This article was edited by Gerelyn Terzo.
SEC Chair: Bitcoin Is Not Like Stocks, 'We Won't Flip a Switch on Crypto'
S
Bitcoin 'Crypto-Casino' is a Terrorist Playground: Ex-SEC Crime Czar
B
By CCN: Bitcoin is a worthless sham that's only useful for facilitating crime, and the public must be warned about the full spectrum of the crypto-sphere's sleaziness. That's the opinion of attorney John Reed Stark, a cybersecurity expert who worked for 20 years at the SEC's enforcement division. In a damning Law 360 column, Stark says the Securities and Exchange Commission will soon crack down...
Kik Fortifies War Chest to Battle SEC Lawsuit Over $100 Million ICO
K
By CCN: Canadian mobile-messaging company Kik is preparing to fight the SEC tooth-and-nail when the agency sues the firm over its $100 million ICO. Many companies settle to avoid a protracted and expensive legal war. However, Kik says the best way to force the Securities and Exchange Commission to issue regulatory clarity is through a full-scale court battle. So that's what it's doing. Facebook...
Bitcoin Skeptic Mark Cuban Torches 'Useless' SEC in Withering Takedown
B
By CCN: Billionaire bitcoin skeptic Mark Cuban torched the Securities and Exchange Commission as "useless" bureaucrats who bring "ridiculous" lawsuits against investors to justify their worthless existence. "I'm obviously not a fan of the SEC," Cuban told CCN. "I think they prefer regulation through litigation and that creates problems for everyday investors." Cuban — whose net worth tops...
Kin Picks a Fight with the SEC in Hopes of Inspiring a New Howey Test
K
By CCN: The Kin Foundation is attempting to take crypto regulation into its own hands. In an interview with Laura Shin on the Unchained podcast, Ted Livingston, founder of the Kin Foundation and Kik CEO, unveiled the Defend Crypto fund, which is designed to "fight the SEC in court." The fund, which was launched on Coinbase Custody, is already comprised of $5 million, which was contributed by the...
Bitcoin ETF Not 'Imminent' But Could Upend Crypto Market in 2019: Expert
B
By CCN: A bitcoin ETF does not wait on the immediate horizon, according to the managing director of ETF.com, Dave Nadig. A veteran of the exchange-traded fund market and an indexing expert, Nadig told CNBC's Bob Pisani that a bitcoin ETF was not “imminent" but remained a strong possibility for 2019. Bitcoin ETF Not Imminent, Says Market Expert Dave Nadig Dave Nadig told CNBC there was no reason...
Bitcoin Stock Slapped with Trading Freeze Amid SEC Probe
B
By CCN: Shares of Bitcoin Generation (BTGN), a little-known Bitcoin stock, last traded at 9 cents. They will remain there until at least May 10 while the Securities and Exchange Commission launches a probe into the Oklahoma-based company's finances. US Regulators Investigate Public Crypto Exchange The Bartlesville, Oklahoma-headquartered company offers a regulated cryptocurrency exchange that...
Elon Musk's Deal with Wall Street Watchdog Could Mean Less Tweeting
E
By CCN: Nobody puts Elon Musk in a corner. Well, maybe the SEC. The Tesla CEO has reached a settlement with the U.S. securities watchdog. According to the court filing, which still requires a judge's John Hancock, Musk will be tweeting a whole lot less than he'd probably like, certainly less than his 26.1 million followers would like. The deal, which was filed with the U.S. District Court...
SEC Cracks Whip, Drops 'Blockchain' from ETFs for Misleading Investors
S
By CCN: Crypto winter or not, the U.S. Securities and Exchange Commission (SEC) is cracking down on products that could mislead investors eager to gain exposure to bitcoin - or at least the technology behind it. The regulator has begun pressuring fund providers that offer so-called "blockchain ETFs" to remove the word "blockchain" from the fund names. Bloomberg reports that the SEC already asked...
$50 Million: Blockstack Files for 1st Ever SEC-Approved Crypto Token Sale
$
Blockstack, a firm that’s working on offering a decentralized, tokenized computing network (to facilitate decentralized applications) has applied with the SEC to provide a $50 million token sale later this year. If approved, the company would be the first in the blockchain industry to use the SEC’s Regulation A+ framework. They are among the first to seek SEC approval before doing anything...
Crypto Lawyer: SEC's ICO Guidance Just a Legal 'Nothingburger'
C
When the U.S. Securities and Exchange Commission publishes anything related to the cryptocurrency space, the industry immediately pays attention. However, a highly-touted guidance document from the regulator in regards to blockchain and ICOs is shaping up to be seen as a case of nothing to see here. SEC Publishes Guidance for Crypto Sales On Wednesday, the SEC released a statement outlining its...
SEC's Latest Crypto Hire is Just a Bitcoin Smokescreen
S
U.S. regulators may appear to have finally come to terms with the fact that the crypto industry isn't going anywhere, but they are stalling nonetheless. The Securities and Exchange Commission (SEC) is on the hunt for a crypto specialist attorney, one who will seemingly provide yet more clarity as the agency navigates the choppy market terrain. While it's good to see the agency dedicating...
Exclusive: Crypto Founder Lashes Out, Blames SEC for 'Starving' Innovation
E
“My name is David Siegel, I am a regulatory refugee from the United States.” This is how David Siegel, founder of crypto projects Pillar and 20|30, starts his presentations. What challenges have you faced building projects within the blockchain industry? Siegel understands the need for innovation and disruption within economies, and he can get more done in the UK and Europe than he can in the US...
SEC Crypto Mom: 'Dismissive' U.S. Regulators Miss the Point of Cryptocurrency
S
If ever there was a canary in the regulatory coal mine, it's Crypto Mom. U.S. SEC Commissioner Hester Peirce, who is affectionately known as Crypto Mom by the community, admitted that regulators, who have so far denied a bitcoin ETF, have missed the mark on crypto. In a sit-down interview with crypto and blockchain journalist Laura Shin, Peirce appears to suggest that crypto's potential has been...
Elon Musk Tweets 'Wisely', Poses No Challenges: Tesla's New Chairwoman
E
lon Musk uses his Twitter account "wisely" and is being wrongly accused of being reckless by the SEC. That's the opinion of Tesla's new chairwoman Robyn Denholm. “Twitter is part of everyday business for many executives today. From my perspective, he uses it wisely.” Denholm made the statements March 27, shortly after giving a speech at the American Chamber of Commerce in Australia, Bloomberg...
Why Fake Crypto Volume Plague Could Actually Raise Odds of Bitcoin ETF Approval
W
In March 2017, the U.S. Securities and Exchange Commission (SEC) denied the first ever bitcoin exchange-traded fund (ETF) proposal. Since then, many bitcoin ETF applications have been filed by nearly ten companies, and many of them have been rejected by the SEC for similar reasons. This week, in a presentation to the SEC, Bitwise revealed that the overwhelming majority of the trading volume in...
Bitcoin ETF: SEC Receives 84% Negative Feedback on Application
B
The industry's enthusiasm for a Bitcoin ETF (exchange-traded fund) appears to be waning — if you judge that by the dearth of new comment letters to the Securities and Exchange Commission in support of the investment vehicle. The SEC received just seven comment letters from the public in response to a solicitation for feedback it had requested in February 2019. Of those, six urged the agency to...
SEC Chases Billions out of US Economy by Dragging Feet on Bitcoin ETF
S
Many cryptocurrency investors and entrepreneurs have anxiously awaited a green light from the U.S. Securities and Exchange Commission for the first bitcoin exchange-traded fund (ETF). A bitcoin ETF would bring more products to Wall Street and give institutional investors more direct access to an asset class they are clearly very enthusiastic about in 2019. Crypto capitalists like Cameron and...
Newsflash: SEC Chief Confirms Analysis That Ethereum isn't a Security
N
Securities and Exchange Commission Chairman Jay Clayton has formally confirmed existing staff analysis that Ethereum and other similar decentralized cryptocurrency assets are not securities, even if they were initially sold through an illegal securities offering. SEC Chairman Agrees with Analysis That Says Ethereum, Similar Crypto Assets are Not Securities Clayton made this revelation in a letter...
Here's What Skeptics of Tesla's $35,000 Model 3 Aren't Saying
H
Over at CNN Business, they're asking: is this week's arrival of a $35,000 Tesla Model 3 "too little, too late?" How did they come up with such a negative question to ask about the Tesla Model 3? Despite the six to nine month waiting list for a new Tesla, which is down from prior wait times of 12 to 18 months, people are still lining up with a $1,000 cash deposit to wait months for the electric...
SEC Lists Cryptocurrency as a Top 'Examination' Priority for 2019
S
Cryptocurrencies will be one of the examination priorities of the U.S. Securities and Exchange Commission (SEC) in 2019. According to the SEC’s Office of Compliance Inspections and Examinations (OCIE), this will be done with a view of protecting retail investors in the nascent asset class. Among the market activities that the OCIE will monitor include the ‘offer and sale, trading, and management...
ICO Misconduct Takes Center Stage in SEC Enforcement Report
I
Despite the fact that the US Securities and Exchange Commission (SEC) has yet to craft a clear regulatory framework for cryptocurrencies, the agency placed a great deal of emphasis on the space this year, particularly on initial coin offerings (ICOs). The SEC's Division of Enforcement published its fiscal year 2018 annual report, the second one of its kind in which it spotlights its ability to...
'Game Over' for Bitcoin, Claims Bearish Technical Analyst
'
If the bitcoin price falls below the important year-to-date support level, the dominant cryptocurrency will suffer irreparable damage in the marketplace. This is the opinion of Renaissance Macro Research, quoted by CNBC on Thursday Aug. 9. Bitcoin May Be 'Permanently Impaired' According to the financial analysis firm, what bitcoin is facing right now could be much more significant than just a...
SEC Chair Jay Clayton Applauds Operation Crypto Sweep's Crackdown on ICO Scams
S
Jay Clayton, chairman of the U.S. Securities and Exchange Commission, praised state-level regulators across the United States and Canada for cracking down on cryptocurrency fraud through their joint task force -- "Operation Crypto Sweep." "I applaud our fellow regulators in the United States and Canada who are coordinating and participating in efforts to police fraud in the Initial Coin Offering...
Coinbase Engages SEC about Turning into a Regulated Brokerage: Report
C
The San Francisco-based cryptocurrency exchange is reportedly in talks with the US Securities and Exchange Commission (SEC) about becoming a regulated brokerage firm and trading platform. According to The Wall Street Journal, Coinbase reached out to regulators about the getting licensed even as the SEC moves closer to crafting some regulatory framework by which exchanges and other market players...
SEC Chair: Not All ICOs Are Frauds
S
Jay Clayton, the chairman of the Securities and Exchange Commission, said contrary to speculation, the SEC does not believe that all initial coin offerings are fraudulent. “Absolutely not,” Clayton said when asked if the SEC's recent crackdowns on ICOs signals such a stance. Clayton made the remarks during a speech on “Cryptocurrency and Initial Coin Offerings” at Princeton University on April 5...
SEC Probes Cryptoasset Hedge Funds as Regulators Ramp up ICO Scrutiny
S
The US Securities and Exchange Commission (SEC) has reportedly begun probing cryptoasset hedge funds as part of its wider clampdown on initial coin offerings (ICO) that violate federal securities regulations. Citing three people familiar with the matter, Bloomberg reports that the SEC has made inquiries to a number of cryptoasset hedge funds seeking information about their business operations...
‘Bitcoin Misery Index’ Indicates Now is A Good Time To Buy
‘
The “bitcoin misery index” created by Wall Street strategist Thomas Lee indicates this is a good time to buy bitcoin, according to CNBC. Lee has not changed his midyear price target of $20,000 and his end year price target of $25,000 for bitcoin. Lee, co-founder of Fundstrat Global Advisors, told CNBC's "Fast Money" Friday that when the bitcoin misery index falls below 27, bitcoin sees its best...
Crypto Exchange Bittrex: We’re Compliant With SEC’s ICO Rules
C
US-based cryptocurrency exchange Bittrex says that it is compliant with federal regulations governing securities trading. The exchange, which is headquartered in Seattle, issued a statement on Wednesday assuring its customers that its token review process is compliant with rules that prohibit companies from creating trading markets for unregistered securities. Bittrex said: “As a U.S.-based...
'Potentially Unlawful': SEC Sternly Warns Cryptocurrency Exchanges Listing ICOs
'
The top US securities regulator has signaled its intent to crack down on cryptocurrency exchanges for alleged violations of federal laws governing securities trading. In a statement dated March 7, the Securities and Exchange Commission (SEC) wrote that cryptocurrency exchanges that list ICO tokens the agency deems to be securities are operating “potentially unlawful” trading platforms. From the...
SEC Chairman Fires Another Warning Shot at ICOs as Agency Issues 'Dozens' of Subpoenas
S
The top regulator at the US Securities and Exchange Commission (SEC) has fired yet another warning shot at initial coin offerings (ICOs) that are being used to mask unregistered securities offerings. In an interview with Fox Business, SEC Chairman Jay Clayton reiterated that a significant portion of the ICOs that he has observed qualify as securities offerings, even though they are marketed as...
SEC Suspends Trading in Cryptocurrency-Fueled Trio of Companies
S
The US securities watchdog has put the kibosh on trading in three listed companies with ties to cryptocurrencies and blockchain. On Feb. 16, the US Securities and Exchange Commission (SEC) announced it had suspended trading in these entities -- all three of which have the same CEO at the helm, Patrick Johnson -- based on announcements revealing the way they did business and valued cryptocurrency...
$850 Million: Telegram ICO Quietly Shatters Blockchain Fundraising Record
$
Step aside, Filecoin, because the Telegram ICO has quietly shattered the blockchain-based fundraising record. According to a document filed with the US Securities and Exchange Commission (SEC) last week, the Telegram ICO has raised $850 million since Jan. 29, when the token sale officially began. The filing reports that only 81 investors contributed to the funding round, pegging the average...
The SEC on ICOs and Cryptocurrency: A Rocky But Optimistic Ride
T
The United States Securities and Exchange Commission (SEC) has been very cautious in its statements on ICOs and cryptocurrency as they attempt to strike a balance between embracing a technological revolution and avoiding the stifling of innovation. They aren’t seeking to dismember the cryptocurrency space, but rather provide guidance on how to operate and comply with existing regulatory...
Biting the Dust: Bitcoin ETF Applications Forced to Withdraw Under SEC Scrutiny
B
Several exchange-traded fund (ETF) providers have withdrawn their bitcoin ETF applications at the request of the US Securities and Exchange Commission (SEC). Since the launch of bitcoin futures contracts on regulated US exchanges CBOE and CME, a myriad of fund providers have tossed their hats into the ring in a bid to bring the first bitcoin ETF to market by creating funds that would trade...
Your Utility Token ICO Is Probably a Securities Offering: SEC Chairman
Y
Your utility token ICO is Probably a securities offering (but your mom's may not be).
SEC Commissioner Defends Bitcoin Expert Against Union Director’s Verbal Assault
S
A regulator at the Securities and Exchange Commission (SEC) rebuked a top union official for denigrating a bitcoin expert at a recent public meeting. This eyebrow-raising event occurred earlier this week, when SEC Commissioner Michael Piwowar scolded Damon Silvers, the AFL-CIO’s policy director, for his aggressive posture in a recent meeting of the SEC’s Investor Advisory Committee. “This...
SEC Isn't Done with ICOs, Likely to Take "More Actions" Against Them
S
The U.S. Securities and Exchange Commission (SEC) has yet to show its hand regarding potential oversight of bitcoin, other cryptocurrencies, and initial coin offerings (ICOs). Speaking at an accounting conference on Monday, SEC Chairman Jay Clayton stated that the commission believes that, under federal securities laws, there is “very little distinction” between “handing people a piece of paper...
SEC Files Charges Against Alleged ICO Scam PlexCoin
S
The U.S. Securities and Exchange Commission (SEC) has filed charges against the organizers of the PlexCoin initial coin offering (ICO). Citing marketing materials that promised investors could net a 1,354 percent profit on their holdings in less than 29 days, the SEC charged Quebec residents Dominic Lacroix and Sabrina Paradis-Royer, along with PlexCorps -- Lacroix’s company -- with violating...
SEC: Celebrity ICO Endorsements ‘Potentially Unlawful’
S
The U.S. Securities and Commission (SEC) has issued a public statement that calls celebrity ICO endorsements “potentially unlawful” and warns that celebrities who improperly promote security tokens may be liable for violating federal securities laws. The statement, which is attributed to the SEC Division of Enforcement and the SEC Office of Compliance Inspections and Examinations, states that...
SEC Obtains Final Judgment Against GAW Miners CEO Josh Garza for $9 Million Fraud
S
The U.S. Securities and Exchange Commission (SEC) has obtained a final judgment against GAW Miners CEO and fraudster Homero “Josh” Garza, who orchestrated a Ponzi scheme that stole millions of dollars from GAW customers. As a result of the ruling, Garza will be held liable for disgorged profits of $9,182,000, along with prejudgment interest in the amount of $742,774. Garza must pay the interest...
New SEC Cyber Task Force Will Oversee ICOs & Blockchain Tech
N
The U.S. Securities and Exchange Commission (SEC) announced the creation of a new cyber task force designed to target cyber-related misconduct and protect retail investors from cyber threats. Among other things, the unit will target initial coin offerings (ICOs) and other blockchain-based projects that run afoul of SEC regulations. SEC Cyber Task Force to Investigate ICO Violations The SEC...
Protostarr ICO Shuts Down Following SEC Pressure
P
Protostarr has canceled its initial coin offering (ICO) after the U.S. Securities and Exchange Commission (SEC) opened an inquiry into the U.S.-based startup. According to the project, all Protostarr ICO funds will be returned to investors. The announcement, which was communicated in a press release on the company website, reveals that SEC investigators contacted Protostarr on August 24 with...
‘Roaches’: SEC Director Excoriates ICO Scamsters
‘
U.S. Securities and Exchange Commission (SEC) Co-Director Steven Peikin excoriated initial coin offering (ICO) scamsters during a public discussion about cyber crime and the evolving technological landscape. At the panel, which took place at New York University on September 5, prominent SEC officials including chairman Jay Clayton expressed concern that American investors do not appreciate the...
SEC Warns Public to Avoid ICO Scams Manipulating Stock Prices
S
The U.S. Securities and Exchange Commission (SEC) has issued an investor alert intended to warn the public about companies using claims about initial coin offerings (ICO) to manipulate their stock prices. SEC: Avoid ICO-Related Microcap Scams The alert, which was published by the SEC Office of Investor Education and Advocacy, specifically focuses on publicly-traded companies who claim to be...
SEC Suspends [Another] Publicly-Traded Bitcoin Firm
S
The U.S. Securities and Exchange Commission (SEC) has issued a temporary suspension of Bitcoin Crypto Currency Exchange Corporation, a publicly-traded bitcoin firm. SEC Suspends Bitcoin Crypto Currency Exchange Corporation According to a SEC statement, the suspension began August 25 at 9:30 am EDT and will continue through at least 11:59 pm EDT on September 8. Bitcoin Crypto Currency Exchange...
First Bitcoin Capital Responds to SEC Suspension
F
First Bitcoin Capital (BITCF), a publicly-traded bitcoin firm headquartered in Vancouver, has issued a statement responding to its SEC suspension. In the note, they attribute the suspension to a "misunderstanding" that should be resolved quickly. SEC Suspends Publicly-Traded First Bitcoin Capital Yesterday, CCN reported that the U.S. Securities and Exchange Commission (SEC) had temporarily...
SEC Suspends Trading of Publicly Listed Bitcoin Firm
S
The U.S. Securities and Exchange Commission (SEC) has issued a temporary suspension of First Bitcoin Capital, a publicly-traded bitcoin firm based out of Canada. According to an SEC statement, the suspension began at 9:30am EDT on August 24 and will last until 11:59am on September 7. First Bitcoin Capital was a publicly-traded corporation (Symbol: BITCF), and its share price had risen more than...
SEC’s DAO Ruling Brings More Oversight to ICOs, Industry Observers Agree
S
The day of quick ICOs based on an investment concept rather than a new functionality concept is over in the United States. That’s one of the main implications of this week's Securities and Exchange Commission (SEC) finding that DAO tokens are a “security,” and subject to federal securities laws. Cryptocurrency industry observers generally welcome the SEC report on its investigation into...
Investment Blogger Explains Why He Won’t Buy Into A Bitcoin ETF Any Time Soon
I
Matt Thalman, a blogger for ino.com, a market trader website, does not intend to invest in bitcoin if a bitcoin ETF is approved in the near future, according to a recent blog post. He views bitcoin as still too new to invest in. The Securities and Exchange Commission is soon expected to decide of the Winklevoss ETF, the first bitcoin ETF to file for approval in 2013. Since then, SolidX and...