Politics, Legal & Regulation

December 13, 2018 @ 6:37 pm By JD Alois  |  

During the 37th annual Government-Business Forum on Small Business Capital Formation, Securities and Exchange Commission (SEC) Chair Jay Clayton opened the event with a couple of interesting statements. Clayton commented on the byzantine ecosystem that has emerged, over many decades of legislation and rulemaking, for issuers… Read More

December 13, 2018 @ 11:35 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has settled with the executive management involved with the AriseBank initial coin offering (ICO). The allegedly fraudulent ICO came to a screeching halt with the SEC obtained a court order halting the AriseBank ICO that targeted retail investors to invest in the… Read More

December 13, 2018 @ 10:23 am By JD Alois  |  

The CEO of crypto exchange Panxora (formerly operating as First Global) says he is “unhappy” with the US regulatory model. The comments come following the Commodity Futures Trading Commission’s (CFTC) request for information on “crypto-asset mechanics” including Ethereum (Ether) and Bitcoin Gavin Smith says he is… Read More

December 13, 2018 @ 8:51 am By Cali Haan  |  

Prosecutors and police from the Romanian Organized Crime Brigade and other divisions as well as four agents from the US Secret Service arrested a Bitcoin exchange operator Tuesday in the city of Cluj, Romania, EVZ reports. Călin Vlad Nistor, 30, is reportedly being investigated in two criminal… Read More

December 12, 2018 @ 10:34 pm By Cali Haan  |  

A bill is now moving through the Dutch House of Representatives which, if passed, will require all cryptocurrency sellers to be licensed, De Telegraaf reports. Proponents reportedly believe the bill will help counter the use of cryptocurrencies for money laundering and terrorist finance. Licensing will… Read More

December 12, 2018 @ 10:27 am By Cali Haan  |  

Prosecutors in Japan today asked the courts to levy ten years imprisonment against Mark Karpeles, former CEO of Mt Gox, the largest early bitcoin exchange, Nikkei Asian Review reports. Mt Gox folded in 2014 after $423 million in bitcoins and $247 million in cash went… Read More

December 12, 2018 @ 7:13 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued a consultation paper, alongside a discussion paper, on patient capital. The consultation is in response to a policy push by HM Treasury to increase investment into long-term assets including venture capital plus private equity, real estate and more…. Read More

December 12, 2018 @ 1:26 am By Cali Haan  |  

About eight months ago, a man facing jail for allegedly taking more cash than is legally allowed in a Bitcoin transaction began heavily promoting a “Bitcointopia” project he’d conceived to develop in Nevada. Morgan Rockcoons, (also known as Nodefather, Morgan Rockwell, and Metaballo) posted relentless… Read More

December 11, 2018 @ 3:31 pm By JD Alois  |  

According to a note from Small Business California (SB Cal), the group that advocates on behalf of SMEs, SB Cal will be sponsoring legislation to improve access to capital via securities crowdfunding. This is not the first time that California has attempted to craft crowdfunding legislation… Read More

December 11, 2018 @ 2:15 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has launched a public consultation today seeking feedback on “crypto-asset mechanics” including Ethereum (Ether) and Bitcoin. The CFTC said the consultation will better inform the Commission’s understanding of the markets for virtual currencies. In a Request for Information (RFI) the CFTC… Read More

December 11, 2018 @ 1:18 pm By Cali Haan  |  

Gibralter, an, “Offshore tax haven…not exactly known for (its) punctiliousness in punishing companies offering below-board services,” has fined the pre-paid cryptocurrency card provider Wavecrest about $315 000 for “serious” problems with its anti-money laundering/anti-terrorist finance controls, Financial Times Alphaville (FTA) reports. According to FTA, WaveCrest…”once did big… Read More

December 10, 2018 @ 9:21 pm By Cali Haan  |  

Members of South Korea’s Democratic, Liberal-Democratic and Right Future Party will hold their first debate on the subject of cryptocurrency exchanges today in the Korean parliament, local media outlet Hani reports. Cryptocurrency exchanges have been operating in Korea since 2013 and exchanges there are some… Read More

December 10, 2018 @ 11:49 am By JD Alois  |  

Today, UK Prime Minister Theresa May announced that the vote on her Brexit proposal, originally scheduled for tomorrow, will now be delayed. PM May stated: I have listened very carefully to what has been said, in this chamber and out of it, by members from all… Read More

December 10, 2018 @ 7:49 am By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) has outlined the requirements for anti-money laundering (AML) and firms seeking a Fintech license. Last week, FINMA issued the general guidelines for their Fintech license which is designed to encourage innovation in financial services by providing a streamlined approach… Read More

December 9, 2018 @ 1:49 pm By Cali Haan  |  

Over the past two weeks, the Israel Tax Authority has opened tax accounts for hundreds of Israelis it believes failed to report profits from cryptocurrency investing, Calcalist reports. The authority is also striking deals with Israeli crypto exchanges obliging them to report big transactions. Notices… Read More

December 8, 2018 @ 2:29 pm By Cali Haan  |  

Steven Peikin, Co-Director of the SEC’s Division of  Enforcement, told an audience at Harvard Law School this week that, given the increasingly cross-border nature of ICO and securities fundraising, “Collaboration with international regulators and law enforcement is critical to the SEC’s civil law enforcement success.”… Read More

December 8, 2018 @ 1:14 pm By Cali Haan  |  

The SEC has settled with CoinAlpha Advisors LLC, a Delaware-registered, California-based company the Commission says sold a cryptocurrency investment fund product without registering with the SEC or qualifying for a securities exemption. According to the cease-and-desist order issued Friday, December 7th, CoinAlpha Advisors formed in… Read More

December 8, 2018 @ 8:37 am By Cali Haan  |  

The US Securities and Exchange Commission (SEC) has granted itself an additional 60 days to consider allowing a rule change that would permit the Cboe BZX exchange and VanEck to list a “SolidX Bitcoin ETF” stock. In so doing, the commission will take the full… Read More

December 7, 2018 @ 5:00 pm By Cali Haan  |  

Venezuela will begin selling oil using its newly-created national cryptocurrency, El Petro, in March,”…in order to expand the modalities of commercial transactions and revenues…” state media outlet Telesur reports. Venezuela is also explicitly seeking a means of sidestepping escalating rounds of US, EU and Canada-imposed… Read More

December 7, 2018 @ 10:20 am By JD Alois  |  

Terrell McSweeny, a Former FTC Commissioner and current partner at Covington & Burling, is joining Georgetown Law’s Institute for Technology Law & Policy as a distinguished fellow. McSweeny departed the FTC this past April. The Institute notes that McSweeny played key roles at the FTC and Department of… Read More