Zoom Call to Repair Relationship Between Democratic Party and Crypto Industry "Turns Ugly"

Crypto executives clash with Democratic leaders in heated Zoom meeting

A virtual confab designed to repair relations between the crypto industry and the Democratic Party turned ugly Thursday morning, underscoring the uphill battle progressive crypto advocates are having trying to glean industry support for the presidential candidacy of Kamala Harris, Fox Business has learned.

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Attendees from the crypto side included billionaire tech entrepreneur and crypto investor Mark Cuban, SkyBridge Capital founder Anthony Scaramucci, venture capitalist and Democratic donor Ron Conway, and a handful of executives from Ripple, Coinbase, Kraken, Uniswap and other crypto firms.

Instead of finding common ground, industry executives lashed out at White House officials largely over the regulatory assault from agencies like the Securities and Exchange Commission and the Federal Reserve….

“Executives didn’t hold back on telling the administration reps how much damage they’ve done to the crypto industry and to the Democrat Party with their actions against digital assets,” an attendee who wished to remain anonymous told FOX Business. “They basically just got yelled at.”

The March of Folly Over ESG Investing

Are ESG goals important? Of course, and the U.S., with its economic strength, culture of innovation and commitment to pluralism and the rule of law, has led the world in E, S and G advancement. But some challenges, notably the energy transition, are so complex and crucial to our country’s future that they belong in the hands of Congress and the White House—not a regulatory agency that has no expertise or authority in environmental, energy, defense or foreign-policy matters.

Still, the SEC does have an important role, one at the center of its mission. It should require ESG funds—and other funds making investment decisions based on nonfinancial factors—to inform investors about those factors and why they are being used. Funds should be required to give investors a reasonable assessment of whether the intended nonfinancial effects will be realized, and to let them know the expected impact on financial performance in relation to a comparable index. In short, the SEC should stop giving ESG funds special treatment.

3 Ways to Lower Insider Trading Risk After First 10b5-1 Case

This is a reminder that the government will not hesitate to second-guess determinations of in-house teams on what constitutes material nonpublic information. This is especially true where the market moves in a defined way when the information at issue in the material nonpublic information analysis is released.

Thus, in house teams should document their analysis on why a certain piece of information constitutes or does not constitute inside information. Taking the time to memorialize counsels’ view on why there was no material nonpublic information preventing implementing a plan should help a company demonstrate its good faith in the event of an investigation, and avoid a perception that a company is enabling insider trading or otherwise has a weak compliance function.

Publishing and Data-Analytics Firm Hit With “Greenwashing” Securities Suit

In an unusual lawsuit that pairs individual wrongful termination allegations with class action securities law claims, a former employee and present shareholder of a unit of the UK-based publishing and data analytics firm RELX PLC alleges that the company fired him in retaliation for raising concerns about the company’s “greenwashing.” He also alleges that the company misled investors about the company’s climate commitments and its climate-related actions. The complaint alleges that the company made public commitments to climate remediation but at the same time continued to engage in business activities contrary to these commitments. As discussed below, this new lawsuit, although unusual, underscores the fact that climate related allegations, including greenwashing allegations, continue to represent a significant potential source of D&O liability. A copy of the August 6, 2024, complaint can be found here.