Tagged: sec

Telegram Enforcement Action: “A reminder that the SEC not only has considerable enforcement tools but is willing to use them”

Last week, Crowdfund Insider reported on the Securities and Exchange Commission (SEC) enforcement action against Telegram and the issuance of Gram tokens. The move by the SEC is a doozy and telling. First, Telegram sold about $1.7 billion in a SAFT (simple agreement for future… Read More

Following SEC Action Halting TON Token Sale in US, Telegram Issues Letter to Investors

A letter from a spokesperson for Telegram regarding the SEC’s emergency action to halt the sale of GRAM tokens to US investors has been making the rounds in the crypto media and on forums. In the the letter, “Shyam” states that Telegram, maker of a… Read More

tZero Partner Box Exchange Moves Closer to Regulatory Approval for Boston Security Token Exchange

The Securities and Exchange Commission (SEC) has filed a notice regarding Box Exchange, a partner of tZero, pertaining to the launch of the Boston Securities and Token Exchange (BSTX) which is seeking regulatory approval to offer publicly traded security tokens. tZero is a subsidiary of… Read More

SEC Slams the Brakes on Telegram’s $1.7 Billion Digital Token Offering in an Emergency Action

The Securities and Exchange Commission (SEC) has filed an emergency action and obtained a temporary restraining order against Telegram. The SEC targeted two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion… Read More

Final Bitcoin ETF Proposal Bites the Dust at SEC, Volume Misreporting on 95% of Crypto Exchanges Key

In a 112-page order, the US Securities and Exchange Commission (SEC) has rejected NYSE Arca’s request for a rule change to allow the company to sell a “Bitwise” Bitcoin ETF to retail traders. The proposal is believed to be the last remaining request for a… Read More

SEC Is Holding Settlement Discussions With Allegedly Fraudulent ICO Organizer Reggie Middleton

The US Securities and Exchange Commission (SEC) has reportedly initiated settlement discussions with Reggie Middleton, the manager of Veritaseum’s (VERI) $14.8 million initial coin offering (ICO). In August, the SEC Enforcement Division announced charges against Reginald “Reggie” Middleton who allegedly engaged in fraud related to… Read More

SEC’s Concept Release Comment Period Closes. So What Say You on Regulatory Harmonization & Access to Capital?

The Securities and Exchange Commission (SEC) officially closed comments on its concept release regarding regulatory harmonization of securities offerings exemptions on September 24, 2019. But as in past cases, comments have continued to trickle in and we would not be surprised if more follow. That… Read More

Plexcoin ICO Hit with $7 Million Final Judgement in SEC Enforcement Action

It has been a big week for enforcement actions at the Securities and Exchange Commission (SEC). Beyond the routine fraud cases, the SEC Division of Enforcement has announced settlements with several high profile initial coin offerings (ICO). Today, the Plexcoin ICO landed squarely in the… Read More

Block.one, Creator of EOS, Settles with the SEC. Was it a Slap on the Wrist? Did EOS Get a Pass from the Feds?

Earlier this week it was announced by the Securities and Exchange Commission (SEC) that it had settled with Block.one, creator of EOS, regarding allegations of issuing unregistered securities during an initial coin offering (ICO) that raised a record-breaking $4 billion. The fine assessed by the… Read More

Siacoin Makers Settle with SEC, Pay $225K Fine for Issuing Unregistered Securities

Without admitting or denying anything, Nebulous, a company that raised $120,000 USD in two early-days digital token sales, has settled with the SEC and agreed to pay approximately $225,000 USD in disgorgements and penalties. Nebulous maintains the Sia Network, a “decentralized cloud storage platform…more robust… Read More

Block.one, Creator of EOS Blockchain, Pays $24 Million Fine to SEC for Conducting $4 Billion ICO, Company “Excited to Resolve” Issue

EOS.io on iPhone

The US Securities and Exchange Commission (SEC) has settled charges against Block.one, high-profile creator of the blockchain network EOS, for allegedly conducting an unlicensed multi-billion USD ICO (initial coin offering) crowdsale. Block.one has agreed to pay a $24 million USD civil penalty: “The Securities and… Read More

SEC Receives $6.8 Fraud Judgement Against Reg A+ Issuer Longfin and Former CEO Venkata S. Meenavalli

On September 26, 2019, Judge Denise L. Cote of the U.S. District Court for the Southern District of New York entered a default judgment against Longfin and former CEO Venkata S. Meenavalli ordering a total of $3,532,235 in disgorgement of all proceeds raised in Longfin’s… Read More

Comments Sought: SEC Seeking Rule Change to Enhance Transparency in OTC Deals Involving Retail Investors

The US Securities and Exchange Commission (SEC) is seeking public comment on proposed changes to Exchange Act Rule 15c2-11. The amended rule seeks to, “provide greater transparency to the investing public by requiring that information about the issuer and the security be current and publicly available… Read More

An Issuers Point of View: Comments on Reg CF & the SEC’s Concept Release

The deadline for comments on the Securities and Exchange Commission’s “concept release” on regulatory harmonization was yesterday. But even while the official deadline hit on September 24th, we expect that more comment letters from interested parties will be trickling in over the next few days… Read More

SeedInvest Hammers on Definition of an Accredited Investor: “the current accredited investor definition is severely misguided and needs to change”

SeedInvest, one of the largest investment crowdfunding platforms in the US, has posted a comment letter pertaining to the Securities and Exchange Commission’s (SEC) concept release on regulatory harmonization. The comment letter is expected to be “one of multiple” letters with this first one addressing… Read More

Kik Confirms It’s Closing Messaging App for Teens; CEO Spoofed in Cryptomedia

Things took a strange turn last night after news broke that Kik, creator of a messaging app for teens also called Kik, has been executing layoffs in Israel and plans to shutdown the app. First, following news of the layoffs, Kik CEO Ted Livingston confirmed… Read More

Funding Circle Provides Lessons from “Foreign Frameworks” in Comment Letter Addressing SEC’s Concept Release on Regulatory Harmonization

Funding Circle lobby

Funding Circle (LSE:FCH), a leading peer to peer (marketplace) lending platform serving SMEs, has posted a comment letter regarding the Securities and Exchange Commission (SECs) concept release on regulatory harmonization. Funding Circle is the largest peer to peer lender in the UK – the country… Read More

Report: Embattled ICO-Issuer Kik Closing Down Messaging App

Two individuals who requested anonymity are claiming that Kik has begun disbanding the Isreali subsidiary responsible for running its messaging app, CalcalistTech reports. According to the outlet: “The company is moving all the app’s users to alternative platforms…The 70 employees of Kik’s Israeli cryptocurrency subsidiary… Read More

More ICO Fraud: SEC Charges Jonathan C. Lucas and Fantasy Market, an Adult Entertainment Marketplace, for Fraudulent ICO

The Securities and Exchange Commission (SEC) has filed its latest complaint targeting another allegedly fraudulent initial coin offering (ICO). According to a release, the SEC has charged Jonathan C. Lucas, the former founder and CEO of Fantasy Market, an online adult entertainment marketplace, with orchestrating… Read More

Wefunder’s Nick Tommarello Posts Comment on SEC Concept Release: Currently, Reg CF is “Most Often a Funding Option of Last Resort”

Wefunder, the leading crowdfunding platform using the Reg CF securities exemption, has posted a comment letter on the Securities and Exchange Commission’s concept release authored by Wefunder co-founder and CEO Nick Tommarello. The SEC’s concept release is an ongoing consultation on the current regulatory environment… Read More

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