Politics, Legal & Regulation

August 9, 2021 @ 9:17 am By JD Alois  |  

In what may be the first of many, the Securities and Exchange Commission has announced charges against Poloniex for operating an unregistered digital asset exchange. Poloniex has settled with the SEC by agreeing to pay a $10.4 million penalty. Poloniex settled without admitting or denying… Read More

August 8, 2021 @ 8:36 am By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) has announced charges against Trevor R. Milton, the founder, former CEO and former executive chairman of Nikola Corporation, for repeatedly disseminating false and misleading information about Nikola’s products and technological accomplishments. Milton made the statements mostly through social media…. Read More

August 6, 2021 @ 6:10 pm By JD Alois  |  

Following the kerfuffle regarding the infrastructure bill’s inclusion of a broad definition of brokers in regards to digital assets, the blockchain industry joined in roundly criticizing the language as being extreme to the point of undermining crypto innovation. Soon, several Senators partnered to create a… Read More

August 6, 2021 @ 3:02 pm By JD Alois  |  

Infrastructure used to mean roads, airports, bridges, etc. Today, infrastructure, as defined by our elected representatives, means oh so much more. The massive spending bill being foisted upon the populace by Congress is still being dissected but one area that it may impact is digital… Read More

August 6, 2021 @ 10:03 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced charges against DeFi lender Blockchain Credit Partners alleging the offering of unregistered securities raising $30 million. This is the first DeFi case filed by the SEC. The complaint indicates that respondents have each submitted an Offer of… Read More

August 5, 2021 @ 7:55 pm By Tony Zerucha  |  

As cryptocurrency watchers let Securities and Exchange Commission (SEC) Chair Gary Gensler’s recent appearance before the United States Congress sink in, many are sharing the opinion that he could have done so much more. On Aug. 3, Gensler asked Congress for expanded resources and a… Read More

August 5, 2021 @ 10:21 am By JD Alois  |  

BitMEX, a crypto exchange known for active trading and derivatives, has noted in a blog post that Chainalsyis has removed it from its “High Risk Assesment” qualification. In the fall of 2020, Chainalsysis labeled Bitmex a High-Risk exchange following the announcement that the US Department… Read More

August 4, 2021 @ 10:00 pm By JD Alois  |  

Three US Senators have joined together to submit an amendment to the infrastructure bill to protect digital asset innovation. Senators Pat Toomey, Ron Wyden, and Cynthia Lummis have filed the change to clarify the definition of a broker in regards to reporting requirements impacting crypto… Read More

August 4, 2021 @ 5:33 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced charges alleging an unregistered securities offering in regards to digital assets by Uulala. The SEC simultaneously announced a settlement with the company along with its founders Oscar Garcia and Matthew Loughran. According to the SEC, more than… Read More

August 4, 2021 @ 5:01 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) this week charged accounting firm Ernst & Young LLP (EY) along with one current and two former partners with improper professional conduct for violating auditor independence rules in connection with EY’s pursuit to serve as the independent auditor for… Read More

August 4, 2021 @ 3:13 pm By Tony Zerucha  |  

Securities and Exchange Commission Chair Gary Gensler’s plan to be the new sheriff policing the Wild West of Crypto comes as no surprise to one industry watcher. Earlier this week Gensler announced that he plans on cracking down on cryptocurrency-related fraud and sought more assistance… Read More

August 3, 2021 @ 4:27 pm By JD Alois  |  

The Chairman of the Securities and Exchange Commission, Gary Gensler, has been consistent in his comments regarding digital assets/crypto in regards to a need for more regulation. This week, Gensler addressed the Aspen Security Forum and his topic of choice was crypto and the need… Read More

August 3, 2021 @ 4:05 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) has announced securities fraud charges against recidivist Michael Shustek, the CEO of several Las Vegas REITs, and his wholly-owned investment advisory firm, Vestin Mortgage LLC. The complaint alleges that since at least 2012, Shustek fraudulently enriched himself and The… Read More

August 3, 2021 @ 11:55 am By JD Alois  |  

Sherwood “Woodie” Neiss is one of the creators of Title III of the JOBS Act of 2012 – the legislation that legalized Regulation Crowdfunding (Reg CF) and launched a new sector of financial innovation. Neiss also co-founded Crowdfund Capital Advisors along with Jason Best –… Read More

August 3, 2021 @ 11:05 am By JD Alois  |  

Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), has once again stated his opinion that cryptocurrency is in greater need of regulation in regards to investor protection concerns. Gensler has stated several times in the recent past his belief the crypto exchanges are… Read More

August 3, 2021 @ 9:31 am By JD Alois  |  

The Canadian Securities Administrators (CAS) has announced the creation of a single self regulatory organization (SRO) for the investment sector. According to a statement by the CSA, the SRO will consolidate the functions of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund… Read More

August 2, 2021 @ 11:17 pm By Omar Faridi  |  

Jake Chervinsky, the General Counsel at Compound Finance, recently shared insights and his take on the deal with the recently proposed US infrastructure bill. 1/ 🚨 Here's the deal with the US infrastructure bill: A new provision has been added that expands the Tax Code's… Read More

August 2, 2021 @ 5:10 pm By JD Alois  |  

Senator Patrick Toomey, the ranking Republican on the Senate Banking Committee, has issued a statement calling proposals for a new cryptocurrency tax to be included in the infrastructure bill as “unworkable.” Toomey issued a brief comment regarding the proposal: “Congress should not rush forward with… Read More

August 2, 2021 @ 12:29 pm By JD Alois  |  

At the end of last week, Representative Don Beyer presented legislation that would create definitions for digital assets and digital asset securities and provide the Securities and Exchange Commission (SEC) with statutory authority over digital asset securities and the Commodity Futures Trading Commission (CFTC) with… Read More

August 2, 2021 @ 11:07 am By JD Alois  |  

As has been previously reported, the spending bill that has been in the works for some time now is closer to become law. The ‘Infrastructure Investment and Jobs Act” lands at 2700 pages of government expenditure that aims to improve infrastructure like roads, airports, transportation… Read More