Tagged: securities and exchange commission

April 22, 2021 @ 11:30 am By Alonzo Llorens and Olivia Daly  |  

  In an effort to address an issue that has frustrated the business community for years, including startups, tech companies, and “finders,” the U.S. Securities and Exchange Commission (SEC) published a proposed conditional exemption for finders on October 7, 2020. Under the proposal, people (i.e.,… Read More

April 14, 2021 @ 3:21 pm By JD Alois  |  

In a floor vote yesterday, the US Senate approved the selection of Gary Gensler as the next Chairman of the Securities and Exchange Commission. The current SEC Commissioners joined in welcoming the new Chair stating: “A warm congratulations to Gary Gensler on his Senate confirmation… Read More

April 14, 2021 @ 7:36 am By JD Alois  |  

SEC Commissioner Hester Peirce has posted an update to her Token Safe Habor proposal. Back in February 2020, Commissioner Peirce revealed her proposal in an effort to create a regulatory environment that supported Fintech innovation while acknowledging the unique characteristics of digital assets. Since the… Read More

April 7, 2021 @ 5:04 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has obtained final judgment concluding the fraud case against real estate crowdfunding platform iFunding and defendant William C. Skelley. iFunding was an early entrant in the real estate crowdfunding market that issued securities under Reg D 506c, a new… Read More

April 7, 2021 @ 4:17 pm By JD Alois  |  

Back in December of 2020, the Securities and Exchange Commission (SEC) posted a complaint alleging that Ripple engaged in the sale of an unregistered security. The enforcement action included Christian Larsen, the company’s co-founder, executive chairman of its board, and former CEO, and Bradley Garlinghouse,… Read More

April 3, 2021 @ 7:41 pm By Omar Faridi  |  

Cass Sanford, an Associate General Counsel who supports regulatory and policy-making initiatives at OTC Markets Group, notes that the US Securities and Exchange Commission’s (SEC) amendments to Rule 15c2-11 may eliminate public quoting in securities of issuers that don’t make current information “publicly available.” Sanford,… Read More

March 31, 2021 @ 5:34 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has issued a statement addressing the hot SPAC market. Special purpose acquisitions companies or blank check firms have boomed in recent months. SPACs are viewed as an easier path for issuers to become a publicly-traded firm yet the rapid… Read More

March 30, 2021 @ 11:00 am By Ariel Glasner and Amit Roitman  |  

President Joe Biden’s young administration is poised to deliver heightened – and perhaps unprecedented – regulatory scrutiny of the exploding Fintech industry.  The groundwork for a more active regulatory regime has been set over the course of the past decade.  Prior administrations harnessed existing enforcement… Read More

March 14, 2021 @ 7:30 pm By JD Alois  |  

Last week, the Senate Banking Committee voted to 14-10 to move forward with Gary Gensler’s nomination as the Chairman of the Securities and Exchange Commission. On the same day, the vote was taken on Rohit Chopra and his nomination as Director of the Consumer Financial… Read More

March 12, 2021 @ 5:54 pm By Omar Faridi  |  

Despite a few weeks’ break from their regulatory assessments, the BitOoda team says it has been regularly monitoring the crypto industry and engaging in the ongoing advancement of the US regulatory landscape. BitOoda notes that the recent developments they’ve followed are: New York Attorney General… Read More

March 12, 2021 @ 3:25 pm By JD Alois  |  

Congressman Patrick McHenry, the ranking member of the House Committee on Financial Services, has sent a letter to the Securities and Exchange Commission (SEC) urging them to move forward on improvements to Regulation Crowdfunding (Reg CF). The letter is addressed to SEC Acting Chair Allison… Read More

March 11, 2021 @ 11:08 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed an emergency action and obtained a temporary restraining order and asset freeze against Shawn C. Cutting. The SEC alleges that Cutting raised millions of dollars by falsely claiming to be a financial adviser with securities licenses, overstating… Read More

March 8, 2021 @ 2:24 pm By JD Alois  |  

Last week the Senate Banking Committee held a confirmation hearing for Gary Gensler, the individual selected by President Biden to lead the Securities and Exchange Commission (SEC). Gensler is well known to Washington, DC having previously been Chairman of the Commodities Futures Trading Commission during… Read More

March 4, 2021 @ 4:34 pm By JD Alois  |  

SEC Commissioner Hester Peirce nudged the crypto crowd a bit this week pointing out that feedback on the SEC’s request for comments on digital asset custody is paltry at best. Commissioner Peirce has long been noted for her support of innovation in financial services and… Read More

March 4, 2021 @ 11:11 am By JD Alois  |  

Ripple is preparing to file a motion to dismiss in its ongoing legal battle with the Securities and Exchange Commission (SEC). Last December, it was reported that the SEC had filed a complaint charging Ripple with the sale of an unregistered security. Included in the… Read More

March 2, 2021 @ 8:16 am By JD Alois  |  

Gary Gensler, selected by President Joe Biden to become the Chairman of the Securities and Exchange Commission (SEC), is having his nomination hearing today in the Senate Banking Committee. If approved, Gensler will take the helm of the Commission and perhaps see it through a… Read More

March 1, 2021 @ 10:07 am By JD Alois  |  

At the end of 2020, the Securities and Exchange Commission (SEC) issued a statement on the custody of digital assets by “special purpose broker-dealers.” At that time, the SEC said that they were seeking to “encourage innovation around the application of Securities Exchange Act Rule… Read More

February 28, 2021 @ 9:44 pm By Omar Faridi  |  

Robinhood Markets Inc, the leading zero-fee stock trading app provider, stated on Friday (February 26, 2021) that US regulatory authorities were investigating the firm’s temporary trading restrictions on these so-called “meme stocks” earlier in 2021. These activities have come under increased scrutiny as the shares… Read More

February 21, 2021 @ 10:57 pm By Omar Faridi  |  

When the US Securities and Exchange Commission (SEC) filed a lawsuit against blockchain-focused Fintech firm Ripple Labs in December 2020, the crypto industry and larger community had reacted with alarm and many were surprised. The SEC’s lawsuit also led to Ripple hiring high-profile legal experts… Read More

February 17, 2021 @ 4:10 pm By JD Alois  |  

The Securities and Exchange Commission has announced charges against Coinseed and its co-founder and CEO, Delgerdalai Davaasambuu, in connection with Coinseed’s offer and sale of digital asset securities. According to Coinseed’s website, the company offers Apps on both the Apple App Store as well as… Read More