Tagged: philip moustakis

SEC to Appeal Ripple-XRP Decision: If the appeals Court Adopts the decision it could “put a big hole” in its case against Coinbase

As the crypto-sphere knows, last month Ripple/XRP received a partial victory against the Securities and Exchange Commission (SEC) in a court decision that determined that people who bought XRP could not reasonably expect Ripple to act to increase the price of XRP and the sales… Read More

Legal Experts Comment on Ripple – XRP Ruling: “A huge blow to the SEC’s ability to regulate other entities in the crypto space”

As was reported earlier today, the courts have issued a ruling on the Ripple-XRP lawsuit filed by the US Securities and Exchange Commission. In brief, the courts have filed an order that was a partial victor for Ripple and its executives. CI has received multiple… Read More

Philip Moustakis Made Partner at Seward & Kissel

Philip Moustakis, has been made a Partner at the global law firm of Seward & Kissel. Moustakis was previously counsel practicing in the firm’s Government Enforcement & Internal Investigations Group and Blockchain & Cryptocurrency Group. He joined the firm in 2019 and is a regular… Read More

Former SEC Enforcement Attorney: Following FTX Debacle, the SEC Won’t Want to be Late to the Party Again

  The trifecta of legal action against Sam Bankman-Fried and the failure of FTX blossomed this past week as the US Attorney for the Southern District of New York filed criminal charges against Bankman-Fried. These charges were joined by civil charges filed by both the… Read More

Former SEC Counsel on FTX Failure: “We are talking about fraud with a capital F”

The bankruptcy of FTX and many of its affiliated entities have pummeled all crypto markets. Many observers wonder if there is another shoe to drop. Meanwhile, crypto-associated firms continue to make announcements regarding any impact the collapse of crypto may have on their operations. It… Read More

Legal: Top Attorneys Comment on Kim Kardashian’s Crypto Promotion Penalty Courtesy of the SEC

Yesterday, as was widely reported, well-known celebrity and influencer Kim Kardashian settled an enforcement action brought by the Securities and Exchange Commission (SEC). The infraction had to do with an Instagram post for EthereumMAX, the issuer of the EMAX token. The post, which was tagged… Read More

Brother of Former Coinbase Product Manager Admits to Wire Fraud in Plot to Commit Insider Trading as SEC Pushes All Crypto Assets are Securities Opinion

On Monday, the US Department of Justice announced it had received a guilty plea from the “first-ever cryptocurrency insider trading case.” Originally covered this past July, the Securities and Exchange Commission (SEC) simultaneously filed insider trading charges along with the U.S. Attorney’s Office for the… Read More

Former SEC Senior Counsel Comments on Kik Ruling: Kik Could Have Benefited From Traditional Capital Markets Lawyer

This past week, Kik, a company that raised over $100 million in an initial coin offering (ICO), lost a long legal battle with the Securities and Exchange Commission (SEC). The courts determined that Kik had raised capital in an unregistered securities offering thus transgressing securities… Read More

Telegram Settles with the SEC, Pays $18.5 Million Fine, Returns Money to Investors

Telegram, the fast-growing social network that attempted to raise funds via a digital asset offering, has decided to settle an enforcement action initiated by the Securities and Exchange Commission (SEC). According to a release, the SEC has obtained court approval of a settlement with the… Read More

Former SEC Enforcement Attorney Philip Moustakis Comments on Telegram Decision to Abandon Token Offering: Facts & Circumstances Rule

Earlier this week, it was reported that Telegram has decided to abandon its initiative to launch a blockchain platform called TON (Telegram Open Network) and a cryptocurrency named Gram. The decision was the direct result of an ongoing enforcement action launched by the US Securities… Read More

ICOBox: SEC Obtains Default Judgement on $14.6 Million Illegal Securities Offering, Allegedly Failed to Register as Broker While Facilitating $650 Million in ICOs

The Securities and Exchange Commission (SEC) has received a default judgment against ICOBox and founder Nikolay Evdokimov for conducting an illegal $14.6 million securities offering. In a release, the SEC said that Judge Dale S. Fischer of the United States District Court for the Central… Read More

Telegram ICO: A Two-Phase Offering Does Not Inoculate an ICO from Federal Securities Law

As we have previously reported, Telegram is engaged in a legal battle with the Securities and Exchange Commission (SEC) in what may be the biggest SEC cryptocurrency case yet.  One the one side, you have Telegram that raised over a billion dollars from a digital… Read More

Former Member of SEC’s Cyber Unit Comments on Telegram Enforcement Action: Did Telegram Fully Comply with Reg D?

Telegram, issuer of one of the highest-profile token offerings of all time that raised $1.7 billion, is in the midst of a protracted legal battle with the Securities and Exchange Commission (SEC). Last October, the SEC filed an emergency action and obtained a temporary restraining… Read More

ICO Issuers that Sold Unregistered Securities May Not Be Able to Pay Penalties Assessed by the SEC. What Happens Now?

Last week, Crowdfund Insider referred to several Securities and Exchange Commission (SEC) enforcement actions that addressed the sale of unregistered securities by issuers of initial coin offerings (ICOs). Penalties assessed by the SEC are now coming due for several prominent enforcement actions brought by the… Read More

Telegram Enforcement Action: “A reminder that the SEC not only has considerable enforcement tools but is willing to use them”

Last week, Crowdfund Insider reported on the Securities and Exchange Commission (SEC) enforcement action against Telegram and the issuance of Gram tokens. The move by the SEC is a doozy and telling. First, Telegram sold about $1.7 billion in a SAFT (simple agreement for future… Read More

Former Member of SEC’s Cyber Unit, Philip Moustakis, Comments on ICOBox Enforcement Action: “a Somewhat Irresistible Case for SEC Staff”

Yesterday, Crowdfund Insider covered the Securities and Exchange Commission (SEC) enforcement action brought against ICOBox and its founder Nikolay Evdokimov. The complaint by the SEC specifically targeted ICOBox’s own initial coin offering (ICO) and the fact that ICOBox provided services to other ICOs acting like… Read More

Kik is the First Major ICO SEC Enforcement Action: “The First Shoe Has Finally Dropped.”

Kik’s Hail Mary Pass. As Crowdfund Insider reported earlier today, the Securities and Exchange Commission (SEC) has publicly revealed the allegations against Kik and the issuance of the Kin tokens. In 2017, Kik completed an initial coin offering (ICO) that raised a whopping $100 million… Read More

A Problem with Crypto-Assets that are Securities: They Can be Plastic in Nature

Last week, Crowdfund Insider reported on the International Organization of Securities Commissions (IOSCO) consultation pertaining to “crypto asset trading platforms” or “CTPs.” As part of the consultation, IOSCO presented a series of issues and risks affiliated with digital assets and the trading of these assets… Read More

Former SEC Senior Counsel Philip Moustakis Joins Law Firm of Seward & Kissel to Support Blockchain & Crypto Practice

A former Securities and Exchange Commission Senior Counsel, Philip Moustakis, has joined the law firm Seward & Kissel LLP to support the firm’s Blockchain and Cryptocurrency Group. Moustakis worked in the SEC’s New York Regional Office and pursued many different investigations during his tenure including charges… Read More

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