Jack J. Kelly, Author at Compliancex

‘You must answer for the bank’s downfall’: Senators demand testimony from CEOs of failed Signature and Silicon Valley Bank

Jack J. Kelly Bailout, Bank Failure, Banks, CEO, Congress, SEC, Securities and Exchange Commission March 24, 2023

Leaders of the Senate’s banking committee on Thursday warned former chief executive officers at the failed Silicon Valley Bank and Signature Bank that they expect them to testify before the panel, saying in a letter to each: “you must answer for the bank’s downfall.” The committee is examining ...Read More

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Coinbase tapping into innovation-friendly Brazil amid US regulatory crackdown

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission March 24, 2023

Coinbase may be caught in the crypto regulatory crackdown in the U.S., but the company is finding plenty of friendly faces in Brazil. On Tuesday, Coinbase introduced an app geared solely toward the Brazilian market, with customer support available in Portuguese 24/7, and integrating ...Read More

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What Is a Wells Notice and What Does It Mean?

Jack J. Kelly CFTC, Cryptocurrency, FINRA, NASD, Regulation, SEC, Securities and Exchange Commission, Wells Notice March 24, 2023

As the crypto industry continues to seek regulatory clarity from regulators in Washington, D.C., regulators are nonetheless taking targeted action against a variety of players in the space. The U.S. Securities and Exchange Commission in particular has been busier than ever, investigating and fining ...Read More

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SEC issues official investor alert on crypto trading risks

Jack J. Kelly Cryptocurrency, Investors, SEC, Securities and Exchange Commission March 24, 2023

The US Securities and Exchange Commission (SEC) has issued an official investor alert warning against investing in crypto assets that may not comply with US laws. This follows several lawsuits the regulator has brought forward against notable figures, such as Justin Sun of Tron, and various celebrity ...Read More

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The SEC charges Lindsay Lohan, Jake Paul and others with illegally promoting crypto

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission March 23, 2023

Eight celebrities including actor Lindsay Lohan, influencer Jake Paul and rapper Soulja Boy have been charged by federal regulators with illegally touting two cryptocurrencies and failing to disclose they were paid to do so. The two cryptocurrencies, Tronix (TRX) and BitTorrent (BTT), were sold ...Read More

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Coinbase warned by SEC of potential securities charges

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission, Staking March 23, 2023

The Securities and Exchange Commission issued crypto exchange Coinbase a Wells notice, warning the company that it identified potential violations of U.S. securities law. Coinbase shares fell nearly 12% in extended trading after the news broke on Wednesday, adding to an 8.16% drop during regular trading ...Read More

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XRP cryptocurrency jumps as investors hope Ripple will win legal battle with the SEC

Jack J. Kelly Cryptocurrency, Investors, SEC, Securities and Exchange Commission March 22, 2023

The XRP cryptocurrency soared on Wednesday as investors grew hopeful that Ripple, a company closely associated with the token, would win its prolonged legal battle with the U.S. Securities and Exchange Commission. The token was worth around 45 cents at about 8 a.m. ET, according to ...Read More

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A Big Question for the Fed: What Went Wrong With Bank Oversight?

Jack J. Kelly Banks, Dodd-Frank, Federal Reserve, Investors, Risk Management March 22, 2023

Jerome H. Powell is likely to face more than the typical questions about the Federal Reserve’s latest interest rate decision on Wednesday. The central bank chair will almost certainly be grilled about how and why his institution failed to stop problems at Silicon Valley ...Read More

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Credit Suisse received a clean bill of health from regulators—then took less than a week to completely collapse

Jack J. Kelly Bankruptcy, Banks, FINMA, Regulators, Risk Management, Scandal March 21, 2023

Credit Suisse’s near-167 years of history came to a screeching end on Sunday as the lender sought refuge in the arms of cross-town rival UBS. The $3.2 billion deal, brokered by a Swiss government under considerable pressure from abroad to contain the problem, marks the latest ...Read More

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Elizabeth Warren says Jerome Powell has ‘failed’ as Federal Reserve chair

Jack J. Kelly Banks, Federal Reserve, Regulation March 20, 2023

Sen. Elizabeth Warren, D-Mass., slammed Federal Reserve Chair Jerome Powell in an interview Sunday on NBC News’ “Meet the Press,” saying he “has failed” and shouldn’t be in his role. “He has had two jobs. One is to deal with monetary policy. One is ...Read More

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