Page 34 - Howey Test News Today

To print this article, all you need is to be registered or login on Mondaq.com. The Biden Administration has moved quickly to nominate new leadership at the Securities and Exchange Commission ("SEC" or "Commission"). President Biden, in a move that provides insight into his priorities and the approach his administration will pursue with regard to regulatory action, has nominated former Commodity Futures Trading Commission ("CFTC") Chairman Gary Gensler to lead the SEC. M...

On December 2, the Securities and Exchange Commission filed a lawsuit against Ripple Labs, Inc. and two of its executives alleging they offered and sold over $1.38 billion of digital asset XRP without registration or exemption in violation of Section 5 of the Securities Act of 1933, seeking disgorgement of ill-gotten gains.  Ripple filed an answer on January 29 denying that XRP is a security or that it violated the securities laws.  At the heart of this case is the issue that’s been cent...

Technology Digital assets: the formation of a legal framework as the basis for implementation in the real sector of the economy Digital assets: the formation of a legal framework as the basis for implementation in the real sector of the economy Today, the term “digital asset” is increasingly used in publications about both economic development and new technologies. However, until recently, it did not have a precise definition due to the diverse interpretations. The word “digital” initia...

Cointelegraph - January 26, 2020 While we would be remiss not to laud the SEC’s statement as a step in the right direction, the shortcomings are inescapable. On Dec. 23, 2020, the SEC published a statement proposing a framework for broker-dealers to custody digital asset securities in a manner consistent with Rule 15c3-3 under the Securities Exchange Act of 1934. Among other things, the statement, which will expire after a period of five years from publication, provides that a broker-dealer m...

Expert Take On Dec. 23, 2020, the SEC published a statement proposing a framework for broker-dealers to custody digital asset securities in a manner consistent with Rule 15c3-3 under the Securities Exchange Act of 1934. Among other things, the statement, which will expire after a period of five years from publication, provides that a broker-dealer may custody digital asset securities so long as it operates consistent with the enumerated conditions set forth in the statement, including but not...

Search Former CFTC Chair Gary Gensler Selected to be Chairman of the Securities and Exchange Commission, Lauded for Being Fintech Friendly Gary Gensler, the former Joe Biden to helm the Securities and Exchange Commission (SEC). Gensler previously led the CFTC during the Obama administration. Prior to the CFTC, Gensler spent 18 years at Goldman Sachs. He is also a member of the New York Fed Fintech Advisory Group. Gensler will join the Commission at a key point in financial innovation as the...

Another court applies the Howey investment contract analysis to crypto The ruling on the motion to dismiss in the SEC v. NAC case indicates that the SEC still has crypto sales in its crosshairs in 2021. 13098 Total views Expert Take On June 25, 2020, the United States Securities and Exchange Commission brought suit in the Northern District of California against NAC Foundation LLC, also known as the NationalAtenCoin Foundation, and Rowland Marcus Andrade, the company’s CEO, alleging t...

Bitwise 10 Crypto Index Liquidates Its Position in XRP, OSL Suspends XRP Services Dec 24 2020 · 12:45 UTC by Mercy Tukiya Mutanya · 3 min read Photo: Depositphotos You have successfully joined our subscriber list. Digital assets manager Bitwise has liquidated $9.3 million worth of XRP and reinvested in other assets. Hong Kong’s OSL has suspended the asset from its platform. This is done in response to SEC’s lawsuit against Ripple Inc. The US Securities and Exchange Commission (SEC) on ...

December 22, 2020 @ 8:38 am By JD Alois Ripple has posted a response to a Wells Notice received by the blockchain firm. A Wells Notice is a document sent to an entity or individual giving notice of a pending enforcement action following an investigation by the securities regulator. Yesterday, it was reported that the Securities and Exchange Commission (SEC) was pursuing a lawsuit against Ripple and the sale of XRP – a digital asset that is currently one of the largest cryptocurrencies in cir...

Ripple Targeted in SEC Enforcement Action December 21, 2020 @ 9:12 pm By JD Alois Ripple, the creator of XRP the third-largest crypto by market cap of over $22 billion, is the target of a Securities and Exchange Commission (SEC) enforcement action. Rumors have been circulating for some time now that Ripple had received a Wells Notice – an indication of potential legal action by the SEC. In a report by WSJ.com, Ripple said it was notified earlier today that the Commission would pursue legal ...