Search Results: Enforcement Action

SEC Sues Longfin Over Trades Following Acquisition of Cryptocurrency Company

The Securities and Exchange Commission (SEC) last week sued Longfin Corp., a financial technology company that recently entered the cryptocurrency space, as well as Longfin’s CEO and three others affiliated with the company.  The complaint, filed in federal court in Manhattan, was unsealed on April 6, 2018, when the SEC…

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Yahoo! Finance All Markets Summit: Crypto, Featuring Grant Fondo

The 2018 iteration of Yahoo! Finance’s All Markets Summit, taking place on Tuesday, February 7, 2018, will focus solely on cryptocurrency. From Bitcoin and blockchain to ICOs, in conjunction with CoinDesk, Yahoo! Finance will lead a series of conversations with CEOs, engineers, policy makers and legal experts on the growing…

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ICOs in 2018: Increased Regulatory Scrutiny, and Alternatives to Traditional "Utility" Token ICOs

As originally published by Brave New Coin, January 19, 2018. As we transition from 2017 into 2018, there has been an increase in SEC and state regulator activity in the area of Initial Coin Offerings (“ICOs”), as the agencies seek to determine (i) whether certain ICOs constitute a sale of…

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SEC and CFTC Enforcement Directors Issue Joint Statement Regarding Virtual Currency Enforcement Actions

On January 19, 2018, SEC Co-Enforcement Directors Stephanie Avakian and Steven Peikin and CFTC Enforcement Director James McDonald issued the following joint statement regarding virtual currency enforcement actions: “When market participants engage in fraud under the guise of offering digital instruments – whether characterized as virtual currencies, coins, tokens, or…

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Massachusetts Securities Regulator Announces "Aggressive Policing" of Cryptocurrency Firms

On December 15, 2017, Massachusetts Secretary of State William Galvin announced that his office’s Securities Division (“MSD”) would begin “aggressive policing” of cryptocurrency sales in Massachusetts.  The MSD regulates the offering and sale of securities in Massachusetts.  The MSD can seek a range of civil remedies for violation of the…

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ICO Participant Liability - Could you be Liable for Assisting in the Sale of Unregistered Securities?

As published in Bloomberg BNA’s Securities Regulation & Law Report, December 18, 2017 An initial coin offering (“ICO”) does not happen on its own. Rather, there are companies and individuals that assist in successful token sales. These can include ICO consultants, marketing firms, board members, partners at private equity and…

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SEC Announces Cyber Enforcement Initiative: Distributed Ledger Technology, Initial Coin Offerings Under the Microscope

On September 25, 2017, the Securities and Exchange Commission (SEC) announced the launch of its new Cyber Unit. Drawing on the existing cyber experience of the SEC’s Enforcement Division, and including personnel from around the country, the Cyber Unit will target cyber-related misconduct in the following areas identified by the…

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