Tagsec

SEC Chief: You're 'Sorely Mistaken' if You Think Bitcoin's All Grown Up

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jay clayton, sec, bitcoin

U.S. Securities and Exchange Chairman Jay Clayton just delivered a rebuke to cryptocurrency backers, alleging that Bitcoin is unlikely to trade on a major US exchange until it's much better regulated. Crypto's Not Ready for Prime-Time The chairman of the independent agency of the United States federal government stated in his opening speech at Delivering Alpha: “If [investors] think there’s the...

SEC Warms to Bitcoin ETF Amid Price-Manipulation Fears

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Jay clayton, SEC, bitcoin, crypto

SEC Chairman Jay Clayton says the agency is inching closer to finally approving a bitcoin ETF. However, he warns that more work needs to be done to deter price manipulation and ensure a transparent market. Clayton made the assertions during a CNBC interview with Bob Pisani (video below). Pisani asked if we're any closer to seeing a bitcoin ETF soon. Clayton responded by saying, "Yes. But there's...

Are VanEck ‘ETF’ and Bakkt Catalysts to Take Bitcoin to 2019 High Again?

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Primarily targeting institutional investors, VanEck and SolidX are reportedly selling a “limited version” of a bitcoin exchange-traded fund (ETF) after every bitcoin ETF proposal has been rejected by the Securities and Exchange Commission (SEC) to date. According to the VanEck SolidX Bitcoin Trust 144A Shares proposal, qualified institutional buyers (QIBs) will be able to purchase publicly quoted...

Andreessen Horowitz Tackles Washington’s Crypto Cops in Unusual Private Sitdown

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By CCN Markets: Angel investment and venture capital firm, Andreessen Horowitz, has taken an "unusual" measure in the fight against Washington's clampdown on cryptocurrency. To secure its stake within the emerging crypto industry, the VC wined and dined officials from the Treasury Department and numerous regulatory agencies. According to the Wall Street Journal, the lavish event opened with...

Disney Whistleblower: Corporate Accounting Fraud or Disgruntled Tale-Teller?

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Disney, Disney stock

By CCN Markets: News broke on Tuesday that a former Walt Disney Company accountant told the SEC that the company had inflated revenue over a number of years. The accountant was a senior financial analyst in the company's revenue – operations department. Her allegations are that employees repeatedly overstated revenue in the parks and resorts business segment by billions of dollars. Disney has...

The SEC Punts on Bitcoin ETFs and Will Never Permit Them

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sec, bitcoin

The U.S. Securities and Exchange Commission (SEC) is delaying its decisions on whether to approve or kill three new bitcoin ETFs. The bitcoin ETF offerings from VanEck, Bitwise, and United States Bitcoin and Treasury Investment have each been under consideration for months, and the SEC is pushing its decision out to the maximum amount of time permitted under federal regulations. Why Isn't The SEC...

Pro-Bitcoin SEC Commissioner Warns Against One-Size-Fits-All Crypto Laws

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Hester Peirce, Cryptocurrency, Crypto, Bitcoin

Pro-bitcoin SEC Commissioner Hester Peirce says adopting a single global regulatory framework for crypto is an "unwise" approach to governing the budding industry. Peirce says continued communication among the world's financial regulators is the key to unlocking the opaque regulatory puzzle we find ourselves in. "While I believe a single global regulatory framework would be unwise, regulators can...

SEC Lets Crypto Play, Clears Gaming Company to Sell Tokens 

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sec, blockchain

Pocketful of Quarters (PoQ) can breathe a sigh of relief today. The SEC announced that it will not take action against the gaming rewards company. This is only the second time the SEC has issued a “no-action” notice to a token seller.  In the notice, Jonathan Ingram, chief legal officer for the SEC’s FinHub, wrote,  “Based on the facts presented, the Division will not recommend enforcement action...

Blockstack Paves Way for Blockchain Startup Fundraising with SEC Nod

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sec, blockchain

Blockchain startups have received a dose of clarity on the fundraising landscape, and you can feel the excitement in the air. The U.S. securities regulator has given Blockstack the green light to sell Stacks (STX) tokens in the maiden SEC-approved crypto deal of its kind. The utility token sale will happen via an offshoot of an IPO known as Regulation A+, which was created several years ago...

Crypto Mom Bemoans 'Regulatory Escape Room' Feel for Crypto

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finra, sec

U.S. regulators FINRA and the SEC have put out a joint statement explaining why they have yet to approve applications from crypto exchanges such as Coinbase and Gemini requesting to receive licenses to operate as broker-dealers alongside their custody services. The statement comes in the wake of fraying patience and grumblings among key players in the crypto industry who have been stuck in an...

SEC Launches Search for Blockchain Data Service to Help 'Monitor Risk'

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sec and blockchain

The U.S. SEC has taken some steps to provide clarity to blockchain companies, but it's widely believed that the agency has not been active enough with respect to providing regulation. Now the securities regulator is apparently interested in engaging an “enterprise-wide data subscription for blockchain ledger data."  According to the notice on FedBizOpps.gov: "The United States Securities and...

Pro-Bitcoin Lawmaker Bashes SEC for 'Third-World Approach' to Crypto

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warren davidson slams SEC over bitcoin and crypto regulations

A pro-bitcoin lawmaker is furious that the United States is taking a "third-world, developing-economy approach" to cryptocurrency regulations, thanks to the lax SEC and the bumbling Congress. Republican Congressman Warren Davidson warns that the legislative foot-dragging is putting the United States at a competitive disadvantage in the burgeoning crypto market. So he says the SEC had better wake...

Video Streaming Startup Pursues SEC-Compliant Ethereum-Based Crypto

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younow, SEC

By CCN Markets: YouNow, a live video streaming startup, has filed a public offering circular with the U.S. SEC for a native cryptocurrency called the Props token. The company is not looking to sell this digital asset to investors; instead, they want to distribute it and are seeking compliant 'mining' of Props in the U.S. The filing has been done through the SEC's A+ exemption, which entitles a...

Did Kik Just Place a Target on the Backs of its Form-D ICO Peers?

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kik

By CCN: Kik might very well have good intentions by inviting a fight with the U.S. Securities and Exchange Commission. If the litigation, which the securities regulator has filed against the company, goes Kik's way, it will set a precedent for other blockchain startups that have taken a similar approach to raise funds in an initial coin offering (ICO). But if the other shoe drops, Kik could find...

Bitcoin in Crosshairs as SEC and DOJ Drop Hammer on Crypto Firm Longfin

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bitcoin and fiat

By CCN: The "crypto" startup Longfin Corp. got spanked by both the SEC and the DOJ for fraud amid a broader regulatory crackdown on bitcoin and the digital currency industry. Specifically, Longfin's CEO, Venkata Meenavalli, is accused of inflating the company's revenue by $66 million in order to fraudulently secure a listing on the Nasdaq in 2017. Prosecutors: Longfin Cooked the Books The...

US Securities Watchdog Says Desperate Kik Turned to Blockchain Tokens

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SEC and Kik

By CCN: According to documents tweeted by lawyer Stephen D. Palley, the government accuses Kik of turning to selling tokens out of desperation. The accusation is part of a motion to discover. Will Kik Open the Floodgates? The government is looking to ransack Kik as a result of its decision to buck the system. Not everyone thinks this will go well. Many people have to wonder why Kik is playing...

SEC Sues California Operator Behind $26 Million Crypto Pyramid Scam

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By CCN: On Thursday, the U.S. Securities and Exchange Commission (SEC) filed a civil injunctive action against the operator of an alleged pyramid scheme that raised $26 million from investors. The defendant in the case is Daniel Pacheco, 45, a resident of San Clemente, California who has been charged by the SEC with selling unregistered securities as well as operating a multimillion-dollar...

SEC Reels in $30 Million Alleged Diamond-Backed Crypto Scam

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SEC

By CCN: The U.S. SEC has secured a court order to stop an alleged diamond-backed Ponzi scheme estimated to be worth around $30 million. The securities regulator outlined how more than 300 investors were fleeced into handing over funds to Florida-based Argyle Coin LLC. SEC obtains emergency order halting alleged diamond-related ICO scheme targeting hundreds of investors — SEC_News...

Crypto Mom Scolds SEC for 'No Meaningful Action' to Spark Crypto Industry

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Hester Peirce, Cryptocurrency, Crypto, Bitcoin

By CCN: ‘Crypto Mom’ and SEC commissioner, Hester Peirce, has extended yet another olive branch to the cryptocurrency community. Speaking at the Securities Enforcement Forum in California on May 9th, Peirce said officials should be wary of stifling creativity with overzealous regulation. However, she also suggested a lack of regulation could have a similarly negative effect on the crypto space...

Bitcoin Generation Claps Back at SEC Over 'Reckless' Trading Suspension

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SEC, bitcoin

By CCN: Following the suspension of trading in Bitcoin Generation (BTGN), a regulated exchange based in Oklahoma whose stock trades in the OTC market, the company has responded. SEC "Highly Prejudicial," Says Bitcoin Generation The company says the U.S. SEC did not even inquire with them before freezing trading. CEO Deniz Hadjiev wrote this reporter saying, in part: “We welcome regulators...

Elon Musk, SEC Need More Time to 'Put on Their Reasonableness Pants'

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Elon Musk, SEC

By CCN: Elon Musk and the SEC are talking, demonstrating progress in a regulatory battle that has been drawn out for months. While the Tesla CEO and the securities regulator have yet to reach an agreement regarding a contempt of court dispute, they could be close. Musk and regulators have requested a one-week extension from a federal judge who recently advised them to "put your reasonableness...

Elon Musk Lost $1 Billion in a Day as Tesla Stock Crashed Amid SEC Court Showdown

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Tesla CEO Elon Musk lost $1.1 billion from his net worth yesterday morning (April 4) amid his court showdown with the Securities and Exchange Commission. In the first few minutes of trading, Tesla stock cratered as much as 11% before staging a tepid recovery by day's end. Tesla (TSLA) closed on April 4 at $267.78 -- down 8.2% on unusually heavy trading volume of 23.7 million shares. Average daily...

Crypto Win? SEC Admits Not All ICO Tokens are Securities

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SEC crypto

Under strict conditions, a US business travel company will be allowed to sell tokens. The SEC published a letter to TurnKey Jet today, which was in response to a previous letter from TurnKey’s lawyer. This is an about-face for the SEC, whose director Jay Clayton has in the past said that every token he has ever seen is a security, but recently softened his stance on Ether. The letter outlines the...

Volkswagen Faces SEC Lawsuit Over "Dieselgate" Scandal

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Volkswagen, SEC

German automaker Volkswagen is facing a lawsuit filed over its actions toward investors during the so-called "Dieselgate" scandal. Filed by the Securities and Exchange Commission (SEC), the lawsuit alleges that the automaker allowed investors to buy $13 billion worth of company bonds despite being aware of a growing scandal involving illegal software used to manipulate emissions' testing results...

Elon Musk Snaps Back at Contempt Charge; Is the SEC Baiting Tesla's CEO?

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Elon Musk Tesla SEC

Lawyers for Tesla’ CEO Elon Musk have accused the U.S. Securities and Exchange Commission of ‘unprecedented overreach’ and violating the constitutional rights of the iconic billionaire.
Musk’s legal team was responding to an SEC request to have the court hold Musk in contempt, according to Reuters. This was for violating a settlement he reached with the commission in September.

Elon Musk Now Under Real Pressure of Being Removed as Tesla CEO

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Tesla Elon Musk

Tesla CEO Elon Musk is in hot water again. Following comments on Twitter that the Securities and Exchange Commission (SEC) says violated the terms of his September 2018 settlement, Musk could find himself facing suspension and penalty fees. The comments have led to an official court order asking Musk to explain why he shouldn't be held in contempt, which seemingly brought Tesla stocks down...

Not Funny: Elon Musk's Twitter Joke Likely to Cost Tesla $460 Million

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tesla stock elon musk

When Tesla CEO Elon Musk pressed "tweet," he had to know his ill-timed joke about production numbers would catch the attention of SEC regulators. However, that single Twitter post might now force Tesla to pay nearly $1 billion in cash to settle up with bondholders. Tesla's Billion-Dollar Debt Load Comes Home to Roost At issue is $920 million worth of convertible bonds that are due Friday, March 1...

Elon Musk in Trouble Again Over Tesla Tweet as SEC Declares War

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Elon Musk, Tesla, SEC

The love, hate relationship between Tesla CEO Elon Musk and the SEC reached a new level Monday. The regulator called for Musk to be held in contempt for violating a previous judgment related to his penchant to tweet info that runs afoul of securities rules. The SEC (U.S.Securities and Exchange Commission)  filed a contempt order against Musk. It noted specifically that he violated a fraud...

Korea Bitcoin ETF Approval Depends on US SEC Decision, Admits Stock Exchange Official

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bitcoin South Korea

South Korea has joined the cryptocurrency community when it comes to waiting for the US' verdict on Bitcoin exchange-traded funds (ETF). The nation's sole bourse operator, Korea Exchange (KRX), admitted that it was carefully observing the constantly-unfolding crypto ETF scenario in the US. An official at the exchange - on condition of anonymity - told the Korean Herald that seeing the Securities...

Crypto Firm Gladius Tattles on Itself Before SEC Brings Down the Hammer

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SEC crypto gladius network ico

The SEC acknowledged a settlement with Gladius Network LLC today. Gladius raised almost $13 million in an ICO at the height of the crypto boom, from October to December 2017. The company tattled on itself last August, self-reporting potential violations to the SEC. As a result, the regulator has been gracious enough to opt not to impose additional financial penalties on Gladius. The catch...

Why the SEC’s 'ICO Guide' Paints a Dark Picture for Cryptocurrency in 2019

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bitcoin cryptocurrency

This week, the Securities and Exchange Commission tweeted out its guidelines for those launching and investing in ICOs, although many would say that over a year on from the peak of the cryptocurrency boom, the guidelines amount to too little, too late. That said, the document still throws up several points of contention, including a rather gloomy outlook for cryptocurrency exchanges - even...

US Regulators File Charges Against Apple Insider Trading Lawyer, for Insider Trading

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Apple Store

The job of a top lawyer at Apple Inc. was to ensure that no employees violate the company's insider-trading policies. It turned out that he was the one who was trading Apple Shares illegally, according to US regulators. The US Securities and Exchange Commission (SEC) filed a lawsuit against Gene Daniel Levoff, who served as Apple's senior director of corporate until September 2018 and was also a...

Why This Privacy Watchdog Says the SEC's Crypto Exchange Crackdown Threatens to Stifle Free Speech

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bitcoin exchange crime crypto SEC

The Electronic Frontier Foundation is taking the SEC to task for potentially repressive policies related to enforcement actions levied against crypto industry firms. Free speech online is the EFF's wheelhouse, but in a recent blog post, they’ve also addressed other matters in the cryptosphere. The criminalization of "providing an algorithm" is too broad a language for the constitutional watchdogs...

'Arcane' SEC Rules May Kill Chances of Bitcoin ETF in 2019: Crypto Mom

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SEC Hester Peirce Bitcoin ETF

The chance of a Bitcoin exchange-traded fund (ETF) gaining approval this year is slipping away.  Securities and Exchange Commissioner Hester Peirce yet again downplayed the prospect of a Bitcoin ETF on Tuesday. Known as “Crypto Mom” for her unwavering support for bitcoin, she blamed “arcane rules” at the Securities and Exchange Commission (SEC) for the long delay. Speaking at an event at the...

Crypto Mom Admits the U.S. SEC is ‘Impulsive in Running Away’ from Bitcoin

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Crypto Mom, hester peirce SEC bitcoin etf

In a recent speech at the University of Missouri School of Law, U.S. Commissioner Hester Peirce (‘Crypto Mom’) admitted the SEC has a tendency to flee from anything to do with digital currencies. We rightfully fault investors for jumping blindly at anything labeled crypto, but at times we seem to be equally impulsive in running away from anything labeled crypto. Regulation Should Not Strangle...

Why Bitcoin's Forecast is Finally Turning Bullish, Expect a Bitcoin Price Rise

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bitcoin price bull

The price of bitcoin is still hovering below the $3,500 mark and volatility seems to be dying fast. Is it strange, then, that SFOX' report (a cryptocurrency prime dealer for large-scale investors) places the Crypto market at ‘mildly bullish’ entering February? This is a couple of notches up from its ‘mildly bearish’ tag last month. Why? The institutional broker-dealer SFOX report collects key...

Bitcoin ETF is Coming: Hopeful US SEC Chief Says Approval Only a Matter of Time

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A Bitcoin ETF is on its way – really. This according to a U.S. Securities and Exchange Commissioner who thinks a Bitcoin ETF will eventually become a reality. Commissioner Robert J Jackson Jr. expressed optimism about a Bitcoin ETF being on the horizon during an interview with Congressional Quarterly. It wasn’t slated to be made public until Feb. 11. Regardless, details of the interview are...

SEC Wins Mammoth $1 Billion Judgment Against Woodbridge Group Ponzi Scheme

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sec crypto bitcoin stock

The U.S. Securities and Exchange Commission (SEC) announced Monday that a federal court in Florida had ordered Woodbridge Group of Companies LLC to pay $1 billion in penalties and disgorgement for operating a Ponzi scheme that targeted retail investors. Penalties are fines paid to the governing authorities, but disgorgements are court-ordered repayments of ill-gotten gains to the parties that...

Under Fire from the SEC, Kik's Crypto Project is Going to War

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Kik Kin ceo ted livingston

Canadian messaging app company Kik Interactive Inc. is planning to take the SEC to court over a potential enforcement action against Kik's 2017 initial coin offering (ICO) of the Waterloo, Ontario-based tech company's proprietary cryptocurrency, Kin. A Kik representative told CCN the stakes are high for the entire cryptocurrency industry: We are unsure of how the Commission will vote, but we...

Why Bitcoin Price Barely Moved Following CBOE's Withdrawal of ETF Proposal

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bitcoin price

By CCN.com: On January 23, the Chicago Board Options Exchange (CBOE) and VanEck officially withdrew their Bitcoin exchange-traded fund (ETF) proposal ahead of its February deadline. Analysts expected a decline in the Bitcoin price following the withdrawal given that the CBOE/VanEck Bitcoin ETF was arguably the most highly anticipated proposal to date. No Visible Impact on the Bitcoin Price On...

Newsflash: CBOE Withdraws Bitcoin ETF Application

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bitcoin etf, blockchain ETF

By CCN.com: The cryptocurrency community's best hope for a bitcoin ETF has been dashed, or at the very least delayed, as CBOE has withdrawn its application to list the VanEck SolidX Bitcoin Trust on CBOE BZX Exchange. According to a document (reproduced below) published by the Securities and Exchange Commission (SEC) on Wednesday, CBOE withdrew its application to list the physically-backed...

SEC Charges Group Behind Filing System Hack, $4.1 Million in Illegal Trades

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sec crypto bitcoin stock

New charges have emerged from a 2015 case of hacking and insider trading, the SEC announced today. In the previous case, Ivan Turchynov and Oleksandr Ieremenko hacked newswire services and provided information to traders before anyone else could get it. The scheme was very profitable. In one incident, a trader using the information made over $2 million by shorting a stock that was to receive bad...

Japan Not Considering Approval of Bitcoin ETF, FSA Denies Reports

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Japan bitcoin etf cryptocurrency

According to a spokesperson from the Financial Services Agency (FSA), Japan is not considering the approval of a Bitcoin exchange-traded fund (ETF). Speaking to Bitcoin.com, an FSA representative said: There is no such fact that we are considering approving ETFs which track crypto-assets at present. We are not currently considering approving them. Japan Doesn’t See the Need for a Bitcoin ETF Last...

Elon Musk to Investors: Don't Drag Ex-Girlfriend Grimes into Tesla Lawsuit

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elon musk tesla grimes

Billionaire Elon Musk is annoyed that Tesla shareholders want to subpoena his girlfriend, pop star Grimes (real name: Claire Elise Boucher), to question her about his infamous 2018 tweet about taking his electric-car company private. Musk's lawyer said the move is nothing more than a cheap stunt by shareholders to pressure Musk amid their securities class-action lawsuit. Elon Musk: Leave My...

Despite Taking Down 90 Crypto Scams, US Regulators Recovered Just $36 Million for Victims

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Regulators in the United States have filed over 90 cryptocurrency fraud cases in the last two years, the Wall Street Journal reports. While it is difficult to determine the amount that investors have lost, regulators at both the federal and state level have only managed to get back US$36 million, a figure considered paltry. What has made it difficult to trace funds is the anonymous and borderless...

More Than 15% of Crypto Projects Have Serious Red Flags: Wall Street Journal

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raid, bittrex international, crypto, ieo

According to new research from the Wall Street Journal, more than 15% of crypto projects raising funds through initial coin offerings (ICOs) have serious red flags that should give investors pause. The investigation, which analyzed the whitepapers of 3,300 cryptocurrency offerings and ICOs launched in 2017 and 2018, found that 513 of them likely committed plagiarism, misrepresented the identities...

US To Provide Regulatory Clarity On Crypto: Token Recovery In Sight?

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According to a report released by Kate Rooney, a markets reporter at CNBC, two congressmen -- Warren Davidson and Darren Soto -- are preparing a bipartisan bill to exclude crypto from the country’s securities law. The bill, entitled “Token Taxonomy Act,” is set to be introduced to the House in the months to come in an attempt to facilitate the growth of the cryptocurrency sector of the U.S. Could...

SEC Chair Jay Clayton's Mass Crackdown On Crypto Industry Roils GOP Lawmakers

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Jay Clayton, the chairman of the US Securities and Exchange Commission, is coming under fire from Republican lawmakers amid growing concerns over his harsh approach to regulatory enforcement — which critics claim strangles the free market and inhibits technological innovation. In 2018, the SEC launched a massive crackdown on the crypto industry, which has been roiled by high-profile ICO scams and...