Posts in category

Securities


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 …

0 38

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. …

0 36

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 …

0 37

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 …

0 38

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 …

0 39

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 …

0 39

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. …

0 38

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 …

0 42

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, …

0 36

The Philippines securities watchdog warned that it will regulate cryptocurrency cloud mining contracts in the country under existing securities rules. In a statement issued Tuesday, the country’s Securities and Exchange Commission (SEC) said that cloud mining contracts should be classified as securities, since, when the Howey test is applied, the process was determined to involve a …

0 38

Supporting new crypto assets may be a “top priority” for Coinbase, but any such additions to its order books might not be close on the horizon. According to Coinbase general manager Dan Romero, the San Francisco-based exchange wants to add several new cryptocurrencies in line with customer feedback, but it’s treading cautiously as U.S. regulators …

0 35

Deutsche Börse Group, the Germany-headquartered securities listing and trading exchange, is planning to develop a blockchain-based system for securities lending. According to an announcement on Monday, Deutsche Börse said it plans to develop a system that can offer more efficient securities settlement, and will use technical support from financial management firm HQLAX and blockchain startup R3’s Corda …

0 36

The Securities Division of the Tennessee Department of Commerce and Insurance (TDCI) is warning residents about the Steven Seagal-backed “Bitcoiin” project. Citing New Jersey’s cease-and-desist order against the startup, the Tennessee report states that Bitcoiin was offering securities in the state, but had not registered with the TDCI Securities Division. Similarly, no groups affiliated with …

0 37

The Israel Securities Authority is recommending lenient regulations for initial coin offerings, including a clear definition of what separates a so-called “utility token” from a security. In a report released last week, the regulator even proposed a temporary sandbox, where regulators would allow entrepreneurs to experiment under supervision as the cryptocurrency market evolves. According to …

0 42

Hong Kong’s Securities and Futures Commission (SFC) has halted an initial coin offering (ICO) on the grounds that the issuer was selling securities out of compliance with local regulations. In a statement released Monday, the SFC said that marketplace startup Black Cell Technology Limited, which sells the “krop” token as a means of connecting buyers …

0 39

Israel’s securities regulator has said that cryptocurrency-related firms may not be listed on the Tel Aviv Stock Exchange (TASE) indices. According to an announcement from the Israel Securities Authority (ISA) on Wednesday, the watchdog said it will bar the entry of public companies who mainly hold, invest in or mine cryptocurrencies from the indices, citing high volatility as …

0 39

Tyler Kirk and Amy Caiazza are associates, and Robert Rosenblum is a partner, at Wilson Sonsini Goodrich & Rosati (WSGR).  This article is not legal advice and should not be relied upon as such; it only reflects the views of the authors and not those of WSGR or any other attorney there. There has, apparently, been significant shock …

0 38

A finance regulator in the Canadian province of New Brunswick has warned residents about investing in a so-called “cryptocurrency bank” and its associated token. In a March 5 statement, representatives from the Financial and Consumer Services Commission (FCSC) sounded the alarm about Bitcoin-bank.io, which according to its website promises a daily return on deposits through …

0 40

David Weild IV is calling for a Jobs Act 2.0 with blockchain at its core. While that might not seem surprising coming from any other investor – since the act (formally called Jumpstart Our Business Startups) has yet to generate the growth in initial public offerings (IPOs) it was supposed to – this stance from this …

0 40

Two major banks say they have successful sent securities worth €25 million ($30 million) over a blockchain-powered platform. In an announcement today, Credit Suisse said it completed the live securities lending transaction with Dutch bank ING, adopting a collateral-lending blockchain application co-developed by a financial resource management firm HQLAX and enterprise blockchain consortium R3. Credit …

0 40