Tagged: securities and exchange commission

Next: The SEC Hits Dropil and Founders with Charges Regarding Unregistered Initial Coin Offering

The long march of crypto enforcement actions continued today when the Securities and Exchange Commission (SEC) revealed charges against Dropil and founders Jeremy McAlpine, Zachary Matar, and Patrick O’Hara pertaining to an initial coin offering (ICO). As has become fairly commonplace, the SEC is alleging… Read More

SEC Files Fraud Charges Against Individual Who Raised Money for Cannabis Related Companies, Allegedly the Money was Spent on Crypto, Adult Entertainment, Cars & More

  The Securities and Exchange Commission (SEC) has filed fraud charges against Steven L. Brickner of South Florida. Brickner allegedly committed fraud in relation to $5.5 million raised to invest in Cannabis-related companies including one called “High Country” in Colorado. According to the SEC, Brickner… Read More

Renaissance Technologies’ Medallion Funds Approved to Offer Products Involving Bitcoin (BTC) Futures Market

A somewhat secretive but promising hedge fund has reportedly been approved to make investments in the Bitcoin (BTC) futures markets. As noted in a document dated March 30, 2020, the US Securities and Exchange Commission (SEC) has now permitted Renaissance Technologies’ Medallion Funds to offer… Read More

Crowdfunding Industry Insider Criticizes SEC Proposal on Special Purpose Vehicles for Reg CF

Special Purpose Vehicles or “SPVs” have long been requested by FINRA regulated platforms participating in the Reg CF sector of crowdfunding. Under current rules, SPVs are not allowed to be utilized. This may soon change as the Securities and Exchange Commission (SEC) has proposed enabling… Read More

A Bank Loan Alternative: Honeycomb Credit CEO Provides Insight into Crowdfunding Platform Performance During Coronavirus Crisis

George Cook, the CEO of Honeycomb Credit, is a sixth-generation community banker who started a loan crowdfunding portal to support main street small businesses. A FINRA regulated funding portal, Honeycomb is a debt only seeing an opportunity to supplant bank lending or competing Fintechs that… Read More

Perspective: What the Proposed SEC Changes Mean for the US Crowdfunding Industry

Earlier this month, The Securities and Exchange Commission (SEC) announced a set of amendments to the exemptive framework under the Securities Act of 1933. This includes a notable update to Reg CF – increasing the funding cap from its current $1.07 million to $5 million…. Read More

SEC Provides Temporary Relief for BDCs Investing in SMEs

The Securities and Exchange Commission has announced that it is providing temporary, conditional exemptive relief for business development companies (BDCs) to enable them to make additional investments in small and medium-sized businesses. The SEC pointed out that this included firms affected by COVID-19. BDCs invest… Read More

An Overview Chart of SEC Proposed Changes to the Exempt Offering Ecosystem

Do you find the alphabet soup of securities exemptions confusing? Well, you are not alone. A more Machiavellian type would posit that exempt securities offerings were designed by lawyers knowing that the Hoi Polloi would be willing to pay top dollar to decipher the jumble… Read More

The Blockchain Association Files Amicus Brief in Support of Telegram’s Battle with the SEC

Telegram has been engaged in an ongoing battle with the Securities and Exchange Commission (SEC) regarding the sale of GRAM tokens – an offering that raised $1.7 billion. The legal fisticuffs kicked off last October when the SEC filed an emergency action and obtained a… Read More

SEC to Consider Rule Change to Improve Access to Capital for SMEs

The Securities and Exchange Commission has scheduled an open meeting for this coming Wednesday (Apri 8, 2020) to consider amendments that may improve the ecosystem to foster access to capital for SMEs. As we all know, SMEs have been pummeled by the COVID-19 pandemic. Many… Read More

SEC Small Business Advocate to Host Virtual Coffee Breaks. First Meeting to Include NextSeed, Republic and Honeycomb Credit

Earlier this week the SEC Office of the Advocate for Small Business Capital Formation announced a series of  “virtual coffee breaks” to engage with the public to discuss updates, trends, and perspectives on how COVID-19 is impacting raising capital. The very first virtual gather is… Read More

BOX Exchange Requested Rule Change Denied Again by SEC

The Securities and Exchange Commission (SEC) has denied a requested rule change by the BOX Exchange to amend the fee schedule affiliated with entities that connect to the BOX network. On March 29, 2019, the Division of Trading and Markets at the SEC issued an… Read More

SEC: Small Business Capital Formation Advisory Committee & Investor Advisory Committee Schedule Meetings to Discuss COVID-19 Impact

The Securities and Exchange Commission has announced two meetings of Committees that provide recommendations to the Commission. The Small Business Capital Formation Advisory Committee on Small and Emerging Companies Meeting and the Investor Advisory Committee will both be holding meetings on Thursday, April 2, 2020…. Read More

Judge Castel: Telegram Fails to Establish Exemption from Registration

The Citizens Jury Wheel Legal Court Trial Justice Judge Law

Yesterday, in an Opinion and Order from Judge P. Kevin Castel, it was decided that Telegram has failed to establish an exemption from the registration requirement under existing securities law. Telegram is an app that is a highly popular messaging service utilized by more than… Read More

U.S. SEC Provides Update For COVID-19 Response

The U.S. Securities and Exchange Commission (SEC) has updated its response to COVID-19 and the related effects on the U.S. securities markets. The organization reported that its efforts are centered, first and foremost, on the health and safety of its employees as well as all… Read More

NASAA Slams SEC’s Proposal to Update Accredited Investor Definition to Enable Sophisticated Individuals to Qualify

The North American Securities Administrators Association (NASAA), the entity that lobbies on behalf of state and provincial regulators, is “urging the Securities and Exchange Commission (SEC) not to move forward with its proposal to expand access to high-risk private securities offerings to individual investors.” NASAA… Read More

Securities and Exchange Commission Asks Staff to “Telework”

The Securities and Exchange Commission (SEC) has posted an “Operating Status” notification on its website indicating that much of its DC staff have been asked to work from home during the Coronavirus outbreak. Recently, the Commission has canceled multiple meetings, according to its event page…. 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

Crypto Assets Will Help Private Capital Markets in Becoming the Standard, Says Jay Biancamano, Managing Director at State Street

Jay Biancamano, the managing director and digital currency lead at giant custodian bank State Street, has argued that crypto assets will assist the private capital market in becoming the global standard for trading within the next 10 years. During a recent episode of The Block’s… Read More

SEC Commissioners Issue Comments on Proposed Improvements to Exempt Offering Framework

Yesterday, the Securities and Exchange Commission (SEC) proposed significant changes to the exempt offering framework that should benefit issuers, investors and regulated platforms that facilitate these types of offerings. So far, industry response has been overwhelmingly positive. The proposed amendments will impact Reg CF, Reg… Read More

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