Tag Archives: SEC

Back in January, on the day when two of his schools (Georgia and Alabama) would again compete for the national championship, SEC commissioner Greg Sankey made a final pitch for the establishment of a new College Football Playoff. It featured 12 teams. The field would be made up of six guaranteed bids to the top six conference champions, plus six more selected by a committee. The top four champs would receive a first-round bye. The opening-round games would be played on the campus of the… Source link

Twitter’s board (TWTR) is doing a terrible job handling the Elon Musk situation, said former SEC chairman Harvey Pitt. “I would give Twitter’s board an F,” Pitt said on Yahoo Finance Live. “I believe under the circumstances, they needed to check out whether this was a real bid. If it were a real bid, then they needed to do what was in the best interest of their shareholders. This is a price that hadn’t been seen in quite some time. The number is at least a legitimate frame of reference and… Source link

Tesla (TSLA) CEO Elon Musk’s disclosure on Monday that he acquired a 9.2% stake in Twitter (TWTR) represents just the type of surprise for investors that U.S. regulators may soon curtail. In February, the U.S. Securities and Exchange Commission proposed a controversial rule change that it says can “modernize” disclosure rules for investors who buy a large block of a public company’s stock. Electronic filing advances since the rule was adopted in 1968, the agency says, make it possible… Source link

In early 2020, an accounting scandal at Luckin Coffee blindsided its American stockholders as the coffeehouse chain’s stock price fell to the floor. Luckin Coffee highlighted a problem: American investors knew little of Chinese company financials while the stocks trade freely on U.S. exchanges. The incident sparked questions regarding whether other crises involving U.S.-listed Chinese companies lurked around the corner. Congress acted to stop the next Luckin by passing the Holding Foreign… Source link

The two most common reasons to walk away from a proposed business deal are that a) you no longer want to be in that business/deal or b) when negotiations inevitably resume, you believe you can get more favorable terms. Last week, the ACC, Big Ten and Pac-12 — or “The Alliance” as they call themselves — bailed on a proposed expansion of the College Football Playoff from four teams to 12. Seven conferences — most notably the SEC — and Notre Dame were in favor of the proposal. Since… Source link

The US Securities and Exchange Commission has responded to Elon Musk’s . In a letter it filed on Friday with a New York federal judge, the SEC said its frequent check-ins with Tesla were consistent with expectations from the court overseeing the company’s 2018 settlement. At the time, Tesla had agreed its lawyers would preclear some of Musk’s tweets after one of his messages drew the attention of the SEC. The specific saw Musk say that he had “funding secured” to take Tesla private… Source link

The Commodity Futures Trading Commission, rather than the Securities and Exchanges Commission or the U.S. Treasury, should supervise cryptocurrency markets, its former chairman told Yahoo Finance in an interview on Friday. As the debate over digital token oversight takes shape and the White House prepares an overarching strategy, J. Christopher Giancarlo said it’s time for Congress to take the lead and permit his former agency to run point on the asset class’ regulation. An inter-agency… Source link

The Securities and Exchange Commission on Monday settled charges with BlockFi Lending over its failure to register its cryptocurrency interest account, bringing the largest ever penalty against a crypto firm. The SEC found BlockFi violated three areas of federal securities laws – including selling unregistered securities, operating as an unregistered investment company and making “material false and misleading statements” on its website that the loans were over collateralized. “This is… Source link

(Bloomberg Law) — MicroStrategy Inc. can’t strip out Bitcoin’s wild swings from the unofficial accounting measures it touts to investors, the SEC said. Most Read from Bloomberg Bad news for the MicroStrategy was compounded as the company’s shares fell as much as 20% Friday, the biggest intraday collapse since Feb. 23. Its stock closed at $375.89, down nearly 18%. Bitcoin also tumbled, and was down more than 7% around 4:15 p.m. in New York. The enterprise software maker, which said in… Source link

The crypto founder going on the offensive in the industry’s latest battle with the Securities and Exchange Commission (SEC) called out a lack of understanding as a big problem among regulators. Terraform Labs co-founder and CEO Do Kwon, who sued the SEC Friday to quash a recent subpoena, explained to Yahoo Finance at Monday’s All Markets Summit that regulators are still learning that some of the code and protocols launched in the sector are no longer controlled by centralized entities, but… Source link