Tagged: securities and exchange commission

Bitwise Liquidates XRP Holdings Due to SEC Lawsuit Against Ripple

Bitwise Asset Management, a crypto fund manager since 2017, has announced that the Bitwise 10 Crypto Index Fund (OTCQX: BITW) has liquidated its position in XRP. A Tweet indicated that Bitwise had held an emergency meeting yesterday where the decision was taken to liquidate the… Read More

SEC Posts Consultation on Custody of Digital Assets: Seeks Industry Feedback on Potential Future Action

The Securities and Exchange Commission has issued a statement and request for comment regarding the custody of digital asset securities by broker-dealers. The Commission states that this consultation is in order to encourage innovation around the application of Securities Exchange Act Rule 15c3-3 to digital… Read More

Ripple Support: Cato Director of Financial Regulation Studies Slams Regulation by Enforcement Approach by SEC

Following the announcement of an enforcement action by the Securities and Exchange Commission (SEC) alleging Ripple engaged in the sale of unregistered securities pertaining to XRP, Ripple has countered and executives have publicly countered the claims. Meanwhile, the lawsuit has caused several digital asset exchanges… Read More

SEC Charges Ripple, Christian Larsen and Bradley Garlinghouse, with $1.38 Billion Sale of an Unregistered Security

The Securities and Exchange Commission (SEC) has publicly posted the complaint charging Ripple with the sale of an unregistered security. Including in the enforcement action are Christian Larsen, the company’s co-founder, executive chairman of its board, and former CEO; and Bradley Garlinghouse, the company’s current… Read More

Wells Notice: Ripple Publishes First Response to SEC’s Enforcement Action

Ripple has posted a response to a Wells Notice received by the blockchain firm. A Wells Notice is a document sent to an entity or individual giving notice of a pending enforcement action following an investigation by the securities regulator. Yesterday, it was reported that… Read More

Ripple Targeted in SEC Enforcement Action

Ripple, the creator of XRP the third-largest crypto by market cap of over $22 billion, is the target of a Securities and Exchange Commission (SEC) enforcement action. Rumors have been circulating for some time now that Ripple had received a Wells Notice – an indication… Read More

ShipChain to Settle with the SEC Following $27.5 Million ICO of SHIP Tokens

The Securities and Exchange Commission (SEC) has accepted an offer to settle from ShipChain, a company that apparently raised $27.5 million in an initial coin offering (ICO) for SHIP tokens. The SEC states that ShipChain is a private company that was engaged in developing a… Read More

SEC Office of the Advocate for Small Business Capital Formation: Access to Capital Remains a Major Concern

The Securities and Exchange Commission (SEC), Office of the Advocate for Small Business Capital Formation (OASB), has published its annual report and there is plenty of interesting information included in the document. The OASB is a relatively new entity having been mandated by Congress in… Read More

Ethereum Gaining Interest as Institutional Asset Class as Decentralized Finance Gets Boost with Bitcoin focused DeFi Platform: Report

Ethereum (ETH), the world’s largest smart contract platform, and major decentralized finance (DeFi) assets have dropped during the past week. However, DeFi-related infrastructure is getting a boost from Bitcoin (BTC), according to a report from OKCoin. During the last week, top DeFi platforms such as… Read More

Court Orders Blockvest to Pay $696K Penalty for Unregistered Securities Offering in ICO

The United States District Court, Southern District of California, has filed a final judgment against Blockvest LLC and founder Reginald Buddy Ringgold. The order requires the defendants to pay a civil penalty of $332,370.99 along with a disgorgement of ill-gotten gains of $363,726.91 – including… Read More

SEC Charges Amir Bruno Elmaani, aka Bruno Block, for Unregistered ICO in Sale of Pearl Tokens

The Securities and Exchange Commission (SEC) has charged Amir Bruno Elmaani, aka “Bruno Block,” for conducting an illegal securities offering in an initial coin offering (ICO) and for a plan to profit by issuing millions of unauthorized tokens for himself at no cost and selling… Read More

Fintech: SEC FinHub to Become Standalone Office Renamed Strategic Hub for Innovation and Financial Technology

The Securities and Exchange Commission (SEC) announced a bit of end of the year housekeeping today by taking FinHub and morphing it into a standalone office now called the Strategic Hub for Innovation and Financial Technology. Valerie A. Szczepanik, who led FinHub will remain at… Read More

Offering Support for Crowdfunding and Broker-Dealers Subject to Transfer-Agent Requirements

On November 2, 2020, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) voted to amend its rules to harmonize, simplify, and improve the exempt offering framework. These amendments will, in general, be effective 60 days after publication in the Federal Register. Bigger is Better An… Read More

SEC Proposes Exemption for Securities Compensation for Gig Economy Workers

Somewhat unexpectedly, the Securities and Exchange Commission (SEC) has announced a proposed framework for gig economy workers to receive compensation by the issuance of securities. According to the SEC, the framework provides an exemption from registration for the issuance of compensatory securities by non-reporting issuers,… Read More

Chairman Jay Clayton Announces His Departure from SEC at End of Year

The Securities and Exchange Commission (SEC) has announced that Chairman Jay Clayton will depart the agency at the end of the year. The exit by Clayton has long been expected regardless of the outcome of the Presidential election. Clayton joined the SEC on May 4,… Read More

SEC Small Business Capital Formation Advisory Committee Prepares Recommendations on Finders

The Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee met this week to discuss the topic of “Finders.” A Finder is an individual who helps a small business find investors and may be paid a fee for this service. Under existing rules,… Read More

SEC Issues Statement on Wyoming Division of Banking’s No Action Letter Regarding Digital Asset Custody

The Securities and Exchange Commission, Staff of the Division of Investment Management has issued a public statement pertaining to a recent No-Action Letter (NAL) published by the Wyoming Division of Banking that included the Wyoming Division of Banking’s views relating to the definition of “bank”… Read More

The Exempt Offering Ecosystem: What the SEC Changed

TL;DR – The SEC announced a series of amendments (likely to be effective early next year) to the rules governing private offering exemptions – by far the most frequent path for venture fundraising.  The amendments retain the same “menu” of exemptions but make incremental improvements…. Read More

Cato’s Director of Financial Regulation Studies Comments on SEC’s Exempt Ecosystem Update: A Welcome Step to Streamline the Exceedingly Complex Capital Raising Rules

As previously reported, the Securities and Exchange Commission (SEC) has updated the exempt offering ecosystem – changes that impact online capital formation including Reg CF and Reg A+. The amendments published the SEC include funding cap increases to both the aforementioned exemptions while additional updates,… Read More

On Deck: SEC Small Business Capital Formation Advisory Committee to Tackle Finders Next

The Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee has scheduled a meeting for next week that will include the important topic of “Finders.” Finders are individuals or firms that help to match investors to smaller businesses. On October 7, the SEC… Read More

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