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Recent Articles

tax.thomsonreuters.com

House Passes Bills to Expand VC Fund Exemption, Broaden SEC Small Business Advocate Mandate

The House of Representatives on July 26, 2022, passed bills to ease certain registration requirements on venture funds, broaden the mandate of the SEC’s Office of the Advocate for Small Business Capital Formation (OASB) to include rural small businesses, and give the SEC more flexibility in annual e…
tax.thomsonreuters.com

House Democrat Presses SEC Chair Gensler, Others on Crypto Fraud

Rep. Raja Krishnamoorthi in a flurry of Aug. 30, 2022, letters questioned the SEC, other financial regulators, and digital asset exchanges on efforts to counter crypto fraud.
tax.thomsonreuters.com

SEC Enforcement Director Cites ‘More Intentional’ Shift in Articula...

SEC Enforcement Director Gurbir Grewal on Sept. 9, 2022, said the commission is being “much more intentional in our public documents” in articulating its analysis on crypto enforcement.
tax.thomsonreuters.com

House Republicans, Emboldened by EPA Ruling, Press SEC Chair to Jus...

The top Republicans on three House committees on Sept. 22, 2022, released a letter to SEC Chair Gary Gensler demanding he detail the underlying statutory authority for his rulemaking agenda.
tax.thomsonreuters.com

Senate Bill Establish Temporary SEC Safe Harbor for Crypto Exchanges

A Senate Republican on Sept. 29, 2022, introduced legislation that would create a temporary safe harbor from SEC enforcement actions for digital asset exchanges. S. 5030, the Digital Trading Clarity Act of 2022, is sponsored by Senator Bill Hagerty of Tennessee.
tax.thomsonreuters.com

Senaye Bill Would Extend Emerging Growth Company Status to 10 Years

A Senate Republican introduced legislation that would double the time a public company could retain its emerging growth company (EGC) status under the JOBS Act of 2012. Sec. 1 of pl112-106
tax.thomsonreuters.com

Fifth Circuit Denies Rehearing in SEC Administrative Judges Decision

The Fifth Circuit on Oct. 21, 2022, denied the SEC’s petition for a full-court rehearing following the May decision in Jarkesy v. SEC, which undercut the commission’s administrative enforcement regime.
tax.thomsonreuters.com

Supreme Court Grants Solicitor General More Time on Potential ... -...

The U.S. Supreme Court on January 6, 2023, granted U.S. Solicitor General Elizabeth Prelogar a nearly month-long extension to appeal the Fifth Circuit’s May 2022 decision in Jarkesy v. SEC, a closely watched ruling that undermined the SEC’s use of administrative proceedings.
tax.thomsonreuters.com

Senate Democrats Push for PCAOB Inspection of Audits of Crypto ... ...

Two Senate Democrats on Jan. 25, 2023, pressed PCAOB Chair Erica Williams on whether the board will inspect auditors of crypto firms that act as broker-dealers, even if those firms are not registered with the SEC.
tax.thomsonreuters.com

Testing Howey: With Congress Stalled, the SEC Stakes its ... - Thom...

The SEC under Chair Gary Gensler is ramping up its enforcement campaign against the cryptocurrency industry, making good on his threats that the bulk of what the industry is offering fits the definition of a security.
tax.thomsonreuters.com

Ex-SEC Commissioner Piwowar Suggests Cutting Commission ... - Thoms...

Former SEC Commissioner Michael Piwowar on March 9, 2023, suggested Congress move forward with securities law reforms that do not require commission rules, arguing the SEC “screwed up” some rulemaking components of the JOBS Act.