Politics, Legal & Regulation

October 3, 2019 @ 4:36 pm By Cali Haan  |  

Robert Sprague, appointed as Ohio’s new Treasurer in January, has announced the suspension of OhioCrypto.com, the state’s cryptocurrency tax payments portal. The decision was reportedly made following standard due diligence reviews conducted by staff when Sprague took over from his predecessor, Josh Mandel. Mandel authorized… Read More

October 3, 2019 @ 10:14 am By JD Alois  |  

Reflecting the same name as a speech delivered by current Bank of England Governor Mark Carney, the BoE has scheduled a Fintech Webinar on New Economy, New Finance, New Bank. The webinar will take place next Wednesday, October 9th. According to the registration page, the… Read More

October 3, 2019 @ 8:44 am By Omar Faridi  |  

Two US lawmakers have asked the Federal Reserve to consider issuing a digital version of the US dollar (or Central Bank Digital Currency – CBDC).  Rep. Bill Foster (D-III.) and Rep. French Hill (R-Ark.) have submitted a letter to Federal Reserve Chairman Jerome Powell in… Read More

October 3, 2019 @ 1:14 am By Cali Haan  |  

Representatives from Monex, SBI Securities, kabu.com Securities, Daiwa Securities, Nomura Securities and Rakuten Securities have formed the “Japan Security Token Offering Association” to self-regulate and advocate for security token offerings (STOs) in Japan. According to an announcement from Monex, “the Japan STO Association primarily works… Read More

October 3, 2019 @ 12:01 am By Cali Haan  |  

New York Attorney General Letitia James has asked a New York judge to order crypto companies iFinex, Bitfinex and Tether to have records ready and on hand, if they lose their November 4th appeal: “(T)he OAG respectfully requests that this Court…(to) issue an order that… Read More

October 2, 2019 @ 11:57 pm By JD Alois  |  

This week, the Saudi Capital Market Authority (CMA) approved multiple “Financial Technology Experimental Permits.” The regulator granted the permits to: Buthoor Solidarity, Afaq and Emkan Alarabiya. Each company received permission to create an equity crowdfunding platform. The permission was given by Royal Decree No. (M/30)… Read More

October 2, 2019 @ 9:08 pm By Cali Haan  |  

Banking advisors to the US Federal Reserve have warned that Facebook’s proposed private currency network, Libra, will disrupt conventional banking and could function as a “shadow banking” system if not properly regulated. They also warned that, “In extremis, alternative currencies could usurp the prudential authority… Read More

October 2, 2019 @ 5:34 pm By JD Alois  |  

It has been a big week for enforcement actions at the Securities and Exchange Commission (SEC). Beyond the routine fraud cases, the SEC Division of Enforcement has announced settlements with several high profile initial coin offerings (ICO). Today, the Plexcoin ICO landed squarely in the… Read More

October 2, 2019 @ 3:31 pm By JD Alois  |  

The Alberta Securities Commission (ASC) has adopted a “Blanket Order” for Startup Crowdfunding Registration and Prospectus Exemptions. The new rule is described as removing “unnecessary barriers to financing, and better facilitate access to capital for start-ups and other small businesses.” The ASC states that both… Read More

October 2, 2019 @ 2:38 pm By JD Alois  |  

Earlier this week it was announced by the Securities and Exchange Commission (SEC) that it had settled with Block.one, creator of EOS, regarding allegations of issuing unregistered securities during an initial coin offering (ICO) that raised a record-breaking $4 billion. The fine assessed by the… Read More

October 2, 2019 @ 2:17 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) Technology Advisory Committee (TAC) will hold a meeting tomorrow (Thursday), October 3 to discuss a series of topics that impact digital assets. CFTC Commissioner Brian Quintenz is the sponsor of TAC. During the very first panel, TAC will discuss… Read More

October 2, 2019 @ 10:27 am By JD Alois  |  

It has been widely reported that the founding members of the Libra Association, Facebook’s stablecoin initiative, have scheduled a meeting to take place in Geneva, Switzerland on October 14th. As the crypto advocates gather, one has to wonder what is on the agenda. First reported… Read More

October 2, 2019 @ 8:38 am By JD Alois  |  

Agatha Bacelar, a Stanford engineer, is running for Congress on a less than traditional platform that touts her crypto-friendly cred. Even better, Bacelar is attempting to challenge House Speaker Nancy Pelosi, the most influential Democrat in the US. According to her promotional info, Bacelar notes:… Read More

October 2, 2019 @ 1:50 am By Cali Haan  |  

Coinone, a popular cryptocurrency exchange in Korea, has been ordered by a judge in Seoul to pay 25 million won (~$20 780 USD) to a customer who had his exchange accounts drained in a hack. According to Chosun IT, this is Korea’s first case of a… Read More

October 1, 2019 @ 6:34 pm By Cali Haan  |  

Without admitting or denying anything, Nebulous, a company that raised $120,000 USD in two early-days digital token sales, has settled with the SEC and agreed to pay approximately $225,000 USD in disgorgements and penalties. Nebulous maintains the Sia Network, a “decentralized cloud storage platform…more robust… Read More

October 1, 2019 @ 2:27 am By Cali Haan  |  

The president of the European Central Bank, Mario Draghi, has proscribed Estonia’s plan to issue a state-managed digital currency (or Central Bank Digital Currency – CBDC): “I will comment on the Estonian decision: no member state can introduce its own currency…The currency of the euro… Read More

September 30, 2019 @ 9:54 pm By Cali Haan  |  

The US Securities and Exchange Commission (SEC) has settled charges against Block.one, high-profile creator of the blockchain network EOS, for allegedly conducting an unlicensed multi-billion USD ICO (initial coin offering) crowdsale. Block.one has agreed to pay a $24 million USD civil penalty: “The Securities and… Read More

September 30, 2019 @ 3:58 pm By JD Alois  |  

On September 26, 2019, Judge Denise L. Cote of the U.S. District Court for the Southern District of New York entered a default judgment against Longfin and former CEO Venkata S. Meenavalli ordering a total of $3,532,235 in disgorgement of all proceeds raised in Longfin’s… Read More

September 30, 2019 @ 1:33 pm By JD Alois  |  

The U.S. Commodity Futures Trading Commission (CFTC) has charged Jon Barry Thompson of Easton, Pennsylvania, with fraud. Thompson allegedly “knowingly or recklessly making false representations to customers in connection with the purported purchase of Bitcoin worth over $7 million.” The CFTC’s complaint alleges that Thompson… Read More

September 30, 2019 @ 8:42 am By Omar Faridi  |  

UK’s financial regulator, the Financial Conduct Authority (FCA), is currently investigating the operations of several peer-to-peer (P2P) lenders after discovering various failures or instances of non-compliance ahead of the implementation of stricter regulations this year, according to a report in the FT. Last week, the… Read More