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Tell Us About Your Experience With Coinbase
  + stars: | 2023-06-06 | by ( Dave Michaels | ) www.wsj.com   time to read: 1 min
A Coinbase sign in New York City. Photo: Robert Nickelsberg/Getty ImagesAre you a Coinbase shareholder? In the form below, tell us about how you came to own the shares and what you plan to do with them now. A Wall Street Journal reporter may reach out to you.
Persons: Robert Nickelsberg Locations: New York City
What Is Happening With Binance?
  + stars: | 2023-06-06 | by ( Dave Michaels | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/what-is-happening-with-binance-5c7ce7f
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/sec-sues-coinbase-says-it-is-unregistered-broker-dealer-95ec0637
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/sec-sues-crypto-exchange-binance-over-u-s-rule-violations-6918ed0f
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ex-coinbase-manager-settling-secs-crypto-insider-trading-claims-57809236
Amgen said it was disappointed by the FTC’s decision but doesn’t believe a merger presents any competitive issues. Photo: Eric Thayer/Bloomberg NewsThe Federal Trade Commission said Tuesday it is seeking to block Amgen ’s $27.8 billion acquisition of Horizon Therapeutics , in a new effort by antitrust enforcers to prevent a merger of pharmaceutical companies. The FTC filed a lawsuit in federal court seeking an injunction that would prevent the deal from closing. A federal judge would need to approve the injunction. That is part of a two-step legal process the agency typically uses to prevent mergers it believes are illegal.
Amgen said it isn’t aware of any decision by the Federal Trade Commission. Photo: Eric Thayer/Bloomberg NewsThe Federal Trade Commission is preparing to block Amgen ’s acquisition of Horizon Therapeutics , a person familiar with the matter said, marking a new effort by antitrust enforcers to prevent a merger of pharmaceutical companies. The FTC is preparing to seek an injunction in federal court that would prevent the deal from closing, according to the person familiar with the matter. A federal judge would need to approve the injunction. That is part of a two-step legal process the agency typically uses to prevent mergers it believes are illegal.
The Securities and Exchange Commission has been waging a campaign to regulate cryptocurrencies since 2017, arguing it has the authority to oversee many digital coins and the platforms that trade them. The SEC can only regulate digital coins that are classified as securities, a category that includes assets such as stocks and bonds. SEC Chair Gary Gensler has said most crypto tokens fall within that category. That means many were distributed illegally, because securities can only be sold to the public if they are registered with the SEC and the issuers provide financial and risk disclosures.
Coinbase Tries Novel Defense in SEC Fight
  + stars: | 2023-05-05 | by ( Dave Michaels | ) www.wsj.com   time to read: +1 min
Crypto imploded in 2022, as investors lost faith in digital assets and the industry was plagued with crisis. Illustration: Mallory BranganWith the Securities and Exchange Commission preparing an enforcement action that threatens much of its business, crypto exchange Coinbase is trying a novel defense. Coinbase went public in April 2021 after clearing a six-month review. SEC staff bored into its financial reporting and disclosures as well as the company’s belief that its menu of cryptocurrencies shouldn’t be treated as securities, which the SEC regulates. Coinbase’s lawyers argue that by clearing the review, regulators signaled that they “did not think Coinbase’s core business was unlawful.”
The Justice Department under the Biden administration has aimed to push the boundaries of antitrust law. Photo: ALEXANDER DRAGO/REUTERSWASHINGTON—The Justice Department’s push to prosecute employers over alleged deals to fix wages or stop workers from getting better jobs has a major defect: Courts don’t see any crime committed. On Friday, a federal judge in Connecticut threw out criminal charges against six aerospace-industry executives accused of agreeing to not poach one another’s employees. The result is the latest trial defeat for the Justice Department, which is trying to prosecute conduct previously treated as civil wrongdoing.
Photo: Jae C. Hong/Associated PressBRUSSELS—The U.K. decision to block Microsoft Corp.’s plan to buy videogame producer Activision Blizzard Inc. is the latest sign of how global regulators are toughening their approach to market-dominating tech companies. The Competition and Markets Authority, the U.K.’s antitrust watchdog, said Wednesday that it was prohibiting the deal because commitments Microsoft had proposed didn’t go far enough in addressing its concerns. Microsoft said it would appeal the decision.
SEC Sues Bittrex Crypto Exchange and Former CEO
  + stars: | 2023-04-17 | by ( Dave Michaels | ) www.wsj.com   time to read: 1 min
Photo: Farrah Skeiky for The Wall Street JournalThe Securities and Exchange Commission’s lawsuit accused Bittrex of operating an illegal securities exchangeWASHINGTON—Securities regulators on Monday sued Bittrex, a crypto exchange that once ranked as the biggest U.S.-based platform for trading digital assets. The Securities and Exchange Commission’s lawsuit, filed in Seattle federal court, accuses Bittrex Inc. of operating an illegal securities exchange, broker-dealer and clearinghouse. The lawsuit hinges on the claim that Bittrex listed digital assets that qualified as securities, which would have required the company to register with the SEC and follow its rules.
WASHINGTON—Bittrex Inc. once ranked as the country’s biggest platform for trading digital assets. Its rocky history at home is coming to an end with a regulatory threat and a decision to leave the U.S. for good. The Securities and Exchange Commission’s enforcement staff told Bittrex in March it would recommend that the agency sue the company over alleged violations of investor-protection laws, according to David Maria , the company’s general counsel.
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/goldman-sachs-paying-15-million-to-settle-investigation-of-swaps-business-2c0d34db
Binance founder Changpeng Zhao said the CFTC complaint is ‘unexpected and disappointing.’Traders are pulling billions of dollars from Binance as problems plaguing the world’s largest crypto exchange continue to mount. The Commodity Futures Trading Commission on Monday sued Binance, alleging the exchange operated illegally in the U.S. and violated rules designed to prevent illicit financial activity. Last week, Binance announced it would charge fees on spot bitcoin trading again after cutting them to zero last summer. It also had to temporarily suspend spot trading for hours while it fixed a software error.
WASHINGTON—FTC Chair Lina Khan on Monday said her agency would protect competition in the nascent market for artificial-intelligence tools, warning that big-tech companies could “start to panic” and try to block new entrants through unlawful tactics. Speaking at an antitrust conference, Ms. Khan said the Federal Trade Commission would be watching to ensure startups can compete in the AI industry.
Binance Sued by CFTC Over Evading U.S. Rules
  + stars: | 2023-03-27 | by ( Dave Michaels | ) www.wsj.com   time to read: 1 min
Photo: Eric Lee for The Wall Street JournalThe CFTC and other federal agencies have been investigating Binance for several years. The Commodity Futures Trading Commission on Monday sued Binance Holdings Ltd., alleging the operator of the world’s largest cryptocurrency exchange violated U.S. rules that require futures and other derivatives to be traded on regulated platforms. The CFTC’s lawsuit also named Binance founder Changpeng Zhao and Samuel Lim , who the agency said was Binance’s first chief compliance officer, as defendants. The lawsuit seeks restitution and fines as well as an order that would prevent the companies from any continuing conduct that violates U.S. rules.
The Securities and Exchange Commission has told Coinbase it is likely to recommend enforcement action against the company over listing assets that regulators believe are securities. WASHINGTON—Crypto has picked an unlikely ally in its battle against oversight by Wall Street’s chief regulator: a former Coinbase Global Inc. employee convicted of insider trading. Ishan Wahi, a former manager at Coinbase, pleaded guilty this year to giving his brother and a college friend trading tips that generated almost $1.5 million in illicit profits. An Indian immigrant, he could serve more than three years in prison and be deported after doing time.
Photo: Eric Lee for The Wall Street JournalThe Securities and Exchange Commission has told Coinbase it is likely to recommend enforcement action against the company over listing assets that regulators believe are securities. WASHINGTON—Crypto has picked an unlikely ally in its battle against oversight by Wall Street’s chief regulator: a former Coinbase Global Inc. employee convicted of insider trading. Ishan Wahi, a former manager at Coinbase, pleaded guilty this year to giving his brother and a college friend trading tips that generated almost $1.5 million in illicit profits. An Indian immigrant, he could serve more than three years in prison and be deported after doing time.
The Justice Department has struggled to convince jurors to convict defendants accused of crafting agreements that restrict workers’ mobility. WASHINGTON—Federal prosecutors are scheduled to begin a trial Monday in which a former Pratt & Whitney manager is accused of conspiring with his suppliers to prevent them from poaching one another’s workers, in a new test of the government’s more aggressive antitrust strategy. The case, in federal court in Bridgeport, Conn., is the latest example of a new category of prosecution: collusion among employers to restrict workers’ mobility or wages. The Justice Department has struggled to convince jurors at three prior trials to convict defendants accused of crafting such agreements.
Coinbase, a publicly traded company, has brought tens of millions of customers into digital-currency markets. The Securities and Exchange Commission has told Coinbase Global Inc. that it plans to take enforcement action against the company, escalating its crackdown on digital-currency firms by targeting the biggest U.S. crypto exchange, Coinbase said Wednesday. Coinbase said it had received a letter from the SEC known as a Wells notice, in which regulators say they believe companies or individuals violated investor-protection laws. The notices aren’t final because the agency’s commissioners must authorize any lawsuits or enforcement settlements.
WASHINGTON—U.S. regulators clawed back money that actress Lindsay Lohan and boxer Jake Paul earned by promoting cryptocurrencies, continuing a campaign of making examples of celebrities who tout digital assets in violation of investor-protection laws. Ms. Lohan, Mr. Paul and four other celebrities agreed to pay a combined $400,000 to settle the SEC’s investigation of their role in the promotion of crypto assets TRX and BTT. The SEC also alleged that Justin Sun , whose companies sold those digital assets, artificially boosted TRX’s trading volume in 2018 and 2019 by having his own employees buy and sell the token.
Photo: Preston Gannaway for The Wall Street JournalSVB got numerous warnings from the central bank over time. WASHINGTON—The Federal Reserve raised concerns about risk management at Silicon Valley Bank starting at least four years before its failure earlier this month, documents show. In January 2019, the Fed issued a warning to SVB over its risk-management systems , according to a presentation circulated last year to employees of SVB’s venture-capital arm, which was viewed by The Wall Street Journal.
SVB Collapse Under Investigation by SEC and DOJ: What to Know The Securities and Exchange Commission and the Department of Justice have opened separate investigations into the collapse of Silicon Valley Bank. WSJ’s Dave Michaels breaks down what’s included in the probes. Photo Illustration: Ryan Trefes
SVB Collapse Under Investigation by SEC and DOJ: What to Know The Securities and Exchange Commission and the Department of Justice have opened separate investigations into the collapse of Silicon Valley Bank. WSJ’s Dave Michaels breaks down what’s included in the probes. Photo Illustration: Ryan Trefes
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