Tagged: securities and exchange commission

SEC Settles with Blockchain based Health Care Platform SimplyVital Health in Regards to Initial Coin Offering

The Securities and Exchange Commission (SEC) filed an Administrative Proceeding earlier this week regarding an initial coin offering (ICO) affiliated with SimplyVital Health – a company that pursued an ICO in late 2017 and early 2018. The SEC claims that SimplyVital sold unregistered securities. SimplyVital… Read More

Attorney Lewis Cohen of DLXLaw Discusses Pocketful of Quarters Digital Asset No Action Letter from SEC

DLXLaw, a boutique law firm that specializes in blockchain and smart contracts, recently helped a digital asset issuer receive a no-action letter (NAL) from the Securities and Exchange Commission (SEC). By receiving the NAL, the issuer, Pocketful of Quarters, received an implicit green light to… Read More

StartEngine Receives ATS License. So When Will Secondary Trading in Crowdfunded Securities Start?

StartEngine, one of the larger securities crowdfunding platforms in the US, has received an Alternative Trading System license (ATS). StartEngine has long shared its intent to pursue an ATS license as it seeks to provide a liquidity path for crowdfunded securities. Crowdfund Insider reported last… Read More

SEC Freezes $8 Million from Alleged Bogus ICO & Manipulation Fraud Perpetrated by Reggie Middleton [u]

The Securities and Exchange Commission (SEC) Enforcement Division has announced charges against Reginald “Reggie” Middleton who allegedly engaged in fraud related to a digital securities offering. The courts have granted an emergency freeze on $8 million in assets of a reported $14.8 million that Middleton… Read More

SEC Government-Business Forum on Small Business Capital Formation Agenda Published

The Securities and Exchange Commission (SEC) has posted the agenda for the 2019 Government-Business Forum on Small Business Capital Formation scheduled for next week in Omaha, Nebraska. Typically, all of the Commissioners will participate in the Forum. During the tenure of prior Chairmen, the SEC… Read More

Kik Responds to SEC Enforcement Action: “the Commission’s Complaint reflects a consistent effort to twist the facts”

Kik Interactive has responded to the Security and Exchange Commission’s (SEC) enforcement action alleging the sales of unregistered securities. The legal fisticuffs are being intently followed by the crypto industry and any decision may impact the entire US digital asset industry. Earlier this year, a… Read More

SEC Chair Jay Clayton Schedules Meet Up for Main Street Investors in Chicago on the 15th

Securities and Exchange Commission Chairman Jay Clayton has booked an event for “Main Street investors” to be held in Chicago on Thursday, August 15. The event will come a day after the SEC’s annual Government-Business Forum on Small Business Capital Formation taking place in Omaha…. Read More

US Securities and Exchange Commission is Getting into Blockchain, Issues RFQ for Monitoring Tech

The US Securities and Exchange Commission (SEC) is moving into blockchain technology, so it seems. According to a post on the Federal Business Opportunities website, the SEC is looking to acquire off the shelf technology to better monitor digital assets including compliance and risk and… Read More

Active Participants and Digital Assets: The SEC Coins a New Term

Raising capital by issuing tokens that rely on distributed ledger or blockchain technology has been clouded by regulatory uncertainty since the practice emerged during the initial coin offering or “ICO” boom. As entrepreneurs seek to use blockchain technology to build new networks and tokens, this… Read More

SEC Cyber Chief Rober Cohen Exits Commission After 15 years of Service

The Securities and Exchange Commission’s first Cyber Unit Chief, Robert Cohen, is leaving the SEC after 15 years at the federal regulator. The Cyber Unit was created in 2017 is it became apparent the SEC needed to focus greater attention on digital assets, more specifically… Read More

Pocketful of Quarters Comments on SEC No-Action Letter Pertaining to Non Security Tokens

Quarters on Republic

Following the Securities and Exchange Commission (SEC) no-action letter for their blockchain based “Quarters” tokens made for the game industry, Pocketful of Quarters (PoQ) has issued a statement on the decision. Pocketful of Quarters was the concept of 13-year-old founder & Chairman, George B. Weiksner…. Read More

Universal Gaming Token, “Pocketful of Quarters,” Receives SEC No Action Letter for Blockchain based Service

On the same day DLXLaw sent a letter requesting “no-action” by the Securities and Exchange Commission (SEC) Enforcement Division, Pocketful of Quarters received a response from the SEC indicating its intent not to take any action against the blockchain-based platform. DLXLaw is a boutique law… Read More

Allison Herren Lee Sworn in as SEC Commissioner

Yesterday, Allison Herren Lee was officially sworn in as an SEC Commissioner. Lee was nominated by President Trump and confirmed by the US Senate in June. Lee fills a term that expires on June 5, 2022. SEC Chairman Jay Clayton commented on Lee joining the… Read More

Securities and Exchange Commission Issues Statement on Custody of Digital Assets

The Securities and Exchange Commission (SEC), Division of Trading and Markets, has joined with the Financial Industry Regulatory Authority (FINRA) in issuing a statement regarding the custody of digital assets and broker-dealers. Custody of digital assets is a pressing concern for industry participants. Similar to… Read More

Allison Lee Confirmed as SEC Commissioner

Allison Lee has been confirmed by the US Senate as a Commissioner at the Securities and Exchange Commission. Earlier this month, Lee testified in front of the Senate Banking Committee as part of the confirmation process. Lee has spent the bulk of her career at… Read More

The SEC Publishes Report on Reg CF: “The number of crowdfunding offerings as well as the total amount of funding during the considered period was relatively modest”

The Securities and Exchange Commission (SEC) has published a statutory report on Regulation Crowdfunding commonly referenced as Reg CF. The mandated report must be forwarded to Congress three years after Reg CF rules became effective (May 2016). Reg CF is the smallest of three federal… Read More

The Securities and Exchange Commission Asks for Feedback on Ways to Harmonize Securities Exemptions

The Securities and Exchange Commission is seeking comments on the current securities exemption structure. In a release yesterday, the SEC asked the public to provide feedback on “ways to simplify, harmonize, and improve the exempt offering framework to expand investment opportunities while maintaining appropriate investor… Read More

Crypto Expert Stephen McKeon Comments on Kik’s ICO Battle with the Security and Exchange Commission

It has been widely known that Kik was engaged in a cage match with the Securities and Exchange Commission (SEC) ever since Kik went public regarding a Wells Notice submitted by the SEC. A Wells Notice informs an entity they may be the target of… Read More

Kik is the First Major ICO SEC Enforcement Action: “The First Shoe Has Finally Dropped.”

Kik’s Hail Mary Pass. As Crowdfund Insider reported earlier today, the Securities and Exchange Commission (SEC) has publicly revealed the allegations against Kik and the issuance of the Kin tokens. In 2017, Kik completed an initial coin offering (ICO) that raised a whopping $100 million… Read More

SEC Goes Public with Kik – Kin ICO Lawsuit Alleging Sale of Unregistered Securities

The Securities and Exchange Commission (SEC) has publicly announced its lawsuit against Kik Interactive for conducting an illegal $100 million securities offering of “Kin” digital tokens in an initial coin offering (ICO). The legal action should come as no surprise to industry followers as Kik… Read More

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