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SEC Draws on Investor Communications to Halt Telegram Token Launch

To justify halting the launch of Telegram’s long-awaited $1.7 billion blockchain project, the Securities and Exchange Commission (SEC) relied heavily on communications obtained from investors. In September, the regulator contacted U.S.-based investors, requesting information about what details were being shared by the company to support the TON token offering, according to Yakov Barinsky, CEO of the crypto-focused investment bank HASH CIB, who represents clients in the U.S. and Russia who invested in TON. “I know that …

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SEC, CFTC, FinCEN Warn Crypto Industry to Follow US Banking Laws

The heads of three U.S. financial regulators warned the cryptocurrency industry to abide by banking laws in a joint statement published Friday. The statement, signed by Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and Securities and Exchange Commission (SEC) Chairman Jay Clayton, “reminds” actors in the crypto space that they must comply with various banking and financial services laws in the U.S., regardless of what they …

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TZero-Backed Startup Wants to Launch Security Token Market

Boston Security Token Exchange (BSTX), a platform jointly owned by BOX Digital Markets and Overstock’s blockchain arm tZERO, has filed an application with the United States Securities and Exchange Commission (SEC) to approve the launch of a market for publicly traded registered security tokens. In the rule change proposal released by the SEC on Oct. 11, BOX asks the commission to “adopt rules to govern the trading of equity securities on the Exchange” which “would …

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tZERO-Backed Startup Seeks SEC Approval to Launch Security Token Market

A firm part-owned by Overstock’s tZERO is seeking regulatory approval to launch one of the first markets for publicly traded, registered security tokens. The Securities and Exchange Commission (SEC) on Friday released a rule change proposal that would allow Boston Securities and Token Exchange (BSTX) to create an automated equity trading platform, with ownership records stored on the ethereum blockchain. Unlike its 50 percent shareholder tZERO, whose own trading platform went live in January and …

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How Severe Is Roche Freedman’s Lawsuit Against Tether and Bitfinex?

At the start of October, New York-based legal firm Roche Freedman filed a new class-action lawsuit against stablecoin firm Tether and digital currency exchange Bitfinex. The case accuses the aforementioned entities of manipulating the market by using a host of sophisticated schemes that involved fraud, pump-and-dump schemes, as well as certain money laundering-related ploys. As a result of this legal drama, the USDT/BTC trade pair has witnessed a substantial decline in its market value (around …

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SEC Rejects Bitwise’s Latest Bitcoin ETF Proposal

The U.S. Securities and Exchange Commission (SEC) has rejected the latest attempt at creating a bitcoin exchange-traded fund (ETF). The SEC announced Wednesday that the ETF proposal, filed by Bitwise Asset Management in conjunction with NYSE Arca, did not meet legal requirements to prevent market manipulation or other illicit activities. The SEC placed the burden on NYSE Arca, rather than Bitwise’s proposal itself. To date, the SEC has rejected all bitcoin ETF proposals, citing market manipulation …

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The Silver Lining in Block.One’s SEC ‘Slap on the Wrist’

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. The only certain thing to say about the implications of any isolated Securities and Exchange Commission case is that it’s risky to assume it sets a precedent. That goes doubly for those in which a settlement …

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Crypto Rating Council Is Out to Help Change US Regulatory Landscape

At the end of September, a number of established crypto firms (including Kraken, Bittrex and Coinbase) that are currently operating in the United States came together to establish a new governance body called the Crypto Rating Council (CRC) so as to jointly provide more clarity on the definition of various cryptocurrencies — that is, establish which digital assets can be classified as securities and those that can not.  This development comes as an effort to …

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Sia Reaches $225K SEC Settlement Over $120K Unregistered Token Sale

Boston-based Nebulous, makers of the Sia network for decentralized data storage, has settled with the U.S. Securities and Exchange Commission (SEC) over an unregistered securities offering and conversion scheme. In a blog post Tuesday, the company announced the settlement without admitting fault. It will pay disgorgement of $120,000, prejudgment interest of $24,602 and a civil money penalty of $80,000. At the time of the 2014 token sale, Nebulous raised approximately $120,000. The Sia settlement comes just …

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Court Orders Purported Crypto Company Longfin to Pay $6.7M Penalty

The United States District Court for the Southern District of New York has ordered purported cryptocurrency company Longfin to pay a total of $6,755,848 million in penalties. Falsely obtained qualification for Regulation A+ offering On Sept. 30, the Securities and Exchange Commission (SEC) announced that a New York federal court entered a default ruling against the fintech company for “fraudulent public offering and falsifying revenue from sham commodities transactions.” According to the SEC, Longfin and …

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