FINLAW: Peirce’s proposed safe harbor for three years of crypto (almost) regulatory immunity unlikely to become reality; Telegram Court proceeding presents opportunity for clarification of law
SEC Commissioner and Crypto Mom Hester Peirce completed her adoption of the crypto industry four days ago. Peirce single handedly proposed a safe harbor for crypto/digital asset offerings excusing all regulatory violations except fraud. The safe harbor proposal provides regulatory immunity except for fraud to crypto offerings for a period of three years to enable
Read MoreFINLAW: Unregistered persons who raise capital continue to be a top SEC enforcement priority
In what has become a typical announcement, the Securities and Exchange Commission (SEC) announced yesterday that it has filed three more actions against persons who acted as unregistered broker-dealers in violation of Section 15(a)(1) of the Securities Exchange Act of 1934. While reviewing these cases, I observed the SEC announced yet another case this morning.
Read MoreFINLAW: Asking your customer to move their brokerage account MAY violate Regulation Best Interest (“Regulation BI”)
FINRA member Firms are required by June 30, 2020, to comply with Regulation BI. Regulation BI is a rulemaking package that one regulator described as a “once-every-several decades” rule.[1] Regulation BI mandates four essential obligations which will transform the way retail broker-dealers (“BDs”) do business in the United States. These include the Disclosure obligation, Care
Read MoreFINLAW: Initial Exchange Offerings, April 26, 2019
I was interviewed by a Chinese newspaper ChainDD concerning Initial Exchange Offerings (IEOs). Just like Initial Coin Offerings, if we are discussing a security, IEO Offerings need to either be registered with the U.S. Securities Exchange Commission or meet an exemption from registration or they are illegal under United States law. See the ChainDD interview
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