SEC

  • SEC Chairman Posses “hard questions” – Here’s Why an ETF is Significant

    The wait for the ever delayed approval for a Bitcoin ETF (Exchange Traded Product) could get even longer. On Monday, SEC chairman Jay Clayton noted that they are still concerned about a few things. Nevertheless, a firm ‘YES’ to the answer on the progress of Bitcoin ETF was reassuring for the future. He said, We’re engaging on this, but there are a couple of things about it that we need to feel comfortable with. The first is custody: custody is a long-standing requirement in our markets, and if you say you have something you really have it. The second and most pressing concern was the issue of ‘ market manipulation.’ Despite, progress for institutional investors, a large number of retail investors still trade on spot exchanges. Reportedly, these exchanges are involved in all kinds of unethical trading practices. One of the biggest concerns of the market is ‘fake reported volume’ data. He said, An even harder question given that they trade on largely unregulated exchanges is how can we be sure that those prices aren’t subject to significant manipulation? People…

    Sep 11, 2019
  • SEC Approves Blockchain Tech Startup Securitize to Record Stock Transfers

    Securitize, a provider of technology for issuing blockchain tokens, has registered as a transfer agent with the U.S. Securities and Exchange Administration (SEC), a move it says will boost adoption.

    Aug 22, 2019
  • SEC Delays Decisions on 3 Bitcoin ETF Proposals

    The U.S. Securities and Exchange Commission (SEC) delayed making a decision on three bitcoin exchange-traded fund (ETF) proposals Monday.

    Aug 13, 2019
  • SEC Commissioner: US Could Draw Crypto Policy From These Countries

    The U.S. Securities and Exchange Commission (SEC) could learn from other countries when finalizing its own crypto regulation, Commissioner Hester Peirce explains. While highlighting peculiar and notable features of the U.S. system, the commissioner emphasizes cross-border considerations, detailing applicable crypto frameworks of several countries. Importance of Cross-Border Considerations SEC Commissioner Hester Peirce explained last week her agency’s approach to regulating crypto assets and how the U.S. could draw from other countries’ regulatory frameworks in setting its own policies. Her speech was given in Singapore at the “SUSS Convergence Forum: Inclusive Blockchain, Finance, and Emerging Technologies,” hosted by Singapore University of Social Sciences (SUSS). Among the topics she discussed was cross-border crypto regulation. Peirce, known in the crypto community as Crypto Mom, suggested that “The U.S. SEC can look to our counterparts overseas for ideas in untangling some of our most difficult legal and policy questions in this area.” “Because so much of the activity is taking place outside the United States, we have to think about our regulation with a sensitivity for cross-border considerations, cooperation, and what I call co-learning.”…

    Aug 5, 2019
  • US Regulator Plans to Outsource Running Cryptocurrency Nodes

    A recently published document reveals that the U.S. Securities and Exchange Commission (SEC) has plans to hire contractors to run specific cryptocurrency full nodes for the government agency. According to the SEC documentation, the regulator wants third-party contractors to run nodes for Bitcoin Core (BTC), Ripple (XRP) and Ethereum (ETH) in order to monitor compliance risks. Running a Full Bitcoin Node for the SEC Depending on whom you ask, the news of the SEC soliciting contractors to run full cryptocurrency network nodes could be seen as either positive or negative. The government document was first spotted by Trustnodes news outlet. Despite the fact that there’s a wide range of blockchain explorers out there, the agency wants to pay contractors to run nodes for BTC, ETH, and XRP. In the future, the SEC may also contract others to run nodes for Stellar, Zcash, Bitcoin Cash, EOS, and NEO. The document doesn’t really explain precisely why the SEC wants to outsource contractors to run these full node implementations, but the notice does highlight that it’s meant “to support its efforts to monitor risk, improve compliance, and inform commission policy with respect to digital…

    Aug 2, 2019
  • SEC Releases Draft Rules on Digital Asset Trades

    The Securities and Exchange Commission (SEC) is seeking comments from the industry on its draft digital asset exchange rules, as the regulator aims to keep up with the latest developments in information and communication technology and their financial market applications. The proposal, which is broken down into 10 articles — many with multiple chapters, is now available for comment from exchanges, broker-dealers, investment houses, the investing public, and other interested parties. The SEC will wait for comments up to Aug. 14. The proposed “Rules on Digital Asset Exchange” (DAE) primarily govern registration and operation of an exchange in which digital assets are traded on a online platform accessible in or from the Philippines. “Digital asset” vests certain rights, including digital representation of value that is used as a medium of exchange, unit of account, or store of value and is not legal tender, whether or not denominated in legal tender, the SEC said in the draft. It is intended to represent assets such as debt or equity in the promoter; or otherwise intended to represent rights associated with such assets;…

    Jul 22, 2019
  • The SEC Can’t Keep Kik-ing the Crypto Can Down the Road

    The Securities and Exchange Commission, the most important regulator for the largest capital market in the world, has been grappling with the question of how to regulate cryptocurrencies for more than two years. Yet as of mid-2019, more than 10 years since the birth of bitcoin, it cannot claim to have made much progress. The latest example of the SEC’s ambiguous approach is the launch of an enforcement action against Kik Interactive, Inc. Kik is a social media platform that began issuing its own cryptocurrency (Kin) in mid-2017. Before the enforcement action, Kin’s market capitalization was $40 million – tiny by comparison to the wider crypto market ($245 billion), which is itself a tiny fraction of the $65 trillion market value of U.S.-listed stocks and bonds. The SEC has a mandate to bring actions against individuals and firms that issue securities without registering the offering or adhering to an exemption. But the Commission has so far failed to provide any reliable guidance as to which criteria it uses to determine whether a token qualifies as a security. Important spokespeople for the SEC, such as…

    Jun 6, 2019
  • US: SEC and CFTC Aim for Literacy in Digital Assets, Blockchain Analysis

    The chairmen of two United States financial regulators, the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) testified before Congress, May 8.

    May 9, 2019
  • SEC Suspends Trading at Bitcoin Generation Inc., Traders and Brokers Warned As Well

    The Securities and Exchange Commission (SEC), which is the chief financial watch-dog for trading portals and financial security regulation in the United States (US) has temporarily suspended trading in the securities at Bitcoin Generation Inc.

    May 1, 2019

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