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CFTC Tells Judge It Has Jurisdiction Over Cryptocurrencies

A few days before issuing the recent advisory for the cryptocurrency market, the Commodity Futures Trading Commission told the judge in the case against My Big Coin Pay Inc. that cryptocurrencies are commodities, and are therefore within CFTC jurisdiction. The federal judge in Massachusetts is hearing the case against…
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CFTC Staff Advisory Offers Guidance for Listing Cryptocurrency Derivative Products

On May 21st, the Commodity Futures Trading Commission issued a new document offering valuable guidance for registered market participants. The head of the CFTC’s Division of Market Oversight, Amir Zaidi said in an accompanying press release, “The CFTC staff is committed to providing regulatory clarity as much as…
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Anti-Money Laundering and Sanctions Compliance: New Challenges for Financial Institutions

In a complex and shifting global scenario, the financial industry faces numerous challenges relating to anti-money laundering (AML) compliance. In a rapidly changing regulatory environment, within an unstable geopolitical context, financial institutions have to adapt to new technologies and innovative operating models. As regulators worldwide coordinate to increase…
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Delaney Equity Group Could Face Probation and Steep Fines in “Shell Factory” Case

Last week, federal prosecutors charged Delaney Equity Group with participating in a fraudulent scheme involving the sale of bogus shell company shares. The Florida-based broker-dealer allegedly conspired to sell shares of fraudulent microcap companies to investors at a profit. The Department of Justice has accused the defendant of…
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SEC and CFTC Cryptocurrency Regulation Chronology and Outlook for the Rest of 2018

The over 80 subpoenas recently issued to companies in the cryptocurrency sector have provided a logical corollary to the agency’s many warnings about ICOs potential violations of security laws. The time for warnings is over. Now, the SEC’s intentions have evolved into enforcement actions, forever changing the scenario…
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SEC Court Order Follows Jay-Z Refusal to Cooperate

Hip-hop star Shawn Carter, aka Jay-Z, has just received a subpoena to appear in court after he failed to testify in connection with the SEC’s probe into Iconix Brand Group’s accounting practices. Iconix acquired intangible assets from Jay-Z’s clothing brand Rocawear in 2007, which boasted $700 million in…
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