Politics, Legal & Regulation

September 5, 2017 @ 3:59 pm By Anthony Zeoli  |  

While Regulation (Title III) Crowdfunding continues to get all of the attention, the overwhelming majority of states currently have some form of “intrastate” retail crowdfunding laws already in effect; many of which offer significantly more favorable terms to issuers and investors than the federal rules…. Read More

September 5, 2017 @ 6:41 am By JD Alois  |  

As was announced yesterday, China government officials have pushed pause on the initial coin offering (ICO) market with a strong statement effectively banning any tokenized offerings in the near term. The actual document, released by the People’s Bank of China, may be found here in… Read More

September 4, 2017 @ 1:02 pm By JD Alois  |  

A joint task force took place this weekend in South Korea addressing the burgeoning cryptocurrency market. According to a report in BusinessKorea, The Financial Supervisory Commission (FSC), the Korea Fair Trade Commission (KFTC) and the National Tax Service (NTS) came together to review digital currencies,… Read More

September 4, 2017 @ 12:02 pm By JD Alois  |  

China has banned initial coin offerings (ICOs) – the red hot method of raising money using cryptocurrency based tokens, according to a report by Reuters. The move was not unexpected as WDJZ.com reported on August 28th the Chinese government was considering the move to halt… Read More

September 3, 2017 @ 12:14 pm By Georgia Quinn  |  

Some time ago, I created a grid comparison that addressed the differences between the various iterations of investment crowdfunding. In the US, there are effectively three different securities exemptions, created by the JOBS Act of 2012, that allow issuing business to raise capital online by… Read More

September 2, 2017 @ 4:00 pm By Xu Gao  |  

Regulators in China are Said to Plan a Blanket Ban on Initial Coin Offerings In response of the ICO craze, regulators in China including PBC, CSRC and NIFA have held several internal meetings to discuss the best approach to regulate this emerging token creation events…. Read More

September 1, 2017 @ 2:56 pm By JD Alois  |  

Congress returns next week hopefully reinvigorated and ready to reduce regulation and pass meaningful tax reform following some time off. Congress has not accomplished too much this year, much like many past years, but hope springs eternal and after a bumpy start of the year… Read More

September 1, 2017 @ 1:55 pm By JD Alois  |  

The Bitcoin Foundation is looking to stop Congress from including Bitcoin and other cryptocurrencies in legislation regarding nefarious acts by terrorists organizations and money laundering. Senators Grassley, Feinstein, Cornyn, and Whitehouse, have sponsored legislation entitled, “Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017,” includes a portion that points… Read More

September 1, 2017 @ 10:33 am By JD Alois  |  

Securities and Exchange Chairman Jay Clayton has published the name is his executive staff. The SEC announced that John Cook, Jeffrey Dinwoodie, Raquel Fox, Kristina Littman, Alan Cohen, Christopher Carofine, and Shelby Begany Telle have been named to the executive staff of Chairman Jay Clayton…. Read More

August 30, 2017 @ 10:51 pm By JD Alois  |  

The Financial Commission, a self-regulatory body that is dedicated specifically to FOREX, has announced the extension of its Fintech Certification services to companies raising money through Initial Coin Offerings (ICOs). The Financial Commission has been certifying trading platform technology for brokers and exchanges operating in foreign exchange… Read More

August 30, 2017 @ 9:19 am By JD Alois  |  

The Securities and Exchange Commission (SEC), office of Investor Education and Advocacy, is out with a note on the booming Initial Coin Offering market telling investors to beware. The ICO market has grown rapidly with estimates topping $2 billion in token sales this year alone…. Read More

August 29, 2017 @ 2:44 pm By JD Alois  |  

More and more law firms are recognizing the importance of cryptocurrency and the potential of blockchain technology. Perkins Coie, a Seattle based law firm that is 100+ years old, has announced its inclusion in the Enterprise Ethereum Alliance (EEA) Legal Industry Working Group. Perkins Coie’s Blockchain… Read More

August 29, 2017 @ 11:16 am By Erin Hobey  |  

The Central Bank of Bahrain (CBB) has announced two entrants into its regulatory sandbox:  Tramonex, a London-based forex cash management solution for businesses and NOW Money, the Dubai-based account and remittance service for low-income workers in the GCC. “We are pleased to welcome the first… Read More

August 29, 2017 @ 9:17 am By JD Alois  |  

  The Singapore Payments Council has created a task force to develop a common QR Code for the country. This is part of a broader initiative of establishing interoperable electronic payments. Singapore is keen to facilitate digital transactions. Council members advocated the use of QR… Read More

August 28, 2017 @ 3:21 pm By JD Alois  |  

Congresswoman Maxine Waters, the ranking Democrat on the powerful House Financial Services Committee, published a letter last week directed toward thes Chairman of the Federal Deposit Insurance Corporation (FDIC). Representative Waters asked the Chairman to hold at least one public hearing on the application by… Read More

August 28, 2017 @ 2:31 pm By Xu Gao  |  

CBRC Issues Official Information Disclosures Guidelines for P2P Lending Platforms On August 25th, the China Banking Regulatory Commission (CBRC) officially unveiled the final version of Guidelines on Online Lending Information Disclosure Requirement. The document was released based on a pilot tighter information disclosure initiative announced… Read More

August 28, 2017 @ 2:03 pm By JD Alois  |  

The Canadian Securities Administrators (CSA) have posted a notice regarding companies that are using Initial Coin Offerings (ICOs) to raise capital online. The CSA published a Staff Notice, 46-307 Cryptocurrency Offerings, noting that issuers may need to comply with existing securities law. Canada is the… Read More

August 21, 2017 @ 8:00 am By Jor Law  |  

So you were ready to do an initial coin offering (ICO), and then the Securities Exchange Commission released an investigative report concluding that DAO tokens were securities.  Seasoned securities attorneys have always known that token sales could implicate securities laws if the tokens were treated… Read More

August 20, 2017 @ 1:03 pm By JD Alois  |  

Regulation D, or Reg D as everyone calls it, is probably the most powerful capital raising exemption in the US. Just about every single successful early stage company has leveraged Reg D in its various iterations. In 2013, the SEC enacted final rules for Title… Read More

August 18, 2017 @ 9:49 am By JD Alois  |  

Earlier this month the Office of Comptroller of the Currency (OCC) fired off a counter salvo in the legal battle regarding the OCC Fintech Charter. The Conference of State Bank Supervisors (CSBS) launched an attack against the OCC this past spring. Many Fintech industry participants… Read More