Trump pushes Congress to move on Clarity Act during White House crypto event

Congress needs to "take the next step" by approving the crypto market structure legislation, President Donald Trump said during a Wednesday White House event with technology CEOs that was heavy with crypto names.

The president — flanked by crypto business leaders from Coinbase, Gemini, Ripple, Chainlink Labs and others — called for "a fair version" of the Digital Asset Market Clarity Act at the gathering, hinting at the continued debate over the language of that "very bipartisan" bill that's been stuck in the U.S. Senate.

"It's a very, very powerful structured legislation which will keep us ahead of China, keep us ahead of everyone else," Trump said. "We'll open the door to the next wave of innovations and innovators."

by CoinDesk

Ex-FTX, Alameda execs Ellison, Wang get slap-on-the-wrist trading bans after crypto collapse

Caroline Ellison and Gary Wang – who worked with disgraced FTX crypto crook Sam Bankman-Fried – avoided financial penalties in a slap-on-the-wrist settlement with US regulators that was revealed Wednesday.

Ellison, 31, the nerdy on-again, off-again ex-girlfriend of Bankman-Fried who ran his Alameda hedge fund before testifying against him, will be banned from trading for five years and from registering with the Commodity Futures Trading Commission for 10 years, the agency said.

Wang, 33, FTX’s co-founder and chief technology officer, will be banned from trading for five years and from registering with the regulator for eight years, according to the agency’s press release.

Caroline Ellison, the nerdy ex-girlfriend of Sam Bankman-Fried who ran his hedge fund, will face a temporary ban on trading and CFTC registration.

by NY Post: Business

FINRA Bars Rep for Using 'Internet-Enabled' Glasses to Cheat on Exam

The Financial Industry Regulatory Authority has barred a former NY Life Securities rep for using eyeglasses with "electronic modifications" to cheat on the Series 6 exam.

Jacob Spencer, a former associated person, first associated with NYLIFE Securities LLC in June 2025, according to FINRA's order. [...]

"During the exam, Spencer used a pair of eyeglasses with electronic modifications to access material on the internet to help him answer exam questions," according to FINRA.

The order states that Spencer used "internet-enabled eyeglasses to access test material and cheat" on the FINRA Series 6 exam.

by ThinkAdvisor

China Sentences Evergrande Founder to Life in Prison

A court in China on Thursday sentenced the billionaire founder of Evergrande to life in prison, years after the real estate giant’s collapse brought China’s financial system to the brink.

Hui Ka Yan, the company’s founder and former chairman, was also ordered to forfeit all of his personal assets, marking the final chapter in a remarkable fall from the upper echelons of Chinese society. Once one of the world’s richest men, Mr. Hui had belonged to an elite group of political advisers and cultivated the image of a flamboyant tycoon.

The Shenzhen Intermediate People’s Court found that between 2016 and 2021, Mr. Hui and Evergrande engaged in large-scale financial fraud and committed crimes including misuse of funds, fund-raising fraud and illegally taking public deposits, according to an announcement the court posted on social media. Mr. Hui pleaded guilty to the charges in April.

by NYT

Securities Suit Filed Against AI Company Blaize

A newly filed securities class action lawsuit against AI computing company Blaize Holdings is an example of how a lawsuit involving an AI company may have little or nothing to do with artificial intelligence.

The lawsuit filed against Blaize on August 4, 2026, in the Central District of California, alleges that the company misled investors about major customer contracts, improperly recognized revenue, and created a false impression of growth (Blaize SCA). While Blaize markets itself as an edge AI infrastructure company, the allegations reflect a traditional securities fraud theory rather than claims involving AI governance, AI safety, or AI-related regulation.

As discussed below, the case offers a classic securities fraud fact pattern and may offer important takeaways for D&O underwriters of AI companies.

by The D & O Diary

Top US law firms hit by backlash over ‘crazy’ hiring of first-year students

Top US legal firms are beginning to hire students in their first few months of law school, stepping up a war for talent and sparking criticism from students and some of the profession’s leading executives.

Paul Weiss, Simpson Thacher and Milbank have said they would start application processes before Christmas for first-year students seeking summer associate roles — the entry ticket into Big Law — for 2028. The summer roles would be a stepping stone to permanent jobs in 2029, which currently offer salaries of as much as $235,000.

by FT