Today the SEC issued an Investor Alert warning investors about companies asserting they are engaging in an ICO, when in fact it is a scam. Specifically, “The SEC’s Office of Investor Education and Advocacy is warning investors about potential scams involving stock of companies claiming to be related to, or…
The Securities and Exchange Commission (SEC) announced on Tuesday, July 25, 2017, that Initial Coin Offerings (ICOs) and other market participants offering digital assets by “virtual” organizations may be subject to the requirements of federal securities laws. The SEC made clear that simply because there is new technology involved, the SEC still…
The SEC has issued long awaited guidance regarding token sales, also referred to as ICOs. We will issue a summary of this guidance shortly, but in the interim please find the links to the SEC’s press release, investigative report, and public statement from the SEC’s Divisions of Corporation Finance and Enforcement….
With the near unanimous passing of a bill that will explicitly recognize the right to trade stocks using a blockchain, Delaware is making a strong case for it being the blockchain-friendliest state. The Delaware Senate Bill 69, which won a majority vote in the Senate with 20 to 0 in…
On March 10, 2017, the Securities and Exchange Commission (“SEC”) rejected the highly anticipated Winklevoss twins’ COIN bitcoin exchange traded fund (“ETF”), causing the digital currency to plummet 18% in value, to $978.76, “the lowest intraday price in a month.” Then, on March 28, 2017, the SEC rejected a second…
For the last 3 1/2 years, the U.S. Securities and Exchange Commission has been considering whether to approve placement of the Winklevoss Bitcoin Trust ETF (Nasdaq: COIN) on the Bats exchange. The Bats exchange is currently the largest U.S. equities market operator, and placement of COIN on the exchange would essentially allow…
For the last three and a half years, the Securities and Exchange Commission (“SEC”) has been considering whether to approve placement of the Winklevoss bitcoin ETF (“COIN”) on the Bats exchange. However, the SEC’s inaction will end by March 11th, which is the SEC’s deadline to either reject COIN, or have it be automatically approved due to the…
Bitcoin Investment Trust filed a public registration statement with the SEC on January 20, 2017, for a proposed initial public offering. This is the second bitcoin investment vehicle trying to register its securities after SolidX Bitcoin Trust filed last July. According to its registration statement, the Bitcoin Investment Trust is…
On February 26, 2016, Logos Capital Fund, LLP (“Logos”) filed with the Securities and Exchange Commission (“SEC”) a Form D Notice of Exempt Offering of Securities. As its Form D indicates, Logos is soliciting investments of at least $25,000 for its pooled investment fund. Logos claims an exemption from publicly…
In January 2014, Overstock.com became the first major online retailer to accept payment in bitcoin. Less than eighteen months later, Overstock is now the first company to offer qualified buyers the option of purchasing private cryptosecurities, in the form of bonds. The corporate bonds will trade using Bitcoin’s blockchain protocol….