Ripple Labs Inc is being sued for allegedly breaking state and federal laws in what plaintiff argues is a “never-ending” ICO. Ripple Labs Inc has been implicated in a class action lawsuit in California Superior Court in San Francisco, filed May 3, 2018. Plaintiff Ryan Coffey is seeking unspecified damages, as...
Eleven lawmakers in South Korea are pushing for the limited legalization of initial coin offerings. ICOs have been banned in South Korea since September 2017. Led by Representative Hong Eui-rak, a member of the (ruling) Democratic Party of Korea, a group of South Korean legislators is striving to reverse the...
Committee on Science, Space, & Technology subcommittees will hold a hearing on a popular blockchain use case. On May 8, at the Rayburn House Office Building in Washington, DC, two US House subcommittees will gather for a hearing titled Leveraging Blockchain Technology to Improve Supply Chain Management and Combat Counterfeit...
Australian regulators are cracking down on “misleading or deceptive conduct” among initial coin offerings. In an announcement released May 1, the Australian Securities & Investments Commission (ASIC) revealed that it is issuing inquiries to ICO holders suspected of conduct or statements that may be misleading to Australian investors, in addition...
Brian Quintenz, a Republican commissioner of the CFTC, understands that the blockchain industry is full of hype and still possesses the potential to radically alter market structures. This past week, at the Eurofi High Level Seminar in Sofia, Bulgaria, Commodity Futures Trading Commission (CFTC) commissioner Brian Quintenz shared his views...
On Thursday, Delaware state senators introduced two bills, which propose that limited partnerships and limited liability companies (LLCs) be allowed to use blockchain technology for record keeping and record management, as well as certain ‘electronic transmissions.’ Both bills were assigned to the Banking, Business & Insurance Committee. On April 26,...
An Australian financial services watchdog has stated that ICOs conducted abroad may be subject to Australian laws if they accept investment from “Australian consumers.” In an April 26 address, Commissioner John Price of the Australian Securities and Investments Commission (ASIC), the country's "corporate, markets and financial services regulator," said that...
Russia’s executive branch has weighed in on a proposed bill to regulate ICOs, offering several suggestions on how to improve it. The executive branch of the Russian government has issued a statement pledging to support a bill that would regulate ICOs, entitled "On alternative ways of attracting investment (crowdfunding)," provided...
The European Parliament voted strongly in favor of regulations, which would deter cryptocurrency-based money laundering and terrorism financing. On April 19, 2018, members of the European Parliament approved a December agreement with the European Council, which calls for "closer regulation of virtual currencies, like Bitcoin, to prevent them being used...
In the latest setback to befall the Tezos project, co-founder Arthur Breitman has been sanctioned by FINRA. Breitman is barred from contact with broker-dealers for two years and has been fined $20,000. In a settlement agreement dated April 18, the Financial Industry Regulatory Authority (FINRA) suspended Tezos co-founder Arthur Breitman...