SEC Financial News

asset managers hoping to launch exchange-traded funds tied to the spot price of ether to begin trading next Tuesday, three industry sources said. The approval hinges on applicants submitting final offering documents to regulators before the end of this week, the sources said. One said that all eight are expected to launch simultaneously.

OpenAI whistleblowers have filed a complaint with the Securities and Exchange Commission and asked the agency to investigate whether the company illegally restricted workers from speaking out about the risks of its artificial intelligence technology

OpenAI whistleblowers have filed a complaint with the U.S. Securities and Exchange Commission, calling for an investigation over the artificial intelligence company's allegedly restrictive non-disclosure agreements, according to a letter seen by Reuters. «Given the well-documented potential risks posed by the irresponsible deployment of AI, we urge the Commissioners to immediately approve an investigation into OpenAI's prior NDAs, and to review current efforts apparently being undertaken by the company to ensure full compliance with SEC rules,» according to the letter, which was provided to Reuters by the office of Sen. Chuck Grassley.

Elon Musk wants to dismiss a lawsuit by former Twitter shareholders who said he waited too long in early 2022 to reveal his large ownership stake in the social media company, saying «all indications» show his delay was a mistake. In a late Wednesday night filing in Manhattan federal court, Musk called it implausible to believe he wanted to defraud shareholders who didn't know he had taken a 9.2% Twitter stake, and missed out on big gains because they sold their own stock.

Meme trader Keith Gill, popularly known for his role in the GameStop trading frenzy, has disclosed owning a 6.6% stake in Chewy, according to a recent filing with the United States Securities and Exchange Commission (SEC).

The U.S. Marshals Service, which is part of the Department of Justice, has selected Coinbase Prime to handle custody and advanced trading services for large-capitalization digital assets that have been forfeited to law enforcement, according to a Coinbase blog post Monday.

Nigeria’s Securities and Exchange Commission (SEC) mandated on June 21 that all Virtual Asset Service Providers (VASPs), including cryptocurrency companies, establish offices in Nigeria as part of eligibility requirements under its Accelerated Regulatory Incubation Programme (ARIP).

Over the past 24 hours, the XRP price has seen a modest 2.17% increase as the market is beginning to show signs of growth. Significantly, XRP seems to present more upside potential in the near term following statements made by ripple CEO Brad Garlinghouse.

Spot bitcoin exchange-traded funds (ETFs) have amassed more than $14.6 billion in inflows, pretty much propelling a bitcoin (BTC) price rally since they first launched in January.But an overwhelming majority of financial advisors still won't discuss cryptocurrencies with their clients.

Bitcoin's (BTC) price rose to more than $59,000 in the early U.S. hours Wednesday before settling back to the $57,400 level in the afternoon. The largest cryptocurrency by market cap remained range-bound amid selling pressures from Germany and bitcoin exchange traded fund inflows.

Messari CEO Ryan Selkis declared independence from the US SEC and its “corrupt” Chair Gary Gensler in a draft letter on Sunday. The firm intends to cease engagement with the agency until reforms are implemented and leadership is replaced, he said.

Silvergate Bank has been charged by the Securities and Exchange Commission (SEC) for misleading investors about the effectiveness of its Anti-Money Laundering (AML) compliance program.

Eli Lilly has yet to get the nod from India's drug regulator for selling its blockbuster drug Tirzepatide in the country for weight loss, said the American pharmaceutical firm. «The apex drug regulator's subject expert committee (SEC) has so far given a go-ahead for its import and marketing for diabetes and not for weight loss,» Elli Lilly told ET, adding that the «obesity» indication is undergoing review by the Central Drugs Standard Control Organisation (CDSCO). The drug is marketed under the brand name Mounjaro for type 2 diabetes treatment and as Zepbound for weight loss, in the US. Mounjaro has been available in the US since 2022 while Zepbound was approved by the US FDA in November 2023. The company said it has yet to firm up the schedule for launching the drug in India.

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lawyer who avoided prison time after pleading guilty to insider trading must pay a $1.15 million fine in a related U.S. Securities and Exchange Commission civil case, a federal judge ruled on Tuesday. U.S. District Judge William Martini in Newark, New Jersey, said that while Gene Levoff «was not living excessively, his violations were nonetheless especially egregious» given the lawyer's former role enforcing Apple's insider trading policies.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy has called upon the newly inaugurated board of the Securities and Exchange Commission (SEC) to address the complexities of regulating cryptocurrencies.

The legal battle between Coinbase and the SEC heated up on July 3 as the cryptocurrency exchange sought to gain access to emails from SEC Chair Gary Gensler, claiming they held crucial evidence for its defense.

Asset managers are optimistic that the SEC will greenlight the first US ETFs that invest directly in Ether as soon as mid-July, saying the back and forth with the regulator remains constructive.

Fintech firm Robinhood has announced a new acquisition which will give it enhanced capabilities including AI-powered investment research.

Silvergate Capital Corp., former CEO Alan Lane and former chief risk officer Kathleen Fraher, were charged by the Securities and Exchange Commission with misleading investors about the strength of its bank secrecy act and AML compliance programme and the monitoring of crypto customers. In addition, the company and former executives were charged with misleading investors about the company’s losses from expected securities sales following the collapse of FTX. Silvergate and Martino misrepresented the company’s bleak financial condition during a liquidity crisis and bank run following FTX’s collapse, alleges the SEC.

After the SEC took the pivotal first step of approving spot-price Ether ETFs for listing on exchanges, it’s now a matter of when, not if, the crypto fund products will be brought to market. But a new report from Cerulli suggests demand for Ether ETFs, particularly among advisors, is still likely to be disappointed.