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Ether and BTC Didn’t Face Regulations Unlike New Projects

Ethereum and Bitcoin (BTC) did not have to comply with regulation, admitted Ethereum co-founder Joseph Lubin in an interview with industry news outlet Forkast published on Nov. 18. During the interview — which took place at the Hong Kong FinTech Week — Lubin noted that new projects need to comply with regulations, and explained the impact of the application of security law to the cryptocurrency space. You can’t sell a utility token, it’s not one …

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Softbank-Backed Blockchain Firm OneConnect Eyes $100M Nasdaq IPO

Softbank-backed Chinese fintech OneConnect has filed for an Initial Public Offering (IPO) with the United States Securities and Exchange Commission (SEC). As Bloomberg reported on Nov. 13, OneConnect is the blockchain- and AI-focused fintech arm of Chinese insurance giant Ping An. Seeks $100 million and Nasdaq listing The report claims that the filing seeks to raise $100 million, eyeing listing on the Nasdaq Global Market or New York Stock Exchange, if approved.  Morgan Stanley, Goldman …

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Kik Suffers Setbacks With ‘Void for Vagueness’ Defense in SEC Case

Kik is struggling to mount a strong defense in a case brought by the U.S. Securities and Exchange Commission (SEC) over its $100 million initial coin offering. As reported last month, Toronto-based Kik’s legal team attempted to persuade the district court of the Southern District of New York that the SEC’s case – alleging the 2017 token sale violated securities laws – was void based on the premise that the legal definition of an “investment contract” is …

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Pro-Crypto Silvergate Bank Goes Public in Listing on NYSE

Shares of pro-crypto Silvergate Bank were launched for trading on the New York Stock Exchange (NYSE) on Nov. 7. Silvergate celebrates IPO day Silvergate Capital (NYSE:SI), a California-based commercial bank focused on digital currency businesses, is now officially listed on the NYSE, opening at $12.75, the NYSE tweeted Nov. 7. In conjunction with the event, Silvergate is celebrating its initial public offering (IPO) day today, according to the NYSE. The news follows Silvergate Capital Corporation’s …

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Harbor Now Has Both Broker-Dealer and Transfer Agent Licenses in the US

Security token startup Harbor has secured a transfer agent license from the U.S. Securities and Exchange Commission (SEC). A month after receiving a broker-dealer license from the Financial Industry Regulatory Authority (FINRA), Harbor was granted the license Thursday to better ensure interest and dividend payments to investors. The firm is the first blockchain company to be granted both licenses. Transfer agents act as liaisons between firms, investors and regulatory bodies by keeping track of investment …

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The SEC Files as the CFTC Settles Charges Against Swiss Securities Dealer

The United States Securities and Exchange Commission (SEC) has filed charges against XBT Corp. SARL on the same day that the Commodity Futures Trading Commission (CFTC) settles charges against the same company.  SEC allegations In a press release on Oct. 31, the SEC alleged that the Switzerland-based securities dealer, XBT Corp. SARL, operating under the name First Global Credit, offered and sold unregistered security-based swaps to U.S. investors without complying with the registration and exchange requirements …

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SEC Blasts Kik’s ‘Void for Vagueness’ Defense of 2017 ICO

The Securities and Exchange Commission (SEC) said Kik’s August defense of its $100 million initial coin offering (ICO) was “untenable” and is asking judges to toss it. A discovery motion filed Monday further raised the stakes, following the SEC’s 49-page filing Friday – the latest play in a legal chess match with sweeping potential ramifications for tokens and securities law, and one seeking, more specifically, to determine whether Kik’s 2017 ICO was lawful. In Friday’s filing, …

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Paxos Wins SEC ‘No-Action’ Letter to Settle Equities on a Blockchain

Paxos is seeking to modernize the equities settlement process using a regulator-approved blockchain process. The U.S. Securities and Exchange Commission (SEC) granted Paxos Trust Company no-action relief Monday to settle equity securities trades on a blockchain platform for broker-dealers. Paxos announced that Credit Suisse and Société Générale would be the first two companies to utilize the new Paxos Settlement Service, which would operate on a private and permissioned network. As envisioned, the service will let …

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Paxos Launches Settlement Platform for Equity Securities After SEC Relief

Paxos Trust Company announced today that it is set to introduce its Paxos Settlement Service for a number of United States-listed equity securities. In an Oct. 28 press release, digital asset trust company Paxos stated that it is moving forward with the launch of its blockchain-based settlement platform, having received no-action relief from the U.S. Securities and Exchange Commission (SEC). The SEC letter indicated that the agency will not take any action against Paxos, which …

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US Financial Regulators Join UK FCA’s ‘Global Sandbox’

Four U.S. regulators joined the Global Financial Innovation Network, an international alliance of government regulators led by the UK’s Financial Conduct Authority seeking to bolster the future of fintech. The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have all signed onto the GFIN, an SEC spokesman confirmed to CoinDesk. Their participation in the network – established …

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