Court Ruling Could Tighten Regulation of Broker-Dealers, Farmers Slashing Workforce & More

Court Ruling Against Robinhood Could Let States Impose Tougher Rules on Broker-Dealers

Massachusetts’ top appellate court upheld a first-in-the-nation rule holding broker-dealers to the same standard as investment advisers, which had been challenged by brokerage app provider Robinhood LLC. The ruling could support efforts by states like Nevada and New Jersey to promulgate regulations that go beyond U.S. Securities and Exchange Commission rules regarding the broker-dealer industry. (LAW360)

Farmers Cutting Workforce by 11%

Farmers Insurance said it is letting go of about 2,400 employees, roughly 11% of its workforce. The company, one of the nation’s largest providers of auto, home and small business insurance, said it was streamlining its organizational structure to position itself better for profitability long-term, but the layoffs come pullbacks in Florida’s and California’s homeowners insurance markets in recent months. (INSURANCE JOURNAL)

Court Sides with Grayscale in BTC ETF Case

The U.S. Court of Appeals for the DC Circuit ruled that the U.S. Securities and Exchange Commission erred in refusing to allow cryptocurrency investment firm Grayscale to convert its bitcoin trust into an ETF. The court said: “The Commission failed to adequately explain why it approved the listing of two bitcoin futures ETPs but not Grayscale’s proposed bitcoin ETP.” (CNBC)

—Compiled by SNCJ Managing Editor KOREY CLARK

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