Tag: SEC

Update: Market up after US financial watchdogs weigh in on crypto

US Senate Committee on Banking, Housing, and Urban Affairs held a fact-finding hearing today on how best to regulate cryptocurrency. Chairmen from the Securities and Exchange Commission (SEC), and the Commodities Futures Trading Commission (CFTC) fielded questions from Senators about how to understand digital currency, and how the agencies will address the emerging investment asset. Chairman of the SEC, John Clayton, and CFTC Chairman J. Christopher Giancarlo presented what each of their agencies has already done to address market manipulation, and securities fraud. However, questions remain about how to understand cryptocurrency, and whose jurisdiction it falls under. Clayton views...

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Tezos stalled by internal conflict as lawsuits pile up

On-chain governance project Tezos raised $232 million in an ICO last July. The company has been plagued with internal conflicts ever since. The husband-and-wife team of founders Arthur and Kathleen Breitman is at odds with Johann Gevera, president of the Tezos Foundation. Wall Street Journal reports that a new entity has been created, called T2, in an effort to gain control of the ICO funds. Investors don’t believe the project will take off anymore. There have already been four attempts to start a class-action lawsuit against the project, calling for a temporary restraining order on the $232 million raised...

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SEC files charges against PlexCoin ICO

The U.S. Securities and Exchange Commission (SEC) has been safeguarding investors against scam ICOs for a while. It has been 2 months since the last time the SEC shut down ICOs it believed were scams. The hunt is open again, with an ICO promising 1,354% profit in less than 29 days now in the regulator’s crosshair. PlexCorps was founded by Quebec residents Dominic Lacroix and Sabrina Paradis-Royer. They are accused of violating anti-fraud regulations and failing to register their crowdsale with the SEC. Since August, PlexCorps managed to raise $15 million with their PlexCoin ICO. An asset freeze is...

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SEC targets celebrities for promoting ICOs

There’s no need to introduce SEC – the US Securities and Exchange Commission. This time to protect investors’ interests, SEC targets celebrities who promote Initial Coin Offerings. What was SEC again? In order to protect potential cryptocurrency investors, the agency tries to warn them and implement regulations on cryptocurrency investment instruments, such as ICOs. And as cryptocurrency popularity rises, SEC has no time to rest. In most cases they target fraudulent ICOs however it doesn’t stop their representatives to comment on Bitcoin and cryptocurrencies in general. Celebrities, stop promoting ICOs! Today, on November 1, SEC has published a statement...

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SEC Representative: Bitcoin bubble is real

Among SEC representatives, Bitcoin is a very delicate discussion topic which can raise multiple controversies. This time, usual SEC’s Investor Advisory Committee meeting has turned into explosive dialogue. The tension was caused by one representative saying that Bitcoin bubble is real. Regulator seeks for advice Last week, SEC’s Investor Advisory Committee held a meeting with blockchain and cryptocurrency professionals. The purpose of this meeting was to discuss capabilities and possibilities of blockchain-based assets. Blockchain innovation professionals present at the meeting included CEOs, academics, and government advisors. The SEC Committee was represented by stakeholders of different US government agencies. It...

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