SEC Releases New Insider Trading Rules for Foreign Companies to Bring in Line with U.S. Companies

SEC Announces New Insider Trading Rules for Foreign Companies

The US Securities and Exchange Commission announced new insider trade rules on Friday for executives in non-US companies who buy or sell stock in their firms.

The SEC’s rules require executives and officers to quickly reveal when they scoop up or dump shares, a disclosure meant to deter people from using non-public information to cash in on well-timed trades. The requirements, which will take effect March 18, will be mostly in line with those faced by executives in American companies that require reporting within two business days.

Crypto Is Pointless. Not Even the White House Can Fix That

Since its peak last fall, Bitcoin, the world’s largest cryptocurrency, has lost almost half its value. Nearly $2 trillion of wealth has evaporated from the global crypto market since October.

We have one question. What took so long? Outside of crimes and scams, the technology is useless, and its economics are even worse.

The answer is that crypto was held aloft for months by a period of euphoria that followed the extraordinary support the industry gained in the Trump administration. The crypto bros who spent millions of dollars getting Donald Trump elected seemed to get virtually everything they might want: a longtime industry investor elevated to White House adviser, one type of crypto given the imprimatur of the federal government, the near annihilation of effective regulatory scrutiny, invitations to White House dinners hosted by Mr. Trump.

But instead of cementing crypto’s legitimacy, the administration has only pulled back the curtain on the fundamental worthlessness of its assets. At a time when investors have grown skittish about riskier assets, the value of Bitcoin has fallen nearly 50 percent since October, dropping to below $70,000, proving it was only a matter of time before crypto faced the critical scrutiny it always needed but never truly received.

How ‘Tipper X’ helped bring down Wall Street’s insider trading

Tom Hardin should’ve known better.

As “Tipper X,” a wired informant in the insider trading investigation the FBI called Operation Perfect Hedge, Hardin had specifically been told to “shut it down” if a target changed the plans for a meet.

“Bad things can happen,” FBI agent David Makol told his cooperating witness.
But after first inviting Hardin to Connecticut to go out to dinner, the hedge-fund manager he called “Mr. Greenwich” (for his tendency to tell everyone he lived in that tony burg) instead opted at the last minute to take Hardin for a swim at his family’s mansion.

Hardin initially thought Mr. Greenwich’s phone invitation had an “ominous” tone, but he also thought he was getting good enough at drawing information out of suspects that he should plow ahead.

At least until he saw what looked like a freshly-dug and corpse-sized hole in the back yard of the home.

“My grave, my mind whispered,” Hardin writes in his new book, “Wired on Wall Street: The Rise and Fall of Tipper X, One of the FBI’s Most Prolific Informants” (Wiley).

Prediction Markets, Insider Trading, and the Return of First Principles

Insider Trading Without “Securities”

… The YouTube editor case illustrates how traditional misappropriation theory translates cleanly into prediction markets:

—The trader had a pre-existing duty of trust and confidence to the content creator.
—The trader possessed material nonpublic information.
—The trader used that information for personal gain.
—The conduct operated as a fraud on other market participants.

No securities. No issuer. No earnings call. Just a contract tied to a future event.
The theory remains intact because the animating principle is not the label of the instrument. It is the integrity of the market.

I have written previously about how enforcement agencies borrow doctrine across asset classes. We saw this in crypto markets, where insider trading theories developed in equities were deployed against digital asset traders long before Congress acted. The same migration is happening here.

Prediction markets are now formally within that doctrinal current.

SEC v. Morocoin and the ‘Schrödinger’s Asset’ Dilemma

The SEC filed a lawsuit on Dec. 22, 2025, SEC v. Morocoin Tech Corp. et al, alleging that three investment clubs and four crypto trading platforms committed fraud in violation of US securities laws. The defendants allegedly promised retail investors that buying crypto tokens associated with multiple projects would generate outsized profits. The SEC alleges the offerings were fake, and the defendants stole all the retail investors’ money. The factual allegations clearly describe serious fraud and resulting harm, but it is less clear how the facts alleged establish that the fraud involved a securities transaction, given changes to how the agency views investment contracts involving crypto assets and the application of the Howey test. […]

This complaint introduces the potential for re-morphing that may involve only a subset of token purchasers, as the profit-focused claims were only available to members of the Club Defendants’ social media groups. Investors that did not receive those profit claims likely would not have formed investments contracts with the promoters, because the Howey elements are not met without reasonable expectations of profits. This creates the potential that tokens could be both sold pursuant to an investment contract for some investors and not sold to pursuant to an investment contract for many others, depending on what the investor observed about the offering.