Financial Daily Dose 8.4.2021 | Top Story: SEC Chief Announces Agency’s Crypto Crackdown

Robins Kaplan LLP

Robins Kaplan LLP

SEC chief Gary Gensler announced this week that his Commission will use its “existing authority” to “regulate cryptocurrency markets to the maximum extent possible” in an effort to address the “fraud, scams and abuse” that marks the asset class. Gensler also called on Congress “to grant the agency more scope and resources to oversee the sector” - WSJ and Bloomberg and Law360

PepsiCo is spinning off its Tropicana and Naked Juice Brands as part of a $3.3 billion deal with PE firm PAI Partners. The soft-drink conglomerate will “retain a 39% stake in the new joint venture” - WSJ and Bloomberg and Marketplace

US carriers Spirit and American canceled “hundreds of flights” this week “after several days of disruptions” that they blamed on storms in Dallas (and “operational challenges” that industry experts chalk up to growing demand from travelers and the still-short-staffed airlines - NYTimes and WSJ and Bloomberg

After assiduously avoiding the topic for months (in hopes it would take care of itself naturally?), some major U.S. companies are moving forward with vaccine mandates, with Tyson and Microsoft joining Google and others in requiring jabs for returning employees. Others, like Walmart and Uber, are extending mandates only to white-collar workers—setting up a “divide between the employees who work in offices and employees who deal directly with the public and, collectively, have been more reluctant to get shots” - NYTimes

On the heels of a series of massive worker protests, Activision Blizzard’s president of its Blizzard Entertainment studio is stepping down immediately (along with its HR director) as the videogame maker “grapples with the fallout from allegations of workplace harassment and discrimination.” The protests arose out of a July 20 lawsuit by the California AG over the alleged “frat boy workplace culture” at the company - NYTimes and WSJ and Law360

Tencent and other video-game-related rivals are the latest Chinese businesses to suffer in the wake of Beijing’s broader regulatory crackdown—this time focusing on gaming as “opium for the mind,” as one state-owned newspaper called it—that has already prompted Tencent to promise to “introduce stricter curbs on younger users” - WSJ and Bloomberg

Don’t call it a comeback (yet), but after tanking in last week’s debut, Robinhood’s stock rose on Tuesday, easily eclipsing its offering price of $38/share - WSJ

“Keeping the flame burning” at America’s oldest continuously operating family-owned Chinese restaurant in—you didn’t guess it—Butte, MT - NYTimes

Stay safe, and get vaxxed,

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Robins Kaplan LLP

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