Tagged: legal

January 2, 2020 @ 8:55 am By Cali Haan  |  

Virgil Griffith, an Ethereum programmer accused of advising North Korea on how to using cryptocurrencies to evade sanctions, has been released on $1 million bail in New York. The case is being covered in-person by the Inner City Press: “Upshot: for Virgil Griffith, SDNY Judge Broderick… Read More

October 29, 2019 @ 3:16 pm By JD Alois  |  

Filed with the US District Court for the Southern District of New York this week, Kik Interactive opened up the big guns by issuing multiple subpoenas to the Securities and Exchange Commission (SEC). Kik is the target of an SEC enforcement action alleging the sales… Read More

August 29, 2019 @ 9:26 am By JD Alois  |  

Europe possesses one of the most robust markets for digital assets. Multiple countries have established bespoke rules to facilitate, or at least regulate, digital asset offerings. These may be securities or utilities or both. Gibraltar, Malta, Switzerland were quick out of the gate with rules…. Read More

August 20, 2019 @ 12:30 pm By Dror Futter  |  

Recently we marked the second anniversary of the SEC’s issuance of an Investigative Report finding that the DAO Tokens were securities.   While this killed the hopes of those who had interpreted SEC silence to mean consent to the unregulated issuance of tokens, it still… Read More

August 13, 2019 @ 8:14 pm By Cali Haan  |  

A judge has declared ‘moot’ Ross Ulbricht’s latest attempt to have his multiple life sentences voided/overruled lawyer Paul Grant failed to file papers withdrawing self as Ulbricht’s counsel. Ulbricht is seeking to have his sentences vacated and is alleging that original defense lawyer Joshua Drathel gave… Read More

July 18, 2019 @ 10:29 pm By Cali Haan  |  

Attorney General of New Jersey and the Chief of the New Jersey Bureau of Securities have filed a civil action complaint against Sarvajnya G . Mada (“Mada”) and Pocketinns, Inc., accusing them of selling, “approximately $410,000 of unregistered securities to 217 investors in violation of…New Jersey… Read More

July 2, 2019 @ 2:52 am By JD Alois  |  

Last week, the Blockchain Association announced in a blog post that it would take over the Defend Crypto campaign, launched by Kik Interactive. Kik is engaged in a legal battle with the Securities and Exchange Commission (SEC) regarding an initial coin offering that raised about… Read More

June 10, 2019 @ 4:00 pm By JD Alois  |  

France is moving forward to embrace blockchain technology and the issuance of digital assets. While security tokens will be regulated just like the securities they are, France has crafted a regulatory regime that supports the issuance of utility tokens. Last December, the French Government issued… Read More

May 6, 2019 @ 9:42 pm By Anthony Zeoli  |  

Here’s a question for all of you. Between coins, tokens, stamps, tickets, vouchers, and chips, which of these qualifies as a “security” under U.S. Securities laws? It’s actually a trick question, they all do! Well, technically speaking, they all could potentially qualify as securities. The… Read More

April 2, 2019 @ 6:00 pm By JD Alois  |  

Recently Crowdfund Insider was in communication with Securities Attorney Joe Nesler who posts regularly on his law firm’s web site pertaining to issues regarding crypto and securities law. A post by Nessler from last November touched upon reporting requirements under 12g and digital assets. CI… Read More

March 16, 2018 @ 9:24 am By Samantha Hurst  |  

Following the announcement that she is suing President Trump over a non-disclosure agreement about their alleged affair in 2006, Stephanie Clifford, also known as Stormy Daniels, has launched a crowdfunding campaign on CrowdJustice, seeking funds to cover her legal fees and other expenses. While sharing details… Read More

March 6, 2018 @ 2:59 pm By Samantha Hurst  |  

California fintech Credible announced on Monday it has appointed former Sindeo general counsel Jobe Danganan as its new general counsel and corporate secretary. According to the company, Danganan previously served as an enforcement attorney at the Consumer Financial Protection Bureau (CFPB), the U.S. regulator for consumer financial products,… Read More

August 25, 2017 @ 4:06 pm By JD Alois  |  

LendingClub (NYSE:LC) has been hit with a lawsuit that names former CEO Renaud Laplanche alongside current and former board members and former CFO Carrie Dolan. The complaint, filed in the Court of Chancery in Delaware, states; “Throughout the period December 11, 2014 and continuing through… Read More

August 15, 2017 @ 11:31 am By Ryan Feit  |  

Some equity crowdfunding platforms are putting startups at serious risk.  Working with a platform that doesn’t structure your deal appropriately could jeopardize your ability to raise future capital or worse, force you to become a public reporting company. The emergence of equity crowdfunding is a… Read More

August 4, 2017 @ 6:09 pm By Amy Wan  |  

  On Tuesday, July 25, the SEC announced that Initial Coin Offerings, also called Token Sales, in many cases may be considered securities. Of course, this probably terrifies a large amount of the ICO community. So how do you actually legally raise an ICO? Your… Read More

August 1, 2017 @ 1:00 pm By Jonathan Nieh  |  

  Disclaimer: Although I am a securities attorney, I am not your securities attorney, so the following is in no way legal advice. If you are thinking about doing an ICO or token sale, I highly recommend talking to and hiring your own attorney. If you’ve been… Read More

July 30, 2017 @ 2:17 pm By JD Alois  |  

In the aftermath of the SEC statement on Initial Coin Offerings and their intent to crack down on issuers in breach of securities law we reached out to Morrison Foerster for commentary on the question as to when an ICO is in fact a security…. Read More

July 25, 2017 @ 8:22 pm By JD Alois  |  

The SEC Division of Corporate Finance and Enforcement have jointly published a public statement regarding the DAO investigation and the ensuing report and cautionary statement on ICOs. The two powerful branches of the SEC came together in recognition of the changing world of finance as… Read More

July 25, 2017 @ 7:03 pm By Amy Wan  |  

My Facebook Messenger was blowing up this afternoon. “OMG Have you seen this?” “What does this mean?” “Can you explain what this says in stupid people talk?” They were all referring to today’s SEC  announcement on ICOs. So, I’ll take 15 minutes from what was… Read More

July 25, 2017 @ 5:32 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) issued an investigative report on the fast-growing Initial Coin Offering (ICO) market that will squelch the ICO market, at least in the US. The report, embedded below, was specifically directed at the DAO or Decentralized Autonomous Organization that launched… Read More