‘Enforcement 40′ for 2017
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South Korea crypto exchange Bithumb says it was hacked, coins stolen
South Korea-based cryptocurrency exchange Bithumb said Wednesday it was temporarily suspending deposit and withdrawal services after about $30 million worth of cryptocurrency was stolen. The Seoul-based operator said on Twitter that the stolen coins would be covered from Bithumb’s own reserves and that all users’ assets are being transferred to safer “cold wallet.” via South […]
Japan’s cryptocurrency industry drafts self-policing rules – Nikkei Asian Review
In an effort to step up consumer protections and improve transparency, Japan’s cryptocurrency industry has drafted new regulations that prohibit insider trading and the trading of new currencies that cannot be traced easily. The Japan Virtual Currency Exchange Association, created in March, will vote on the proposal at a meeting on June 27. It seeks to […]
Is a Digital Coin that Functions as a Medium of Exchange a “Security”? | The D&O Diary
One of the cutting-edge legal issues – one that is raised in a number of pending securities class action lawsuits – is the question of whether cryptocurrencies are “securities” and therefore required to be registered with the SEC before they can be traded. Within this larger question are a host of related issues, perhaps the […]
Crypto companies ‘running towards’ regulation is good for bitcoin, analyst Tom Lee says
Moves by two major companies in the cryptocurrency space this week could be evidence that regulation is smoothing out, which could bode well for struggling bitcoin prices, according to one closely followed analyst. “We believe the regulatory picture is now improving — best evidenced by Coinbase and Circle ‘running towards’ regulation,” Fundstrat co-founder Tom Lee […]
$1.1B in cryptocurrency was stolen this year, and it was easy to do
Roughly $1.1 billion worth of cryptocurrency was stolen in the first half of 2018, and unfortunately for owners, it’s pretty easy to do, according to cybersecurity company Carbon Black. Criminals use what’s known as the dark web to facilitate large-scale cryptocurrency theft. There are now an estimated 12,000 marketplaces and 34,000 offerings related to cryptotheft […]
June 27 Webcast: Financial Statements 101 — Emerging Trends and Accounting Principles for Lawyers
Please join Jeff Litvak and Jason Tolmaire for this free webcast.
FINRA Enforcement Units, Unite! | ThinkAdvisor
…But also on the minds of industry watchers is how the Financial Industry Regulatory Authority is moving along in integrating its two enforcement divisions — now aptly called “One Enforcement” by the broker-dealer self-regulator. Who’s the person to ask? Susan Schroeder, of course, who heads FINRA’s enforcement team. During a recent FINRA Unscripted podcast, she […]
Why Law Firms Should Never Accept Their Fees in Cryptocurrency | John Reed Stark
Law firms are increasingly accepting cryptocurrency as payment for services – this might seem innovative and forward thinking, but ironically, it is much more of a throwback. Given that the U.S. Internal Revenue Service does not yet classify cryptocurrencies as legal tender, cryptocurrency is instead “property.” This means that lawyers accepting cryptocurrency are more akin to […]
In the World of Cryptocurrency, Even Good Projects Can Go Bad – The New York Times
The Envion experience is the latest reminder of how the sudden rise of virtual currencies has allowed entrepreneurs to have direct access to investors without regulatory oversight — often with financially disastrous consequences for the people who put money into the projects. via In the World of Cryptocurrency, Even Good Projects Can Go Bad – […]
Claudius Modesti, Director of Enforcement and Investigations, to Leave PCAOB
The Public Company Accounting Oversight Board announced today that Claudius B. Modesti will leave the PCAOB this month after 14 years as the director of the Division of Enforcement and Investigations. Mr. Modesti joined the Board in May 2004 as the PCAOB’s first enforcement director and led the team that built the enforcement group from […]