NYSE Arca EtherIndex Trust Proposal Withdrawn

Blockchain DLT, Compliance, Cryptocurrency

SEC File No. SR-NYSEARCA-2016-176 September 1, 2017 - Notice of Withdrawal of Proposal - See SEC Release No. 34-81538 [82 FR 42865 Sept. 12, 2017] On September 1, 2017, the Exchange withdrew the proposed rule change (SR-NYSEArca-2017-176). July 7, 2017 - Time Extended - [SEC Release No. 34-81155][82 FR 33938, July 21, 2017] - Section 19(b)(2) the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing... Read More

Bankruptcy May Not be an Option to Discharge ICO or Token Damages – 11 U.S.C. § 523(a)(19)

Compliance, Cryptocurrency, ICO Initial Coin Offering

11 USC §523 - Bankruptcy No Escape If the perpetrators of the tsunami of ICO shenanigans think they can hide their ill gotten gains, and then discharge all related debts and fines in personal bankruptcy, they had better think again. The Congress, and their advance guard, the SEC, long ago cut off their escape. SEC v Tomahawk Exploration LLC et al. In the case of the SEC v. Tomahawk Exploration LLC and David Thomson Laurance, File No. 3-18641, ("Tomahawk") the Respondent Laurance... Read More

Winklevoss Bitcoin Trust ETF … The Long and Winding SEC Road

Blockchain DLT, Compliance, Cryptocurrency

Bats BZX Exchange Request to the SEC for ETF Bitcoin Trading  SEC File No. SR-BatsBZX-2016-30 Timeline: No follow-up SEC filings for this case have been located for these principals. The recent lateral move of the Winklevoss twins to a New York state regulated exchange was wise, and will be covered in a subsequent blog post. However, we believe that this 2016 or a similar proposal will re-emerge from the Winklevoss after the New York test, and subsequent pro-digital currency federal regulation by... Read More

SEC v Tomahawk Exploration LLC, 2018-152

Compliance, Cryptocurrency, ICO Initial Coin Offering

Bankruptcy discharge of civil penalty - It is further Ordered that, solely for purposes of exceptions to discharge set forth in Section 523 of the Bankruptcy Code, 11 U.S.C. § 523(a)(19), the findings in this Order are a debt for the violation by Laurance of the federal securities laws. [Author’s note – the debt may not be discharged].   [/vc_column_text][/vc_column][/vc_row] Commentary by Attorney Timothy F. Mills, Editor / Action Cyber Times™ © 2018 All Rights Reserved. Action Cyber Times™ provides resources for cybersecurity,... Read More

SolidX NYSE Bitcoin Shares Disapproved by SEC

Blockchain DLT, Cryptocurrency

NYSE Arca Inc Request to the SEC for trading of SolidX Bitcoin Shares SEC File No. SR-NYSEArca-2016-101 SolidX Bitcoin Trust Shares Disapproved Note: No further filings or extensions of time for this proposal were found in the SEC database or the Federal Register within the time limits imposed by the SEC Rules of Practice. The proposal was therefore abandoned. SolidX Bitcoin products next appear in SEC filings by Cboe BZX Exchange Inc., on June 26, 2018. See the post re file SR-CboeBZX-2018-040, VanEck... Read More

First Trust Bitcoin ETF Proposal Withdrawn

Compliance, Cryptocurrency

Cboe BZX Exchange Inc Request to the SEC for trading of First Trust Bitcoin ETF File No. SR-CboeBZX-2017-021; Release No. 34-82429; First Trust Bitcoin ETF Withdrawn January 19, 2018 - On January 19, 2018, the Exchange withdrew the proposed rule change (SEC Release No. 34-82561; SR-CboeBZX-2017-021). [83 FR 3789 Jan. 22, 2018] January 8, 2018 - The proposed rule change was published for comment in the Federal Register. [83 FR 929]. January 2, 2018 - On The Cboe BZX Exchange, Inc., filed a proposed rule change... Read More

SEC v Recoin Group Foundation LLC, Diamond Reserve Club, and Maksim Zaslavskiy, 2017

Compliance, Cryptocurrency

Case No. 1:17-cv-05725, USDC for the Eastern District of New York (Brooklyn) Securities and Exchange Commission Civil Enforcement Action Summary: By Complaint dated September 29, 2017, the SEC filed an emergency civil action in the United States District Court for the Eastern District of New York against defendants, REcoin Group Foundation LLC (“REcoin”), DRC World Inc., a/k/a Diamond Reserve Club (“Diamond”), and Maksim Zaslavskiy (“MZ”). The SEC sought temporary and permanent injunctions to stop the defendants alleged activity, “ … from engaging in... Read More

15 USC 77e – Securities Act of 1933 – Prohibitions relating to interstate commerce and the mails

Cryptocurrency, US Code

Title 15 - United States Code - Commerce and Trade Chapter 2A - Securities and Trust Indentures (§§77a - 77bbbb) Subchapter I - Domestic Securities Sec. 77e. Prohibitions relating to interstate commerce and the mails [from the Securities Act of 1933, ch. 38, as amended, and codified at 15 USC §77a to 77z-3]   (a) Sale or delivery after sale of unregistered securities Unless a registration statement is in effect as to a security, it shall be unlawful for any person, directly or indirectly— (1) to make... Read More

FTC – Federal Trade Commission Act Sec 5, Pub. L. No. 103-312, Unfair Competition

Compliance, Cryptocurrency, US Code, US Laws - CyberSecurity

Unfair or deceptive acts or practices in commerce > The FTC Act (15 USC §41 et seq) was amended with Section 5 to prohibit “unfair or deceptive acts or practices in or affecting commerce.” The FTC Act was originally enacted on September 26, 1914, Chapter 311, compiled at 38 Stat. 719; and codified at 15 USC 41 -77. FTC Section 5 added by United States Public Law 103-312 on August 6, 1994; compiled at 108 Stat. 1691-1698; and codified at 15... Read More

15 USC 78o – Registration and regulation of brokers and dealers

Cryptocurrency, US Code

Title 15 - United States Code - Commerce and Trade Chapter 2B - Securities Exchanges (§§78a - 78qq) Sec. 78o. Registration and regulation of brokers and dealers [from the Securities Exchange Act of 1934, ch. 404,  as amended, and codified at 15 USC §78a to §78qq] [Ed. note - Due to the length of the statute only a few of the paragraphs are included below. The reader is directed to follow the link above to www.govinfo.gov for the complete text.] (a) Registration of all... Read More

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