SEC
SEC business and news from across the web.
Latest coverage
Jury Convicts Profit Connect’s Brent Kovar Over $24M ‘AI Crypto’ Scheme
Brent Kovar, the founder of Profit Connect, has been convicted on 15 counts of fraud and money laundering for a scheme that defrauded at least 400 investors out of $24 million. Prosecutors argued that Kovar falsely pitched an AI-powered cryptocurrency operation, using investor funds to cover operating costs, purchase a house for himself, and pay off earlier investors instead of generating profits.
Bitcoin’s 23% Week Is Institutional Money, Not Retail, Says Pantera’s Cosmo Jiang
Bitcoin has seen a significant weekly gain of over 23%, pushing its price to $77,412. Pantera Capital portfolio manager Cosmo Jiang attributes this surge not to retail investors, but to institutional "smart money" entering the market. Key catalysts include President Donald Trump's support for the Clarity Act and the U.S. Treasury's bond buyback plans, which have driven non-yielding assets higher.
Bank of Russia Clears Bitcoin, Ethereum and USDT for Licensed Trading Venues
The Bank of Russia has approved Bitcoin, Ethereum, and Tether (USDT) for trading on licensed exchanges starting August 11, 2026. While qualified investors face no limits, non-qualified investors are capped at 300,000 rubles annually per intermediary. This regulation allows for trading and investment but does not permit domestic payments with cryptocurrency. The approval's impact on crypto gaming remains unclear, as in-game tokens and NFTs are excluded from this framework.
Senate Negotiators Fold Ethics Rules Into Merged CLARITY Act Draft
Negotiators have merged drafts of the CLARITY Act, incorporating an ethics provision for federal officials, though enforcement mechanisms remain a point of contention. This legislation is crucial for defining the regulatory treatment of tokens and NFTs in play-to-earn crypto gaming models. The bill's passage hinges on resolving disputes over enforcement, with a motion to proceed expected soon.
Grayscale Seeks SEC Approval for America’s First Worldcoin ETF
Grayscale has submitted an S-1 registration statement to the SEC for the first US exchange-traded fund backed by Worldcoin's WLD token, aiming to trade on Nasdaq under the ticker GWLD. The proposed passive fund would directly hold WLD and track its price via the CoinDesk Worldcoin Benchmark Rate, minus expenses. While details like management fees are still to be determined, the filing marks a significant step in Grayscale's expansion into single-asset cryptocurrency funds.
Anthropic is set to go public after filing paperwork with the SEC
Anthropic, the company behind the AI model Claude, has confidentially submitted a draft of its S-1 filing to the SEC, signaling its intention to go public. This move indicates the company's readiness for an Initial Public Offering.
Evening Legal Briefs
Elon Musk has settled a lawsuit with the SEC regarding disclosures related to Twitter, resulting in a $1.5 million fine. The article notes the fine represents a small fraction of the amount reportedly saved by the rule violation.