Tagged: sec

SEC Cautions Investors in Funds that Bet on Bitcoin Futures

The Securities and Exchange Commission, Division of Investment Management (IM) has issued a staff statement cautioning investors who purchase shares in mutual funds that have exposure to Bitcoin futures. According to the Staff statement, investors should understand that Bitcoin is a highly speculative investment and… Read More

Global Digital Finance Issues Statement in Support of Eliminate Barriers to Digital Innovation Act Sponsored by US Representatives Patrick McHenry

Global Digital Finance (GDF), a UK-based entity advocating on behalf of the digital asset (or crypto-asset) sector of Fintech, has posted a letter in support of the Eliminate Barriers to Digital Innovation Act of 2021 (HR 1602). The Act was sponsored by US Representative Patrick… Read More

GameStopped Hearing Part III: What’s Next for Policymakers?

Today was the 3rd, and perhaps final, hearing held by the House Committee on Financial Services regarding the GameStop (NYSE:GME) sage regarding short selling by traders chatting on Reddit. As most people are aware, investors on subreddits like Wallstreetbets, combined to drive the value of… Read More

SEC to Hold Virtual Annual Small Business Forum this Month

The Office of the Advocate for Small Business Capital Formation will host the Securities and Exchange Commission’s (SEC) 40th Annual Government-Business Forum on Small Business Capital Formation in a virtual event this year in light of the ongoing COVID health crisis. This is the 40th… Read More

Underrepresented Founders Like Minorities and Women Raise Less VC Funding, Crowdfunding Can Help

Last week the Securities and Exchange Commission’s (SECs) Small Business Capital Formation Advisory Committee held a meeting to discuss access to capital in underserved markets. The goal is to improve access to capital for underrepresented founders. The Office of the Advocate for Small Business Capital… Read More

SEC Commissioner Peirce Touts Ways to Improve Access to Capital Including Clarity Regarding Finders, an Update to Accredited Investors and a Micro-Exemption

Earlier today the SEC Small Business Capital Formation Advisory Committee held a meeting on facilitating access to capital to underserved segments of the country. As most people understand, small businesses and entrepreneurs drive the majority of job growth and wealth creation. While policies that encourage… Read More

XRP Lawsuit: Attorney Says it’s “Clear” that SEC Failed to Comply with Order to Share Internal Documents Requested by Ripple

Jeremy Hogan, Parnter at Hogan & Hogan, reveals that CryptoLaw has shared American Fintech Ripple’s response to the US Securities and Exchange Commission’s (SEC) letter which is disputing (essentially) “parts of the Court Order” from earlier in April 2021 that are “related to internal communications.”… Read More

SEC Director of Enforcement Alex Oh Resigns a Week After Being Appointed

A mere week after being announced as the new Director of the Division of Enforcement, Alex Oh has resigned for personal reasons, according to the Securities and Exchange Commission (SEC). Reportedly, Oh resigned due to a complication from a case that occurred while in private… Read More

Sellers Beware: Can NFTs Be Regulated Securities?

The sudden prevalence of Non-Fungible Tokens has raised important legal considerations for issuers and purchasers alike. While intellectual property rights remain essential, securities laws should not be overlooked. Non-Fungible Tokens, or “NFTs”, are digital assets with unique identifying characteristics that distinguish one from another.  Unlike… Read More

SEC Small Business Capital Formation Advisory Committee to Discuss Access to Capital for Underserved Markets

This coming Friday, April 30, 2021, the Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee will meet to discuss improving access to capital for underserved markets. According to a note posted by the SEC, following its August 2020 meeting, the Committee presented… Read More

New Director of Enforcement Announced at SEC

The Securities and Exchange Commission (SEC) has announced that Alex Oh has been appointed Director of the Division of Enforcement. The Division of Enforcement is the largest within the SEC. Until her appointment, Oh was a partner at the law firm of Paul, Weiss, Rifkind,… Read More

Finders: Is the SEC Finally Ready to Clarify this Cloudy Issue for Startups and Other Private Companies?

  In an effort to address an issue that has frustrated the business community for years, including startups, tech companies, and “finders,” the U.S. Securities and Exchange Commission (SEC) published a proposed conditional exemption for finders on October 7, 2020. Under the proposal, people (i.e.,… Read More

SEC Charges Sheng-Wen Cheng for Digital Asset Fraud

The Securities and Exchange Commission (SEC) has charged Sheng-Wen Cheng with allegations of defrauding investors in the offering of equity and digital asset securities, according to a complaint filed by the regulator. According to the SEC’s complaint, from approximately August 2017 to June 2018, Cheng… Read More

SEC Small Business Capital Formation Advisory Committee Schedules Meeting for April 30th

The Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee, has scheduled a meeting for Friday, April 30, 2021, from 10:00 a.m. to 2:30 p.m. (ET). This will be a virtual meeting and the event will be open to the public via a… Read More

Gary Gensler Approved by Senate as Chairman of the SEC

In a floor vote yesterday, the US Senate approved the selection of Gary Gensler as the next Chairman of the Securities and Exchange Commission. The current SEC Commissioners joined in welcoming the new Chair stating: “A warm congratulations to Gary Gensler on his Senate confirmation… Read More

SEC Commissioner Peirce Pitches Token Safe Harbor Proposal Version 2.0

SEC Commissioner Hester Peirce has posted an update to her Token Safe Habor proposal. Back in February 2020, Commissioner Peirce revealed her proposal in an effort to create a regulatory environment that supported Fintech innovation while acknowledging the unique characteristics of digital assets. Since the… Read More

SEC Concludes Fraud Case Against Real Estate Crowdfunding Platform iFunding and Co-Founder

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The Securities and Exchange Commission (SEC) has obtained final judgment concluding the fraud case against real estate crowdfunding platform iFunding and defendant William C. Skelley. iFunding was an early entrant in the real estate crowdfunding market that issued securities under Reg D 506c, a new… Read More

Price of XRP Rises as Perception Improves of Ongoing Lawsuit Between Ripple and SEC

Back in December of 2020, the Securities and Exchange Commission (SEC) posted a complaint alleging that Ripple engaged in the sale of an unregistered security. The enforcement action included Christian Larsen, the company’s co-founder, executive chairman of its board, and former CEO, and Bradley Garlinghouse,… Read More

Cass Sanford from OTC Markets Comments on SEC Amendments that May Eliminate Public Quoting in Securities that Don’t Make Current Info Publicly Available

Cass Sanford, an Associate General Counsel who supports regulatory and policy-making initiatives at OTC Markets Group, notes that the US Securities and Exchange Commission’s (SEC) amendments to Rule 15c2-11 may eliminate public quoting in securities of issuers that don’t make current information “publicly available.” Sanford,… Read More

SEC Issues Statement on Select Issues Regarding SPACs

The Securities and Exchange Commission (SEC) has issued a statement addressing the hot SPAC market. Special purpose acquisitions companies or blank check firms have boomed in recent months. SPACs are viewed as an easier path for issuers to become a publicly-traded firm yet the rapid… Read More

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