Posts in category

Securities


Blockchain advocacy group Coin Center continues to believes some cryptocurrencies look like securities by law, and should be regulated as such. Peter Van Valkenburgh, the organization’s director of research, published a new report Friday arguing that certain cryptocurrencies follow the oft-cited Howey Test and act as investment contracts. As such, he wrote, they should be …

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There’s no shortage of breathless hype about blockchain. What’s harder to find is a sober and nuanced discussion of the technology’s merits and drawbacks for a particular use case. For such a perspective, it can help to talk to different people at the same company who have been studying the matter and reached divergent conclusions. …

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The Philippines is close to introducing new regulations governing how companies can legally raise funds through initial coin offerings (ICOs). To that end, the country’s Securities and Exchange Commission (SEC) published draft rules governing ICOs on Thursday, and is now seeking public feedback before they can go into effect. The regulations notably assume that tokens issued …

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Vietnam’s securities regulator has warned industry companies and funds in the country to avoid activities related to cryptocurrencies. In an announcement this week, Viet Nam News reported Wednesday, the State Securities Commission (SSC) said firms should avoid issuance, transactions or brokerage of cryptos, adding that they must observe laws on money laundering. The warning relates to an April …

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U.S. cryptocurrency exchange Coinbase has reportedly received regulatory approval to acquire several securities firms – a move that could eventually see it supporting trading in tokens deemed as securities. A spokesperson for the exchange said on Monday that both the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have approved …

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A group of traditional securities firms in Thailand are planning to jointly launch a new cryptocurrency exchange, a report indicates. According to the Bangkok Post on Monday, the Association of Securities Companies (ACE) – a body that represents the country’s securities firms – said it is in talks with regulators about allowing established financial firms to …

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Regulated token trading platform Templum Markets is partnering with CUSIP Global Services (CGS) to bring securities identification numbers to tokenized assets, the companies announced Thursday. The partnership will see every token listed on the former firm’s subsidiary, Templum Markets, receive a unique CUSIP identifier to “help standardize the process of trading and tracking [tokenized asset …

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A Florida district court has published an analysis explaining how a crypto token is a security. Magistrate judge Andrea Simonton of the Southern District of Florida, in a report on whether to freeze the assets of the Floyd Mayweather-endorsed Centra Tech crypto startup, released a detailed explanation of how the company’s token demonstrates the different …

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Digital money platform Uphold is looking to become a broker-dealer in the U.S. after acquiring a registered firm called JNK Securities, it was announced Wednesday. The company has now filed with the Financial Industry Regulatory Authority (FINRA) for approval of the change of ownership to become a registered broker-dealer. Ultimately, Uphold hopes to offer security tokens, …

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Congressman Tom Emmer has praised the U.S. Securities and Exchange Commission (SEC) for clarifying that ethereum’s native cryptocurrency, ether, is not a security. As previously reported, last week, the SEC’s director of Corporation Finance, William Hinman, told the audience at the Yahoo! All Markets Summit: Crypto conference that “current offers and sales of ether are …

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A group of industry stakeholders has developed a blockchain platform to transfer collateral to central counterparties when trading securities.  Stock exchange operator Nasdaq announced Tuesday that its clearing arm, along with securities services provider ABN AMRO Clearing and financial services firms EuroCCP and Euroclear, have developed a joint proof-of-concept (PoC) blockchain platform.  The aim, according …

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JD Finance, a subsidiary of Chinese e-commerce giant JD.com, announced on Wednesday that it is planning to issue asset-backed securities (ABSs) on a blockchain. According to a report from the Securities Times, an outlet of the China Securities Regulatory Commission, JD Finance established the project in partnership with Huatai Securities, a brokerage firm that will underwrite the …

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Cryptocurrency exchange Coinbase announced Wednesday that it was *making strides toward its goal* to operate a federally regulated broker-dealer. Chief operating officer and president Asiff Hirji wrote in a company blog post that the firm is in the process of acquiring a broker-dealer license, an alternative trading system license and a registered investment advisor license. …

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The latest “Project Jasper” blockchain trials have shown that distributed ledgers are effective at automating securities settlements in real-time, according to Bank of Canada and two partners on the project. Announced in October 2017, the latest stage of the research effort moved on from its previous focus on payments to a proof-of-concept for “an integrated securities …

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Blockchain technology is shaking up the legal industry. At least that’s according to prominent blockchain industry attorneys, Angela Angelovska-Wilson and Lewis Cohen, who revealed exclusively to CoinDesk Friday that they have started their own law practice focused on the nascent industry. Called DLx Law LLP, the firm opened its doors this month, with offices in …

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A sandbox for ICOs is not the best approach to token regulation, an SEC commissioner said last week. Speaking at the Medici Conference on May 2, Commissioner Hester Peirce told the audience: “My fear that regulators will grab hold of the shovels and buckets is why I am often wary of so-called regulatory sandboxes. I …

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A jury will decide whether tokens issued through two allegedly fraudulent initial coin offerings (ICOs) count as securities, a U.S. district court judge said Tuesday. Businessman Maksim Zaslavskiy is accused of violating anti-fraud and registration provisions of federal securities laws after launching two token sales that officials say defrauded investors. He pled not guilty in early December …

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An investor who claims they lost money buying and selling the cryptocurrency XRP has filed a class action lawsuit against distributed ledger startup Ripple, alleging that the company violated state and federal securities laws. Ryan Coffey, represented by San Diego attorney James Taylor-Copeland, filed the suit in the San Francisco County Superior Court on Thursday. …

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Regulation: It’s good for you, but it’s going to hurt. That seemed to be the main takeaway for the cryptocurrency industry from Monday’s Business of Blockchain conference at the Massachusetts Institute of Technology (MIT). On the one hand, the event was clouded by speculation that the U.S. Securities and Exchange Commission (SEC) may go as …

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Tokenized securities startup Harbor has secured $28 million in funding from major Silicon Valley venture capital firms, the company announced on Tuesday. The strategic round was led by Founders Fund, and included the participation of Andreessen Horowitz and Pantera Capital. Existing Harbor investors Craft Ventures, Vy Capital and Valor Equity Partners, as well as Future Perfect Ventures, …

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