• Regulation,  United States

    Sens. Lummis and Gillibrand Issue Serious, Thoughtful Crypto Proposal

    Responsible Financial Innovation Act isn’t perfect, but it’s a hell of a start

    On Tuesday, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY), introduced the Responsible Financial Innovation Act, aimed at — finally— creating a real regulatory framework for digital assets. The senators stated in their press release that the goal of the legislation was to encourage “responsible financial innovation, flexibility, transparency and robust consumer protections while integrating digital assets into existing law.” This is a laudable goal. And painfully overdue. But as with any legislation—especially a groundbreaking bill in a fast-changing part of technology—it’s very tough to assess this proposal’s strengths. We read the entire 69-page bill. And there’s even a helpful 6-page summary. To our eyes, this proposed legislation is a rock-solid…

  • XRP Flare network
    Alt coins,  XRP

    After XRP airdrop, Flare Network branches out

    If the headline-grabbing drama concerning XRP has affected Flare Networks in any way, the project has done a good job of hiding it

    In the wake of the SEC’s lawsuit against Ripple, XRP tumbled from $0.50 to lows of just $0.20… with one analyst making the dire prediction that the embattled altcoin will be a “remnant of history” by the end of 2021. But if the headline-grabbing drama has affected Flare Networks, the project’s done a very good job of hiding it—with the start-up making a slew of announcements as it prepares for launch.

  • Jay Clayton’s Legacy SEC
    Bitcoin,  Cryptocurrencies,  Ethereum,  Regulation,  Ripple,  United States

    Jay Clayton’s Legacy at the SEC

    Will the Chairman be Remembered for Surrendering Crypto to China?

    So how will Jay Clayton be remembered? As the Chairman of the Securities and Exchange Commission during all of President’s Trump’s term, Clayton has notched major successes. But his record of supporting innovation is less impressive. And right now he stands at a crossroads. Jay Clayton has a chance to be remembered as the SEC Chairman who launched the next great wave of American financial technology. Or he can forever be recalled as the man who handed America’s crypto industry over to China.

  • Kik and SEC joint settlement
    Regulation

    Kik to pay $5M fine, ending two-year legal fight with SEC

    Although the multimillion-dollar fine might seem like a slap on the wrist given that Kik held a $100 million ICO, legal expenses have had a toll on the company

    The proposal comes three weeks after Hellerstein handed down a summary judgment finding that Kik’s $100 million ICO was an unregistered and illegal securities offering. He decided that the offering for Kin tokens had met the three-part Howey test, which assesses whether there is an investment of money in a common enterprise with profits to be derived solely from the efforts of others.