On March 9, 2021, a bipartisan bill was reintroduced that would, among other things, exclude digital tokens from the definition of a security under federal securities laws.
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Chelsea Lomprey
Judge Rules Kik’s ICO Violated Federal Securities Laws
By Chelsea Lomprey on
Posted in Initial Coin Offerings, Regulatory
In a closely-watched case, on September 30, 2020, federal judge Alvin Hellerstein ruled that Kik’s $100 million two-phase coin offering resulted in a sale of unregistered securities in violation of Section 5 of the US Securities Act of 1933.
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CFTC Announces Final Guidance on “Actual Delivery” for Digital Assets
By Chelsea Lomprey on
On March 28, 2020, the Commodity Futures Trading Commission issued final interpretive guidance clarifying its position with respect to retail commodity transactions and the “actual delivery” exception in the context of digital assets.
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CFTC Files Complaint for Fraudulent Forex and Digital Asset Scheme
By Chelsea Lomprey on
Posted in Cryptocurrencies
On April 16, 2020, the Commodity Futures Trading Commission filed a civil enforcement action against two Florida-based crypto companies and their founder and sole owner. According to the CFTC, the Defendants raised $1.6 million from hundreds of customers by fraudulently marketing and soliciting a digital asset to be used in connection with the Defendants’ proprietary foreign exchange algorithm called ART. …
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