Senate Majority Leader Chuck Schumer (D-NY) surprised and pleased longtime critics of his frequent role as Wall Street’s man in Washington by stepping up to his new job and becoming an effective floor leader for President Biden’s expansive progressive programs. However, when it comes to insider deals for the financial industry, Schumer can still be
Morgan Stanley shares fell the most in five months after a report that a cadre of U.S. regulators are scrutinizing the firm’s efforts to prevent potential money laundering by wealthy clients. The Securities and Exchange Commission, the Office of the Comptroller of the Currency and other Treasury Department offices are digging into whether the New
Dapper Labs, one of the premier non-fungible token companies whose products include NBA Top Shot and CryptoKitties, was under investigation by the Securities and Exchange Commission until September, according to an internal agency document obtained by Fortune. In what the SEC calls a “Case Closing Report,” David Hirsch, the regulator’s crypto and cyber unit chief,
Will this be the year that cryptocurrency’s market capitalization surpasses the $5 trillion mark? Ripple CEO Brad Garlinghouse seems to think so. Speaking to CNBC Sunday (April 7), Garlinghouse said he expects the value of the crypto market to double in 2024, thanks to factors like the approval of the first U.S. spot bitcoin exchange-traded fund (ETFs) and the upcoming
A jury in Manhattan found Singapore-based Terraform Labs and its founder Do Kwon liable on civil fraud charges on Friday, agreeing with the Securities and Exchange Commission that they misled investors before their stablecoin’s 2022 collapse shocked cryptocurrency markets. The jury delivered the verdict in federal court after a two-week trial after hearing closing arguments earlier in the
The Securities and Exchange Commission is trying to use Ethereum’s recent switch to proof-of-stake to regulate it. Jakub Porzycki—NurPhoto/Getty Images The stakes in the bitter war between the Securities and Exchange Commission and the crypto industry just got higher. As Fortune reported on Wednesday, the agency is going after Ethereum, issuing subpoenas to U.S. companies
Gary Gensler, chairman of the US Securities and Exchange Commission Al Drago—Getty Images The Securities and Exchange Commission is waging an energetic legal campaign to classify Ethereum, the second-most popular cryptocurrency, as a security, according to U.S. companies that have received subpoenas related to an investigation. The news delivers a further blow to the crypto
The price of one bitcoin topped $60,000 on Wednesday for the first time since November 2021, when the world’s largest cryptocurrency hit its current record of nearly $67,000. The boom is a massive turnaround from a year ago, when bitcoin kicked off 2023 below $20,000 and economists were anticipating a wider recession. Bitcoin has rallied
Several Republican senators slammed the Securities and Exchange Commission (SEC) on Wednesday over its “deeply troubling” conduct in a recent case against the cryptocurrency company DEBT Box. The SEC brought the case against DEBT Box in July, accusing the company of “an ongoing, sprawling, fraudulent securities offering” that defrauded investors of at least $49 million.
SEC Chair Gensler warns of AI ‘monoculture’ financial risks Securities and Exchange Commission (SEC) Chair Gary Gensler says a centralized artificial intelligence (AI) market with just a handful of models that financial actors rely on could lead to a fragile financial system. Gensler, speaking in a virtual fireside chat hosted by Public Citizen, said he