Bankruptcy & Restructuring News Headlines for Wednesday Jun 7, 2023

Here's what we are reading this morning:

SEC Charges Coinbase for Operating as an Unregistered Securities Exchange, Broker, and Clearing Agency: The Securities and Exchange Commission today charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. The SEC also charged Coinbase for failing to register the offer and sale of its crypto asset staking-as-a-service program.

DFPI Issues Action Against Coinbase Citing Staking Rewards Program Violates Securities Law | The Department of Financial Protection and Innovation: The action is the result of a multi-state task force of 10 state securities regulators led by California that also includes Alabama, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin.

SEC Actions vs Coinbase, Binance Cover $120 Billion of Crypto (COIN, SOL, SAND) - Bloomberg: Lawsuits expand list of tokens seen as unregistered securities

The Block: SEC lawsuit against Coinbase raises questions about crypto's market structure: The SEC case against Coinbase calls out commonplace crypto market structure.

Binance outflows: Investors pull $790 million after SEC charges: Investors pulled hundreds of millions after the U.S. regulator charged Binance and Changpeng "CZ" Zhao with 13 securities violations.

J&J Talc Creditors Push Bankruptcy Plan That Allows Civil Suits: A cancer victim group seeking compensation from Johnson & Johnson has asked to file its own version of a reorganization plan for J&J’s bankrupt spinoff LTL Management that would allow the possibility of pursuing claims in non-bankruptcy courts.

Cineworld and In-Theater Advertiser Strike Long-Awaited Deal: Cineworld Group Plc, the parent company of Regal Cinemas, reached a long-awaited deal with its in-theater advertiser, resolving a snag that has been preventing the cinema chain from exiting bankruptcy.

Mirae Asset’s US real estate fund faces heavy losses - KED Global: A private fund for US real estate managed by South Korea’s Mirae Asset Global Investments Co. has seen huge losses amid the tumble of the office market,

The Block: SEC files motion to freeze cryptocurrency held by Binance.US: The SEC has asked the court for a temporary restraining order to freeze assets held by crypto exchange Binance.US.

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