On April 14, 2023, the Securities and Exchange Commission (SEC) reopened the comment period on proposed amendments to Rule 3b-16 under the Securities Exchange Act of 1934 (the “Exchange Act”) (the “Amendments”). The...more
Recently, the SEC published a proposed new regulation (the “Proposed Rule”) to amend the definition of an “exchange” for purposes of the Securities Exchange Act. Any person whose conduct meets the Proposed Rule’s new...more
The Securities and Exchange Commission (“SEC” or “Commission”) has released a proposal to amend Exchange Act Rule 3b-16, Regulation ATS, and Regulation SCI. Criticized by SEC Commissioner Hester Peirce as “too wide-ranging”...more
The cryptocurrency and blockchain industry has developed over the past decade with a large and increasingly glaring void: What regulations ultimately will apply and who will regulate the space? Much regulatory focus to date...more
The U.S. Securities and Exchange Commission (SEC) recently issued proposed amendments to the Securities Exchange Act (the “Exchange Act”) that would significantly broaden the definition of “exchange” for purposes of...more
On January 26, 2022, the US Securities and Exchange Commission (SEC) proposed a rule (Proposed Rule) amending - and significantly broadening - a rule that defines certain terms used in the statutory definition of “exchange.”...more
On January 10, 2022, the Securities and Exchange Commission (“SEC” or the “Commission”) announced it settled charges in In re tZERO ATS, LLC, No. 93938 (SEC Order Jan. 10, 2022) (“Order”)....more
In This Issue. The Board of the Governors of the Federal Reserve (Federal Reserve) proposed a new supervisory framework for certain holding companies engaged in insurance activities; the Consumer Financial Protection Bureau...more
2022 was billed as the year regulation will descend on the cryptocurrency (“crypto”) and decentralized finance (“DeFi”) spaces. While it seems regulation may indeed be coming, it initially appears to be buried in lengthy...more
On January 26, 2022, the SEC proposed rule changes that would greatly expand the scope of Regulation ATS, the regulatory regime that governs alternative trading systems (“ATSs”). Applicability to the fixed income markets was...more
On January 10, 2022, tZERO’s ATS settled a matter with the SEC in which it agreed to an $800,000 fine. Given the size of the penalty and substantial attention on the SEC’s approach to regulating digital asset securities,...more
U.S. Developments - Legislation - Congress Members Introduce Stablecoin Legislation - On December 2, 2020, Congresswoman Rashida Tlaib (MI-13), Congressmen Jesús “Chuy” García (IL-04) and Chairman of Task Force on...more
The U.S. Securities and Exchange Commission (“SEC”) Division of Trading and Markets recently issued a no action letter to FINRA that may help to streamline the settlement of digital asset securities transactions by...more
On January 14, 2020, the Securities and Exchange Commission (the "SEC") issued an investor alert urging investors to use caution before investing in initial exchange offerings ("IEOs"). In contrast with an Initial Coin...more
Fund managers take note – after over a year of warning, this month the SEC announced a pair of settlement orders with respect to registration requirements for a fund and broker dealer operating in the crypto and digital...more
• Coinbase, one of the largest cryptocurrency exchanges, recently approached the U.S. Securities and Exchange Commission (SEC) about possible licensing as a broker-dealer. If Coinbase decides to register with the SEC, it will...more
On Monday, April 2, 2018, the U.S. Securities and Exchange Commission (SEC) charged two co-founders of Centra Tech, Inc. (Centra), a purported financial services company headquartered in Florida, with conducting a fraudulent...more
The staff of the Divisions of Enforcement and Trading and Markets (collectively, Staff) of the U.S. Securities and Exchange Commission (SEC) on March 7, 2018 jointly issued a statement on digital asset trading platforms...more
On March 7, 2018, the US Securities and Exchange Commission (SEC) issued additional guidance with respect to digital assets trading platforms, affirming that platforms that offer trading of cryptocurrencies that are...more
Last week, the Securities and Exchange Commission (SEC) released a public statement clarifying that cryptocurrencies may indeed be subject to federal securities laws, and warns investors and market participants alike of the...more
Crypto asset trading platform operators should prepare to comply with securities regulations if the crypto assets traded are securities. Key Points: ..Finding that the digital assets traded on the BitFunder platform...more
The world’s first SEC-registered cryptocurrency exchange may be just around the corner. As detailed in their October 24 Form 8-K, Overstock.com subsidiary tZERO has entered into a joint venture with The Argon Group and RenGen...more