Virtual Currency Securities & Exchange Commission

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... more +
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 -
News & Analysis as of

Your daily dose of financial news The Brief – 5.3.16

Craig Steven Wright—the Australian who claims to be famed Bitcoin mastermind Satoshi Nakamoto—is not exactly being welcomed with open (and unquestioning) arms – NYTimes... Stocks came booming back yesterday after a tough...more

Your daily dose of financial news The Brief – 3.29.16

Major news for the extended Blackstone & private equity family yesterday, as federal authorities arrested Wall Street exec Andrew Caspersen on charges of securities and wire fraud in what they’re labeling a “’brazen’ scheme...more

Financial Services Report, Winter 2015

BELTWAY - Finally Faster than Amazon Prime - The Federal Reserve Board recently announced that banks and other financial institutions that use its payments system will have to be able to process same-day...more

SEC Files Complaint Against Bitcoin Mining Companies for Running Alleged Ponzi Scheme

On December 1, the SEC announced that it charged two Connecticut-based Bitcoin mining companies and their founder with allegedly running a Ponzi scheme, from approximately August 2014 through December 2014, to defraud...more

Mining For Virtual Currencies – The SEC Charges Fraud

Virtual currencies such as bitcoin have grown in popularity. With that popularity it may well have been inevitable that the SEC would bring enforcement actions centered on the new phenomenon, alleging fraud. A new variation...more

Not a Coin Toss: Regulatory Agencies Bringing Enforcement Actions Against Virtual Currency Start-ups

The Commodity Futures Trading Commission (“CFTC”) and the SEC are flexing their regulatory muscles to rein in securities and commodities rules violations by start-up companies in the virtual currency space. On September 17,...more

Securities Litigation and Enforcement Newsletter

In this our second edition of Fenwick’s Securities Litigation and Enforcement Newsletter, we continue to provide you with short insights about timely securities litigation and enforcement developments. This edition’s topics...more

Corporate Investigations & White Collar Defense - October 2015

"Wherefore Art Thou Due Process?" Part III - Why it matters: It is time for another installment in our continuing "Wherefore Art Thou Due Process?" coverage into the ongoing constitutional challenges to the SEC's...more

Financial Regulatory Developments Focus - September 2015 #5

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Financial Services Weekly News - September 2015 #4

Regulatory Developments - NYDFS Announces Approval of First BitLicense Application from a Virtual Currency Firm: The New York State Department of Financial Services (NYDFS) announced Sept. 22 that it has approved...more

Just How Scary is the SEC? “Fear” Not Sufficient Grounds to Duck Administrative Subpoena

A witness testifying under oath before the SEC recently refused to answer any questions directed to him, not because of any privilege, but rather — as he said, sixty-eight different times – because he was “scared” and...more

Bridging the Week - August 2015 #2

ESMA Says “No for Now” to Granting Passport Rights to US Fund Managers Under AIFMD - The European Securities and Markets Authority told the European Commission last week that it was premature to grant passport rights to...more

Bridging the Week - August 2015

ESMA Says “No for Now” to Granting Passport Rights to US Fund Managers Under AIFMD: The European Securities and Markets Authority told the European Commission last week that it was premature to grant passport rights to...more

Expect Focus - ONLINE HEALTH CARE: NOT SO FAST Telemedicine Hits A Few Speed Bumps, Volume II, Spring 2015

In This Issue: - IN THE SPOTLIGHT • Risky Business: Common Cyber Security Risks, Expensive Consequences - LIFE INSURANCE • Ninth Circuit Finds Bonus Indexed Annuity Delivers Exactly...more

SEC Says Fantasy Stock Trading Violates Securities Laws; Charges Others for Selling Illegal Security-Based Swaps

The SEC issued an Investor Alert which says fantasy stock trading for small amounts of money can violate provisions of securities laws implemented by the Dodd-Frank Act. I bet the Congressional drafters of these provisions...more

Bridging the Week - June 2015 #2

NYDFS Issues BitLicense Framework for Regulating Virtual Currency Firms - The New York State Department of Financial Services issued final regulations requiring a so-called “BitLicense” and establishing minimum...more

Financial Services Weekly News Roundup - June 2015

Regulatory Developments: Superintendent Lawsky Announces Final BitLicense Regulations - New York State Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky, at the BITS Emerging Payments Forum,...more

Corporate Investigations & White Collar Defense - May 2015

It’s an Absolute Privilege to Meet You! Texas Supreme Court Rules That Internal Investigation Report Provided by Shell Oil to DOJ Enjoys “Absolute Privilege” - Why it matters: On May 15, 2015, the Texas Supreme Court...more

Pushing the Envelope: Overstock Seeks SEC Approval for Shelf Offering of Digital Securities

In a recent filing with the Securities and Exchange Commission, Overstock.com, Inc. expanded its foray into world of digital currency technology. Announcing plans to issue digital securities, Overstock will be trailblazing...more

From Wild West to SEC Regulation: Overstock.com’s Proposed Digital Securities & the Lessons of Bitcoin

A first look at Overstock.com's proposal to use a Bitcoin-like technology to distribute and trade in digital securities....more

Corporate & Financial Weekly Digest - Volume X, Issue 16

In this issue: - SEC Committee to Focus on the Order Protection Rule at Upcoming Meeting - CFTC Issues No-Action Relief to SEFs and DCMs in Connection with Swaps with Operational or Clerical Errors - CFTC...more

Bitcoin – The Ever “Curiouser and Curiouser” Bitcoin Wonderland – Part Eleven

“Virtual currencies” in general, and bitcoin in particular, continue to attract media attention as well as intense public and regulatory scrutiny. In the United States, the recent establishment of the Digital Currency...more

Say Hello to the SEC’s Digital Currency Working Group.

Now that enforcement agencies have determined that digital currencies are more than a passing fad, they are establishing more permanent efforts focused on the novel legal issues digital currencies present. The SEC’s formation...more

SEC Fines Virtual Currency Operator For Alleged Registration Violations

On December 8, the SEC fined a computer programmer $68,387.07 for operating two separate online exchanges that traded securities using virtual currency without registering the businesses as broker dealers. Further, the SEC...more

SEC Sanctions Operator of Unregistered Virtual Currency Exchanges

On December 8, the Securities and Exchange Commission sanctioned a computer programmer for operating two online exchanges that traded securities using virtual currencies without registering them as broker-dealers or stock...more

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