Tagged: sec

Longfin Receives Reprieve from SEC Temporary Asset Freeze

Longfin Corp. (NASDAQ:LFIN), is reporting that Judge Denise L. Cote has vacated the Temporary Restraining Order (TRO) that froze the assets of the company. The Securities and Exchange Commission (SEC) obtained a court order freezing more than $27 million in trading proceeds from allegedly illegal… Read More

SEC Suspends Trading of OTC Listed IBITX Software Due to Questions Regarding Cryptocurrency Operations

The Securities and Exchange Commission (SEC) has issued another trading suspension regarding a company associated with cryptocurrency services. IBITX Software is a company that claims to operate IBITX as a “Dynamic new type of currency exchange which matches new Initial Currency Offerings (ICOs)” IBITX says it is “one… Read More

SEC Adds Charges Associated withe Centra Initial Coin Offering Fraud, Says Raymond Trapani was “Mastermind” Behind the Scam

The Securities and Exchange Commission (SEC) has released additional fraud charges affiliated with the Centra Tech $32 million initial coin offering (ICO) that raised money in 2017. Ealier this month, the SEC filed a complaint against Centra Tech, Sohrab “Sam” Sharma and Robert Farkas regarding… Read More

tZero Says it is Meeting with SEC & 40 Regulators to Discuss Initial Coin Offering Regulations

Joe Cammarata, President of tZero, was visiting with Security Token Academy last week when he made an interesting comment. Cammarata said he was scheduled to meet with the Securities and Exchange Commission in Washington, DC this week to discuss regulation of tokenized securities. The transcript is… Read More

SEC to Hold Roundtable Discussion on Thinly Traded Securities

The Securities and Exchange Commission (SEC) has scheduled a roundtable to discuss thinly-traded exchange-listed securities, both equities and exchange-traded products. The roundtable will take place on April 23 at the SEC’s headquarters at 100 F Street, NE in DC. The roundtable is open to the public and… Read More

SEC Government-Business Forum on Small Business Capital Formation Final Report: Top Request is Fix the Definition of an Accredited Investor

The 36 Annual SEC Small Government Business Forum on Small Business Capital Formation took place last November in Austin, Texas. This past week, the SEC published the final report which includes the list of recommendations as prioritized by the participants in this yearly gathering between… Read More

Longfin Says it Will Fully Cooperate with SEC as Feds Freeze $27 Million in Assets, Trading in Shares are Halted

Longfin Corp. (NASDAQ:LFIN) was hit with a formal request by NASDAQ to provide additional information regarding recent trading activity. The shares were placed on a T12 trading halt on Friday as the Securities and Exchange Commission (SEC) filed a formal complaint against Longfin that included… Read More

The SEC is Reviewing Whether to List Bitcoin ETFs on CBOE

The Securities and Exchange Commission filed an “Order Instituting Proceedings” to determine if they should approve the listing of shares of the GraniteShares Bitcoin ETF and the GraniteShares Short Bitcoin ETF on the CBOE BZX Exchange. This is similar to a process that was initiated last… Read More

Centra Tech ICO Hit by Fraud Allegations, Defendants Charged Criminally and Arrested. This One was Pumped by Floyd Mayweather

So what is it with boxers and bogus initial coin offerings? The Securities and Exchange Commission (SEC) has filed a complaint alleging securities fraud with another ICO. This time it is Centra Tech, the creation of Sohrab “Sam” Sharma and Robert Farkas. The ICO reportedly… Read More

SEC Says Fintech Mozido was Just Another Scam to Enrich Founder Michael Liberty

The SEC has charged the founder of Mozido, Michael Liberty, as operating a Fintech scam. Liberty, along with his accomplices, allegedly stole the bulk of $48 million they raised. The money was apparently used to fund a posh lifestyle that included private jet flights, mansions,… Read More

What’s next for the ICO? Reflections on Securities Law and the Future of Initial Coin Offerings

  To date, fundraising has been blockchain’s killer app. In 2017, Initial Coin Offering (ICO) fundraising eclipsed that of traditional venture capital, and in 2018, ICOs have already raised nearly $3 billion in non-dilutive funding. This new form of early-stage financing is incredibly promising, at… Read More

Here is the Letter Addressed to the SEC from the CBOE Encouraging the Commission to Move Forward with Cryptocurrency ETFs

CBOE Global Markets, operator of the Chicago Board Options Exchange – the largest U.S. options exchange, has sent a letter to the Securities and Exchange Commission (SEC) encouraging the regulator to move forward with cryptocurrency based Exchange Traded Funds (ETFs) or Exchange Traded Products (ETPs). CBOE… Read More

SEC Updates on AriseBank ICO Scam that was Pumped by Evander Holyfield

The Securities and Exchange Commission (SEC) has posted an update regarding the ongoing case against AriseBank and their initial coin offering which has been deemed a scam by the regulator. This same ICO was pumped by famous boxer Evander Holyfield. In fact, a press release was issued… Read More

Initial Coin Offerings: Why the SAFT is DEAD …

Investment in the cryptocurrency industry is currently dominated by the use of Simple Agreements for Future Tokens (SAFTs). While SAFTs were a somewhat novel approach when they were introduced, now that cryptocurrency assets have become almost universally deemed “securities” by the SEC, the use of… Read More

SEC Alleges Manipulated Trading in HD View 360 Shares, Names CEO and UK Broker Dealer in Fraud Allegations, US Attorney for the Eastern District of New York Pursues Criminal Prosecution

HD View 360 Inc (OTC:HDVW), another company that issued a press-release mentioning Blockchain only to see trading in their shares suspended, has been hit with an enforcement action by the Securities and Exchange Commission along with a related criminal prosecution. The SEC first issued an… Read More

No Surprise: SEC Enforcement Division Co-Director Stephanie Avakian Says Dozens of Investigations Ongoing in Cryptocurrency Space

The Securities and Exchange Commission (SEC) first launched investigations into initial coin offerings (ICOs) and the gatekeepers that have been facilitating these offerings several months back. The news of these investigations was first published by Crowdfund Insider in late February. Chatter regarding investigations had been building… Read More

Bad News: SAFTs May Not Be “Compliant” After All

The Securities & Exchange Commission (SEC) has reportedly sent a wave of subpoenas and information requests to companies engaged in Initial Coin Offerings (ICOs). The SEC scrutiny is perhaps not surprising, given that, as Crowdfund Insider writes, “if you invest in an ICO, the play… Read More

Credit Karma Pays $160,000 Penalty Following SEC Charges of Unlawfully Offered Securities to Employees

The Securities and Exchange Commission (SEC) slapped the wrist of Credit Karma with a $160,000 penalty. The SEC said the San Francisco-based Fintech has agreed to settle charges that it unlawfully offered securities to its employees and failed to provide them with timely financial statements… Read More

Initial Coin Offering Attorneys Beware, You Could Be Next!

Following the SEC’s recent initial subpoena offerings (pun intended) targeting initial coin offering (ICO) issuers, many believe the SEC might now turn its sights toward some of the gatekeepers involved in the subject ICOs, including the attorneys. Some attorneys practicing in the ICO space have… Read More

Most US Crowdfunding Platforms will Become Broker Dealers and Some May Become ATSs

Any US based cryptocurrency exchange is going to be compelled to become an Alternative Trading System (ATS), a regulated trading platform but not a full blown exchange. They have to do it or else. The Securities and Exchange Commission has been increasing the volume of… Read More