sec – White-Collar Criminal Law

October 10, 2023 by Duane Morris

Webinar: U.S. Law Enforcement Targets Crypto in Asia: The Tiger in the Grass ‒ What Every Crypto Actor Must Know Now

Duane Morris will present U.S. Law Enforcement Targets Crypto in Asia: The Tiger in the Grass ‒ What Every Crypto Actor Must Know Now on Thursday, November 30, 2023, from 10:00 a.m. to 11:00 a.m. Singapore.

About the Program

Crypto entrepreneurs and their financers and advisers are facing unprecedented enforcement activity from the U.S. government, including the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ). The SEC, in particular, has taken an aggressive stance in applying U.S. securities law to internationally based cryptocurrencies, and international players in the crypto market are routinely being called to defend themselves in U.S.-based investigations and U.S. courts.

In this webinar, a Duane Morris team will discuss the basis for the SEC and DOJ’s assertion of jurisdiction over international actors so that crypto players can determine whether their actions may lead to the need to comply with U.S. securities laws. The panel will also discuss the various U.S. laws that could be triggered so that foreign crypto actors become more acquainted with U.S. laws and regulations. The focus of the webinar is to educate crypto players enough so that they understand the risks.

Speakers

Mauro Wolfe
Ramiro Rodriguez

Moderator

Vincent Nolan

Learn more about the event and Duane Morris’ Fintech Group.

Note: For those attendees located in the U.S., the time for this webinar is Wednesday, November 29, 2023, from 10:00 p.m. to 11:00 p.m. Eastern.

July 17, 2023July 18, 2023 by Mauro M. Wolfe

Both Defendants and the Security and Exchange Commission Score Partial Wins in Cryptocurrency Decision

By Mauro Wolfe, Vincent Nolan and Angela Benoit

On July 13, 2023, the U.S. District Court for the Southern District of New York granted partial summary judgment in favor of Ripple Labs Inc. (Ripple), holding that the company did not violate the Securities Act by selling its XRP token on public exchanges.

Despite this partial win, the Court also held that Ripple’s sale of the XRP tokens to sophisticated individuals and entities including hedge funds and institutional investors did constitute an unregistered securities offering.

Continue reading “Both Defendants and the Security and Exchange Commission Score Partial Wins in Cryptocurrency Decision”

June 1, 2022 by Mary P. Hansen

The SEC Ramps Up Efforts to Police Crypto Industry

As the crypto industry continues to grow and market volatility remains high, the Securities and Exchange Commission (SEC) has announced its plan to increase its regulation of the area. The SEC’s Crypto Assets and Cyber Unit, which was created in 2017, will expand from thirty to fifty positions. The unit is tasked with protecting investors from crypto-related frauds and scams. The increase in staffing will allow for more investor protection focused on the areas of crypto asset offerings, crypto asset exchanges, crypto asset lending and staking practices, decentralized finance (DeFi) platforms, non-fungible tokens (NFTs), and stablecoins. The twenty additional positions will mostly consist of supervisors, investigative staff attorneys, trial counsels, and fraud analysts. Continue reading “The SEC Ramps Up Efforts to Police Crypto Industry”

February 21, 2017February 21, 2017 by Mauro M. Wolfe

Changes Are Coming to the SEC Enforcement Division – What Does It All Mean?

This week reports surfaced that a major shift in the SEC enforcement division had taken place – behind the scenes. The timing is quite interesting as the agency’s annual seminar and SEC Alumni dinner will occur at the end of the month. No doubt this will be a topic, among many, of the annual SEC cocktail regulars in DC.

The reports indicate that the Acting Chairman Michael Piwowar has centralized the power of the enforcement division to “issue subpoenas or formally launch probes,” as Reuters put it. The question that has been asked is – What does all of this really mean, really? Continue reading “Changes Are Coming to the SEC Enforcement Division – What Does It All Mean?”

May 24, 2013September 8, 2014 by Mauro M. Wolfe

Historic U.S., China Agreement on Auditor Access Announced: Is This a Crack in the Wall Separating The Cross-Border Enforcement Cooperation Impasse?

On May 15, 2013, the U.S. Securities and Exchange Commission charged CEO Dejun Zou and board chair Amy Qiu, husband-and-wife executives at China-based RINO International Corporation, alleging that they engaged in a scheme to overstate the company’s revenues and divert $3.5 million in proceeds from a securities offering for their personal use. This would be a routine case – except it involves a China-based company, a jurisdiction that the SEC has found difficult to regulate. For some time now, the SEC has been hamstrung in gaining access to information from China. Today’s historic announcement by the Public Company Accounting Oversight Board (“PCAOB”) may be the first major step in alleviating such difficulties.

Continue reading “Historic U.S., China Agreement on Auditor Access Announced: Is This a Crack in the Wall Separating The Cross-Border Enforcement Cooperation Impasse?”

April 4, 2013September 8, 2014 by Mauro M. Wolfe

Foreign Traders Beware: Trading in US Markets Will Expose You to US Insider Trading Laws

On March 29, 2013, the Securities and Exchange Commission (SEC) announced the settlement of what appeared to be a routine insider trading case involving two traders. For foreign traders, the case is a wake-up call that the SEC is watching and will take action against violators, wherever they are in the world. Moreover, the case reveals the SEC’s patience in finding the insider traders and their courage in taking action. Indeed, the case may also serve as an investigatory template for the SEC’s global policing of U.S. securities laws in connection with insider trading violations by foreign traders.

Continue reading “Foreign Traders Beware: Trading in US Markets Will Expose You to US Insider Trading Laws”