Regulation & Oversight

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The U.S. government is coordinating its efforts to regulate Cryptocurrency.

The U.S. Securities and Exchange Commission along with the U.S. Commodity Futures Trading Commission are open to exploring with Congress whether increased federal regulation of cryptocurrency trading platforms is necessary or appropriate.


Making Sense Of The World’s Cryptocurrency Rules

Getting your head around cryptocurrencies was hard enough before governments got involved. But now that policymakers around the world are drawing up fresh regulations on everything from exchanges to initial coin offerings, keeping track of what’s legal has become just as daunting as figuring out which newfangled token might turn into the next Bitcoin.

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A Guide To Cryptocurrency Regulations Around The World

As demand for cryptocurrency grows, global regulators are divided on how to keep up. Most digital currencies are not backed by any central government, meaning each country has different standards. Every seemingly small regulation announcement has driven the price of bitcoin and other cryptocurrencies in 2018. Here’s your guide to where digital currencies stand with governments and regulators around the globe.

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Five Quick Takeaways on Blockchain

There‘s much hype around blockchain technology. Over the past five months, our blockchain proof of concept helped us gain a better understanding of what the technology can and cannot do. Surprisingly, five of the most important lessons learned coming out of our blockchain proof of concept had nothing to do with the technology, but some points that deserve attention. Here are our key takeaways:

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Initial coin offering

A new paradigm

We have all seen or heard the sensationalized headlines about Initial Coin Offerings, or ICOs. But what exactly are these events? Will they really disrupt venture capital as a means to fund development? Are they a sign of an economic bubble, or is there something truly worth considering under the surface? In this paper, we review the fundamentals of ICOs that have taken the market by storm.

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Payza and Two Canadian Brothers Accused of Operating an Unlicensed Money Service Business and Money Laundering

Firoz Patel and Ferhan Patel, the founders and operators of Payza.com, AlertPay.com, and Egopay.com, have been indicted by a federal grand jury in the District of Columbia on charges alleging they operated an Internet-based unlicensed money service business that processed more than $250 million in transactions.

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FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors

This letter from the FSB Chair was sent to the G20 Finance Ministers and Central Bank Governors ahead of their meeting in Buenos Aires on 19-20 March. Responding to the concerns of members, the FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets.

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It’s time for a FTC Blockchain Working Group

Today’s announced lawsuit targets one example. The FTC expects that fraudsters will repurpose old schemes to capitalize on the current glamour and mystery of cryptocurrency. The FTC staff will diligently apply its expertise to identify such schemes.

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US Department of Treasury Letter: Virtual Currency Services Must Register as Money Services Businesses

The US Department of Treasury, Financial Crimes Enforcement Network (FinCEN), recently sent a letter to US Senator Ron Wyden clarifying its stance on cryptocurrency exchanges that these entities must register as Money Services Businesses (MSBs).

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Application of FinCEN’s Regulations to Persons Administering, Exchanging or Using Virtual Currencies

Such persons are referred to in this guidance as “users,” “administrators,” and “exchangers,” all as defined below. A user of virtual currency is not an MSB under FinCEN’s regulations and therefore is not subject to MSB registration, reporting, and recordkeeping regulations. However, an administrator or exchanger is an MSB under FinCEN’s regulations, specifically, a money transmitter, unless a limitation to or exemption from the definition applies to the person. An administrator or exchanger is not a provider or seller of prepaid access, or a dealer in foreign exchange, under FinCEN’s regulations.Currency vs. Virtual Currency.

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Initial Coin Offerings Must Follow Banking Rules (Audio)

Olga Kharif, Bloomberg News Bitcoin reporter, discusses a new letter from the Treasury Department, which offers new guidelines for initial coin offerings, telling issuers and investors that they must adhere to U.S. banking rules. She speaks with Bloomberg’s June Grasso on Bloomberg Radio’s “Politics, Policy, Power and Law.”

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Bitcoiner Faces Charges After Selling BTC to an Undercover Cop

On February 9, 2018, officials from U.S. Immigration and Customs Enforcement ( ICE ), the investigative arm of the Department of Homeland Security, arrested Morgan Rockcoons (aka “Morgan Rockwell” or “Metaballo”), CEO at Bitcoin, Inc. and an entrepreneur behind several other bitcoin startups, at his home in Las Vegas, Nevada.

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Uniform Regulation
Of Virtual-Currency Business Act

The Uniform Law Commission (ULC), also known as National Conference of Commissioners on Uniform State Laws (NCCUSL), now in its 126th year, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law.

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IRS Virtual Currency Guidance

Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply

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FTC Shuts Down Promoters of Deceptive Cryptocurrency Schemes

At the request of the Federal Trade Commission, a federal court has halted the activities of four individuals who allegedly promoted deceptive money-making schemes involving cryptocurrencies. These schemes falsely promised that participants could earn large returns by paying cryptocurrency such as Bitcoin or Litecoin to enroll in the schemes.

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At FTC’s Request, Court Halts Bogus Bitcoin Mining Operation

Butterfly Labs Allegedly Delayed Shipment or Failed to Deliver Paid-For Bitcoin Mining Computers, Costing Consumers Tens of Millions

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US Department of the Treasury

There‘s much hype around blockchain technology. Over the past five months, our blockchain proof of concept helped us gain a better understanding of what the technology can and cannot do.

Surprisingly, five of the most important lessons learned coming out of our blockchain proof of concept had nothing to do with the technology, but some points that deserve attention. Here are our key takeaways:

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Building A Secure Future, One Blockchain At A Time

The Joint Economic Committee of the Congress has submitted it’s 2018 Joint Economic Report. For the first time, the report includes a chapter on cryptocurrencies. [PDF]  We are pleased to see is hopeful and positive about the effect these technologies could have on the U.S. economy.

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Statement on Cryptocurrencies and Initial Coin Offerings

SEC Chairman Jay Clayton – Dec. 11, 2017

The world’s social media platforms and financial markets are abuzz about cryptocurrencies and “initial coin offerings” (ICOs).  There are tales of fortunes made and dreamed to be made.  We are hearing the familiar refrain, “this time is different.”

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U.S. Commodity Futures Trading Commission

One of the most recent marketplace developments driving a lot of interest is the rise in prominence of virtual currencies, specifically Bitcoin. Here are resources for market participants and customers on virtual currency and the CFTC’s role in oversight of this emerging innovation.

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CFTC Also Releases Backgrounder on Oversight of and Approach to Virtual Currency Futures Markets

Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo issued the following statement on virtual currencies today. Additionally, the CFTC has released a backgrounder on its oversight of an approach to virtual currency futures markets.

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SEC Issues Investigative Report Concluding DAO Tokens, a Digital Asset, Were Securities

The Securities and Exchange Commission issued an investigative report today (July 25, 2017) cautioning market participants that offers and sales of digital assets by “virtual” organizations are subject to the requirements of the federal securities laws. Such offers and sales, conducted by organizations using distributed ledger or blockchain technology, have been referred to, among other things, as “Initial Coin Offerings” or “Token Sales.” Whether a particular investment transaction involves the offer or sale of a security – regardless of the terminology or technology used – will depend on the facts and circumstances, including the economic realities of the transaction.

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