Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: Bitcoin

SEC Cautions Securities Laws May Apply to Interests in Virtual Organizations

Posted in Broker-Dealer, CFTC
On July 25, the Securities and Exchange Commission issued a Report of Investigation cautioning that certain offers and sales of digital assets of virtual organizations (e.g., “coin offerings” or “token sales”) could be deemed securities offerings and therefore subject to the federal securities laws. More details relating to the Report of Investigation are available in… Continue Reading

CFTC Grants DCO Registration to LedgerX

Posted in CFTC, Derivatives
The Commodity Futures Trading Commission has issued an order granting LedgerX LLC registration as a derivatives clearing organization (DCO). As specified in the order, LedgerX is permitted to clear fully collateralized digital currency swaps. A transaction will be fully collateralized if LedgerX holds, at all times, funds in the form of the required payment sufficient… Continue Reading

Department of Justice Settles Virtual Currency Enforcement Action

Posted in Digital Assets and Virtual Currencies, Litigation
The US Attorney’s Office in the Northern District of California recently settled an enforcement action against Ripple Labs Inc., a Delaware corporation providing virtual currency exchange services. According to the settlement agreement, Ripple Labs was not registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business (MSB) pursuant to the Bank Secrecy… Continue Reading

UK Treasury Calls for Information on Digital Currencies

Posted in Digital Assets and Virtual Currencies
On November 3, the UK Treasury issued a call for information on digital currencies, including Bitcoin. Views are being solicited from the public, the financial services industry, regulators, and law enforcement agencies. Commenters are asked to provide their views on how digital currencies can improve customer payments as well as encourage financial innovation. Commenters are also requested to… Continue Reading

First Bitcoin Swap Proposed

Posted in Digital Assets and Virtual Currencies
According to Reuters reports on September 12, TeraExchange, LLC, received approval from the Commodity Futures Trading Commission to begin listing an over-the-counter swap that is based on the price of a bitcoin. The CFTC approval marks the first time a US regulatory agency approved a bitcoin financial product. In March, TeraExchange announced the finalization and… Continue Reading