Category Archives: Bitcoin News

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The president’s dangerous endgame

President Donald Trump is besieged. He is reportedly looking for ways to close down the Russia investigation by the Justice Department. He already tried at least once, when he fired FBI Director James Comey. He still has the power to fire special counsel Robert Mueller. President Nixon fired a special prosecutor, Archibald Cox. It did […]

Wells Fargo Reps: Data Leak Is the ‘Last Straw’

News emerged Friday that an attorney working with Wells Fargo had shared private information, including Social Security numbers, and compensation details tied to over 50,000 clients and advisors. A former Wells Fargo advisor, whose brother is suing the bank, received 1.4 gigabytes of private data on July 8, according to The New York Times. The […] SEC concludes initial coin offerings are securities

The Securities and Exchange Commission issued an investigative report on Tuesday concluding that tokens offered and sold by a “virtual” organization known as “The DAO” were securities and, therefore, subject to the federal securities laws. The regulator is cautioning investors that offers and sales of “initial coin offerings” or “token sales” by “virtual” organizations using distributed ledger or blockchain technology are subject to the requirements of the federal securities laws. Issuers of distributed ledger or blockchain technology-based securities must register offers and sales of such securities unless a valid exemption applies. Participating in unregistered offerings may subject participants to civil or criminal enforcement proceedings. Securities exchanges trading in these securities must also register unless they are exempt. “The DAO” has been described as a “crowdfunding contract” but it would not have met the requirements of the Regulation Crowdfunding exemption because, among other things, it was not a broker-dealer or a funding portal registered with the SEC and the Financial Industry Regulatory Authority. However, the SEC decided not to bring charges in this instance, or make findings of violations in the Report, but use the results of the investigation to caution the industry and market participants.