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☆ SEC Plans Lawsuit Against Coinbase, According to Exchange
▼ + stars: | 2023-03-22 | by ( Alexander Osipovich | Dave Michaels | ) www.wsj.com time to read: 1 min

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.

☆ Lindsay Lohan, Jake Paul Violated Investor-Protection Laws by Touting Crypto, SEC Says
▼ + stars: | 2023-03-22 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

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.

☆ Elon Musk's Twitter Blue is breaking European rules about unfair business practices by failing to show its full cost to consumers right away, EU agency says
▼ + stars: | 2023-03-17 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

Elon Musk's Twitter Blue subscription is a flagship project to make the company profitable. But the advertised subscription prices in the European Union don't factor in taxes. Specifically, the advertised subscription prices don't factor in taxes, which violates consumer-protection laws in the 27-country union, a spokesperson for the watchdog said. Twitter Blue is one of Musk's flagship projects designed to make the social-media company profitable. Insider tested the Twitter Blue subscription process in the UK and, through a VPN, in Belgium and Germany.

☆ Some student-loan companies are 'ignoring' court orders and continuing to collect borrowers' debt after they received relief through bankruptcy, a federal consumer watchdog finds
▼ + stars: | 2023-03-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The CFPB found some student-loan companies have continued to collect on debt that was discharged in bankruptcy. It comes after the Education and Justice Departments reformed bankruptcy guidance for borrowers last year. The student loan servicing industry should ensure that their collection practices are compliant with the law." The companies' unlawful misconduct only adds to the difficult process borrowers must face when attempting to get rid of their student debt through bankruptcy. The entire student loan industry should take notice—the days of cheating borrowers out of their legal right to bankruptcy are over."

☆ The UK has banned TikTok on government devices — joining the US, Canada, and the EU — despite a charm offensive dubbed 'Project Clover'
▼ + stars: | 2023-03-16 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The UK has joined the EU, US, and Canada in banning TikTok on government devices. Officials ordered a security review into the potential vulnerability of sensitive data on several social media apps, and are now introducing a "precautionary ban on TikTok." "Restricting the use of TikTok on government devices is a prudent and proportionate step following advice from our cyber security experts," he added. But the latest ban comes despite TikTok's "Project Clover" – a charm offensive to convince European lawmakers that users' data will be safe. As part of the project, TikTok executives met with British policy advisers on March 6, per The Wall Street Journal.

☆ The UK is banning TikTok on government devices — joining the US, Canada, and the EU — despite a charm offensive dubbed 'Project Clover,' report says
▼ + stars: | 2023-03-13 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The UK will join the EU, US, and Canada in banning TikTok on government devices, per Bloomberg. TikTok execs had doubled down on efforts to convince UK policy advisers that their data is safe. But the latest ban comes despite TikTok's "Project Clover" – a charm offensive to convince European lawmakers that users' data will be safe. "While we await details of any specific concerns the UK government may have, we would be disappointed by such a move," a TikTok spokesperson said. TikTok said it was building two more data centers in Ireland and Norway to ensure some 150 million users' data in Europe is stored locally.

☆ Australian court fines ANZ Group $6.6 mln for breaching consumer protection laws
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - An Australian court has fined ANZ Group Holdings (ANZ.AX) A$10 million ($6.6 million) in penalties for non-compliance with consumer credit protection laws in a case that stems from the country's Royal Commission proceedings, a corporate watchdog said on Friday. The Australian Securities & Investments Commission (ASIC) said the fine related to the lender's home loan introducer program – that allowed third parties to refer customers for home loans – between March 2017 and March 2018. The court case stems from a 2017 Royal Commission inquiry into Australia's financial services industry, which ended up exposing widespread misconduct in the sector. "ANZ has cooperated with ASIC during this process, is nearing completion of a customer remediation program and has made changes to its home loan processes," the bank said. ($1 = 1.5161 Australian dollars)Reporting by Navya Mittal in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. solar installations fell 16% in 2022, but market rebounding -report
▼ + stars: | 2023-03-09 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Utility-scale solar installations fell by about a third year-over year to 11.8 gigawatts, the lowest since before the COVID-19 pandemic, the report said. The residential segment, meanwhile, rose by 40%, with a record 700,000 homeowners installing rooftop solar in 2022, the report said. The report projects steady growth, averaging 19% a year, until 2027. The greater availability of solar panels is expected to boost installations this year, after projects were slowed by U.S. restrictions on solar panels from China's Xinjiang over concerns about forced labor. Reuters reported this week that U.S. imports of Chinese solar panels are picking up after months of gridlock stemming from the forced labor protection law.

[1/5] Plants grow through an array of solar panels in Fort Lauderdale, Florida, U.S., May 6, 2022. REUTERS/Brian SnyderMarch 6 (Reuters) - U.S. imports of solar panels are finally picking up after months of gridlock stemming from implementation of a new law banning goods made with forced labor, according to two Chinese solar companies. The gains are a relief to major Chinese suppliers including Trina Solar (688599.SS) and Jinko Solar (JKS.N), who are finally getting products into the lucrative U.S. market after long delays. Trina rival Jinko Solar Holding Co Ltd (JKS.N) has also had shipments released from detention, a source close to the company said. It would not specify how many of those were solar products.

☆ Britain plans new data rules to ease compliance burden
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 8 (Reuters) - Britain will make another attempt to reform its data protection law on Wednesday with the objective of easing the compliance burden for businesses while remaining sufficiently in line with the European Union to keep information flowing. The government said it would bring an updated Data Protection and Digital Information Bill back to parliament after its earlier proposals were paused in September for further consultation with industry. The country's current data rules mirror the EU's General Data Protection Regulation (GDPR), the comprehensive legislation adopted in the bloc in 2016 that protects personal data. The EU in turn recognises Britain's standards - a process called adequacy - enabling the seamless flow of data to continue. However, the changes will be limited in scope to ensure that the EU keeps information flowing, the government said, and to protect confidence in the UK's comprehensive data protection standards.

☆ CFPB: What it does and why its future is in question
▼ + stars: | 2023-03-03 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

The CFPB’s missionThe agency was created after the 2008 financial meltdown, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The broad purpose of the CFPB is to protect consumers from financial abuses and to serve as the central agency for consumer financial protection authorities. It is charged with implementing and enforcing consumer protection laws, making rules and issuing guidance for consumer financial institutions. And it is the place consumers can go to lodge complaints about financial products and services. “It has completely changed the consumer financial marketplace.

☆ Dow said it was recycling our shoes. We found them in Indonesia
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +19 min

While the sample was small, the fact that none of these shoes made it to a Singapore recycling facility underscores weaknesses in the system. Dow said these builds will use the 10,000 kilograms (22,000 pounds) of recycled shoe material that have been produced through the Singapore recycling project so far. Reuters had dropped those shoes into a Dow recycling bin at a Singapore community center in September, three months earlier. Recycling flopsThis is not the first novel recycling scheme launched by Dow that hasn’t lived up to its billing. In its Jan. 18 statement, Dow said the shoe recycling partners are “energized by the common vision of sport championing a greener and more sustainable Singapore.” Dow did not comment on the Journal of Consumer Psychology study.

☆ Stablecoins Attract Scrutiny in SEC’s Drive to Control Crypto
▼ + stars: | 2023-02-22 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

A stablecoins lawsuit might be difficult for the Securities and Exchange Commission to win because stablecoin users don’t expect profits from owning the tokens. Washington’s battle to rein in crypto has a new front: stablecoins. The Securities and Exchange Commission is investigating whether stablecoins, cryptocurrencies that maintain a price of $1, are among the products that were issued in violation of investor-protection laws. SEC enforcement lawyers have told Paxos Trust Co. that regulators plan to take enforcement action over its stablecoin, BUSD, although that decision isn’t final.

☆ J&J loses challenge to $302 million judgment over pelvic mesh marketing
▼ + stars: | 2023-02-21 | by ( Brendan Pierson | ) www.reuters.com time to read: +2 min

FILE PHOTO: Johnson & Johnson company offices are shown in Irvine, California, U.S., October 14, 2020. J&J had argued to the Supreme Court that state consumer protection laws like California’s are too vague, exposing companies to unpredictable state lawsuits. The case stemmed from a multistate investigation into J&J subsidiary Ethicon Inc’s marketing of pelvic mesh devices, which are surgical implants that were used to treat incontinence and other conditions. J&J, which stopped selling pelvic mesh in 2012, has denied wrongdoing. In 2019, the U.S. Food and Drug Administration ordered all pelvic mesh devices off the market.

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Companies Johnson & Johnson FollowFeb 21 (Reuters) - The U.S. Supreme Court on Tuesday let stand a $302 million judgment against Johnson & Johnson (JNJ.N) in a lawsuit brought by the state of California accusing the company of concealing the risks of its pelvic mesh products. J&J had argued to the Supreme Court that state consumer protection laws like California's are too vague, exposing companies to unpredictable state lawsuits. The case stemmed from a multistate investigation into J&J subsidiary Ethicon Inc's marketing of pelvic mesh devices, which are surgical implants that were used to treat incontinence and other conditions. J&J, which stopped selling pelvic mesh in 2012, has denied wrongdoing. In 2019, the U.S. Food and Drug Administration ordered all pelvic mesh devices off the market.

☆ China formalizes rules for overseas IPOs
▼ + stars: | 2023-02-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

BEIJING – China-based companies now have more clarity on whether they can list overseas in the U.S. The China Securities Regulatory Commission announced late Friday new rules that require domestic companies to comply with national security measures and the personal data protection law before going public overseas. The securities regulator's rules do not ban the variable interest entity structure commonly used by Chinese companies when listing in the U.S. The CSRC said its rules for overseas listings are set to take effect March 31. The new rules also call for IPO underwriters, typically international investment banks, to annually report to the CSRC their involvement with Chinese listings overseas.

☆ Lack of Crypto Audit Regulation Raises Questions About PCAOB Authority
▼ + stars: | 2023-02-17 | by ( Mark Maurer | ) www.wsj.com time to read: +6 min

Additionally, there isn’t a regulatory framework for audits for many crypto companies. The SEC, which oversees the PCAOB, is reviewing how crypto companies portray reports from audit firms in the aftermath of the FTX collapse. The PCAOB—which sets audit standards, inspects audits and disciplines audit firms—has said it can only oversee audits of public companies and SEC-registered broker-dealers. In a letter last month to PCAOB Chair Erica Williams, they said the watchdog ignored what they called questionable practices by auditors of crypto companies. Even potential improvements to crypto audit regulation might not prevent fraud in the crypto industry, said Andrew Kitto, an assistant professor of accounting at the University of Massachusetts Amherst and a former PCAOB economic research fellow.

WASHINGTON, Feb 17 (Reuters) - Former pro US basketball star Paul Pierce has agreed to pay more than $1.4 million to settle charges he illegally promoted digital assets, Wall Street's top regulator said Friday. The U.S. Securities and Exchange Commission said Pierce promoted crypto tokens sold by EthereumMax on social media without disclosing he was paid to do so, and made misleading statements about the product. The settlement with the former Boston Celtic and NBA Hall-of-Famer marks the latest move by the SEC to crack down on celebrity endorsements of crypto products. Pierce settled the charges without admitting or denying them, agreeing to pay $1.1 million in fines and another $240,000 representing the disgorgement of ill-gotten gains plus interest, according to the SEC. Last year, the SEC penalized several celebrities, including reality TV star Kim Kardashian and former boxer Floyd Mayweather Jr for their roles in improperly promoting crypto tokens through social media.

☆ PayPal tells Australia it supports buy-now-pay-later regulation
▼ + stars: | 2023-02-16 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

SYDNEY, Feb 16 (Reuters) - Payments giant PayPal Holdings Inc (PYPL.O) wants buy-now-pay-later (BNPL) loans subjected to consumer protection law, it said in a submission to the Australian government, adding a powerful voice from inside the sector calling for regulation. Many other companies which sell BNPL loans said in submissions that they supported minimal or self-regulation. BNPL companies attract shoppers by charging no interest and make money from retailer fees. The company saw "merit in further consideration of the development of a bespoke BNPL credit reporting framework" without the full "costs typically associated with engaging in the credit reporting regime". The government has said it wants BNPL regulation in place in 2023.

[1/3] Representations of cryptocurrencies are seen in front of displayed FTX logo in this illustration taken November 10, 2022. Sequoia, Thoma Bravo and Paradigm did not immediately respond on Wednesday to requests for comment. The 30-year-old son of Stanford Law School professors has pleaded not guilty to fraud and other charges for allegedly looting billions of dollars from FTX customers. A Manhattan federal court hearing on whether to tighten bail is scheduled for Thursday, after Bankman-Fried allegedly tried to communicate improperly with potential government witnesses. The case is Rabbitte v Sequoia Capital Operations LLC et al, U.S. District Court, Northern District of California, No.

The SEC issued a letter to Paxos known as a Wells notice, which the agency uses to inform companies of a possible enforcement action. The Securities and Exchange Commission has told crypto firm Paxos Trust Co. that it plans to sue the company for violating investor protection laws, according to people familiar with the matter, the latest move in the agency’s escalating campaign in crypto enforcement. The SEC’s enforcement staff issued a letter to Paxos known as a Wells notice, which the agency uses to inform companies and individuals of a possible enforcement action, according to the people.

☆ A Yale professor suggested that Japan's old people should kill themselves in a mass suicide, and it made him a celebrity
▼ + stars: | 2023-02-13 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +4 min

A Yale professor said in an interview that mass suicide could solve Japan's aging population issue. Yusuke Narita, an assistant professor of economics at Yale University, has argued for the controversial solution to Japan's aging population in several public appearances and interviews, The Times reported. In an interview with an online Japanese news program in December 2021, Narita said a "pretty clear solution" would be the introduction of mass suicide, or mass "seppuku" of the elderly. Speaking to The Times, Narita said his comments have largely been taken out of context, and his focus is on the dominance of "tycoons" in Japan. He also told the newspaper that using the terms "mass suicide" and "mass seppuku" was intended only as "abstract metaphors," adding that he has since stopped using those phrases.

☆ Olaplex customers just filed a lawsuit alleging hair loss. See how other consumer suits have played out.
▼ + stars: | 2023-02-10 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +8 min

Olaplex has been sued by customers who alleged its products damaged their hair and scalp. Companies like Thinx, P&G, and Unilever have set aside millions of dollars to settle consumer suits. The suit's allegations follow a pattern familiar in other consumer lawsuits, which have also targeted companies' advertising and the ingredients in their products. In that case, customers said Devacurl's curly hair products contained ingredients that released formaldehyde and caused skin irritation, and said the company had quietly changed ingredients and formed a committee to handle negative publicity. Devacurl has said on its settlement website that it "vigorously denies" claims of health problems like hair loss and scalp problems.

☆ Children accused of witchcraft find solace in east Congo shelter
▼ + stars: | 2023-02-08 | by ( Crispin Kyala | ) www.reuters.com time to read: +3 min

REUTERS/Crispin KyalangalilwaBUKAVU, Democratic Republic of Congo, Feb 8 (Reuters) - After Ornella lost several family members within three years, relatives and neighbours in her east Congo village of Kabare began suspecting the 14-year-old girl of witchcraft. Hundreds of thousands of children across the continent are accused of witchcraft each year, according to a 2022 report by the African Child Policy Forum, an independent research group. "Here are at Eka Bana ... they show me that every child has rights," she told Reuters. Children who end up in Eka Bana are usually first taken in by the police, who either find them on the street or receive them from family members. Eka Bana Director Natalia Isella said it was often Evangelical pastors who convinced followers that a "witch" in the family was causing their problems.

☆ Low-income renters are frustrated by Biden's new plan to make housing more affordable because they don't think it does enough to combat surging rents
▼ + stars: | 2023-02-04 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

The White House outlined actions it's taking to protect tenants amid rising rents and evictions. Tenants' groups told Insider that they wanted decisive legal and financial action from the president. In addition to that, the White House also published a "Blueprint for a Renters Bill of Rights," endorsing fair housing practices and a tenants' right to organize. "On the one hand, we are encouraged that the White House has released this Blueprint as a statement of values," Martin said. "As a blueprint, the document's statements don't do anything to materially help improve conditions for renters," he said.

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