On September 27th Overstock.com’s blockchain-focused investment subsidiary Medici Ventures announced that its very own alternative trading system (ATS) will be open for business for any initial coin offering (ICO) in need of a new place to trade per the new SEC guidelines. This platform was initiated via a joint venture between Medici’s capital markets branch tØ along with RenGen LLC … Read More
The controversial birth of Bitcoin Cash on August 1 has created a fundamental crossroads for both the users of the popular cryptocurrency along with its underlying technology. What could amount to trillion dollar questions are now being asked about the future of Bitcoin that are as much philosophical in nature as they are practical in application.
On August 2nd, the Chicago Board Options Exchange (CBOE) launched itself into the Bitcoin market worth tens of billions of dollars via an announcement that left many of the cryptocurrency’s users jumping for joy. This announcement revealed that the CBOE has entered into an exclusive global license with Gemini Trust Company to use Gemini’s Bitcoin market data to create new … Read More
The Jumpstart Our Business Startups Act (JOBS Act) of 2012 created the promise of widespread crowdfunding of new business ventures. While non-equity crowdfunding options like Kickstarter and Indiegogo had been around for years, companies could not entice investors with a share of their businesses without completing extensive disclosures, limiting their offers to accredited investors, or capping the size of their … Read More
Earlier this year, the SEC’s Office of Compliance Inspections and Examinations (OCIE) released its Examination Priorities for 2017. OCIE annually examines regulated entities to ensure compliance, prevent fraud, identify risk, and inform policy. These priorities reflect the practices, products, and services that, per OCIE, present the greatest risks to investors and U.S. capital markets. Regulated entities may use the priorities … Read More
On February 13, 2017 the Commodity Futures Trading Commission delivered an early Valentine’s Day present to swap dealers and major swap participants by extending the deadline to comply with the variation margin requirements for un-cleared swaps stipulated by Commission Regulation § 23.153 from March 1, 2017 to September 1, 2017. The CFTC’s No-Action Letter announcing this extension, CFTC Letter No. … Read More
Earlier this year, FINRA published its Annual Regulatory and Examination Priorities Letter to provide the industry with insights into the areas FINRA plans to review in its 2017 exams and to assist financial firms with reviewing and strengthening their own supervisory and compliance systems. The letter states five priority areas the authority will focus on in its 2017 exams with … Read More
Amendments to CME Rule 432 (General offenses) went into effect February 16, 2017. These amendments expand upon the protective measures previously found in CME Rule 432. The amended rule now extends liability for fraud and bad faith (432.B.1); manipulative devices, schemes, and artifices to defraud (432.H.); and delivery of false, misleading or inaccurate crop or market information (432.J.) to include … Read More
Citigroup Global Markets Inc. (Citi) settled with the Commodity Futures Trading Commission (CFTC) on January 19, 2017 over the CFTC’s allegations that five traders at Citi “spoofed” the U.S. Treasury futures markets and that Citi failed to supervise the trading activity of its employees. Pursuant to the Order, Citi must pay a fine of $25,000,000 and must maintain systems and … Read More
On Wednesday, November 9, 2016, Navinder Sarao pled guilty to spoofing and wire fraud before Judge Virginia Kendall in the Northern District of Illinois. After unsuccessfully fighting his extradition from the UK, Sarao became the second person found liable for violating Dodd-Frank’s anti-spoofing statute after Michael Coscia was convicted last year.