SEC Ends a $30M Cryptocurrency Ponzi Scheme Supposedly Backed by Diamonds

SEC Ends a $30M Cryptocurrency Ponzi Scheme Supposedly Backed by Diamonds

The U.S. Securities and Exchange Commission (SEC) has announced on May 21 that it has secured a court order from U.S. District Court for the Southern District of Florida to halt an ongoing diamond-backed crypto Ponzi scheme which has targeted more than 300 investors in the U.S. and Canada, and estimated to be worth around $30 million. South Florida-based Jose Angel Aman is reportedly the mastermind behind the cryptocurrency scheme and claimed to allegedly use…

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Decision on Bitwise Bitcoin ETF Approval Delayed by the SEC Yet Again

Decision on Bitwise Bitcoin ETF Approval Delayed by the SEC Yet Again

The U.S. Securities and Exchange Commission (SEC) has once again delayed the decision to approve or reject a Bitcoin exchange-traded fund (ETF) by 5 weeks. The decision to delay was announced in a document published by the SEC. The document states that the regulator would hold off on making a decision on the Bitwise ETF proposal filed with NYSE Arca. The document asked for interested parties to provide public comment in an effort to receive…

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Featured: The Legal Minefield of Stablecoins

Featured: The Legal Minefield of Stablecoins

Stablecoins are a relatively new form of cryptocurrency and are often regarded as a solution to the instability of other cryptocurrencies such as Bitcoin. Stablecoins such as Tether, TrueUSD, Basis, and Saga are backed by fiat currency like the dollar, euro, and others. Stabelcoins have their critics, but they were essentially born to solve some of the problems faced by cryptocurrencies – stability and usability are the major issues that stablecoins attempt to solve. Even…

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Libertarian Think Tank Publishes a Harsh Critique of the SEC’s Treatment of Crypto

Libertarian Think Tank Publishes a Harsh Critique of the SEC’s Treatment of Crypto

The United States Securities and Exchange Commission (SEC) has come under criticism for its constant efforts to control the crypto market by a Libertarian think tank called Competitive Enterprise Institute. In a report recently published by the CEI, John Berlau, a senior fellow at the think tank expressed his harsh views against the SEC on its approach to regulating cryptocurrencies. The SEC has long been contemplating whether or not cryptocurrencies fall under the securities law….

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SEC Commissioners Publish a New Framework to Ascertain If Digital Assets Are Securities

SEC Commissioners Publish a New Framework to Ascertain If Digital Assets Are Securities

Following the Howey Test that determines whether certain transactions qualify as ‘investment contracts,’ there’s new framework recently suggested by two SEC Commissioners and published on the SEC’s official website. The new “Framework for ‘Investment Contract’ Analysis of Digital Assets” will enable individuals and organization to understand whether the digital assets and related services they are offering could be considered as investment contracts or not. The public statement about the issue clarifies that the new framework…

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The Fall of the ICO Market: A Plunge of 80% in 2019

The Fall of the ICO Market: A Plunge of 80% in 2019

The crypto world provided many entrepreneurs a great opportunity to materialize their ideas by using funds raised during initial coin offerings (ICOs). Starting a new company with capital has never been this easy. ICOs started back in 2014; however, it wasn’t until the end of 2017 that this market had really become popular. During early 2018, we could see that huge chunk of all initiated ICOs were raising enough funds which allowed them to start…

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New Job Opening: The SEC Is in Search for a “Crypto Specialist”

New Job Opening: The SEC Is in Search for a “Crypto Specialist”

The ability of authorities like the U.S. Securities and Exchange Commission (SEC) to fully comprehend and come up with legislative suggestions and recommendations that cater to the needs of the crypto space has long been questioned. Experts and crypto enthusiasts have always complained that the ones who are regulating the market have very little insight into its needs and limitations. This lack of understanding leads to legislation that causes a great disconnect between the crypto…

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U.S. SEC Willing to Cut Deals with ‘Prodigal ICOs’ that Admit their Wrongdoings

U.S. SEC Willing to Cut Deals with ‘Prodigal ICOs’ that Admit their Wrongdoings

As the primary financial watchdog in the United States, the Securities and Exchange Commission (SEC) can be likened to a mom who oversees the affairs of her children – financial firms including crypto firms. Like every mom, the SEC keeps its children in check by laying down some ground rules on the dos and don’ts in the home. And as expected of every young child, they see these rules as rather stringent and would love…

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SEC’s Senior Advisor: Stablecoins Might be Violating Securities Law

SEC’s Senior Advisor: Stablecoins Might be Violating Securities Law

There has been a lot of speculation regarding the position of SEC regarding the status of cryptocurrencies and tokens in relation to securities law. The issue has been debated by many industry experts both in support of and against cryptocurrencies. However, there are still a lot of things that the crypto space is in the dark about. This Friday, the SEC’s senior advisor for digital assets, Valerie Szczepanik hinted at the SEC’s stance regarding some…

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SEC Chairman Jay Clayton Clarifies that “Ethereum (and Cryptos Like It) Are Not Securities”

SEC Chairman Jay Clayton Clarifies that “Ethereum (and Cryptos Like It) Are Not Securities”

Whether to classify the cryptocurrencies such as Ethereum, Bitcoin etc. as a security token or not has become the hottest topic to debate in the world of blockchain and cryptos. A recent answer letter from the U.S. Securities and Exchanges Commission (SEC) Chairman Jay Clayton to the Washington-based crypto-focused research and advocacy center Coin Center and Congressman Ted Budd, confirms his position on the classification of digital tokens. SEC Chairman Jay Clayton corroborated that the…

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