Politics, Legal & Regulation

May 21, 2019 @ 9:54 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has receved another emergency court order halting an alleged initial coin offering (ICO) fraud. According to the SEC, a $30 million Ponzi scheme, led by South Florida-based Argyle Coin, and its principal Jose Angel Aman, targeted over 300 US… Read More

May 21, 2019 @ 2:01 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has published a report addressing frauds and scams in the cryptocurrency and Forex sector. According to the FCA, over £27 million has been lost from these scams during the 2018/2019 period. Reports of scams topped 1,800 – 3X versus… Read More

May 20, 2019 @ 9:59 pm By JD Alois  |  

Jeremy Allaire, CEO and founder of digital asset firm Circle, took to the pages of the site’s blog to lament the state of regulation in the US when it comes to crypto. Allaire said his post was driven in part to their decision to “geofence,”… Read More

May 20, 2019 @ 6:13 pm By JD Alois  |  

Crowdfund Insider has just received a note that the Loi Pacte (Pacte Law) has been finalized and will become actionable beginning in June. The new regulatory regime will enable initial coin offering (ICO) issuers to raise capital online and sell digital assets which are not… Read More

May 20, 2019 @ 5:39 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have both signed the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU). The announcement comes following the 44th Annual International Organization of Securities Commissions… Read More

May 20, 2019 @ 11:39 am By JD Alois  |  

The UK Economic Secretary to the Treasury, John Glen, delivered a speech today during CityWeek 2019. In his presentation, Glen spoke about the robust strength of the UK economy even while Brexit questions remain. Glen noted that unemployment is down, wages up, inflation is steady…. Read More

May 20, 2019 @ 2:00 am By Therese Torris  |  

The German Crowdfunding Association, the federal industry association which represents 85% of the German crowd investment market, welcomed last week the adoption by the German Parliament of the new and improved legal framework for crowdinvesting, albeit with a few regrets. Major Expansion of the Scope… Read More

May 19, 2019 @ 9:47 pm By JD Alois  |  

Last week, Comptroller of the Currency Joseph Otting testified in front of the House Financial Services Committee. The hearing was entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness and Accountability of Megabanks and Other Depository Institutions.” The Office of the Comptroller of the Currency… Read More

May 19, 2019 @ 5:24 pm By JD Alois  |  

The Securities Commission Malaysia (SC) has updated crowdfunding rules to better fit the emerging market of online capital formation while announcing the approval of multiple new platforms targeting different sectors of digital finance. During a routable organized by the SC which included the participation of… Read More

May 18, 2019 @ 9:39 am By Cali Haan  |  

A civil case brought by investors against former heavyweight boxing champion Floyd Mayweather and celebrity DJ Khaled alleging they induced their social media followers to buy into a fraudulent ICO (initial coin offering) has been dismissed. Allegations of touting unregistered securities were also dismissed against… Read More

May 17, 2019 @ 12:46 pm By JD Alois  |  

The Wall Street Blockchain Alliance (WSBA) has published a response to the recent guidance on digital assets from the Securities and Exchange Commission (SEC). In early April, the SEC, Division of Corporate Finance, issued its first No-Action letter (NAL) to Turnkey Jet pertaining to the… Read More

May 17, 2019 @ 8:54 am By JD Alois  |  

France is becoming a hotbed of crypto innovation. The French government will soon finalize law that will create a regulated path for initial coin offerings that issue utility tokens (ie not securities).  Policy movement like this is only possible with the explicit support of public… Read More

May 17, 2019 @ 4:13 am By Cali Haan  |  

Asia Business Law Journal (ABLJ) has published a comprehensive article on the current state of crypto law in Asia. Here, we provide a summary of the most salient point presented by ABLJ from each region. Philippines According to the International Monetary Fund (IMF), Global growth… Read More

May 16, 2019 @ 11:26 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has scheduled a Fintech Forum to take place at the end of this month at their headquarters in Washington, DC. Blockchain and digital assets will be the main topic of discussion. But while interest in the event, which will… Read More

May 16, 2019 @ 7:32 am By Cali Haan  |  

The US Securities and Exchange Commission (SEC) has granted itself more time to consider a request for a rule change that would allow Bitwise Asset Management to list a Bitcoin ETF product. Bitwise is a subsidiary of ICE, owners of the New York Stock exchange… Read More

May 15, 2019 @ 8:09 am By JD Alois  |  

The Securities and Exchange Commission (SEC) and the Ontario Securities Commission (OSC) have jointly taken action against Alex Tapscott and NextBlock Global Limited for misleading investors pertaining to digital asset investments. Both agencies require Tapscott-NextBlock to pay penalties affiliated with the securities offering. According to… Read More

May 15, 2019 @ 1:17 am By Cali Haan  |  

The U.S. Treasury Department’s Under Secretary for Terrorism and Financial Intelligence, Sigal Mandelker, told crypto-interested attendees at the Consensus conference in New York this week that exchanges must do their “duty” and prevent terrorist and illicit use of cryptocurrencies. She began by stating that she,… Read More

May 14, 2019 @ 6:00 pm By Barry James  |  

G8’s AML Body FATF Seeks Killing Crackdown on Crypto Exchanges and Tokens of All Types Crypto exchanges of all types and similar services (virtual asset service providers or ‘VASPs’) should be absorbed by traditional banks or disappear altogether. This seems to be the view of… Read More

May 13, 2019 @ 9:52 pm By Cali Haan  |  

Police from the Tel Aviv Police Cybercrime Unit have arrested two Israeli citizens accused of running a Dark Net media site called “Deepdotweb.” Several other French, German, Dutch and Brazilian nationals have also been arrested in an operation coordinated between local authorities and the US… Read More

May 12, 2019 @ 6:53 pm By JD Alois  |  

The United Kingdom has long been a global leader in financial innovation. Of course, London holds a long history as a prominent financial center for both Europe and the world. This established base has combined with a strong entrepreneurial spirit and access to capital to… Read More