Tagged: sec

OCC Issues Interpretive Letter on Banks and Stablecoins, SEC Comments on its Position Regarding Digital Assets

The Office of the Comptroller of the Currency (OCC), part of the US Department of Treasury, has issued an interpretive letter pertaining to banks and federal savings entities pertaining to “certain stablecoins.” Stablecoins are digital currencies that are based on a fiat currency or specific… Read More

Crypto Lawyer Stephen Palley Says It’s Very Challenging to Advise Clients in the DeFi Space, After Uniswap Introduces UNI Governance Token

Uniswap, a non-custodial Ethereum token exchange, recently introduced a “governance” token, called UNI. There will be 1 billion UNI tokens that will be released to the general public over the course of the next 4 years. UNI tokens will be allocated to Uniswap’s community members…. Read More

SEC Commissioner Hester Peirce Comes to the Defense of Unikrn and ICO Settlement

Earlier today, the Securities and Exchange Commission (SEC) announced a settlement with Unikrn, a digital asset issuer that was deemed to have transgressed securities law in the offering of an unregistered security via an initial coin offering (ICO). Unikrn agreed to pay a $6.1 million… Read More

Unikrn Tokens are “Retired” as Company Settles with SEC Regarding Initial Coin Offering

Unikrn, a token issuer that attempted to remain compliant while issuing digital assets, has settled with the Securities and Exchange Commission (SEC) regarding allegations of an unregistered initial coin offering (ICO) of digital securities. Unikrn is an eSports and gaming platform launched in 2014. According… Read More

SEC Charges Film Producer Ryan Felton, Rapper/Actor Clifford Harris and Others for Participation in ICO Fraud

The Securities and Exchange Commission (SEC) has leveled charges pertaining to fraudulent initial coin offerings (ICO) against film producer Ryan S. Felton, rapper and actor Clifford Harris, Jr., or “T.I. or Tip,” and three others who apparently promoted one of Felton’s two unregistered and ICOs…. Read More

SEC Asset Management Advisory Committee Posts Agenda for Meeting, Includes Discussion on Private Market Returns

The Securities and Exchange Commission (SEC) has posted the agenda for the upcoming Asset Management Advisory Committee (AMAC) meeting scheduled for next week. According to the SEC, the meeting will include a discussion of matters in the asset management industry relating to (1) the ESG… Read More

Association of Online Investment Platforms Ask SEC to Immediately Boost Reg CF Cap to Help Alleviate Challenges of COVID-19

In a public statement, the Association of Online Investment Platforms (AOIP) has asked the Securities and Exchange Commission (SEC) to move quickly and to improve the regulatory environment to support small businesses during the ongoing COVID-19 health crisis. Addressed to SEC Chairman Jay Clayton, and… Read More

Lawcloud Reminds Reg CF Issuers to File Annual Report with SEC

Reg CF continues to grow in popularity as a securities exemption utilized by smaller firms to raise much-needed growth capital. Reg CF is the smallest of the three different crowdfunding exemptions but has perhaps garnered the most popular interest due. An issuer must utilize either… Read More

SEC Adopts Massive Changes To “Accredited Investor” Definition

Its official, the “accredited investor” definition, which has not changed significantly since its enactment almost 40 years ago, has been massively upgraded. On August 26, 2020, the Securities and Exchange Commission (“SEC”) adopted final amendments to the “accredited investor” definition which fundamentally change and broaden… Read More

Robinhood Earns Scrutiny of SEC, May Pay $10 Million Fine: Report

Robinhood, a trading app that has encouraged a new generation of investors to participate in equity trading, may have to pay a fine due to undisclosed deals it had with outside firms, according to a report. First reported by WSJ.com, Robinhood had been selling client… Read More

SEC Broadens Definition of Accredited Investor to Include Certain Sophistication Measures

As widely anticipated, the Securities and Exchange Commission (SEC) updated the definition of an Accredited Investor expanding the rule by adding certain sophistication criteria. The current definition defines an individual who earns over $200,000 a year ($300,000 if married) as accredited. If an individual has… Read More

Who is Against Expanding the Definition of an Accredited Investor?

It should be obvious to most everyone that the current definition of an Accredited Investor not only disenfranchises the vast majority of the population it is not really an effective proxy to evaluate an individual’s ability to assess risk and the opportunity affiliated with private… Read More

Anna Pinedo, Partner at Mayer Brown, Comments on Possible Update to Regulation S-K

Tomorrow, the Securities and Exchange Commission (SEC) will reveal any changes to Regulation S-K. A proposal by the Commission was introduced in 2019. According to the meeting notice, the Commission will consider: “whether to adopt amendments to modernize the description of business, legal proceedings, and… Read More

It’s Time for the Definition of an Accredited Investor to Change and Allow Greater Access to Individual Investors

Later this week, the Securities and Exchange Commission (SEC) will update the definition of an Accredited Investor – a rule that has been in place for decades. An open meeting of the Commission is scheduled for Wednesday, August 26, 2020. The current rule allows individuals… Read More

SEC to Hold Open Meeting to Address Accredited Investor Definition

The Securities and Exchange Commission (SEC) has scheduled an open meeting of the Commission to address several regulatory issues including an update to the current definition of an Accredited Investor. Regarding the Accredited Investor definition the SEC states it will consider: “whether to adopt amendments… Read More

Cannabis Crypto: Paragon Coin Class Action Lawsuit Poised to Move Forward

Paragon Coin, and its affiliated initial coin offering, is pretty emblematic of the ICO heyday when any token could raise money based largely on a white-paper and effective marketing campaign. While it is hard to accurately discern, Paragon issued the PRG token raising around $12… Read More

Yieldstreet Responds to Report Pertaining to Alleged SEC/FBI Investigations, States They Have Done Nothing Wrong

Alternative investment platform YieldStreet has responded to queries regarding a recent report alleging that the Securities and Exchange Commission (SEC), as well as the Federal Bureau of Investigation (FBI), were investigating specific securities issued via the platform. Last week, it was reported that both the… Read More

SEC Files Civil Enforcement Action Against Brendan Ross, Former Direct Lending Investments CEO, Criminal Charges Filed by DOJ

Brendan Ross, the former CEO and founder of Direct Lending Investments (DLI), is the target of a Civil Enforcement Action filed by the Securities and Exchange Commission (SEC) last week. Direct Lending Investments was once a prominent participant in the online lending industry in the… Read More

SEC Commissioner Hester Peirce Begins Second Term While Caroline A. Crenshaw Begins First Term as New Commissioner

The Securities and Exchange Commission (SEC) has announced that Caroline A. Crenshaw and Hester M. Peirce have been sworn into office as SEC commissioners. Commissioner Peirce is commencing her second term as a Commissioner while Commissioner Crenshaw is beginning her first. Commissioner Crenshaw fills a… Read More

SEC Issues Cease & Desist, Remedial Sanctions in Settlement Against Boon.Tech and ICO

The Securities and Exchange Commission (SEC) has announced charges against Boon.Tech and its CEO Rajesh Pavithran alleging fraud and registration violations in connection with a $5 million initial coin offering (ICO). According to the SEC’s order, from November 2017 to January 2018, Boon.Tech raised approximately… Read More

Send this to a friend