SEC

Wells Fargo Fined $3 Billion for 15 Years of Illegal Practices Affecting Millions of Customers

</header> <strong>Wells Fargo, one of the largest U.S. financial services companies, has agreed to pay $3 billion to resolve the U.S. government’s investigations into fraudulent sales practices spanning over 15 years. The Wells Fargo fraud case involved the company forging customer signatures, moving money from millions of customer accounts to unauthorized accounts, and misusing customers’ …

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No Bitcoin ETF Yet: A Deep Dive Into the Situation in the US

Over the past several years, many entities have submitted proposals for regulated Bitcoin (BTC) exchange-traded funds, or ETFs in the United States. So far, the Securities and Exchange Commission, or SEC, has not approved any official Bitcoin ETF product for the mainstream public. What is an ETF and what is the holdup when it comes …

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SEC Nails Enigma ICO: Orders Refund, Registration and Fine

The U.S. Securities and Exchange Commission, or SEC, recently announced its conquest over yet another unregistered ICO from 2017. The SEC went after Enigma for its 2017 ICO, labeling the capital raise as an unregistered securities offering, the governing body said in a statement on Feb. 19. Enigma settled with the SEC, agreeing “to return …

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Crypto Industry Lauds Token Safe Harbor, But Warns of Risks

The Takeaway: SEC Commissioner Hester Peirce wants to give token projects three years to adequately decentralize their networks before worrying about securities laws. Industry participants believe some kind of so-called “safe harbor” is necessary, and praise Peirce’s proposal for providing a reasonable plan for creating one. Questions remain, including how to define network maturity and …

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Preston Byrne: Peirce’s Safe Harbor Proposal Would Be Hilarious if It Weren’t so Serious

Preston Byrne, a columnist for CoinDesk’s new opinion section, is an attorney at Byrne & Storm, where he advises cryptocurrency miners, decentralized protocol developers, custom software development shops, and interactive computer services businesses. This is his bi-weekly column, “Not Legal Advice,” an opinionated roundup of bigger legal topics in the crypto space. And, yes, it …

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Regulatory Roundup: Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash

</header> <strong>In this roundup, we cover numerous cryptocurrency regulatory developments in the U.S., including President Trump’s crypto proposals, testimonies by the Federal Reserve chairman and the Treasury secretary, a crypto-friendly SEC proposal, and the IRS changing a crypto tax rule. We also cover China quarantining yuan bills, its central bank filing 84 digital currency patents, …

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TON Developers, Investors Back Telegram in SEC Fight

Undeterred by the U.S. Securities and Exchange Commission (SEC)’s lawsuit against Telegram, developers and investors in the company’s blockchain project have formed a nonprofit for community governance. One of the TON Community Foundation’s first actions was to defend Telegram in the case, filing a friend of the court brief Friday in the U.S. District Court …

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SEC Charges Ohio Man for $33M Crypto Fraud Targeting Physicians

An Ohio man has been charged by the United States Securities and Exchange Commission for allegedly defrauding 150 investors in a cryptocurrency trading scheme. The SEC’s complaint, filed in federal court in New York on Feb. 11, accuses Michael W. Ackerman of raising at least $33 million in violation of anti-fraud provisions for federal securities …

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US Authorities Charge Crypto ‘Trading Club’ Operators With Defrauding 150 Investors

The U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the U.S Attorney for the Southern District of New York have charged Ohio resident Michael Ackerman and two unnamed business partners with defrauding some 150 investors by claiming to offer “extraordinary profits” from a cryptocurrency trading scheme. The SEC alleged in …

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On the Frontlines of the SEC Safe Harbor Proposal With CoinList Co-Founder Andy Bromberg

Will a newly proposed “safe harbor” transform the U.S. regulatory landscape for token projects? CoinList CEO Andy Bromberg discusses. Last week, SEC Commissioner Hester Peirce proposed Rule 195 to give token projects a three-year safe harbor. This proposed period would allow them to distribute tokens without fear of violating securities law so long as they …

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