NYTIMES DEALBOOK NEWSLETTER REGISTRATION
settlement with the company for apparently violating securities registration requirements and misstating product risks. He was attorney general in New Jersey when it began investigating the crypto lending firm BlockFi, and he recently oversaw a $50 million S.E.C. Retail investors are “bearing the brunt of abuses in this space,” said Gurbir Grewal, the S.E.C.’s enforcement chief, and more enforcers can help protect them. overreach and an agency that regulates through enforcement. But adding more cops on the beat will displease the crypto industry and its supporters, who are already unhappy about what they perceive as S.E.C.
As it stands, he argues, investors have little information about the dangers of playing in regulatory gray spaces. There will be “a spill in Aisle Three,” Gensler has said to DealBook and others, predicting crypto disaster on a grand scale if regulators don’t act fast and write new rules. The move reflects growing investor interest in crypto and the many financial products it has spawned - as well as the S.E.C.’s concerns about the risks that have accompanied this rapid growth. That group has worked on about 80 crypto enforcement actions, and it is growing to 50 people from 30 “to be better equipped to police wrongdoing in the crypto markets,” the agency’s chairman, Gary Gensler, said in a statement. said this morning that it was doubling down on crypto enforcement, bolstering a cybersecurity team created in 2017 and renaming it the Crypto Assets and Cyber Unit. Republican lawmakers have called the board Orwellian.
The creation of the board, announced last week, has led to a partisan disagreement over the government’s role in policing false, toxic or violent content online. After a landmark victory at a nearby New York warehouse last month, workers at a smaller Staten Island facility with a higher proportion of part-time staff rejected unionization by a wide margin, possibly signaling the limits to a recent rise in worker interest in organizing.Ī Department of Homeland Security board is embroiled in a debate over disinformation. The upstart Amazon Labor Union suffers a setback. Germany is one of Russia’s biggest energy customers. Its shift on the issue helps clear the way for new sanctions that could deprive Moscow of millions of euros a day. Germany is backing the E.U.’s plan for an embargo on Russian oil. But the high costs of withdrawal from Russia are becoming clearer as oil companies report first-quarter earnings. The British energy giant still reported its highest profits in a decade, underpinned by soaring oil and natural gas prices. Taking a stand, whether by speaking up, contributing to causes or withholding funding from politicians as punishment, can have consequences.īP takes a $25.5 billion hit from its decision to exit its Russia holdings. Wade is perhaps the most contentious case of this age, so for businesses there is no politically safe decision, and they may have to choose which enemies they can afford to make. 6 riot at the Capitol, companies have faced more pressure to align their political contributions with their stated principles. That means companies could expect pressure from both employees and consumers to take a stand.Ĭorporate political spending will get strict scrutiny. ( Amazon told employees yesterday that it would provide similar reimbursements.) The draft opinion just turned this polarizing issue into a pressing midterm election question. This is already playing out at the state level in places like Texas, where a restrictive abortion law has led Yelp, Citigroup and others to pledge to help pay for employees to travel out of state for abortions. More companies may be compelled to speak out.
Regardless of the outcome, the draft is likely to have immediate consequences for business, thrusting companies further into the political fray. The opinion, obtained by Politico, is still subject to change and debate up until its official release, which is expected by this summer. Wade, the landmark case establishing the right to abortion. A draft Supreme Court opinion shows that a majority of justices voted in February to overturn Roe v.
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