US Congress Schedules Sept. 24 Hearing With SEC With Crypto on Agenda

The United States House of Representatives Committee on Financial Services has scheduled a hearing with Securities and Exchange Commision (SEC) Chairman Jay Clayton and four other SEC commissioners to discuss, among other topics, crypto. In a memorandum from Sept. 19, the Committee on Financial Services stated that it will hold a hearing on Sept. 24 entitled, “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat.” This one-panel hearing will include the Securities and Exchange Commission (SEC) chairman Jay Clayton, commissioner Hester Pierce (AKA Crypto Mom) and…

SEC Chair Clayton: Bitcoin Needs ‘Better Regulation’ Before Major Exchange Listing

Better regulation is needed around bitcoin markets before they can be traded on major exchanges, the head of the U.S. Securities and Exchange Commission said on Thursday. Speaking at CNBC’s Delivering Alpha conference, SEC Chairman Jay Clayton said investors are “sorely mistaken” if they think bitcoin and other cryptocurrencies undergo the same price discovery practices as products on top exchanges like the Nasdaq or New York Stock Exchange. “We have to get to a place, in my view — just speaking for myself — we have to get to a…

SEC Chair Clayton: Bitcoin Needs ‘Better Regulation’ Before Major Exchange Listing

Better regulation is needed around bitcoin markets before they can be traded on major exchanges, the head of the U.S. Securities and Exchange Commission said on Thursday. Speaking at CNBC’s Delivering Alpha conference, SEC Chairman Jay Clayton said investors are “sorely mistaken” if they think bitcoin and other cryptocurrencies undergo the same price discovery practices as products on top exchanges like the Nasdaq or New York Stock Exchange. “We have to get to a place, in my view — just speaking for myself — we have to get to a…

SEC Charges Token Sale Platform For Illegal $14M Securities Offering

The United States Securities and Exchange Commission (SEC) has sued ICOBox and its founder Nikolay Evdokimov for conducting an illegal securities offering and for acting as unregistered brokers. SEC says ICOBox’s digital tokens are worthless In a press release on Sept. 18, the SEC claimed that ICOBox and Evdokimov sold the firm’s ICO tokens to more than 2,000 investors in an unregistered coin offering in 2017. The SEC goes on to say that the defendants claimed that the tokens would increase in value upon trading and that ICO token holders…

CBOE Withdraws VanEck, SolidX Bitcoin ETF Proposal From SEC Review

The Chicago Board Options Exchange’s (CBOE) BZX Equity Exchange has withdrawn its proposal before the U.S Securities and Exchange Commission (SEC) VanEck/SolidX Bitcoin (BTC) exchange-traded fund (ETF). SEC faced Oct. 18 deadline On Sept. 17, the SEC published a notice that the CBOE had withdrawn its application for the VanEck/SolidX Bitcoin ETF on Sept.13. Although no reason was given, the decision to withdraw the proposal came just weeks after the firm began offering a limited Bitcoin ETF for institutions. The SEC had already delayed a decision on the matter, but…

Bitcoin ETF: How SEC Exemptions Help Firms Offer Interim Products

There are several exemptions the U.S. Securities and Exchange Commission (SEC) offers that allow companies to launch their bitcoin investment products without registration. While waiting for the SEC to approve their bitcoin ETF, some firms have taken advantage of these exemptions to offer an interim product. Also read: Indian Government’s New Report Views Crypto Positively New Bitcoin Product Emerges Despite efforts by many companies, the SEC still has not approved a bitcoin exchange-traded fund (ETF). The commission has been taking its time to evaluate any proposed rule changes for such…

VanEck and SolidX to Use U.S. SEC Exemption Rule to Offer Limited Bitcoin ETF 

VanEck Securities and SolidX Management have come out with a plan to offer their bitcoin exchange-traded fund (ETF). According to a report by the Wall Street Journal on September 3, 2019, the companies intend to offer a limited bitcoin ETF, using the exemption rule provided by the U.S. Securities and Exchange Commission (SEC).  Limited Bitcoin ETF Investment management firm, VanEck, and fintech company, SolidX, would begin sale of their limited bitcoin trust on Thursday, September 5, 2019. Using the U.S. SEC’s Rule 144A, the firms would circumvent regulatory hurdles provided by…

US SEC Reaches $10 Million Settlement with Digital Assets Issuers

The United States Securities and Exchange Commission (SEC), a primary governmental regulator, has settled charges with digital assets company Bitqyck Inc. and its founders. Smart contracts and crypto mining? The SEC announced the development in a press release on Aug. 29. According to the announcement, Bruce Bise and Sam Mendez­ are the founders of Bitqyck — a company that provided security offerings for digital assets Bitqy and BitqyM in Dallas, Texas. The company claimed that Bitqy tokens gave investors fractional shares of company stock via a smart contract. Additionally, Bitqyck…

US SEC Chairman Says the Rules Won’t Change for Cryptocurrencies

United States Securities and Exchange Commission (SEC) Chairman Jay Clayton says he won’t make exceptions in securities law for cryptocurrencies, but he won’t stand in their way either. SEC rule changes ‘ain’t happening’ Bloomberg published an interview with Jay Clayton on Aug. 27. According to Clayton, he has no desire to change securities laws, either to include or exclude digital assets for regulation. In his own words: “I think a lot of people got excited that somehow we would change the rules to accommodate the technology and they invested their…

Thai SEC Warns Public About New Crypto Scam Operating Overseas

Thailand’s securities regulator has warned the public about scam entities posing as legal digital currency trading firms operating overseas. Investor losses are not known The Thai Securities and Exchange Commission (SEC) has discovered a new crypto scam where investors are lured into operating with companies outside the country, local English-language news outlet Bangkok Post reports on Aug. 25. The regulator has become aware of several fraudulent companies involved in the case, including the alleged scam entity named FX Trading Corporation, which is not authorized to trade in digital currencies, the…