Oeisdigitalinvestigator.com: David Hirsh to enhance McGuireWoods’ securities practice with intensive SEC expertise.
Key Takeaways
David Hirsh has left the SEC to affix McGuireWoods’ securities practice.
Hirsh’s expertise at SEC will toughen McGuireWoods’ regulatory counseling.
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David Hirsch, who no longer too long ago led the Securities and Substitute Charge’s Crypto Property and Cyber Unit (CACU), has joined law company McGuireWoods as a associate in Washington, D.C. Hirsch will be a part of the company’s securities enforcement and regulatory counseling practice.
As CACU chief in the SEC’s Division of Enforcement, Hirsch oversaw first-of-their-kind investigations, resolutions, and litigation linked to crypto assets. He was liable for recommending and implementing the SEC’s cybersecurity enforcement priorities and played a key position in setting up the company’s blueprint to enforcing registration obligations for various crypto asset activities.
Earlier than changing into CACU chief in 2022, Hirsch served as counsel to SEC Commissioner Caroline Crenshaw. In this position, he reviewed and suggested on enforcement solutions earlier than the SEC and incessantly engaged with market participants, advocates, media, and legislative crew.
Regulatory regime
Hirsch’s transfer to McGuireWoods comes amid increasing regulatory scrutiny of the crypto industry in america. In most well liked years, the SEC has taken a more aggressive stance against crypto companies, filing a slew of lawsuits against excessive-profile companies equivalent to Coinbase, Kraken, and Uniswap. Extra no longer too long ago, the SEC has been targeting mission capital companies working with crypto companies.
At McGuireWoods, Hirsch will point of interest on an unlimited securities enforcement practice, in conjunction with advising purchasers on matters linked to cybersecurity and crypto assets. Robert Muckenfuss, chair of the company’s Monetary Products and services & Securities Enforcement Department, emphasised the importance of Hirsch’s expertise, pointing out:
“Cybersecurity and crypto are all of a sudden evolving areas of the law and Dave’s weird and wonderful background and intensive expertise in securities enforcement will serve our purchasers preserve ahead of the curve.”
The addition of Hirsch to McGuireWoods’ crew reflects the increasing seek info from for appropriate expertise in crypto and cybersecurity laws. Companies with specialized info in these areas are inclined to play the biggest position in serving to purchasers navigate advanced compliance challenges and enforcement actions in the situation.
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The Central Bureau of Investigation (CBI) International Assignment Power coordinated and facilitated the return of a particular person wished by the Gujarat Police for his alleged involvement in an international gambling racket from the United Arab Emirates (UAE).
Officials on Sunday mentioned that the accused, identified as Deepakkumar Dhirajlal Thakkar, used to be introduced inspire on Sunday in collaboration with the Gujarat Police and Interpol. He used to be wished in a case registered on March 25, 2023, at Madhavpura police location in Ahmedabad, they added.
Takkar used to be accused of allegedly working an international illegal gambling racket implemented the employ of apps and hawala channels to distribute the proceeds of crime, reportedly amounting to over Rs 2,273 crore.
The deported accused has been charged with offences of legal breach of belief, cheating, forgery, legal conspiracy, disappearance of proof and offences under the Recordsdata Technology Act and the Gambling Prevention Act, officers mentioned.
As the case used to be registered against the accused and after the approach of the Gujarat Police, the CBI obtained a Red Glance from Interpol against the accused on December 15, 2023, officers mentioned.
The legit also added that the RCN used to be circulated to all Interpol member international locations for tracking his whereabouts and subsequent arrest and used to be at final traced to Dubai.
A CBI legit mentioned:
A security mission from Gujarat Police went to UAE and returned with a Red Glance against India on September 1.
The CBI, as the Nationwide Central Bureau of Interpol in India, coordinates with all regulation enforcement businesses in India to produce assistance thru Interpol channels.
OEIS Financial Fraud Private Investigator: Blackrock, the enviornment’s largest asset supervisor with $10.5 trillion in sources below administration, has warned about cryptocurrency scams. The company entreated warning when dealing with other folks, web sites, or social media platforms using its effect to provide coaching or investments. Blackrock infamous a spike in scams directing users to crypto investment-associated web sites or platforms adore Whatsapp[…[… Learn More
Bitcoin rebounded strongly, surpassing $65,930 and reaching a peak of $66,591 on Thursday. Softer-than-anticipated U.S. inflation data fueled this rally by increasing the likelihood of interest rate cuts and boosting investor confidence across the crypto market.
As Bitcoin climbed, it catalyzed gains across other major cryptocurrencies like Ethereum, Dogecoin, and Ripple, pushing the global cryptocurrency market cap to $2.39 trillion, a 24-hour surge of more than 5%.
Adding to the positive market dynamics, Millennium Management, a prominent hedge fund, has significantly invested in Bitcoin ETFs, holding nearly $2 billion in assets, underscoring strong institutional support for Bitcoin.
OEIS Financial Fraud Private Investigator: Millennium Management Leads in Bitcoin ETF Investments with Nearly $2 Billion Holdings
Millennium Management, an international hedge fund, has made a substantial investment in spot Bitcoin ETFs, holding nearly $2 billion as of the first quarter of 2024. According to their latest 13F filing with the SEC, Millennium’s investment spread across five prominent ETFs totaled approximately $1.94 billion by March 31.
These investments were diversified among several key products, including the ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, iShares Bitcoin Trust, and Fidelity Wise Origin Bitcoin ETF.
Largest Holdings: BlackRock’s Bitcoin fund, with over $844 million, and Fidelity’s fund, closely following at just over $806 million.
Market Impact: Bloomberg’s Eric Balchunas highlighted Millennium as having 200 times the exposure of typical new ETF investors.
The significant engagement of professional investors like Millennium suggests a robust institutional interest in Bitcoin, reinforcing a positive outlook for its future. Matt Hougan of Bitwise has expressed optimism, noting that the scale of professional investment might lead to a combined AUM nearing $5 billion. This trend underscores the growing acceptance of Bitcoin among seasoned investors, enhancing its profile in the investment community.
OEIS Financial Fraud Private Investigator: BTC Rises Above $66,000 Amid Expectations of Potential Rate Cuts on Softer US Inflation Data
Bitcoin surged above $66,000 yesterday, achieving its highest single-day gain in nearly two months. The most recent US Consumer Price Index (CPI) data, which showed a slower inflation rate of 0.3% month-over-month for April, below the anticipated 0.4%, was the driving force behind this significant uptrend.
This unexpected slowdown heightened investor expectations for potential rate cuts. Meanwhile, Retail Sales for the same period remained stagnant, further underscoring economic softness and bolstering the case for monetary easing.
Core PPI rose by 0.5% month-over-month, surpassing expectations.
Softer CPI and stalled retail sales have increased optimism for potential rate cuts.
This amalgam of economic indicators has sparked a bullish outlook for Bitcoin, as softer inflation could prompt the Federal Reserve to ease monetary policy sooner.
OEIS Financial Fraud Private Investigator: Bitcoin ETFs See Record Inflows, Driving BTC Price Surge to $66,000
On May 15, Bitcoin ETFs in the United States experienced a significant boost in inflows, totaling $303 million, the largest since early March. This influx was led by Fidelity’s FBTC fund, which attracted $131 million, and Bitwise’s BITB fund, receiving $86 million. Notably, Millennium Management is the largest institutional holder in this space with an investment totaling $2 billion across various Bitcoin ETFs.
Top Fund Inflows: Fidelity’s FBTC ($131 million) and Bitwise’s BITB ($86 million).
Key Driver: Bitcoin’s 7% price increase to $66,000, spurred by US inflation data suggesting potential rate cuts.
This remarkable inflow into Bitcoin ETFs, combined with favorable economic indicators, has significantly bolstered Bitcoin’s market value, pushing its price to $66,000. This trend underscores the growing investor confidence in cryptocurrencies as a viable investment amid shifting economic conditions.
With a bearish Bitcoin price prediction, BTC is experiencing a slight downturn, trading at $65,930, marking a 0.44% decrease. The cryptocurrency is hovering just below its pivotal point of $66,260, a critical juncture that could determine the next directional move.
The Relative Strength Index (RSI) is elevated at 74, indicating that BTC is possibly overbought, which might precede a pullback if bullish momentum does not sustain.
Bitcoin Price Prediction – Source: Tradingview
Immediate support and resistance levels are crucial to watch. The first significant resistance lies at $67,820, with subsequent barriers at $69,084 and $70,643. A push above these levels could signal a strong bullish continuation. Conversely, support levels are set at $64,732, followed by $63,438 and $61,438. A breach below these could confirm a bearish trend, especially if the price falls beneath the pivot point.
The 50-Day Exponential Moving Average (EMA) stands at $62,687, further supporting the idea that the mid-term trend has been bullish, but caution is warranted given the current RSI levels.
Current Trend: Cautiously bearish unless BTC decisively clears the $66,260 pivot point.
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