Tagged: securities and exchange commission

April 16, 2019 @ 1:08 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have scheduled their 2019 National Compliance Outreach Program for Broker-Dealers. The event, taking place in Chicago, is designed to provide an open forum for regulators and industry professionals to discuss topics such as… Read More

April 8, 2019 @ 12:00 pm By JD Alois  |  

Last week, the Securities and Exchange Commission (SEC) moved forward on clarifying their position regarding digital assets. First, a No-Action Letter (NAL) was released pertaining to the issuance of a token by TurnKey Jet. In a tightly defined issuance, Turnkey was deemed not to be… Read More

April 3, 2019 @ 10:11 am By JD Alois  |  

Last month, the Securities and Exchange Commission (SEC) forwarded a letter to the Investment Adviser Association requesting feedback on digital assets and custody. Beyond the public inquiry, the letter is indicative of the Commission’s ongoing interest and research into blockchain based securities. The letter from… Read More

April 2, 2019 @ 6:00 pm By JD Alois  |  

Recently Crowdfund Insider was in communication with Securities Attorney Joe Nesler who posts regularly on his law firm’s web site pertaining to issues regarding crypto and securities law. A post by Nessler from last November touched upon reporting requirements under 12g and digital assets. CI… Read More

March 27, 2019 @ 4:06 am By Cali Haan  |  

Cryptocurrency market data aggregator CoinMarketCap.com, a reported “top 500″ cryptocurrency website, has admitted that concerns about the accuracy of data on its site recently expressed in an ETF affiliated document at the Securities and Exchange Commission (SEC )”are valid,” Bloomberg reports. In order to reduce… Read More

March 21, 2019 @ 2:00 am By JD Alois  |  

The American Bar Association (ABA) has published an extensive treatise on the US regulatory environment pertaining to cryptocurrency and other digital assets. In brief, the 353 white paper is a must-read review of current law and treatment by regulatory authorities such as the Securities and… Read More

March 18, 2019 @ 4:11 pm By JD Alois  |  

The newly formed Association for Online Investment Platforms (AOIP) visited Washington, DC last week to discuss improvements for access to capital for small business and better opportunities for smaller investors. The trip was organized in partnership with the Small Business and Entrepreneurship Council (SBECouncil) –… Read More

March 12, 2019 @ 3:09 pm By JD Alois  |  

Coincenter, a leading advocacy group for the cryptocurrency/virtual asset space, has shared a recent correspondence with SEC Chairman Jay Clayton. Chair Clayton responded last week to a letter originally sent last October by Congressman Ted Bud who was seeking additional clarity on crypto and its… Read More

March 9, 2019 @ 2:03 pm By JD Alois  |  

The initial coin offering (ICO) / Security Token Offering (STO) continues to endure a period of regulatory uncertainty. As things stand right now, ICOs are securities. End of story. If you completed an ICO after the Securities and Exchange Commission (SEC) issued the DAO Report… Read More

March 6, 2019 @ 11:35 pm By Cali Haan  |  

1Broker, a Marshall Islands-registered company with a CEO based in Austria, has announced it has settled lawsuits filed against it by the US Securities regulators, the SEC and CFTC: “We are pleased to let you know that we settled the two lawsuits without admitting or… Read More

February 28, 2019 @ 11:20 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed a motion for an order to show cause, on February 25, why Elon Musk, CEO of Tesla, should not be held in contempt for violating the terms of the Court’s October 16, 2018, Final Judgment. The agreed… Read More

February 20, 2019 @ 7:55 pm By JD Alois  |  

Yesterday, the Securities and Exchange Commission (SEC) proposed a reform that would permit potential issuers to gauge investor interest prior to pursuing an offering. According to the SEC, the new rule and related amendments would expand the “test-the-waters” process, currently available to emerging growth companies or “EGCs,”… Read More

February 20, 2019 @ 7:36 pm By Cali Haan  |  

Gladius Network, LLC, a company that raised $12.7 million dollars via ICO (initial coin offering) in late 2017 to, “develop a network for renting spare computer bandwidth to defend against cyber attacks and enhance delivery speed,” has settled with the SEC after self-reporting its unregistered… Read More

February 19, 2019 @ 11:03 pm By Cali Haan  |  

In addition to its standard warnings about the generalized risks of ICO-investing and advice to interested ICO issuers that they read the SEC’s 2017 21(a) report, the agency’s latest guide to ICOs (initial coin offerings) gets more specific about the “fraud and manipulation” risks posed… Read More

February 11, 2019 @ 9:00 pm By Michael B. Saryan and Charles S. Kaufman  |  

2017 saw a roaring ICO market, with billions of dollars raised by blockchain-based digital asset issuers selling “utility tokens” in initial coin offerings. As the Securities and Exchange Commission (the “SEC”) began cracking down on token issuers for failing to follow securities laws, in late… Read More

February 10, 2019 @ 1:25 pm By JD Alois  |  

In a presentation last Friday (along with a Q&A session), SEC Commissioner Hester Peirce discussed innovation, entrepreneurship, and the SEC’s impact on these important aspects of the economy. Delivered remotely to the University of Missouri School of Law, Peirce talked about balancing investor protection while fostering… Read More

February 8, 2019 @ 10:35 am By JD Alois  |  

Earlier this week, SEC Commissioner Robert Jackson spoke to Roll Call about the potential for Bitcoin or crypto-based Exchange Traded Funds (ETFs). Jackson said he is of the opinion that someone will eventually satisfy the standards the SEC have established. But he also added the caveat… Read More

February 8, 2019 @ 8:23 am By JD Alois  |  

Securities Fraud 101 Yesterday, the Securities and Exchange Commission (SEC) Enforcement Division filed a complaint against online gaming firm Kizzang and founder Robert Alexander. The SEC alleges that from February 2013 to mid 2017, Alexander raised approximately $9 million from 53 different investors. Unfortunately for… Read More

January 31, 2019 @ 8:52 pm By Scott Andersen  |  

On January 22, 2019, the Financial Industry Regulatory Authority (FINRA) released its examination priorities for 2019.  At the top of the list was online funding platform compliance with the securities laws. With an uptick in the offer and sale of securities offerings online with Rule… Read More

January 27, 2019 @ 9:30 am By JD Alois  |  

The Securities and Exchange Commission (SEC) is back on the job as President Trump signed a bill that will re-open the government for three weeks – until February 15th. The closure of federal offices was due to a political spat between the Democrats and the… Read More