Nasdaq CEO Adena Friedman believes there is a lack of transparency and oversight surrounding initial coin offerings (ICOs). Friedman is absolutely correct. There are too many ICOs rounding up too much money to tokenize unneeded products. Some ICOs promise large returns to take advantage of investors. With the SEC and other regulatory agencies looking into crypto closer than ever, expect many regulatory actions regarding ICOs in the near future.
Source : CCN.com
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Source : Augur on Twitter
The U.S Securities and Commission (SEC) fined the large bank for bad behavior with ADRs, which are U.S. securities that represent foreign shares of a foreign company. The SEC released a statement saying, “In proceedings against… Deutsche Bank… the SEC found that their misconduct allowed pre-released ADRs to be used for abusive practices, including inappropriate short selling and inappropriate profiting around dividend payouts.” Deutsche Bank was fined $22 million and has to return all ill-gotten gains plus interest. That is pocket change to a bank with €1.475 trillion in assets.
Source : SEC.gov
Florida Chief Financial Officer (CFO) Jimmy Patronis said, “Florida can no longer remain on the sidelines when it comes to cryptocurrency. I have directed my office to create a position that will oversee how current securities and insurance laws apply to Initial Coin Offerings (ICOs) and cryptocurrencies as well as shape the future of these regulations in our state. ICO and cryptocurrency companies based in Florida will also be required to register with the Office of Financial Regulation (OFR) under the supervision of the cryptocurrency chief. The new position will coordinate the efforts of OFR and Office of Insurance Regulation (OIR) regarding the development of policy, legislation and regulation.” Patronis continued, “We cannot allow the cryptocurrency industry to expand in Florida unfettered and unchecked with the potential for so many, including our large population of seniors, to be exploited. By taking an active, comprehensive and balanced approach, our state will provide an appropriate level of scrutiny for emerging digital asset technologies. It is absolutely essential that Florida create safeguards to protect our consumers from fraud.”
Source : My Florida CFO