Cryptocurrencies fall lower as U.S. federal judge rules securities laws can apply to cryptocurrencies, Ethereum at 1-year low
Sep 11, 2018
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- The Bank of Russia announced Tuesday of an allegedly successful experiment in new token issuances. Russia’s deputy director of the financial development department of the bank, Ivan Semagin, told attendees of the Eastern Economic Forum in Russia that the regulator, “had tested an experimental ICO based on the existing infrastructure.” However, Semagin did cite legal issues in the experiment.
- The chief executive of the UK’s Financial Conduct Authority (FCA), Andrew Baily, said in a speech during the regulating body’s Annual Public Meeting that the financial regulator needs to take a balanced approach in, “nurturing the benefits of cryptos while narrowing out the risks.” Expanding, Baily said the FCA would work closely with the UK’s Treasury and Bank of England in coming up with appropriate responses to crypto regulation.
- Cryptocurrencies saw a general decline today, with 17 of the top 20 coins observing losses over the last 24-hours. Total cryptocurrency market cap has dropped to approximately USD$191 billion, its lowest level since November 2017. Bitcoin slid 0.34% today and currently sits at a price of USD$6,298.11 while ETH fell a whopping 5.78% and currently sits at a 1-year low of USD$183.46.
- The Financial Industry Regulatory Authority (FINRA) charged a crypto broker in Massachusetts with securities fraud for an unregistered token sale. The company under scrutiny, Rocky Mountain Ayre, allegedly sold unregistered securities in the form of HempCoin. FINRA has also filed a legal complaint that accuses Rocky Mountain Ayre of misleading investors.
- MSX PLC, Malta Stock Exchange’s fintech and digital asset subsidiary, signed a memorandum of understanding (MOU) with crypto exchange Binance to launch a joint security token digital exchange. Announced Tuesday, this marks another step in Binance expanding operations in Malta, which hopes to become the ‘blockchain island’.
- In a research report conducted by Diar, it was found that ICOs have continued to hold an average of 38% of their initially raised ETH funds. With ETH’s price falling nearly 50% in the first two weeks of August and ETH currently sitting at 1-year lows, crypto analysts have feared of that ICOs would sell their ETH reserves. The study conducted by Diar concludes that the 38% level of ETH reserves is healthy.
- Russia’s parliament, the State Duma, will hold a second hearing for its package of cryptocurrency regulation next month. Although the State Duma passed three bills with overwhelming majority back in May, politicians decided to hold a second meeting with revisions to the bills, made after meeting with consultants. The meeting is likely to take place in early October, according to the head of Russia’s central bank, Alexey Guznov.
- The United States Securities and Exchange Commission (SEC) reported Tuesday that it issued cease and desist orders to two companies in the cryptocurrency space. The SEC claims Crypto Asset Management, LP and its principal, Timothy Enneking, has marketed itself under false pretenses in raising USD$3 million in 2017. The SEC also claims TokenLot and its owners, Lenny Kugel and Eli L. Lewitt, have acted as unregistered broker-dealers. Crypto Asset Management will pay a USD$200,000 fine while TokenLot will pay USD$471,000 in fines.
- A U.S. federal judge, Raymond Dearie, ruled Tuesday that a criminal case against two allegedly fraudulent initial coin offerings falls under securities laws. As reported by Bloomberg, Zaslavskiy has been accused of selling tokens that represented shares in a real estate venture and a separate diamond business, however, neither of these ventures actually bought the asset customers believed to be investing in.
- Within the last week, two separate crypto-related companies, Robinhood and Huobi, made steps towards going public via initial public offering.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio