Doug Cornelius on compliance for private equity real estate
We all saw this train coming down the tracks. Even the hacker who took over the SEC’s Twitter account announcing the approval, merely jumped the gun. The Securities and Exchange Commission, by a 3-2 vote, authorized a dozen spot Bitcoin exchange traded products. Gary Gensler’s SEC has been trying stem the tide and prevent crypto … Read more »
With the onset of the crypto winter, the Securities and Exchange Commission is continuing to bring cases against crypto companies. The latest is against a funding model for animated series: Stoner Cats. The producers wanted to try finding a crypto method to fund the production. It started off as Kickstarter mixed with Non-Fungible Tokens. The … Read more »
The big challenge with crypto is how it fits into regulatory schemes that were drafted almost a century a go. Add in the politically driven split between the regulation of commodities by the CFTC and the regulation of securities by the SEC and you get a mess. Slap in the variable structures used by crypto … Read more »
Facebook is looking to get into banking. Or Cryptocurrency. Whatever you call it, Facebook is looking to launch a global currency: Libra. The big problem is mashing together the current lack of trust in Facebook with the hype of blockchain technology. As a result, Libra talks little about Facebook and lots about blockchain. It’s not … Read more »
Last month, I wrote about the complaint filed by Securities and Exchange Commission against Reginald Ringgold and his Blockvest initial coin offering. One of the Blockvest’s marketing ploys was to note its membership in the Blockchain Exchange Commission. The SEC managed to obtain an emergency court order to halt a planned initial coin offering of … Read more »
Worried about the security of your cyptocurrency? How about having the Blockchain Exchange Commission protect you. It won’t. According to a complaint filed by Securities and Exchange Commission, Reginald Ringgold is a founding member of this very prestigious-sounding, regulatory-sounding Blockchain Exchange Commission. According to it’s LinkedIn page: The mission of the [Blockchain Exchange Commission] is to protect … Read more »
It looks like the testimony will not be subtle at the Senate Banking Committee today entitled: Exploring the Cryptocurrency and Blockchain Ecosystem. Peter Van Valkenburgh, Director Of Research at Coin Center, spends his time trying to explain blockchain by calling it decentralized computing. I’m going to guess that his presentation falls on ears that have … Read more »
I’ve been highly critical of cryptocurrency. It doesn’t act like a currency: people are not using it to actually buy goods and service (at least not legal goods and services). The world of coin offerings has been the wild west. In many instances, the sponsors are just ignorant of the securities law implications of their … Read more »
Cryptocurrency is a lawless land. Ten days ago, the Securities Exchange Commission and the Commodities and Futures Trading Commission issued a joint statement on virtual currency: “When market participants engage in fraud under the guise of offering digital instruments – whether characterized as virtual currencies, coins, tokens, or the like – the SEC and the … Read more »