Tagged: securities and exchange commission

June 23, 2020 @ 10:34 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has obtained a final judgment in an enforcement action against Eran Eyal, the founder and former chief executive officer of UnitedData, Inc., DBA Shopin, for conducting an allegedly fraudulent initial coin offering (ICO). Towards the end of 2019, the… Read More

June 19, 2020 @ 7:48 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed an emergency action to halt Pennsylvania-based brothers Sean Hvizdzak and Shane Hvizdzak and a digital asset fund. The Hvizdzaks operated several companies: Hvizdzak Capital Management LLC; High Street Capital LLC; High Street Capital Partners, LLC . Each… Read More

June 19, 2020 @ 5:55 pm By JD Alois  |  

SeedInvest, a leading investment crowdfunding platform operating in the US, recently published a letter addressed to the Securities and Exchange Commission (SEC), an agency that is in the midst of a regulatory review regarding the exempt offering ecosystm. The SEC has proposed multiple rule changes… Read More

June 11, 2020 @ 1:28 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced that its Strategic Hub for Innovation and Financial Technology (FinHub) will hold virtual peer-to-peer meet-ups. The SEC said the FinHub staff recognizes the challenges and difficulties with in-person meetings in the midst of COVID-19.  FinHub staff seeks… Read More

June 8, 2020 @ 12:44 pm By JD Alois  |  

Congressman Patrick McHenry, the ranking member on the House Financial Services Committee, has sent a letter to the Securities and Exchange Commission (SEC) supporting the Commission’s efforts to improve and modernize the exempt securities ecosystem. The SEC has proposed a package of rule changes designed… Read More

June 4, 2020 @ 6:12 pm By JD Alois  |  

  Yesterday, the U.S. Department of Labor (DLO) issued an Information Letter under the Employee Retirement Income Security Act (ERISA) pertaining to private equity investments as a component of a professionally managed funds offered as an investment option for participants in defined contribution plans. Effectively,… Read More

May 28, 2020 @ 3:32 pm By JD Alois  |  

BitClave, a blockchain-based firm that completed an initial coin offering (ICO) for “Consumer Activity Tokens” (CAT) in 2017, has agreed to return investor money, according to the Securities and Exchange Commission (SEC). This is just the latest ICO that has had to backtrack on a… Read More

May 19, 2020 @ 10:25 am By Omar Faridi  |  

Investors are reportedly looking to recover funds they had invested in EOS tokens, which they did through the record-breaking $4.1 billion initial coin offering (ICO) conducted by Block.one, the Cayman Islands-registered software developer that created EOS, one of the largest platforms for building decentralized applications… Read More

May 15, 2020 @ 12:47 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has added six new members to its Investor Advisory Committee. The Committee is required under law and it seeks to advise the Commission on regulatory priorities regarding securities, trading and investment, disclosure, and investor protection issues. The new members… Read More

May 15, 2020 @ 12:00 pm By JD Alois  |  

Earlier this week, it was reported that Telegram has decided to abandon its initiative to launch a blockchain platform called TON (Telegram Open Network) and a cryptocurrency named Gram. The decision was the direct result of an ongoing enforcement action launched by the US Securities… Read More

May 13, 2020 @ 9:35 am By Omar Faridi  |  

Encrypted messaging provider Telegram has reportedly abandoned its TON blockchain project after a lengthy court battle with the US Securities and Exchange Commission (SEC). Pavel Durov, founder of Telegram, confirmed on May 12, 2020, that the Telegram Open Network (TON) initiative would be discontinued, because… Read More

May 10, 2020 @ 12:31 pm By Omar Faridi  |  

Encrypted messaging service provider Telegram says it will be handing over official communications, bank records and other relevant information to the US Securities and Exchange Commission (SEC). These details are reportedly being provided as part of an ongoing legal battle against Telegram. US authorities have… Read More

May 5, 2020 @ 10:34 am By Omar Faridi  |  

Encrypted messaging provider Telegram reportedly missed its April 30, 2020 deadline for launching the Telegram Open Network (TON), a blockchain platform (under development) that will be protected by a built-in “anonymizer” and proxy. The TON platform aims to offer messaging, the Gram cryptocurrency, and various… Read More

May 4, 2020 @ 2:43 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced that temporary rule changes regarding Reg CF (Regulation Crowdfunding) in light of the COVID-19 pandemic. According to a release, the SEC is following suggestions made by members of the SEC’s Small Business Capital Formation Advisory Committee. The… Read More

May 3, 2020 @ 5:24 pm By JD Alois  |  

Last Thursday, a letter posted on the Russian website of SmartLab said that Telegram will offer GRAM purchasers the option to receive their money back as the deadline for the issuance of the tokens had passed. Telegram has been in an ongoing legal battle with… Read More

April 24, 2020 @ 10:34 am By JD Alois  |  

The long march of crypto enforcement actions continued today when the Securities and Exchange Commission (SEC) revealed charges against Dropil and founders Jeremy McAlpine, Zachary Matar, and Patrick O’Hara pertaining to an initial coin offering (ICO). As has become fairly commonplace, the SEC is alleging… Read More

April 21, 2020 @ 3:39 pm By JD Alois  |  

  The Securities and Exchange Commission (SEC) has filed fraud charges against Steven L. Brickner of South Florida. Brickner allegedly committed fraud in relation to $5.5 million raised to invest in Cannabis-related companies including one called “High Country” in Colorado. According to the SEC, Brickner… Read More

April 19, 2020 @ 9:46 pm By Omar Faridi  |  

A somewhat secretive but promising hedge fund has reportedly been approved to make investments in the Bitcoin (BTC) futures markets. As noted in a document dated March 30, 2020, the US Securities and Exchange Commission (SEC) has now permitted Renaissance Technologies’ Medallion Funds to offer… Read More

April 15, 2020 @ 3:00 pm By JD Alois  |  

Special Purpose Vehicles or “SPVs” have long been requested by FINRA regulated platforms participating in the Reg CF sector of crowdfunding. Under current rules, SPVs are not allowed to be utilized. This may soon change as the Securities and Exchange Commission (SEC) has proposed enabling… Read More

April 13, 2020 @ 3:38 pm By JD Alois  |  

George Cook, the CEO of Honeycomb Credit, is a sixth-generation community banker who started a loan crowdfunding portal to support main street small businesses. A FINRA regulated funding portal, Honeycomb is a debt only seeing an opportunity to supplant bank lending or competing Fintechs that… Read More