SEC

The cryptocurrency firm Ripple Labs sought to defeat a Securities and Exchange Commission suit by claiming that its XRP token isn't a security subject to the regulator's authority.

"The SEC may not want to answer to Congress on its climate disclosure rule, but ultimately, the SEC will have to answer to the courts — which should make it nervous," the Senate Banking Committee's Pat Toomey warned the agency's chairman, Gary Gensler.

The agency's invitations to "Come in and talk" often precede investigations and subpoenas.

Eagle Bancorp in Bethesda has agreed to pay $22.9 million to regulators to settle claims it failed to report loans totaling $99 million made to founder Ron Paul, who will pay more than $500,000 in fines in addition to being barred from the industry.

Gary Gensler has a message for people pouring money into crypto on promises of high returns: beware.

To create sensible rules around decentralized finance, regulators have to have an open discussion with businesses in the industry. To do that, they must create a path for collaboration.

The U.S. is forcing Wall Street banks to embark on a systematic search through more than 100 personal mobile phones carried by top traders and dealmakers in the largest-ever probe into clandestine messaging on platforms such as WhatsApp.

The focus of the expanded expanded enforcement group will include virtual-currency offerings, decentralized finance and trading platforms, as well as stablecoins, according to the regulator.

Citigroup joined the list of banks being investigated over employee communications using unauthorized messaging services.

Goldman Sachs Group became the latest bank to be investigated over employee communications over unapproved messaging services.