Bitcoin has proven to be a long-term play which means nations can no longer ignore the impact of the cryptocurrency on the economy. One way that nations have responded to this has been through regulations. While some countries have implemented favorable laws for bitcoin, others have gone the route of trying to stop the digital asset. The United States skews towards the latter. The SEC has made several attempts to try to regulate the crypto industry, with SEC boss Gary Gensler commenting on what the regulatory body is doing to…
Tag: SEC
VanEck Bitcoin Futures ETF Gets SEC Greenlight After Spot Rejection
VanEck has had a rollercoaster of a month with its Bitcoin ETFs. After three Bitcoin Futures ETFs were approved by the Securities and Exchange Commission, Spot ETFs became the next big thing as they posed a greater advantage for traders. However, this would prove to not be happening anytime soon as the VanEck Spot Bitcoin ETF was rejected by the regulatory body. However, all hope was not lost for the investment fund as it had doubled back with a bitcoin futures ETF. This time around, VanEck found success as the…
Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals
Bitcoin has broken a new five-month high on Friday after breaking above $60,000. The digital asset had begun its ascent weeks prior at the beginning of October, a historically bullish month for cryptocurrencies. This rally has been mostly driven by rumors that the SEC is set to approve the first Bitcoin ETF in the United States. With news like this circulating in the market, traders have ramped up their activities in the market. The rumors have triggered massive buying activities in the market and this has led to the price…
SEC Extends Decision Timeline Of Four Bitcoin ETFs By 45 Days
Bitcoin EFT applications are piling up as the United States Securities and Exchange Commission (SEC) continues weighing its options. Wall street’s most powerful regulator has once again extended the timeline on making decisions as to whether or not it will approve Bitcoin Exchange-Traded Funds (ETF). The commission extended the deadlines on four applications by 45 days. The first decision on a proposed rule change that would allow the listing and trading of Bitcoin ETF has been put off till November. New Deadlines Set By SEC Global X Bitcoin Trust, Valkyrie…
SEC Issues Warning on Fractionalized NFTs and NFT Basket Index
Hester Peirce said that the SEC has a special interest in anything that could become security. Following the recent breakout of Non-Fungible Tokens (NFTs), issuers have found ways to become very creative in the distribution of their products. However, attention has been drawn that the creativity around the NFTs can lead to an unintentional distribution of financial products. Hester Peirce, the commissioner of SEC, issued these words of caution about NFTs when speaking at the Draper Goren Holm’s Security Token Summit. SEC on NFTs According to her, the Non-Fungible Tokens…
SEC halts trading for blockchain company run by former Ron Paul staffer
The United State’s securities watchdog has placed a temporary trading suspension on the stock of Vortex Blockchain Technologies until October 6. The Securities and Exchange Commission (SEC) cited confusion over the nature of Vortex’s business operations and the value of their assets as the reason behind the temporary suspension. Vortex Blockchain Technologies Inc, formerly UA Granite Corporation, has been developing a variety of applications in the cryptocurrency space. Its activities reportedly include cloud mining, blockchain hardware and software development, and a cryptocurrency wallet and exchange. The company, which has not…
Philippines SEC warns of ‘cloud mining’ Ponzi related to Bitcoin Vault
The Philippines SEC has released an official warning about Bitcoin (BTC) “cloud mining” company Mining City, advising the public to steer clear of the scheme and others like it. Despite the official condemnation, the price of a related cryptocurrency is on the rise. The warning describes the company as an unlicensed entity in the country and said it was not functioning “in accordance with guidelines for virtual currency exchanges,” stating: “The aforementioned scheme used by Mining City clearly shows an indication of a possible Ponzi scheme in which new investor…
Unikrn ICO faces further SEC action
Unikrn, an initial coin offering, or ICO, from 2017, faces action from the U.S. Securities and Exchange Commision, or SEC. The SEC has accused the startup of running its ICO without going through the proper legal channels, based on a Sept. 15 statement from the regulating body. The commission claims Unikrn offered an unregistered investment opportunity. “Unikrn agreed to settle the charges by paying a $6.1 million penalty, substantially all of the company’s assets, to be distributed to investors through a Fair Fund,” the statement said. Unikrn made headlines back in…
US SEC upgrades ‘accredited investors,’ puts financial knowledge first
The United States Securities and Exchange Commission has made changes to its definition of who qualifies as an “accredited investor,” likely broadening the field of participants for future private equity offerings. According to the commission, this development is the result of years of internal discussions about better ways to balance requirements for investor protection with the need to make America’s investment landscape more inclusive. Given the SEC’s insistence on regulated crypto token sales, the news could have significant implications for future security token offerings and even widen the pool of…
SEC Charges ICO Operator for Misrepresenting His Platform’s Technology
The U.S. Securities and Exchange Commission, or SEC, publicized legal action against another 2017 Initial Coin Offering, or ICO. Boon.Tech and Rajesh Pavithran, the project’s CEO, face fraud accusations from the commission, as well charges associated with securities registration, an Aug. 13 statement from the SEC detailed. The statement added: “According to the SEC’s order, from November 2017 to January 2018, Boon.Tech and Pavithran raised approximately $5 million by selling Boon Coins to more than 1,500 investors in the U.S. and worldwide to raise funding to develop and market a platform…