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Aaron Greenspan
I am going to start documenting all of the errors I find on CNBC.
CNBC is a really important media outlet and crucial resource for public markets. But the frequency with which it posts misinformation is just astonishing, and that's not even counting the infamous Jim Cramer, who I'm embarrassed to say graduated from the same school I did.
So here's a story from a few days ago. Coinbase Global, Inc. (COIN) filed an Answer in the SEC's lawsuit alleging that it had sold unregistered securities. CNBC reported, both on its website and in a video segment, that Coinbase Global, Inc. (COIN) had asked the court to dismiss the lawsuit. That wasn't true. If it had, it would have filed a Motion to Dismiss, effectively the opposite of an Answer. The video segment even said that Coinbase Global, Inc. (COIN) had asked for dismissal even as the graphic displayed showed the document filed, which clearly said "Answer" on the first page. Apparently editors don't know the difference, which is concerning.
Today, reporting on a confusing court order on summary judgment in the SEC's lawsuit against Ripple, CNBC reported "The news marks the end of a three-year battle between Ripple and the Securities and Exchange Commission, which initiated a lawsuit against the company in 2020 for breaching U.S. securities laws by selling XRP without first registering it with the agency." See https://www.cnbc.com/2023/07/13/xrp-surges-after-judge-delivers-a-huge-win-to-ripple-in-its-case-against-the-sec.html. That's also not true. The court order says a trial will be scheduled, so the case is ongoing.
There will undoubtedly be more to come. |
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July 13, 2023 at 12:46 PM EDT •  Reply |
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