Politics, Legal & Regulation

December 19, 2018 @ 2:37 pm By JD Alois  |  

Long requested by Reg A+ fans, the Securities and Exchange Commission (SEC) has approved final rules that will allow reporting companies to utilize the Regulation A (frequently referenced as Reg A+) exemption to raise capital. The amendments to Reg A+ will become effective upon publication in… Read More

December 19, 2018 @ 12:36 pm By JD Alois  |  

Charlotte Crosswell, CEO of Innovate Finance, has issued a statement following the UK government’s publication of the “Immigration White Paper.” Immigration, and how a post-Brexit Britain will manage it, is a pressing concern. Access to skills and talent is vital to all industry. Perhaps more so with… Read More

December 19, 2018 @ 7:37 am By JD Alois  |  

Earlier this week, the Financial Conduct Authority (FCA) announced a plan to “fix a dysfunctional market” when it comes to overdraft fees. In 2017, banks generated over £2.4 billion from overdrafts alone, with around 30% from unarranged overdrafts. These fees typically came from individuals who… Read More

December 19, 2018 @ 1:33 am By Cali Haan  |  

A Romanian citizen arrested last week by local cyber police and American Secret Service agents has been released on bail in the city of Cluj where he runs one of the region’s largest crypto exchanges. The agents flew to Romania to seek the arrest and… Read More

December 18, 2018 @ 3:21 pm By JD Alois  |  

The Dubai Financial Services Authority (DFSA) has initiated a consultation on property crowdfunding. Released last week, the consultation addresses a proposal to add a new subcategory for property investment crowdfunding platforms. The DFSA notes that like many financial services, crowdfunding has evolved. Originally designed to… Read More

December 18, 2018 @ 2:41 pm By JD Alois  |  

Neil Mannion, a convicted drug dealer who allegedly traded on darknet sites such as Silk Road and Agora under the name ‘Hulkster’, has lost a legal battle to keep his crypto, according to a report in the Irish Examiner. Judge Carmel Stewart approved a request… Read More

December 18, 2018 @ 11:17 am By Doug Ellenoff  |  

This summer, with little fanfare, the North American Securities Administrators Association (NASAA) announced some interesting and, in our view, directionally enlightened ideas on potential changes to state securities laws as they relate to secondary market trading. If you aren’t familiar with NASAA, it is a… Read More

December 17, 2018 @ 11:11 pm By JD Alois  |  

A report delivered to the French National Assembly advocated transforming France into the “Blockchain Nation.” According to MP Jean Michel Mis, the goal is to pursue three objectives (translated): to make pedagogical work, by presenting the state of the art and its possible uses; to… Read More

December 17, 2018 @ 10:03 pm By JD Alois  |  

Consob (Commissione Nazionale per le Società e la Borsa) the Italian agency that regulates the securities industry, has put a halt to two crypto-based offerings, according to postings on their site. Both companies have received a 90 day suspension on a “precautionary basis” and are banned… Read More

December 17, 2018 @ 4:39 pm By JD Alois  |  

As CI reported earlier today, the Swiss Federal Council published a report last week that advocated on behalf of greater integration of blockchain, or distributed ledger technology (DLT), into their financial services industry. The Federal Council is made up of seven members, each of which… Read More

December 17, 2018 @ 12:44 pm By JD Alois  |  

Last week, the Swiss Federal Council announced a report on the legal framework for Blockchain and Distributed Ledger Technology (DLT) for the financial services industry. According to the Council, the Swiss legal framework “is well suited to deal with new technologies including blockchain.” Even while noting… Read More

December 17, 2018 @ 10:54 am By JD Alois  |  

Last week, the Securities and Exchange Commission (SEC) Chair Jay Clayton addressed the Senate Banking Committee. His testimony was a routine trip to Capitol Hill when Chair Clayton is expected to update Congress on their regulatory initiatives and any challenges. Topics included the declining IPO… Read More

December 17, 2018 @ 6:57 am By JD Alois  |  

The European Crowdfunding Network (ECN) has just published an Open Letter directed towards EU member states and the ongoing debate regarding pan-European crowdfunding rules. Proposed rules would impact, and perhaps improve, the marketplace for both debt and equity crowdfunding. The ECN believes the European Crowdfunding… Read More

December 16, 2018 @ 12:00 pm By Cali Haan  |  

The Chinese government is looking to create a cryptocurrency that will allow it to better monitor the financial conduct of citizens and institutions, Bloomberg reports. Software developers at the People’s Bank of China have registered 78 digital currency patents since 2016, and, as of August,… Read More

December 16, 2018 @ 9:36 am By JD Alois  |  

The concept of “Patient Capital” has been in discussion for quite some time in the United Kingdom. The premise is based on the theory that investors may be willing to forgo near-term returns for the possibility that substantial gains may be generated at a much… Read More

December 16, 2018 @ 7:46 am By Cali Haan  |  

Ohio Congressman Warren Davidson suggested in an interview with NPR journalist Steve Inskeep this week that the contentious proposed wall between the US and Mexico could be funded through crowdfunding or tokens on a blockchain. The interview with Davidson, a Republican, took place on December 12th,… Read More

December 15, 2018 @ 8:01 am By Cali Haan  |  

The Government of Venezuela briefly sent pensioners’ money to their bank accounts on December 7th, but then immediately withdrew the funds and settled them in “petros” in digital wallets held elsewhere, Caracas Chronicles reports: “The elderly routinely receive a message everytime one of the government’s… Read More

December 14, 2018 @ 3:59 pm By Cali Haan  |  

An alleged cryptocurrency thief accused of stealing the life savings of a Silicon Valley father of two has been extradited from New York to face charges related to the theft there, the New York Post reports. In November, police arrested Nicholas Truglia, 21, in Manhattan and… Read More

December 14, 2018 @ 9:32 am By Onki Kwan  |  

Recently, the Securities and Exchange Commission (SEC) has been actively pursuing all players in the initial coin offering (ICO) space, including companies that have raised money with ICOs, an exchange, people promoting ICOs, and most recently, an ICO investment fund. The SEC’s recent actions are… Read More

December 13, 2018 @ 11:15 pm By Cali Haan  |  

The world of cryptocurrencies has often been compared to the Wild West or some other “every man for himself” situation. Users are repeatedly admonished to protect their “private keys” (passwords, essentially) and maintain custody of them whenever possible. “No keys, no crypto” is a popular… Read More