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Articles by Mark Bini
SEC enforcement newsletter: Q3 2026
In the third quarter of 2026, the SEC’s enforcement program came into sharper focus in two respects. The Division of Enforcement (the Division) announced it was establishing a specialized unit devoted to financial reporting and accounting, and the Supreme Court declined to narrow the agency’s most consequential monetary remedy. This edition examines both developments – the new Financial Reporting and Accounting Unit and the Supreme Court’s decision in Sripetch v.
DOJ Memorandum Provides Insight to Corporate Fraud Enforcement Priorities
On October 1, 2026, Colin M. McDonald, Assistant Attorney General in the National Fraud Enforcement Division at the Department of Justice, released guidance outlining new corporate fraud enforcement priorities. The memorandum follows the creation of the Division’s Corporate Enforcement Section earlier this year and the accompanying release of the Department-wide Corporate Enforcement and Voluntary Self-Disclosure Policy (“CEP”).
SEC Proposes New Crypto Offering Framework, Marking Shift from “Regulation by Enforcement”
The SEC is proposing a significant change in how it regulates crypto offerings. On August 18, 2026, the Commission proposed “Regulation Crypto Assets,” a new framework that would create tailored exemptions from Securities Act registration for certain offerings involving crypto assets.
DOJ’s New National Fraud Enforcement Division Pledges to Ratchet up Resources
On August 13, 2026, Assistant Attorney General Colin M. McDonald issued a memorandum outlining the enforcement priorities of the National Fraud Enforcement Division (the “Fraud Division”)—the new standalone DOJ litigating division that has absorbed vast resources from the Criminal Division's former Fraud Section. Corporate clients should take note: this is not just a rebranding exercise.
DOJ Continues to Recalibrate and Rebrand its White-Collar Corporate Enforcement
The Department of Justice has renamed its longstanding Fraud Section the White Collar and Corporate Enforcement Section, the latest development in a broader reorganization of DOJ's fraud enforcement apparatus. The change follows the creation earlier this year of the National Fraud Enforcement Division, which has assumed responsibility for significant areas of fraud involving government programs and taxpayer funds.
Reed Smith advises CVC Capital Partners on majority investment in DistroKid
Reed Smith represented CVC Capital Partners in its definitive agreement to make a majority investment through CVC Capital Partners IX in DistroKid, the world’s leading music distributor and a provider of tools for independent musicians. The transaction is expected to close in the third quarter of 2026. CVC intends to draw on its experience across music, entertainment, and consumer subscription businesses to help DistroKid support artists around the world.
SEC enforcement newsletter: Q2 2026
In the second quarter of 2026, the SEC continued to reshape its enforcement and regulatory agenda. This edition examines three significant developments – the end of the “gag rule,” intensified enforcement and rulemaking directed at investment managers, and a proposed shift from quarterly to semiannual public-company reporting – and offers practical guidance for managing the resulting regulatory risk.
Investigations and enforcement trends: Top takeaways for Q2 2026
We recently gathered a group of regulatory attorneys from across Reed Smith to provide a rundown of the key trends to watch for in Q2 2026. If you missed the webinar, you can access the recording on demand.
DOJ and Ohio Launch New Federal-State Fraud Partnership: What Companies Should Expect
The Department of Justice recently announced a new federal-state partnership with Ohio designed to enhance the detection, investigation, and prosecution of fraud. The initiative represents one of the first major enforcement actions involving DOJ's National Fraud Enforcement Division, created in April 2025, and offers an early indication of how the Department intends to deploy its resources in the coming years.
SEC Ends Decades-Old "Gag Rule"
The SEC has ended one of its most controversial enforcement policies. On May 18, 2026, the Commission officially rescinded Rule 202.5(e), the agency's longstanding "no-admit, no-deny" settlement policy—commonly referred to as the "Gag Rule." Under the informal rule of practice, which had been in effect since 1972, the SEC required defendants settling enforcement actions to refrain from publicly denying the agency's allegations, effectively barring defendants from disputing the allegations.
Another win for Reed Smith's NY white collar team: SEC insider trading probe shut down without testimony, records, or charges
The SEC opened an investigation into Reed Smith’s client's purchases and sales of a Nasdaq-listed small-cap stock. On paper, it looked like a textbook insider trading case: the client built a position over a few weeks, and shortly after his last purchase, the company announced it was being acquired. The client sold for a modest profit, and the SEC came calling.
U.S. Treasury and FinCEN signal intensified fraud enforcement and new whistleblower incentives
The U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN) have recently announced a series of measures underscoring a renewed and coordinated federal focus on combating fraud, waste, and abuse in federal programs. These priorities align with broader AML/CFT policy objectives and reinforce expectations that financial institutions maintain robust monitoring systems and promptly report suspicious activity.
DOJ announces Trade Fraud Task Force with Chicago as lead prosecutorial partner
On February 24, 2026, the Department of Justice (DOJ) announced that the U.S. Attorney's Office for the Northern District of Illinois will serve as a lead prosecutorial partner on the newly created Trade Fraud Task Force. This development is yet another step in the increase in federal enforcement against trade fraud and customs violations.
SEC Enforcement Newsletter: Q1 2026
The SEC’s enforcement agenda continues to evolve under shifting leadership priorities and a dynamic regulatory landscape. In this edition, we examine the Commission’s enforcement priorities for 2026 and offer key takeaways from recent Department of Justice (DOJ) activity to help you navigate regulatory risk and prepare for what’s ahead.
SEC signals modernization of off-channel communications & e-delivery rules
The U.S. Securities and Exchange Commission (SEC) is reviewing its approach to off-channel communications compliance and electronic delivery (e-delivery) requirements, signaling potential updates to potentially outdated recordkeeping and disclosure frameworks. Industry stakeholders have urged the agency to modernize longstanding books-and-records and communications retention requirements and to expand the use of electronic delivery for investor disclosures and notices.
The Criminal Tariff Enforcement Wave Is Coming
Law.com Subscribers SAVE 30% Call 855-808-4530 or email [email protected] to receive your discount on a new subscription. Page printed from: https://www.lawjournalnewsletters.com/2026/01/01/the-criminal-tariff-enforcement-wave-is-coming/ Business Crimes BulletinWhite Collar CrimeForeign Corrupt Practices ActInternational LawRegulationFeatures Companies should mark their calendars now — expect criminal tariff evasion cases in 2026.
A Coming Wave: DOJ Is Poised to Bring Scale Up Tariff-Evasion Criminal Prosecutions in 2026
Companies should mark their calendars now—expect criminal tariff evasion cases in 2026. The Trump Administration has made clear that tariffs are a priority, and Acting Attorney General Matt Galeotti listed trade fraud, including tariff evasion, as among the Department’s highest white-collar priorities. See Memo re: Focus, Fairness, and Efficiency in the Fight Against White-Collar Crime, AAG Matthew R. Galeotti, May 12, 2025.
SEC enforcement newsletter: Q3 2025
Q3 marked an uptick in activity at the U.S. Securities and Exchange Commission (SEC), at least until the federal government shutdown began at 12:01 a.m. on October 1, effectively halting most enforcement investigative activity. During the quarter, the SEC finally saw the appointment of an Enforcement Director. Judge Margaret “Meg” Ryan was sworn in as Director on September 2, 2025. Acting Director Sam Waldon will stay at the Commission, returning to his former role as Chief Counsel for Enforcement.
End of an Era: Crypto Regulation by Enforcement Is Dead
On February 27, 2025, the Securities and Exchange Commission (“SEC”) handed the crypto industry yet another series of wins, as Acting Chair Mark Uyeda powerfully steers the agency away from regulation by enforcement. First, the SEC dismissed its protracted litigation with Coinbase with prejudice, ending the case permanently. The SEC sued Coinbase in June 2023 alleging that the crypto platform was operating as an unregistered exchange and listing tokens it deemed as securities.
U.S. digital asset update: Trump administration developments and re-emergence of FIT21
Key takeaways White House and administrative agencies can implement helpful legal and regulatory changes for digital asset industry, but lasting reform to market structure will likely require legislative changes Congress could propose new bill based on 2024 Financial Innovation and Technology for the 21st Century Act, creating monumental shift in U.S. market structure for digital assets Bill would create clear delineations of digital asset regulatory oversight between Securities and Exchange...
SEC Launches Cyber and Emerging Technologies Unit, Signaling Shift from Crypto
On February 20, 2025, the Securities and Exchange Commission (“SEC”) announced the creation of the Cyber and Emerging Technologies Unit (“CETU”). The new unit, led by Laura D’Allaird, has been tasked with combatting fraud related to cyber and emerging technologies, with a particular focus on protecting retail investors from cyber-related misconduct involving artificial intelligence, hacking, and the dark web.
A Long Awaited Bribery Case Will Proceed to Trial Despite FCPA Pause
On February 21, 2025, prosecutors told a New Jersey federal court that they will proceed to trial next month against two former technology company executives accused of bribery under the Foreign Corrupt Practices Act (“FCPA”).
The Fifth Circuit Limits OFAC's Ability To Sanction Crypto Transactions
On November 26, 2024, the United States Court of Appeals for the Fifth Circuit unanimously ruled that the Office of Foreign Assets Control ("OFAC") had exceeded its statutory authority under the International Emergency Economic Powers Act ("IEEPA") by placing Tornado Cash and its "immutable smart contracts" on the list of Specially Designated Nationals and Blocked Persons ("SDN"). The Van Loon v.
Election Aftermath: Key Takeaways
RS Reed Smith More We recently gathered a group of attorneys from across Reed Smith to provide an overview of key changes we expect to see within the regulatory landscape following the U.S. presidential election. United States Government, Public Sector
SEC Enforcement Newsletter: Q3 2024
It's no secret that the U.S. Securities and Exchange Commission's (SEC or Commission) enforcement agenda is aggressive, with reports of record-breaking penalties and claims by some that the SEC is regulating by enforcement rather than providing regulated financial institutions with the clarity they need to comply with the agency's evolving standards.
SEC Enforcement Newsletter: Q3 2024
It’s no secret that the U.S. Securities and Exchange Commission’s (SEC or Commission) enforcement agenda is aggressive, with reports of record-breaking penalties and claims by some that the SEC is regulating by enforcement rather than providing regulated financial institutions with the clarity they need to comply with the agency’s evolving standards.
The DOJ Criminal Division releases a revised Evaluation of Corporate Compliance Programs, emphasizing emerging technologies and data analytics
Earlier today, Monday, September 23, 2024, the U.S. Department of Justice (the “DOJ”) Criminal Division issued a revised Evaluation of Corporate Compliance Programs document (the "Updated ECCP"). The Updated ECCP is designed to assist prosecutors in evaluating the effectiveness of a corporation’s compliance program, and the role it should play in determining the appropriate form of any resolution or prosecution.
What’s the Government Have To Do with Pre-Trial Release? For Foreign White-Collar Defendants, Almost Everything
Pre-trial release for white-collar defendants in federal criminal cases is usually a given. White-collar defendants typically are not considered a danger to the community, and their risk of flight is often considered low because in the usual case they do not have any prior criminal history. The purpose of the Bail Reform Act of 1984 (the Bail Reform Act), 18 U.S.C. §§ 3141, et seq., is to ensure the defendant’s reasonable appearance in court.
A Sea Change in Washington on Crypto Policy Leads to Resounding Legislative and Regulatory Successes for Digital Assets
It was quite a week for crypto in the U.S., marking one of the most important for the digital asset space and reflecting a clear rise in bipartisan support. A number of significant events unfolded in rapid succession, all seemingly positive for the crypto ecosystem and signaling a sudden shift in policy and sentiment ahead of the upcoming Presidential and Congressional elections. The Senate, with bipartisan support, votes to repeal SAB 121 through H.J. Res.
Crypto asset platforms and arbitration: more lessons from the New York courts
Key takeaways For crypto asset platforms, establishing an enforceable arbitration clause in their terms of service is of paramount importance. Given that the number of user and collaborator disputes are on the rise in this asset class, platforms need a workable and predictable framework to resolve them.
The Threats of “Shadow Trading” Come to Light
Last week the United States Securities & Exchange Commission won a jury verdict in the United States District Court for the Northern District of California in a first-of-its-kind enforcement action seeking to bar employees from using non-public information on one company to trade in securities of a rival company, a practice that has become known as “shadow trading.” There are two theories of insider trading liability which violate Section 10(b) of the Securities Exchange Act of 1934.
One Small Step For The SEC, One Giant Leap For Crypto
In a historic day for the digital assets space, on January 10, 2024, the U.S. Securities and Exchange Commission (the “SEC”) greenlit exchange-traded funds (“ETFs”) that invest directly in Bitcoin, commonly referred to as spot Bitcoin ETFs. In Wednesday’s landmark decision, the SEC approved the listing and trading of 11 spot Bitcoin ETFs, including BlackRock, Bitwise, Grayscale, Valkyrie, ARK 21 Shares, Invesco, VanEck, Wisdom Tree, Fidelity, Hashdex, and Franklin Templeton.
Crypto Trader Tests If Privacy Right Protects Exchange Records
Those who regularly exchange or sell cryptocurrency should pay careful attention to the implications of Harper v. Werfel, a case before the US Court of Appeals for the First Circuit that could decide whether there’s a constitutional right of privacy in cryptocurrency exchange records. Harper challenges the IRS’s use of a John Doe summons to obtain individuals’ financial information from a crypto exchange.
Divided SEC Refuses to Provide Greater Clarity for Crypto
On December 15, 2023, the five-member U.S. Securities and Exchange Commission (“SEC” or “Commission”), in a 3-2 vote, denied a petition from Coinbase for new rules for the crypto industry. The divided vote was the latest installment in a long-running feud between Coinbase, the largest cryptocurrency exchange in the United States, and the SEC.
Binance and Founder Changpeng Zhao Plead Guilty And Pay More Than $4 Billion In Penalties
On November 21, 2023 in Seattle, Washington, Binance Holdings Ltd. (Binance), the world’s largest crypto exchange, and its CEO, Changpeng Zhao, entered felony guilty pleas in connection with Bank Secrecy Act and other criminal violations. In one of the largest corporate resolutions ever, Binance agreed to pay over $4.3 billion to the U.S. Department of Justice (DOJ) to settle charges that it engaged in anti-money laundering (AML), unlicensed money transmitting, and sanctions violations.
Latest Crackdown On Ephemeral Messaging Highlights Benefit Of Self-Reporting
On September 29, 2023, the Securities and Exchange Commission ("SEC") announced charges against 10 financial firms for apparent widespread and longstanding failures to maintain and preserve employees' electronic business communications.
Latest crackdown on ephemeral messaging highlights benefit of self-reporting | JD Supra
On September 29, 2023, the Securities and Exchange Commission (“SEC”) announced charges against 10 financial firms for apparent widespread and longstanding failures to maintain and preserve employees’ electronic business communications.
Investigations and enforcement trends: Top takeaways for Q3 2023 | JD Supra
[co-author: Rafael Szmid] We recently gathered regulatory attorneys from across Reed Smith’s global team to provide a high-level rundown of the key regulatory trends and risks to look out for as we move into the final quarter of 2023. If you missed the webinar, you can access the recording on demand. Please see a short summary of our top takeaways below.
Investigations And Enforcement Trends: Top Takeaways For Q3 2023
We recently gathered regulatory attorneys from across Reed Smith's global team to provide a high-level rundown of the key regulatory trends and risks to look out for as we move into the final quarter of 2023. If you missed the webinar, you can access the recording on demand. Please see a short summary of our top takeaways below. We expect more DOJ and whistleblower False Claims Act actions with respect to telehealth.
Latest crackdown on ephemeral messaging highlights benefit of self-reporting
On September 29, 2023, the Securities and Exchange Commission (“SEC”) announced charges against 10 financial firms for apparent widespread and longstanding failures to maintain and preserve employees’ electronic business communications.
SEC enforcement newsletter: Q3 2023
It’s no secret that the U.S. Securities and Exchange Commission’s (SEC) enforcement agenda is aggressive, with reports of record-breaking penalties and claims by some that the SEC is regulating by enforcement. Navigating the regulatory landscape is complex, and it is critical for companies to understand the core areas of risk and keep up to date on key SEC enforcement trends and top priorities.
SEC doubles down on enforcement against unregistered offerings of NFTs | JD Supra
In the past two weeks, the U.S. Securities and Exchange Commission (“SEC”) announced two enforcement actions against non-fungible token (“NFT”) platforms Impact Theory, LLC (“Impact Theory”) and Stoner Cats 2, LLC (“SC2”), in connection with their unregistered offering of cryptocurrency asset securities. In both enforcement actions, the SEC determined that the NFTs were securities under the Howey Test.
SEC Doubles Down On Enforcement Against Unregistered Offerings Of NFTs
In the past two weeks, the U.S. Securities and Exchange Commission ("SEC") announced two enforcement actions against non-fungible token ("NFT") platforms Impact Theory, LLC ("Impact Theory") and Stoner Cats 2, LLC ("SC2"), in connection with their unregistered offering of cryptocurrency asset securities. In both enforcement actions, the SEC determined that the NFTs were securities under the Howey Test.
SEC doubles down on enforcement against unregistered offerings of NFTs
In the past two weeks, the U.S. Securities and Exchange Commission (“SEC”) announced two enforcement actions against non-fungible token (“NFT”) platforms Impact Theory, LLC (“Impact Theory”) and Stoner Cats 2, LLC (“SC2”), in connection with their unregistered offering of cryptocurrency asset securities. In both enforcement actions, the SEC determined that the NFTs were securities under the Howey Test.
Breaking bottlenecks at the border: Preventing FCPA allegations
Click here to listen to the audio Companies are under pressure to supply goods swiftly, and delays at customs can create expensive problems. Expedited customs clearance is a top priority for unblocking supply-chain bottlenecks. However, care must be taken as many corruption cases have involved illegal payments at the border. Customs has thus taken on heightened significance with respect to the U.S. Foreign Corrupt Practices Act (FCPA) compliance and risk management for many global businesses.
Regulatory whiplash: The continued crackdown on off-channel communications | JD Supra
On August 8, 2023, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) resolved their off-channel communications investigations into several financial institutions.
Crypto Winter Leads to Explosion of Regulatory Activity
Business Crimes Bulletin Cryptocurrency Regulation White Collar Crime In the past year, following the Crypto Winter, there has been an explosion of activity by United States regulators and enforcers. Crypto companies, for their part, have complained that it is not clear what digital assets, if any, are securities, and that they have not been given clear regulatory rules of the road.
One Small Step For Ripple, One Big Step For Crypto
On July 13, 2023, U.S. District Judge Analisa Torres issued a landmark ruling for the crypto community, holding that programmatic, or open market, sales of XRP tokens do not constitute investment contracts, and are thus not securities regulated by the U.S. Securities and Exchange Commission ("SEC"). However, the ruling was not a complete win for the crypto industry, as Judge Torres split the baby in ruling that institutional sales of XRP did constitute the sale of unregistered securities.
One small step for Ripple, one big step for crypto | JD Supra
On July 13, 2023, U.S. District Judge Analisa Torres issued a landmark ruling for the crypto community, holding that programmatic, or open market, sales of XRP tokens do not constitute investment...
One small step for Ripple, one big step for crypto
On July 13, 2023, U.S. District Judge Analisa Torres issued a landmark ruling for the crypto community, holding that programmatic, or open market, sales of XRP tokens do not constitute investment contracts, and are thus not securities regulated by the U.S. Securities and Exchange Commission (“SEC”). However, the ruling was not a complete win for the crypto industry, as Judge Torres split the baby in ruling that institutional sales of XRP did constitute the sale of unregistered securities.
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