• SEC questions Wyoming custody
    Regulation,  United States

    SEC taking dim view of Wyoming’s claim it can authorize crypto custody

    The Securities and Exchange Commission is seeking comments on Wyoming’s recent No-Action Letter authorizing state-chartered trust companies to custody traditional and digital assets

    The Wyoming letter asserts that the state-chartered trust companies are allowed to be “qualified custodians” for digital assets. In response, the SEC’s Division of Investment Management published its own staff statement highlighting that the Wyoming letter made clear that it “expressly states that the letter ‘should not be construed to represent the views of the SEC or any other regulatory agency.’”

  • Post-election crypto regulation
    Cryptocurrencies,  Regulation

    SEC’s Hester Peirce: Post-election crypto regulation needed

    From stablecoins to decentralized exchanges, regulators are struggling to regulate a moving target said the SEC Commissioner known as “Crypto-Mom”

    One concern that the agency has with the regulation of cryptocurrency assets is that while promoters stress the advantages they bring by eliminating intermediaries, securities regulators have long worked with intermediaries in functions such as anti-money-laundering and are comfortable with them.

  • SEC fines Rapper T.I.
    Regulation

    SEC fines Rapper T.I. $75,000 over fraudulent FLiK, CoinSpark ICOs

    The Atlanta recording artist formally known as Clifford Harris Jr. promoted the two ICOs, which were frauds created by film producer Ryan Felton, who is also facing criminal charges

    The Atlanta rapper, whose real name is Clifford Harris Jr., film producer Ryan Felton, and three others were charged in the civil action over the ICO for FLiK, a streaming video platform that was going to use tokens to allow viewers to buy movies, and CoinSpark, a cryptocurrency exchange.

  • OCC lead crypto innovation
    Cryptocurrencies,  Regulation

    Senate banking chair: U.S. should lead in crypto innovations

    Sen. Mike Crapo took note of former Coinbase lawyer Brian Brooks’ activity at the Office of the Comptroller of the Currency in moving to create “clear rules of the road” for the crypto industry

    Brian Brooks, who left his position as chief legal officer of cryptocurrency exchange Coinbase to take up the reins at the Office of the Comptroller of the Currency, has been active in helping the industry make nice with banks that have long avoided it.

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