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Search resuls for: "Paul Kiernan"


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☆ FTX Collapse Puts Crypto Industry on the Defensive in Congress
  + stars: | 2022-12-31 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
The collapse of FTX has eroded cryptocurrency firms’ standing in Washington, dimming the prospects for industry-backed legislation and raising pressure on regulators to step up enforcement. Since the crypto-trading platform’s November bankruptcy, lawmakers have called for federal regulators such as the Securities and Exchange Commission to police cryptocurrency markets more aggressively. They also have questioned whether legislation favored by the industry to create a new regulatory framework for cryptocurrencies goes far enough.
☆ FTX Collapse Puts Pressure on SEC’s Crypto Enforcement Strategy
  + stars: | 2022-12-22 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
Securities and Exchange Commission Chair Gary Gensler is pushing to hold the cryptocurrency firms to the same rules that apply to stocks and bonds, rather than write a raft of new regulation for the troubled sector. That puts him at odds with some lawmakers who say the collapse of Sam Bankman-Fried’s FTX trading platform shows that crypto needs its own set of guardrails and point out that Mr. Gensler’s enforcement strategy moved too slowly to stop FTX from imploding.
☆ FTX Wants to Claw Back Sam Bankman-Fried’s Donations
  + stars: | 2022-12-21 | by ( Patricia Kowsmann | Paul Kiernan | ) www.wsj.com   time to read: 1 min
New management at the collapsed crypto exchange FTX said it would try to recoup donations made by Sam Bankman-Fried and other executives, which include tens of millions of dollars in contributions to U.S. politicians and affiliated groups. The Securities and Exchange Commission said in a lawsuit last week that customer assets were used to make investments, real-estate purchases and large political donations.
☆ Biden Administration Calls on Congress to Rein In Crypto Risks
  + stars: | 2022-12-16 | by ( Andrew Ackerman | Paul Kiernan | ) www.wsj.com   time to read: 1 min
WASHINGTON—The Biden administration called on Congress to cover gaps in the regulation of cryptocurrencies, renewing a push for tougher oversight following the collapse of crypto exchange FTX. The Financial Stability Oversight Council, chaired by Treasury Secretary Janet Yellen , said Congress should take steps to ensure the crypto industry is subject to a framework to ensure orderly and transparent trading, investor protections and other rules imposed on traditional financial firms.
☆ SEC Set to Propose Rules That Would Squeeze Stock-Market Middlemen
  + stars: | 2022-12-14 | by ( Paul Kiernan | Alexander Osipovich | ) www.wsj.com   time to read: 1 min
The Securities and Exchange Commission is preparing to vote on four proposals, along with a separate final rule related to insider trading. WASHINGTON—Regulators are set to propose the biggest changes to U.S. stock-market rules since the mid-2000s, aiming to give small investors better prices on their trades and reduce some advantages enjoyed by high-speed trading firms. The Securities and Exchange Commission is preparing to vote on four proposals, along with a separate final rule related to insider trading, at a meeting on Wednesday. If a majority of the SEC’s five commissioners vote to issue the proposals, they will be open to public comment until at least March 31 before the agency can decide whether to finalize them.
☆ Sam Bankman-Fried’s Alleged Campaign Finance Violations Explained
  + stars: | 2022-12-14 | by ( Chad Day | Paul Kiernan | ) www.wsj.com   time to read: 1 min
U.S. authorities have accused Sam Bankman-Fried of violating federal campaign finance law as part of what they called a sweeping scheme to defraud customers of FTX, the crypto company he founded. Here’s what we know—and don’t know—about the campaign finance allegations against Mr. Bankman-Fried from his indictment and lawsuits filed by the Securities and Exchange Commission and Commodity Futures Trading Commission.
☆ SEC Proposes Rules That Would Squeeze Stock-Market Middlemen
  + stars: | 2022-12-14 | by ( Paul Kiernan | Alexander Osipovich | ) www.wsj.com   time to read: 1 min
The Securities and Exchange Commission proposals grew out of a review prompted by last year’s frenzied trading in Game Stop. WASHINGTON—The Securities and Exchange Commission voted Wednesday to advance the biggest changes to U.S. stock-market rules since the mid-2000s, aiming to give small investors better prices on their trades and reduce some advantages enjoyed by high-speed trading firms. Democratic commissioners, who hold three of the SEC’s five seats, supported moving forward on each of the four proposals. Republican commissioners voiced objection to two of the measures. Voting to advance the rules opens them to public comment until at least March 31 before the agency can decide whether to finalize them.
☆ Sam Bankman-Fried Set to Testify to Congress About FTX Collapse
  + stars: | 2022-12-09 | by ( Paul Kiernan | Caitlin Ostroff | ) www.wsj.com   time to read: 1 min
FTX founder Sam Bankman-Fried said that he would testify next week before Congress, setting up a high-profile discussion with lawmakers he sought to court before his crypto exchange collapsed into bankruptcy. Mr. Bankman-Fried said on Twitter that he would appear before the House Committee on Financial Services. The committee has a hearing scheduled for Tuesday at 10 a.m. ET to investigate the collapse of FTX. Mr. Bankman-Fried will most likely testify remotely, according to a person familiar with the matter.
☆ SEC Asks Public Companies for More Information About Crypto Exposure
  + stars: | 2022-12-09 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
WASHINGTON—The Securities and Exchange Commission is asking public companies to detail their exposure to distressed crypto entities following the collapse of trading platform FTX and its affiliates. In a notice posted to its website Thursday, the SEC said companies may have disclosure obligations related to the direct or indirect impact that recent crypto bankruptcies may have had on their business. It provided a list of sample questions that agency staff may pose to certain.
☆ SEC to Consider Rules That Could Reshape How Stock Market Operates
  + stars: | 2022-12-07 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
The inner workings of the stock market have been a priority for U.S. securities regulators. WASHINGTON—The Securities and Exchange Commission signaled Wednesday it plans to issue four proposals next week to make the stock market more efficient for small investors, a key element of Chair Gary Gensler ‘s policy agenda for Wall Street. The SEC said its five-member commission will consider proposing the rules in an open meeting Dec. 14. If a majority of the panel, which includes Mr. Gensler and two other Democrats, support the proposals, they will be opened to public comment before the SEC decides whether to finalize them.
☆ SEC to Float Proposals to Get Small Investors Better Prices on Stock Trades
  + stars: | 2022-12-07 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
WASHINGTON—The Securities and Exchange Commission signaled plans to issue four proposals next week that aim to help small investors get better prices on their stock trades. The SEC said Wednesday its five-member commission will consider proposing the rules in an open meeting Dec. 14. If a majority of the panel, which includes Chair Gary Gensler and two other Democrats, support the proposals, they will be opened to public comment before the SEC decides whether to finalize them.
☆ FTX’s Collapse Upends Sam Bankman-Fried’s Washington Play
  + stars: | 2022-11-27 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
WASHINGTON— Sam Bankman-Fried ’s multimillion-dollar Washington charm offensive revolved around a small financial regulator and a group of senators with whom the purported crypto billionaire found common cause in a bid for light-touch regulation of digital assets. For FTX, the crypto exchange Mr. Bankman-Fried founded, the goal was to steer oversight of crypto into the hands of what was perceived to be a friendlier regulator than the Securities and Exchange Commission, which has been promising a more stringent approach.
☆ Sam Bankman-Fried, FTX Team Among Top Political Donors Before Bankruptcy
  + stars: | 2022-11-20 | by ( Paul Kiernan | Stephanie Stamm | ) www.wsj.com   time to read: 1 min
FTX founder Sam Bankman-Fried and members of his team rose from relative obscurity in Washington to be among the biggest donors in U.S. politics, contributing more than $70 million to election campaigns in less than 18 months. Mr. Bankman-Fried personally gave $40 million to politicians and political-action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal-leaning groups, according to the Center for Responsive Politics, a nonpartisan group that tracks campaign donations. Ryan Salame, another top FTX executive, donated more than $23 million, mainly to Republicans and conservative groups.
☆ House Committee to Hold Hearing on FTX Collapse
  + stars: | 2022-11-16 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
The ranking members of the House Financial Services Committee, Rep. Patrick McHenry (R., N.C.) and Rep. Maxine Waters (D., Calif.). The ranking members of the House Financial Services Committee, Rep. Maxine Waters (D., Calif.), and Rep. Patrick McHenry (R., N.C.), said Wednesday they would hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX. The committee said it expects to hear from FTX founder Sam Bankman-Fried , as well as his trading firm, Alameda Research LLC, and rival platform Binance.
☆ SEC, DOJ Investigating Crypto Platform FTX
  + stars: | 2022-11-09 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
Trading platforms such as FTX should follow the same regulations that apply to traditional stock exchanges, according to the SEC chairman. The Securities and Exchange Commission and Justice Department are investigating cryptocurrency platform FTX following its sudden implosion this week, a person familiar with the matter said. Staff at the two law-enforcement agencies were in close contact Wednesday, the person added. The Justice Department prosecutes criminal violations such as fraud, while the SEC enforces civil investor-protection laws.
☆ SEC Expands Investigation Into Crypto Platform FTX
  + stars: | 2022-11-09 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
Cryptocurrency platform FTX this week agreed to be acquired by rival Binance. The Securities and Exchange Commission has expanded an investigation into cryptocurrency platform FTX following its sudden implosion this week, a person familiar with the matter said. The investigation, which has been ongoing for months, is focused on the company’s U.S. subsidiary, FTX.US, which lists dozens of crypto tokens.
☆ Crypto Firms, Executives Step Up Campaign Donations, Lobbying Ahead of Midterms
  + stars: | 2022-11-05 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
Coinbase is rolling out a scorecard that rates U.S. senators and representatives based on their crypto friendliness. WASHINGTON—The cryptocurrency industry has significantly increased its political spending ahead of the midterm elections, betting that a friendlier Congress will help shield it from a regulatory crackdown. Crypto firms and their employees have poured $73 million into the 2022 elections, up from $13 million in the 2020 cycle, according to research group OpenSecrets, which tracks political donations. The industry also spent $15 million on lobbying in the first nine months of this year, more than in the previous eight years combined.
☆ SEC Favors Midpoint Prices on Investor Stock Trades in Rules Overhaul
  + stars: | 2022-10-28 | by ( Alexander Osipovich | Paul Kiernan | ) www.wsj.com   time to read: 1 min
Any significant Securities and Exchange Commission rule changes are expected to draw pushback from the financial industry. The Securities and Exchange Commission’s planned overhaul of stock-trading rules seeks to ensure that small investors get better prices when buying or selling stocks. One of the SEC’s aims is to increase the likelihood that investors get the midpoint price on trades—halfway between the publicly displayed buying and selling price—or better.
☆ SEC to Vote on Rule to Claw Back Executive Pay
  + stars: | 2022-10-26 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
WASHINGTON—Public companies whose financial statements contain errors would be forced to recoup their executives’ bonuses under a rule the Securities and Exchange Commission is set to consider Wednesday. The SEC’s five commissioners are set to vote on the rule in a meeting that starts at 10 a.m. Also on the docket are a final rule that would require mutual funds to provide their shareholders with simpler disclosures, and a proposal to limit investment advisers’ ability to outsource certain functions to third-party service providers.
☆ Regulators Weigh Whether to Allow Betting on Midterms
  + stars: | 2022-10-26 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
Betting on elections was once common in the U.S., sometimes exceeding the volume of stock trading, one research team found. WASHINGTON—Derivatives exchange Kalshi Inc. is ready to let users bet on next month’s midterm Congressional election, with a timer on its website counting down the days, hours and minutes until the first U.S.-based election-betting market goes live. But the plan carries an asterisk: “pending regulatory approval.”
☆ Accounting Errors Will Cost Executives Their Bonuses Under SEC Rule
  + stars: | 2022-10-26 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
The clawback rule’s implementation has been delayed for years amid resistance from corporate executives. WASHINGTON—The Securities and Exchange Commission approved a rule Wednesday that requires public companies whose financial statements contain errors to recoup their executives’ bonuses and other incentive pay. The SEC’s commissioners voted 3-2 at a meeting Wednesday, with all Democrats approving and Republicans dissenting.
☆ Accounting Errors to Cost Executives Their Bonuses Under SEC Rule
  + stars: | 2022-10-26 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
The clawback rule’s implementation has been delayed for years amid resistance from corporate executives. WASHINGTON—Regulators will make public companies take back executives’ incentive pay if they find significant errors in financial statements, aiming to improve corporate accountability at a time of rising shareholder discontent over pay practices. The Securities and Exchange Commission voted 3-2 Wednesday to complete the so-called clawback rule, with all Democrats approving and Republicans dissenting. Required by the 2010 Dodd-Frank Act to discourage fraud and accounting mischief, the rule’s implementation has been delayed for years.
☆ SEC Chairman’s Agenda Strains Resources, Internal Watchdog Finds
  + stars: | 2022-10-20 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
Chairman Gary Gensler, a Biden administration appointee, is pushing an ambitious list of regulatory changes through the SEC. WASHINGTON—The Securities and Exchange Commission’s fast-paced rule-making agenda under Chairman Gary Gensler has stretched staff resources, and some officials worry it could increase the risk of lawsuits, the agency’s internal watchdog said in a recent report. In meetings with the SEC’s inspector general, managers at the agency expressed concerns about short deadlines for staff to draft proposed rules and for public stakeholders to submit comments on them, according to the Oct. 13 report. Mr. Gensler’s rule-making teams have borrowed staff from across the agency, making it difficult to complete other parts of the SEC’s mission, managers reported.
☆ Business Groups Sue CFPB Over Antidiscrimination Guidelines
  + stars: | 2022-09-28 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
The CFPB’s mandate is to protect consumers against ‘unfair, deceptive, or abusive practices.’WASHINGTON—Business groups sued the Consumer Financial Protection Bureau over a recent move by the agency to combat potential discrimination in banking services, as legal battles between industry and Biden administration regulators are beginning to intensify. The U.S. Chamber of Commerce, American Bankers Association and several other trade groups Wednesday asked a federal court in Texas to stop the CFPB from looking for discriminatory behavior when conducting routine examinations of financial firms.
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