Tagged: securities and exchange commission

October 3, 2020 @ 8:12 am By JD Alois  |  

This past week, Kik, a company that raised over $100 million in an initial coin offering (ICO), lost a long legal battle with the Securities and Exchange Commission (SEC). The courts determined that Kik had raised capital in an unregistered securities offering thus transgressing securities… Read More

October 1, 2020 @ 10:36 am By JD Alois  |  

Kik, a company that raised around $100 million in an initial coin offering (ICO), has lost a battle with the Securities and Exchange Commission as it fought a claim the offering was in fact an unregistered security. In a court filing yesterday, Judge Alvin K…. Read More

September 30, 2020 @ 8:04 pm By JD Alois  |  

The Securities and Exchange Commission has scheduled an open meeting on the topic of “finders.” The Commission will consider a conditional exemption from broker registration requirements for individuals to engage in “certain limited activities” on behalf of securities issuers. To quote the Commission: “The Commission… Read More

September 30, 2020 @ 11:09 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced charges against a Florida individual who allegedly defrauded investors in a digital asset trading scheme, according to a court filing. The SEC alleges that Thomas J. Gity, said to be a convicted felon with no professional financial… Read More

September 26, 2020 @ 9:24 am By JD Alois  |  

The Securities and Exchange Commission (SEC), Division of Trading and Markets, issued a no-action letter to FINRA yesterday afternoon that impacts certain trading platforms that serve as markets for digital assets that are securities. FINRA is a self-regulatory entity that coordinates with the SEC regarding… Read More

September 21, 2020 @ 4:39 pm By JD Alois  |  

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

September 15, 2020 @ 5:32 pm By JD Alois  |  

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

September 3, 2020 @ 10:01 pm By Anthony Zeoli  |  

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

August 26, 2020 @ 11:03 am By JD Alois  |  

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

August 25, 2020 @ 12:27 pm By JD Alois  |  

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

August 23, 2020 @ 7:30 pm By JD Alois  |  

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

August 21, 2020 @ 3:33 pm By JD Alois  |  

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

August 17, 2020 @ 2:36 pm By JD Alois  |  

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

August 17, 2020 @ 12:07 pm By JD Alois  |  

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

August 16, 2020 @ 5:01 pm By JD Alois  |  

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

August 11, 2020 @ 10:39 am By JD Alois  |  

Longtime Securities and Exchange Commission (SEC) staffer Sebastian Gomez Abero has been named Deputy Director of the SEC’s Office of the Advocate for Small Business Capital Formation (OASB). Gomez Abero has been serving as Senior Advisor to SEC Chairman Jay Clayton. The OASB was created… Read More

August 7, 2020 @ 6:05 pm By JD Alois  |  

SEC Commissioner Hester Peirce, a public official that has long favored Fintech innovation and more specifically the digital asset sector, has been confirmed by the US Senate on a voice vote for another 5 year term. The vote was held yesterday and indicative of a… Read More

August 6, 2020 @ 6:00 pm By JD Alois  |  

Earlier this week, the Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee met to discuss how capital markets are serving underrepresented segments of entrepreneurship and small businesses. As we all know, every early-stage firm needs to have access to capital to thrive… Read More

July 31, 2020 @ 7:33 am By Omar Faridi  |  

The US Securities and Exchange Commission (SEC) revealed on July 29, 2020 that it’s planning to award a single-source contract to blockchain security firm CipherTrace, a Menlo Park, California based business that recently introduced real-time predictive risk scoring for cryptocurrencies. The SEC said that CipherTrace… Read More

July 29, 2020 @ 6:15 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee has posted its agenda for its upcoming meeting scheduled for August 4th. The SEC states that the Committee will focus its agenda on how capital markets are serving underrepresented founders, including minorities and… Read More