Senate Discloses Bipartisan Bill to Shift Crypto Oversight from the SEC to CFTC

Senators Unveil Draft Crypto Bill Shifting Oversight Power From SEC to CFTC

Two US senators proposed a bipartisan bill to shift cryptocurrency oversight from the Securities and Exchange Commission to the Commodity Futures Trading Commission — a move long favored by the industry.

John Boozman, an Arkansas Republican who chairs the Senate Agriculture Committee, and Cory Booker, a New Jersey Democrat, disclosed the draft Monday. Their proposal would empower the CFTC to regulate market structure, classify most cryptocurrencies as digital commodities, require companies to register some of their actions, create new disclosure rules and assess new fees on some transactions.

The SEC and CFTC have both sought to set rules for the growing crypto markets, but the industry has lobbied heavily for the commodities regulator. The Trump administration supports the smaller CFTC taking the lead, but Democrats worry it lacks the capacity to regulate the booming crypto sector effectively. The Senate draft builds on a similar House proposal that also favors the CFTC.

First Brands New CEO Says Managers Admit Firm Faked Invoices

First Brands Group founder Patrick James ordered members of the finance department to transfer hundreds of millions of dollars of corporate cash to his personal bank account, a family trust and various businesses he controlled, the company’s new chief executive said during testimony in federal court Monday.

Charles Moore also testified that within weeks of arriving at First Brands, he uncovered evidence of massive financial fraud at the auto-parts company, from fake invoices to using the same assets to win loans from different lenders, a process known as double pledging collateral.

Warren Buffett’s Berkshire Hathaway Farewell: ‘I’m Going Quiet’

In one of his last letters to Berkshire Hathaway’s shareholders as the firm’s chief executive, Warren E. Buffett said Monday that he would speed up his plans to give away much of his $150 billion personal fortune to his children’s philanthropic foundations.

“My children are now at their prime in respect to experience and wisdom but have yet to enter old age,” Mr. Buffett, 95, wrote of his daughter and two sons, who range in age from 67 to 72. […]

Mr. Buffett said Monday that he would soon be “going quiet” — but not that quiet. He will keep sending an annual Thanksgiving letter, he said.

4-Day Attendance Requirements Remain Unpopular Outside the Am Law 50. Will That Change in 2026?

The largest and most profitable law firms in the country have instituted four-day weekly attendance policies at a much higher rate than the rest of the Am Law 100, according to a Law. com analysis of media reports since the pandemic.

Following the recent moves of Goodwin Procter, Cooley and Dechert to require four days of attendance for at least some of their respective workforces, 17 Am Law 50 firms now require four days, while Sullivan & Cromwell asks lawyers to be in during “normal business hours.” By contrast, just two firms in the Am Law 51-100 have been reported to require four days of attendance. Vinson & Elkins went to four days in August 2023, while Duane Morris made the move this August.

Brian Kahn Charged in Collapse of Prophecy Hedge Fund, US Says

Brian Kahn, the former head of Franchise Group Inc., was charged with conspiracy to commit securities fraud in the collapse of a hedge fund that prosecutors say cost investors $294 million.

Kahn is the third person accused of crimes stemming from the failure of Prophecy Asset Management, which US prosecutors have characterized as “a multi-year investment adviser fraud,” according to an Aug. 12 filing made public last week in federal court in Trenton, New Jersey.