The U.S. Securities and Exchange Commission (SEC) rejected Wilshire Phoenix’s bid for a bitcoin-based exchange-traded fund (ETF). In SEC Ruling, the Commission concludes that NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section […]
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Cryptocurrency Fraud and the SEC Whistleblower Program
Cryptocurrency is a digital medium of exchange that has exploded in popularity in recent years. For example, Bitcoin, which is probably the most well-known type of cryptocurrency, peaked at a price of $20,000 per coin in 2017. And although the price of bitcoin has since dropped, cryptocurrency remains a popular choice for investors seeking big […]
Continue reading…IOTA shuts down entire network after hackers target IOTA wallet app to steal $1.6 million of IOTA cryptocurrency user funds
The IOTA Foundation, the nonprofit organization behind the IOTA cryptocurrency, has shut down its entire network this week after hackers exploited a vulnerability in the official IOTA wallet app to steal user funds. The attack happened on February 12, 2020, according to a message the foundation posted on its official Twitter account. According to published […]
Continue reading…U.S. Treasury report says lack of requirement to disclose company beneficial ownership the critical vulnerability in U.S. financial system
The U.S. Treasury has issued a new report which says that a lack of requirements to disclose a company’s beneficial ownership information is one of the most critical vulnerabilities in the U.S. financial system, the U.S. Treasury Department said in a new report. The Treasury’s Financial Crimes Enforcement Network, or FinCEN, in 2018 issued a […]
Continue reading…Critical ourt case pitting the S.E.C. and cryptocurrency firm Telegram to define cryptocurrency as security, currency or commodity
A major court case between the Securities & Exchange Commission and the well-known startup Telegram is shaping up to be a defining case over cryptocurrency. The company is Telegram which has been charged with violating investor protection laws. The S.E.C. says that Telegram’s digital coins are actually a security and not a currency. The case […]
Continue reading…Securities & Exchange Commission has 4,000 lawyers on staff but few programmers to decipher algorithms controlling todays investments
There are 4,000 lawyers at the U.S. Securities and Exchange Commission, but the agency has few programmers who can actually understand the algorithms involved in today’s investments. SO says SEC Commissioner Robert Jackson, who remarked that the rapid growth of digital assets and computer-driven investment advice has become a key challenge for regulators trying to […]
Continue reading…Canadian Securities Regulators crack down on exchange practices relating to crytocurrency assets
The Canadian Securities Administrators (CSA) have stated that merely providing users with a contractual right or claim to a crypto asset could subject the exchange to sanctions. The CSA stated that transactions without immediate delivery constitute derivatives sales. Even where the custodied asset is commonly considered as a commodity such as Bitcoin, it could be […]
Continue reading…Terrorist using crypto-currency to fund their growth and little is being done to stop them
According to The Middle East Research Institute, a research, and analysis organization, extremist middle east organizations have been soliciting donations in the form of cryptocurrency through social media, especially on the massaging app Telegram. A company called Elliptic is developing tools to track cryptocurrency purchases and how they are used by criminal organizations worldwide. It […]
Continue reading…Government of Bermuda first to accept tax payments in USD Coin cryptocurrency backed by Circle and Coinbase
Bermuda is first country to accept tax payments in the USD Coin (USDC) cryptocurrency. The USDC digital currency is backed by both Circle and Coinbase. One USD Coin has the equivalent value of one dollar. Coinbase is a digital currency exchange with headquarters in San Francisco and the company is broker exchange of Bitcoin, Bitcoin cash […]
Continue reading…SEC halts Telegram Group’s business in U.S. stopping its plans to sell cryptocurrency or digital tokens here and possibly elsewhere
The Securities and Exchange Commission today announced that it has filed an emergency action and obtained temporary restraining order against two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion of investor funds.Telegram and its subsidiary sold approximately 2.9 billion digital tokens […]
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