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☆ UK announces in-depth probe of Adobe's $20 billion Figma deal
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Britain's antitrust regulator on Thursday announced an in-depth probe of Adobe's (ADBE.O) $20 billion bid for cloud-based designer platform Figma, after the Photoshop owner said it would not offer any remedies to ease the regulator's concerns. But on July 7, the U.S. company told the CMA it would not offer any remedies, the CMA said on Thursday. Figma and Adobe both directed Reuters to the companies' response in June, when the regulator had flagged these concerns. An in-depth, or phase two, probe by the CMA is conducted by an inquiry group selected from independent experts. It has said it expects to close the deal by end of this year, as U.S. and EU regulators also probe the deal.

Persons: Yadarisa, Chavi Mehta, Nivedita Bhattacharjee, Mark Potter Organizations: Markets Authority, U.S ., CMA, Adobe, Reuters, Zoom Video Communications, Figma, Thomson Locations: U.S, EU, Bengaluru

CompaniesLaw Firms Ripple Labs Inc FollowCoinbase Global Inc FollowJuly 13 (Reuters) - Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring. An SEC spokesperson said the agency was pleased with part of the ruling in which the judge held that Ripple violated federal securities law by selling XRP directly to sophisticated investors. XRP sales on cryptocurrency platforms by Garlinghouse and co-founder and former CEO Chris Larsen, and other distributions including compensation to employees also did not involve securities, Torres ruled. PARTIAL WIN FOR THE SECThe SEC won a partial victory as Torres found the company's $728.9 million of XRP sales to hedge funds and other sophisticated buyers amounted to unregistered sales of securities. Both the Ripple and Coinbase cases focus on registration requirements and whether certain digital assets are securities under U.S. law.

Persons: XRP, Analisa Torres, Brad Garlinghouse, We’ve, Torres, Paul Grewal, Chris Larsen, Garlinghouse, Larsen, Gary DeWaal, Rosenman, Tom Emmer, Jody Godoy, Chris Prentice, Tom Hals, Chizu Nomiyama, Conor Humphries, Leslie Adler, David Gregorio Our Organizations: Labs, Ripple Labs, U.S, District, U.S . Securities, Exchange Commission, SEC, Twitter, Supreme, WIN FOR, Republican, Thomson Locations: U.S, XRP, Katten, New York, Wilmington , Delaware

Why the CMA blocked the Microsoft-Activision dealThe U.K. CMA efficiently blocked the acquisition in April, saying the deal raises competition concerns in the nascent cloud gaming market. Like other regulators, the CMA is concerned that Microsoft could take Activision games and make them exclusive to its own platforms. Cloud gaming is a technology that enables gamers to access games via remote servers — effectively streaming a game like you would a movie on Netflix. The CMA, Microsoft and Activision now look set to hash out a possible resolution to the regulator's concerns to get a deal over the line. watch nowMicrosoft has already offered concessions to the U.K. regulator which were rejected.

Persons: Redmond, Michael Ciaglo, Alex Haffner, Fladgate, It's, it's, Haffner, Microsoft Organizations: Activision, Markets, Federal, Microsoft, Activision Blizzard, CMA, Netflix, Warfare, Bloomberg, Getty, CNBC, FTC, Nintendo, European Union Locations: Denver , Colorado

☆ Australia's competition watchdog puts data brokers on radar
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File PhotoJuly 10 (Reuters) - Australia's competition watchdog on Monday asked consumers, businesses and other relevant stakeholders to provide their views about the business practices of data brokers in an attempt to regulate the country's digital platform services sector. Data brokers generally gather information like personal details of customers including their browsing and purchasing behaviour from a wide range of sources such as mobile applications, social media sites and card payment providers. The report will explore how third-party data brokers collect and use information to create products and services and if there may be competition and consumer issues arising from this, the ACCC said in a statement. The regulator's digital platforms branch has been conducting a five-year inquiry till 2025 to inquire into the markets for the supply of digital services. The report will focus on businesses that collect information from third-party sources and share or sell data to other organisations and, on the off chance that there might be competition and customer issues emerging from it.

Persons: Brendan McDermid, Gina Cass, Gottlieb, Rishav Chatterjee, Rashmi Organizations: Oracle Corp, New York Stock Exchange, REUTERS, Australian Competition, Consumer Commission, Oracle, Thomson Locations: New York, U.S, Ireland, Australia, Bengaluru

☆ Japan's nuclear regulator approves Tepco's release of Fukushima water
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: 1 min

TOKYO, July 7 (Reuters) - Japan's nuclear regulator granted approval on Friday for utility Tokyo Electric Power Co (Tepco), which ran the destroyed Fukushima Daiichi nuclear power plant, to start releasing more than a million tonnes of radioactive water. On Tuesday, the global watchdog, the International Atomic Energy Agency (IAEA), said a two-year review showed Japan's plan for the release would have negligible environmental impact. The Japanese regulator's certificate is the final step the utility required to begin the process. Reporting by Elaine Lies; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Elaine Lies, Clarence Fernandez Organizations: Tokyo Electric Power Co, International Atomic Energy Agency, IAEA, Thomson Locations: TOKYO

☆ CFTC investigators conclude Celsius, ex-CEO broke rules - Bloomberg News
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 5 (Reuters) - Commodity Futures Trading Commission (CFTC) investigators have concluded that bankrupt crypto lender Celsius and its former CEO Alex Mashinsky broke U.S. rules before the firm's implosion, Bloomberg News reported on Wednesday. Attorneys in the regulator's enforcement unit determined that Celsius misled investors and should have registered with the regulator, according to the report, citing people familiar with the matter. Celsius and the CFTC did not immediately respond to a Reuters request for comment. Last year's market turmoil after the collapse of TerraUSD led to the failure of several major crypto companies including Celsius Network. As part of Celsius' bankruptcy case, an independent examiner was appointed to investigate accusations that Celsius had operated as a Ponzi scheme and report on how it handled crypto assets.

Persons: Alex Mashinsky, TerraUSD, Akanksha, Rashmi Organizations: Futures Trading Commission, Bloomberg, CFTC, Thomson Locations: Bengaluru

☆ Binance market share takes regulatory hit, its US affiliate shrinks
▼ + stars: | 2023-07-05 | by ( Medha Singh | ) www.reuters.com time to read: +1 min

July 5 (Reuters) - The market share of Binance, the world's largest cryptocurrency exchange, and its U.S. affiliate have shrank this year, as they battle an onslaught of regulatory crackdowns. Last month, Binance was hit by a lawsuit by the U.S. Securities and Exchange Commission for allegedly breaching the regulator's rules, pushing its global market share to 52% from 60% at the start of the year, according to data firm Kaiko. Binance had begun to cede market share in March after its move to end zero-fees transactions for some trading pairs, said Dessislava Aubert, an analyst at Kaiko. "Binance's market share has gone to a variety of exchanges with Bybit and OKX faring best," Aubert said. Crypto companies dispute that crypto tokens are securities and have repeatedly called for the SEC to create clear rules.

Persons: Binance, Dessislava Aubert, " Aubert, Binance.US, Aubert, Kaiko, bitcoin, Medha Singh, Maju Samuel Organizations: U.S, U.S . Securities, Exchange Commission, SEC, Fidelity, BlackRock, Thomson Locations: U.S, Bengaluru

☆ Japan to get crucial UN verdict for Fukushima water release
▼ + stars: | 2023-07-04 | by ( ) www.cnbc.com time to read: +2 min

Construction site of the unit 5,6 seaside facilities of the Tokyo Electric Power Company's (TEPCO) Fukushima Daiichi nuclear power plant, in Okuma of Fukushima prefecture. Japan is set to receive a report from a U.N. nuclear watchdog on Tuesday approving its plan to release treated radioactive water from the tsunami-wrecked Fukushima plant into the ocean despite fierce resistance from Beijing and some local opposition. Japan has not specified a date to start the water release, which will take 30 to 40 years to complete, pending the IAEA's review and official approval from the national nuclear regulatory body for Tokyo Electric Power . Through its embassy in Japan, Beijing on Tuesday said the IAEA's report cannot be a "pass" for the water release and called for the plan's suspension. Japan maintains the process is safe as it has treated the water — enough to fill 500 Olympic-sized swimming pools — used to cool the fuel rods of the Fukushima plant after it was damaged by the earthquake and tsunami in 2011.

Persons: Rafael Grossi, Fumio Kishida, Yoshimasa Hayashi Organizations: Tokyo Electric Power, International Atomic Energy Agency Locations: Fukushima, Okuma, Fukushima prefecture, Japan, Beijing

☆ EU Commission revamps procedures to speed up Big Tech privacy probes
▼ + stars: | 2023-07-04 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, July 4 (Reuters) - Stung by criticism of tardy privacy investigations and the Irish privacy regulator's outsized role in overseeing Big Tech, the European Commission on Tuesday announced new rules to help watchdogs work on cross-border cases at a faster clip. Critics say investigations take too long and fines are too low to deter privacy breaches by Big Tech companies, undermining the goal of landmark EU rules known as the General Data Protection Regulation which came into force in 2018. "The harmonisation of these procedural aspects will support the timely completion of investigations and the delivery of swift remedies for individuals," the Commission said. Privacy activist Max Schrems who has filed complaints against Meta Platforms (META.O) and Alphabet's (GOOGL.O) Google criticised the new procedures. "The Commission proposal seems to be technically and materially flawed and rather strips citizens of existing rights than ensuring their enforcement," he said.

Persons: Max Schrems, Foo Yun Chee, Susan Fenton Organizations: Big Tech, European Commission, General Data, Irish Data Protection, Meta, Google, Tech, Computer & Communications Industry Association, Thomson Locations: BRUSSELS, EU, Ireland

☆ Airline stocks set for best month in two years on summer rush, lower fuel prices
▼ + stars: | 2023-06-30 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

June 30 (Reuters) - U.S. airline stocks on Friday were set to record their strongest monthly performance since 2021, helped by easing fuel prices and signs of robust travel demand during the summer season. The outlook for the rest of summer months is also bright. The S&P 1500 airlines (.SPCOMAIR) has jumped 21.3% so far in June, the highest since February 2021 and far ahead of the S&P 500's (.SPX) 5.2% rise. However, Raymond James analyst Savanthi Syth expects air travel demand to moderate in the second half, given the high level of uncertainty and limited visibility into the fall. Shares of United Airlines and Delta trade 5.2 and 7.0 times forward profit estimates, respectively, well below S&P 500's (.SPX) multiple at 19.1.

Persons: Russ Mould, Raymond James and, Raymond James, Savanthi Syth, Matthew Tuttle, Joby, Morgan, Medha Singh, Arun Koyyur Organizations: U.S, Airlines, America, Bell, Delta Air Lines, United Airlines, Raymond James and Bank of America, Delta, Tuttle Capital Management, Joby Aviation, Thomson Locations: United States, Bengaluru

☆ UK regulator may refer Adobe's $20 bln Figma deal to deeper probe
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

June 30 (Reuters) - Britain's competition regulator on Friday said Photoshop owner Adobe Inc's (ADBE.O) $20 billion buyout of cloud-based designer platform Figma may be referred to a deeper investigation as it could "reduce innovation". The Competition and Markets Authority (CMA) said unless the parties offer acceptable undertakings to address competition concerns, the deal would be referred to a Phase 2 investigation. CMA had said in May it was looking into the deal, announced in September last year. "Adobe has no meaningful plans to compete in the product design space," Adobe said in a statement. "We remain confident in the merits of the case as Figma's product design is an adjacency to Adobe’s core creative products."

Persons: We're, Sorcha O'Carroll, Adobe, Eva Mathews, Radhika Anilkumar, Chavi Mehta, Janane Venkatraman, Angus MacSwan Organizations: Adobe, Markets Authority, CMA, Regulators, Big Tech, Activision, Thomson Locations: U.S, Bengaluru

☆ Microsoft's appeal of UK Activision veto to go ahead as planned
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

LONDON, June 29 (Reuters) - Microsoft's appeal against Britain's veto of its $69 billion deal to buy Activision Blizzard will go ahead as planned at the end of July after the Competition Appeal Tribunal (CAT) rejected the antitrust regulator's request for a delay. The Competition and Markets Authority, which blocked the takeover in April, wanted the hearing delayed from July 28 to October to give it more time to prepare and present its case. But the CAT said: "We consider that the CMA has not paid sufficient heed to the true public interest in this case – which is the swift resolution of Microsoft's Notice." Reporting by Muvija M and Paul Sandle; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Persons: Britain's, Muvija M, Paul Sandle, Kate Holton Organizations: Activision Blizzard, Markets Authority, CMA, Thomson

☆ A shipping emissions showdown stands in the way of one of the biggest climate deals of the decade
▼ + stars: | 2023-06-29 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The IMO is expected to update its current target of halving shipping emissions by 2050, from 2008 levels, but many are concerned about the maritime regulator's appetite to embrace interim targets. There is a lot of outside pressure pushing on the IMO because it is the climate negotiation of the summer. Gregor Fischer | Getty Images News | Getty ImagesIf stringent abatement measures are not implemented, the IMO has warned that shipping emissions could jump by up to 50% by mid-century. The 1.5 degrees Celsius goal is recognized as a crucial global target because beyond this level, so-called tipping points become more likely. Stefan Rousseau - Pa Images | Pa Images | Getty ImagesAsked which delegates were likely to seek to block calls for tougher climate targets, Maggs replied, "I think there are, of course, the usual suspects.

Persons: Aoife O'Leary, Opportunity Green John Maggs, Maggs, Gregor Fischer, General Kitack Lim, " Lim, Stefan Rousseau Organizations: International Maritime Organization, Getty, Environment, Opportunity, Clean Shipping Coalition, CNBC, United, Chamber of Shipping, Associated Press, ICS Locations: London, decarbonize, Paris, Germany, Russia, Saudi Arabia, United Arab Emirates, Argentina, Brazil, India

☆ Ireland bolsters data watchdog's powers, privacy activists cry foul
▼ + stars: | 2023-06-28 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

DUBLIN, June 28 (Reuters) - Ireland bolstered its powerful data regulator's ability to stop the sharing of information during its inquiries into global tech companies amid criticism from opposition parties, privacy activists and non-governmental organisations. Ireland's Data Protection Commissioner (DPC) is the European Union's lead regulator of many of the world's largest technology companies due to their EU headquarters being based in Ireland, and has levied billions of euros worth of fines under the bloc's General Data Protection Regulation (GDPR), introduced in 2018. The DPC had sought the powers in order to ensure fair procedure, he said. "To be clear nothing in this amendment will prevent a complainant from speaking out about the nature of their data privacy complaint. The European Consumer Organisation, European Digital Rights group and Amnesty International also spoke out against the bill.

Persons: Max Schrems, James Brown, DPC, Johnny Ryan, Catherine Murphy, Padraic Halpin, Grant McCool Organizations: DUBLIN, Data Protection, Irish, of Civil Liberties, European Consumer Organisation, European Digital Rights, Amnesty International, Social Democrats, Thomson Locations: Ireland, European, Austrian

☆ Jury is still out on whether FTC M&A changes will boost efficiency: Raymond James' Sinha Haldea
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJury is still out on whether FTC M&A changes will boost efficiency: Raymond James' Sinha HaldeaSunaina Sinha Haldea, Raymond James Global Head of Private Capital Advisory, joins 'Closing Bell Overtime' to discuss U.S. regulator's recent proposed changes to the M&A disclosure processes.

Persons: Raymond James ' Sinha, Sunaina Sinha Haldea, Raymond James Global Organizations: Private Capital Advisory

The Australian scandal is the latest in a number the "big four" professional services firm has faced around the globe. Auditor PwC said it was unable to comment on client issues due to confidentiality clauses. Its auditor PwC and affiliates agreed to pay $33 million in fines and compensation to settle U.S. litigation in 2011. India's market regulator barred PwC's local affiliate from auditing listed companies for two years in 2018, but that was overturned the following year. ($1 = 1.4984 Australian dollars)Reporting by Lewis Jackson; Editing by Praveen Menon and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristin Stubbins, PwC, Lewis Jackson, Praveen Menon, Sonali Paul Organizations: SYDNEY, PricewaterhouseCoopers, International, Wyelands Bank, Colonial Bank ., Satyam, Enron, PwC, Thomson Locations: Australia, Brazil, Britain, Alabama, Colonial Bank . India

☆ Australia regulator tells Medibank to set aside $167 mln after data breach
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, June 27 (Reuters) - Australia's banking regulator told insurer Medibank (MPL.AX) on Tuesday it would have to set aside A$250 million ($167 million) in extra capital, citing weaknesses identified in its information security after a network intrusion. "In taking this action, APRA seeks to ensure that Medibank expedites its remediation programme," member Suzanne Smith said. In a statement, Medibank said it had sufficient existing capital to meet the capital adjustment and would continue to work together with APRA on remediation measures. The regulator will also conduct a targeted technology review of Medibank, with a focus on governance and risk culture. ($1 = 1.4981 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Chris Reese and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Medibank, Suzanne Smith, Renju Jose, Chris Reese, Lincoln Organizations: SYDNEY, Australian Prudential, Regulation Authority, APRA, Thomson Locations: Australia, Sydney

FALLING STARWhen Odey set up Odey Asset Management, it was in the afterglow of then British Prime Minister Margaret Thatcher's deregulation of the stock market in London's 1986 "Big Bang". Privately educated at the elite Harrow school, Odey left Oxford University and began his career in traditional asset management before launching Odey Asset Management. But fund performance at Odey Asset Management has been a rollercoaster, with Odey renowned for taking risks. He liked to say leverage was like a drug - once you experienced it, you could never live without it, one hedge fund manager said. Lawmakers on Britain's Treasury Select Committee have written to the FCA to question the regulator's supervision of Odey Asset Management and Odey.

Persons: Crispin Odey, Odey, Banks, Robert Sears, CIOs, Don Steinbrugge, Margaret Thatcher's, Egerton Capital, Marshall Wace, Winton, Kwasi Kwarteng, Maiya Keidan, Nell Mackenzie, Iain Withers, Lawrence White, Dhara Ranasinghe, Elisa Martinuzzi, Alex Richardson Organizations: TORONTO, Reuters, Odey Asset Management, FT, Tortoise Media, Odey, Management, Britain's Financial, Authority, Generation Partners, Odey's, HSBC, Inc, Wall Street, Agecroft Partners, British, Harrow, Oxford University, Conservative Party, Barclays, Peugeot, Hong Kong, Lawmakers, FCA, Thomson Locations: LONDON, City, London, Toronto

☆ BlueCrest stymies UK bid for $700 million client redress
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

They said the FCA estimated the redress sum to be more than $700 million but that the regulator's penalty decision notice demonstrated "muddled thinking", a decision dated June 21 showed. However, the FCA has also proposed fining the former hedge fund 41 million pounds ($52 million) in 2021 for conflict of interest failings over a fund set up for BlueCrest staff. BlueCrest said it welcomed the decision to strike out the proposed redress case and that it would continue to defend its position vigorously. The FCA has said BlueCrest failed to manage fairly a conflict of interest created by switching portfolio managers working on a fund open to investors outside BlueCrest to an internal fund open to partners and employees, leading to "substandard" client service between 2011 and 2015. ($1 = 0.7853 pounds)Reporting by Kirstin Ridley; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Platt, BlueCrest, Kirstin Ridley, Diane Craft Organizations: BlueCrest Capital Management, Financial, Authority, Thomson Locations: London, BlueCrest

☆ CBA lowers home loan buffer rates for some refinancing clients to 1%
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

June 21 (Reuters) - Commonwealth Bank of Australia (CBA.AX) on Wednesday cut its buffer rate for some borrowers refinancing their existing home loan to 1% from the industry standard of 3%, providing relief to many clients who would otherwise fail to qualify due to high interest rates. The country's prudential regulator advises lenders to refinance home loans only if they believe the customer could repay at 3% higher than current market rates. While CBA's alternate buffer is not in line with the regulator's recommendation, it does not break the serviceability buffer, the regulator said, as it allows exceptions to the policy but warns against high volumes. CBA has a quarter of the Australian mortgage market, where thousands of borrowers are expected to end their fixed rate loans this year, forcing them to shop around for new loans at current rates. "We know that due to the current interest rate environment some home owners are facing challenges refinancing their home loans so we are introducing an alternate interest rate serviceability buffer," CBA's Michael Baumann, executive general manager home buying said.

Persons: CBA's Michael Baumann, Sameer Manekar, Byron Kaye, Nivedita Organizations: Commonwealth Bank of Australia, prudential, CBA, Prudential Regulation Authority, Westpac Banking Corp, Reserve Bank of Australia, Thomson Locations: Bengaluru, Sydney

☆ Australia's competition tribunal blocks Telstra-TPG Telecom network deal
▼ + stars: | 2023-06-21 | by ( Harish Sridharan | ) www.reuters.com time to read: +3 min

2 wireless internet provider owned by Singapore Telecommunications (STEL.SI). TPG said it would review the tribunal's decision before considering its options for further appeal, including a judicial review in the Federal Court. Telstra shares were up 0.7% in early trade, while TPG's shares fell as much as 10.8%, the biggest intraday decline since August 2022. Optus, which had previously opposed the deal on the grounds it would build Telstra's market dominance, said it welcomed the tribunal's decision. "The tribunal's decision was a decisive move for competition in the sector," Commpete Chair Michelle Lim said.

Persons: Vicki Brady, Kelly Bayer Rosmarin, Commpete, Michelle Lim, Harish Sridharan, Subhranshu Sahu, Jamie Freed, Sherry Jacob, Phillips Organizations: Companies Telecom, Optus, TPG Telecom, TPG, Telstra, Australian Competition Tribunal, Telstra Group, Australian Competition, Consumer Commission, Singapore Telecommunications, ACCC, ACT, Thomson Locations: Bengaluru

As of end-March, the three banks had total credit exposure of about $64 billion to China, or roughly 1% of their total assets, according to their financial statements. The FSA's request to look into China-related geopolitical risk was made in May, said two other sources. At a meeting last month, one of the banks was asked by the FSA how it is assessing risk related to China operations, one of them said. China claims democratically governed Taiwan as its territory and has never renounced the use of force to bring it under its control. Dealing with China sanctions would be extremely complex, the executive added.

Persons: Banks, SMFG, Antony Blinken, Wang Yi, Takaya Yamaguchi, Makiko Yamazaki, Sumeet Chatterjee, Jamie Freed Organizations: Financial Services, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial Group, Mizuho Financial Group, Mizuho, American Chamber of Commerce, Reuters, Thomson Locations: China, TOKYO, Ukraine, Russia, United States, China . U.S, Beijing, West, Taiwan, U.S, Tokyo, New York

☆ SEC enforcement chief rejects criticism of crypto crackdown
▼ + stars: | 2023-06-16 | by ( Chris Prentice | ) www.reuters.com time to read: +2 min

The regulator's heightened scrutiny of crypto firms comes in response to the industry's failure to comply with the agency's regulations, SEC enforcement director Gurbir Grewal said at a Rutgers University and Lowenstein Sandler LLP event in New York. "We have worked thoughtfully and incrementally in this space," Grewal said on Friday. The SEC began targeting initial coin sales as unregistered securities offerings, but has increasingly focused on crypto firms acting as unregistered exchanges and broker-dealers. The SEC last week sued Binance and Coinbase, two of the world's largest crypto exchanges, for allegedly breaking its rules. Coinbase has said the agency hardened its stance and became less willing to work with crypto firms in the wake of the FTX scandal in late 2022.

Persons: Gurbir Grewal, Lowenstein Sandler, Grewal, you'd, Binance, Coinbase, Chris Prentice, Nick Macfie Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Rutgers University, Lowenstein, Capitol, Democratic, Thomson Locations: New York, noncompliance

The recent crypto platform bankruptcies trapped customer assets now worth around $34 billion, according to Xclaim, which allows creditors to trade such claims. To protect themselves, institutional crypto investors are switching to exchanges that offer stronger asset protection, boosting due diligence on trading partners, and executing trades in smaller chunks, among other new risk management measures, according to executives and industry data. European crypto asset manager CoinShares ramped up its counterparty due diligence after losing 26 million pounds ($32.65 million) in the collapse of FTX. Financial regulators like the SEC say many crypto companies flout applicable rules, meaning risk management still lags the traditional financial sector. "This is inevitably risk we're all carrying in crypto - we have uncomfortable concentration risk on one large exchange called Binance," said Nickel's Crachilov.

Persons: Samed Bouaynaya, Coinbase, Altana, Binance, Anatoly Crachilov, Martin Lee, Nansen, Stephen Richardson, CoinShares ramped, cybersecurity, Jean, Marie Mognetti, Changpeng Zhao, Nickel's Crachilov, Wes Hansen, Hansen, Elizabeth Howcroft, Michelle Price, David Gregorio Our Organizations: Voyager, London, Coinbase, U.S . Securities, Exchange Commission, SEC, Asset Management, Arca, Thomson

☆ Bitcoin falls below $25,000 as Fed signals more hawkish moves ahead and regulatory screws tighten on the sector
▼ + stars: | 2023-06-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Bitcoin fell below $25,000 on Thursday, as monetary policy adds to pressure from regulators. Central bankers held interest rates steady but signaled more rate hikes to come. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The world's biggest cryptocurrency by market value traded lower to $24,897 on Thursday morning, down around 4% from $25,930 on Wednesday. Markets are currently pricing in a 65% chance that the Fed will raise rates another 25 basis-points in July.

Persons: Bitcoin, —, Ethereum, Jerome Powell's, Coinbase, Binance Organizations: SEC, Service, Federal Reserve, Fed, Securities and Exchange

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