SEC Brings Settled Insider Trading Case Related to Potential US Xpress Acquisition

SEC Charges Scottsdale Resident with Insider Trading

The Securities and Exchange Commission on July 21, 2025, filed settled insider trading charges against Brian M. Kashman, a resident of Scottsdale, Arizona, for trading in the stock of US Xpress Enterprises, Inc. based on material, nonpublic information about the potential acquisition of US Xpress learned from a long-time friend who was an insider at the potential acquiror.

According to the SEC’s complaint, filed in the U.S. District Court for the District of Arizona, Kashman met in person with his friend, who held a senior position at Knight-Swift Transportation Holdings, Inc., a trucking company headquartered in Phoenix, Arizona. The complaint alleges that the insider mentioned to Kashman that Knight-Swift was in negotiations to buy US Xpress, information the insider knew was material and nonpublic. As alleged, the insider trusted his friend to keep the information confidential and did not expect Kashman to trade on the information. The day after their meeting, the complaint alleges, Kashman sold $30,000 worth of shares of a mutual fund he held and used those proceeds, and additional funds, to purchase 18,200 shares of US Xpress at $1.67 per share. When US Xpress announced on March 21, 2023 that Knight-Swift made an offer to purchase US Xpress, the price of US Xpress stock rose nearly 300%, according to the complaint. On the following day, as alleged, Kashman sold all of his US Xpress shares for $5.95 per share, resulting in illicit profits of $77,723.

SEC Must Clear Path for Smaller CFTC Under Crypto Market Bill

A cryptocurrency market structure bill advancing through Congress stands to resolve a turf fight between Wall Street regulators, but it presents risks for investors if the perennially overmatched CFTC becomes the industry’s cop on the beat.

Most tokens would be defined as commodities rather than securities and removed from the Securities and Exchange Commission’s purview under the “CLARITY Act” (H.R. 3633), which made it through the House in a July 17 vote.

FBI Drops Criminal Probe Into Kraken Founder Jesse Powell

Federal authorities have dropped a criminal investigation into Jesse Powell, co-founder and former CEO of cryptocurrency exchange Kraken. '

The FBI investigation, which began in 2023, was looking into the non-profit Verge Center for the Arts’ allegations that Powell hacked its computer accounts and obstructed access to emails. His home was also searched when the investigation began and computers, laptops and cellphones were seized at the time, the New York Times reported last year.

New state laws pave the way for using gold as legal tender

Imagine you’re in the supermarket checkout line. The cashier scans and bags your groceries as usual, then offers you a new way to pay: “Cash, card … or gold?”

The scenario may sound far-fetched. But people in Missouri, Texas and other states will be able to buy household items with gold and silver under a series of new laws that treat precious metals like currency.

Supporters of the measures — among dozens of gold- and silver-related bills considered by states this year — don’t envision people pulling out gold coins and bullion bars at the cash register and don’t require that retailers accept gold as payment. The bipartisan laws are instead designed to make it easier and cheaper for people to spend their gold investments — including by allowing officials to set up electronic payment platforms and by challenging the federal capital gains tax on precious metals.

Ex-trader Tom Hayes wins appeal to overturn rate-rigging conviction

Tom Hayes, the first trader ever jailed for interest rate rigging, had his conviction overturned by Britain’s top court on Wednesday after a years-long fight to clear his name.

The UK Supreme Court unanimously allowed Hayes’ appeal, overturning his 2015 conviction of eight counts of conspiracy to defraud by manipulating Libor, a now-defunct benchmark interest rate.

The court said there had been “ample evidence” for a jury to reasonably conclude Hayes had conspired with others to manipulate Libor submissions – much of it coming from Hayes’ own interviews with Britain’s Serious Fraud Office, which brought the charges against him.

But the jury ten years ago was misdirected by the judge, the court said, and that “undermined the fairness of the trial”.

Supreme Court judge George Leggatt said Hayes was entitled to present his defence against allegations that he conspired to submit false information, including his insistence that he acted honestly, and to have those claims fairly considered by the jury.