 min
Many SPAC deals announced last year have been having a hard time closing. Now, the dismal fates of dozens of SPAC deals announced during last year's SPAC frenzy seem to vindicate his analysis. And others this year, like men's grooming brand Manscaped, SeatGeek, the live event ticket search engine, and business news outlet, Forbes, have all scrapped their SPAC deals to go public. Klausner has been paying attention to SPAC deals for a few years. Of the 275 deals announced in 2021, 240 have closed, according to Dealogic data.
☆ SPACs are running out of time to close dozens of deals with startups that hoped to go public. Here's why they're being delayed and may not get done.
  + stars: | 2022-08-22 | by ( Sindhu Sundar | Stephanie Palazzolo | ) www.businessinsider.com   time to read: +5 min
SPAC mergers announced last year have yet to close and are up against the clock. In 2021 alone, they raised nearly $163 billion, and 275 merger deals were announced, according to data from Dealogic. Several SPAC mergers are now in limbo, among them embattled mortgage startup Better.com, fintech company Aspiration, and crypto startup Bullish, which all announced their SPAC mergers more than a year ago. Those price tags are no longer reliable as they've become outdated, adding an extra challenge to securing financing to close deals during a downturn, experts said. Deadlines to close SPAC mergers can vary depending on the lifespan of the blank-check company in question, but typically range from a year to two years.
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