• Former CFTC Chairman Chris Giancarlo and SEC Commissioner Hester Peirce
    People,  Regulation

    Crypto Mom tells SEC to go easy on her ICO offspring

    SEC Commissioner Hester Peirce wants to give initial coin offering projects a three-year grace period before securities laws kick in

    SEC Commissioner Hester Peirce has unveiled her proposal to implement a "safe harbor" for crypto startups, allowing them a three-year grace period after their initial coin offerings to achieve a level of decentralization sufficient to pass the Howey test. 

  • Crypto Mom is not impressed (via Flickr CC BY 2.0)
    Cryptocurrencies,  People

    SEC’s Crypto Mom: Daddy’s Ferrari doesn’t make you a sophisticated investor

    The Securities and Exchange Commission is poised to open non-public cryptocurrency sales to less-wealthy investors who know what they’re doing

    The Securities and Exchange Commission wants to make it easier to become a sophisticated investor. The term is, technically, “accredited investor,” and currently, it translates roughly to “rich.”  Since the agency’s crackdown on ICOs, accredited investors have been a primary way to raise money in the cryptocurrency market. Under the Securities Act of 1933’s Regulation D, it is far easier to sell securities to individuals and businesses that meet this standard.  The problem with “accredited investors” that the agency feels it needs to solve is summed up nicely in a Dec. 18 statement by the ever-quotable Commissioner Hester Peirce, also known as “Crypto Mom” for her industry advocacy. “Our current definition includes investors that…

  • The running of the digital asset managers (via Pixabay)
    Cryptocurrencies,  Regulation

    State Street survey: 94% of big asset managers to invest in crypto by 2020

    The financial services giant found excitement around tokenized assets and bullishness on a 2020 bitcoin ETF

    According to a survey by State Street Corporation, 94% of the 101 asset managers and owners with $100 billion-plus portfolios said they either have digital assets under management or are planning to add them in 2020.

  • Ripple CEO Brad Garlinghouse and Georgetown Law Prof. Chris Brummer in conversation at DC Fintech Week, October 23, 2019 (photo by Modern Consensus staff).
    Ripple,  XRP

    Clayton tantalizes XRP Army with suggestion of ‘fresh look’ at international payments

    With all eyes on Zuck, Fintech Week shows industry’s maturity and diversity

    WASHINGTON—Sometimes the best scheduling comes down to luck. Day Three of the four-day conference known as Fintech Week was clearly scheduled to keep attendees in the vicinity through at least Wednesday. Securities and Exchange Commission Chairman Jay Clayton, Ripple CEO Brad Garlinghouse, and Ethereum co-founder Joe Lubin were all on the scene at the Showroom on 14th St NW. All the better that, by coincidence, the conference locale was just blocks from the high stakes testimony Mark Zuckerberg was delivering at the same time at the Capitol.