“I’m guided by what I’m really outraged about and what I think I can actually try to influence. It may be that I can only influence things one case at a time, but ultimately, the plan is always to try and improve the system.”
May we all pick outrageous causes for change..
As an expert in market integrity: This is correct. I would point out that @CFTC claims domain over all these markets. In order to win back the public trust, I urge @MichaelSelig to put together a blue ribbon panel that issues a report to the public.
Between stock trading by federal officials, insider trading in prediction markets, fixed sporting events, and suspicious moves in energy, integrity in markets feels lower today than at any point in the modern era.
Agree 50/50. Defn should ban no KYC/permissionless. Tokenization needs to be issuer sponsored. But even then, token trading does not have same KYC as US broker/dealers. Unless issuer compliance department has all employee wallet addresses, unclear how they can track an officer’s trades in the tokenized security for reporting on Form 4.
Tokenized securities exponentially increase insider trading risks for public companies b/c compliance officers will be unable to track employees’ trading of the tokenized security on the blockchain. e.g., Want to evade the blackout window? Just buy the tokenized security. Do purchases and sales of tokenized securities by Section 16 insiders trigger required disclosures? Would the GC even know? How?
Under the Securities and Exchange Commission's proposal, platforms offering tokens would need to guarantee investors receive the same rights as regular shareholders https://t.co/Y9PniGEU5j
And just like that, private companies now have an INSIDER TRADING problem. + They don’t have the same compliance functions to oversee employee trading that large pubcos do
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House Speaker Johnson argues that $200K isn’t enough for members of Congress to support their families, so they should either get a raise or be allowed to trade individual stocks. Otherwise, he says, America won’t attract qualified people to serve.
Whether Republican or Democrat, I think we can agree they’re in office to SERVE, it is called being a public SERVANT, and we don’t need them doing it for decades. One or two terms, max. After that, they get so captured by special interests they’ll do whatever it takes to stay in office. No thanks.
As for stock trading, the evidence is overwhelming that people picking individual stocks underperform the market. The only way a member of Congress beats it is with inside information, which both parties have shown, repeatedly, they’re willing to use and make unearned, unethical profits on the backs of the American taxpayer.
There should be no raises and no stock trading allowed for anyone in Congress
The position that Congressional trading should be permitted b/c the pay is so low is an abomination. That the Speaker of the House (R) would advocate for it, reveals how tone deaf he is. It is a LOSER politically.
Absolute insanity….here is Mike Johnson saying members of Congress need to be able to continue their insider trading because the yearly salary of $174K with healthcare and taxpayer funded vacations every other week is not enough for them
John — You might be interested in the work we are doing at the Wharton Forensic Analytics Lab to detect and deter insider trading and white-collar crime. We were able to work with bipartisan groups to pass 2 SEC rules, and 1 Act of Congress. Would love to chat. https://t.co/CeYViNtsvY
@CodfishJohnny CFTC has Eddie Murphy Rule, the SEC does not. Makes it illegal to trade commodities or futures using misappropriated non-public government information. Sec 746 Dodd Frank.
At this point I’d say getting to the bottom of these trades that keep happening is one of the few things that is existential to the CFTC’s credibility. @MichaelSelig@ChairmanSelig
BREAKING: Nearly $920 million in crude oil shorts were placed at 3:40 AM ET, about 70 minutes before Axios reported the U.S. and Iran were nearing a “14-point” deal to end the war.
Oil then plunged more than 12%, with the position gaining an estimated $125 million.
Unusual.
Most fraud signals show up in the footnotes, not the financials.
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Someone asked Grok about whether Nikola was a huge fraud. Love that of the three frauds Grok picked to compare, one was Steve Burns’s Lordstown Motors, yet another @HindenburgRes report.
So lucky to have worked with Nate and his team.
Can confirm. This settlement is literally $0.01 per $1. This makes it economically rational to violate federal securities law, (and fight the SEC to trial)
Twitter's former investors lost $150 million and a California jury decided in March that investors were owed $2.1 billion, but the @SECGov decided in its infinite wisdom to let Elon Musk off the hook for $1.5 million over disclosure failures in 2022. https://t.co/P75jE7pq5T
My first TV appearance ever, talking about insider trading and why Kalshi has been effective at policing fraud!
My parents might still not understand exactly what I do, but at least they think it’s important now.
Big thank you @Bloomberg for having me.
Prediction markets are being sold as a lucrative side hustle, but most users lose money while the bulk of profits go to a narrow slice of high-frequency traders, a Bloomberg analysis found https://t.co/XBZ5ijHSfD