News & Analysis as of September 22, 2024

Virtual Currency › Capital Raising

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

“Kik” in the Butt: Court Decision Against Initial Coin Offering Could be Opportunity for Others

Farrell Fritz, P.C. on 11/2/2020

On October 21, 2020, the United States District Court for the Southern District of New York entered a final judgment on consent against Kik Interactive Inc. to resolve the Securities and Exchange Commission’s charges that...more

What to Make of SEC Leniency in Block.one ICO Settlement?

Farrell Fritz, P.C. on 12/2/2019

On September 30, 2019, the Securities and Exchange Commission announced that blockchain developer Block.one had agreed to pay a $24 million fine to settle charges that it had engaged in an unregistered offering of securities...more

Financial Daily Dose 9.20.2019 | Top Story: Fintech startup Stripe Inc. hits $35 billion valuation in latest funding round

Robins Kaplan LLP on 9/20/2019

Fintech firm Stripe Inc., which “allows internet companies and online marketplaces to accept credit cards for their goods and services and pay out money to the people and firms that sell on their platforms,” just wrapped a...more

Initial Coin Offerings (ICOs) on SEC’s Radar

Robinson+Cole Data Privacy + Security Insider on 8/26/2019

This month, the Securities and Exchange Commission (SEC) announced that it has entered into a settlement with SimplyVital Health, Inc., a blockchain company that offered and sold approximately $6.3 million worth of securities...more

UK and EU Move Slowly Toward Virtual Currency Regulatory Scheme in Recent Statements

Orrick, Herrington & Sutcliffe LLP on 10/5/2018

In the last month, UK and European politicians have been vocal about the regulation, or lack thereof, in the virtual currency sphere. ...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 9/26/2018

Hiding somewhat in the shadows during the rise of virtual currencies over the past year or two has been blockchain, the ledger technology that undergirds bitcoin and other cryptos, and its potential application beyond digital...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 4/4/2018

Spotify’s unconventional (non-IPO) public listing is off and running, and though it’s early, it sure feels as if the risk was a good one, with the market valuing the company north of $30 billion....more

The SEC Targets ICOs for Enforcement

The Volkov Law Group on 3/12/2018

I am always amazed at how “business” entrepreneurs ignore enforcement risks in the face of specific warnings from regulators. The SEC and the CFTC have made it clear to the emerging initial coin offering (ICO) and...more

SEC, FINRA Target ICOs, Cybersecurity, Secondary Market Trading in 2018 Examination Priorities

Kramer Levin Naftalis & Frankel LLP on 3/2/2018

Both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) recently released their respective 2018 examination priorities, providing a glimpse into their plans for the year to...more

As fundraising methods continue to diversify, the DFSA provides a robust regulatory framework for equity and loan based...

Hogan Lovells on 2/22/2018

On 1 August 2017, the Dubai Financial Services Authority ("DFSA"), the regulator of financial services and securities in the Dubai International Financial Centre free zone ("DIFC"), introduced a regulatory framework for loan...more

Regulation A+: For Smaller Companies (and ICOs) a Better Way to Go Public?

Troutman Pepper on 2/12/2018

With the proliferation of smaller companies seeking to grow their businesses, gain credibility and access capital, Regulation A+ is now increasingly being used as a fundraising tool. ...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 1/31/2018

Even as JPMorgan has set the playing field for his successor (Daniel Pinto v. Gordon Smith, FYI), head honcho Jamie Dimon is making it clear that he’s not about to go anywhere anytime soon....more

Initial Coin Offerings and Cryptocurrencies Will be a Priority for FINRA in 2018

Robinson+Cole Data Privacy + Security Insider on 1/12/2018

In a ten page letter that previews the Financial Industry Regulatory Authority’s (FINRA) priorities for 2018, initial coin offerings (ICOs) and transactions involving cryptocurrencies....more

The SEC and Plaintiffs’ Class Action Attorneys Are Targeting Initial Coin Offerings

Fenwick & West LLP on 1/4/2018

Issuers and other professionals participating in Initial Coin Offerings — widely known as ICOs — are facing the increasing threat of both U.S. Securities Exchange Commission enforcement actions and private class action suits...more

Company Abandons ICO, Agrees to Cease-and-Desist; SEC Chairman Issues ICO Warning

Farrell Fritz, P.C. on 12/18/2017

December 11, 2017 was a day of reckoning for entrepreneurs conducting or contemplating initial coin offerings, and for securities professionals who advise them. ...more

SEC Halts Initial Coin Offering; Chair Clayton Speaks

Stinson - Corporate & Securities Law Blog on 12/12/2017

Munchee Inc., a California-based company selling digital tokens to investors to raise capital for its blockchain-based food review service halted its initial coin offering (ICO) after being contacted by the SEC. Munchee Inc....more

Your Daily Dose of Financial News

Robins Kaplan LLP on 10/20/2017

Lyft, armed with a fresh billion from Google’s venture investment arm (CapitalG), is looking seriously at a 2018 IPO. The CapG money raises Lyft’s valuation from $6.9 billion to more than $10 billion....more

China moves to limit activities relating to ICOs and Cryptocurrencies: game over or level up?

Hogan Lovells on 9/26/2017

On 4 September 2017, the People's Bank of China ("PBOC") and six other government agencies issued the Statement on Preventing the Risks of Fund Raising through Initial Coin Offerings (the "ICO Statement"), declaring that...more

Wrangling the Wild West: SEC Steps in to Regulate Initial Coin Offerings

Cohen & Gresser LLP on 9/21/2017

First, it was digital currencies like bitcoin. Then, it was distributed ledger technologies like blockchain. Now, another potentially groundbreaking innovation from this same community of technologists has vaulted to the...more

China Halts ICOs

Sheppard Mullin Richter & Hampton LLP on 9/5/2017

China has put a halt to Initial Coin Offerings (ICOs) in China. In a recent notice, China declared ICOs to be an illegal fund raising tool and indicated it is reviewing previous ICOs for possible fraudulent practices. Money...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 8/8/2017

Is the SEC officially on record with a warning about the viability of unregulated ICOs? It is. Is that stopping start-ups from creating and selling new virtual currencies at a torrid pace? It is not....more

SEC Issues Guidance on Regulation of Initial Coin Offerings

Skadden, Arps, Slate, Meagher & Flom LLP on 8/3/2017

Over the last 12 months, a growing number of start-ups, primarily those offering blockchain-based services, have raised capital utilizing so-called initial coin offerings or token sales (collectively referred to herein as...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 3/7/2017

The SEC is set to decide this week whether to okay a new ETF that could provide investors easier access to bitcoin, a potentially transformative move for the virtual currency....more

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Virtual Currency › Capital Raising

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