Trump campaign asks US judge to kill Nevada vote-by-mail law

Trump campaign asks US judge to kill Nevada vote-by-mail law

12:12pm, 10th September, 2020
Less than eight weeks before the Nov. 3 elections, President Donald Trump’s campaign is urging a federal judge in Las Vegas to block a new state law and prevent mail-in ballots from going to all active Nevada voters amid the coronavirus pandemic
SEC Commissioner Asks Gov’t to Amend Regulation For Bitcoin ETF, ICOs

SEC Commissioner Asks Gov’t to Amend Regulation For Bitcoin ETF, ICOs

1:46pm, 11th February, 2019
Whether or not financial innovations like Bitcoin could fit inside the parameters of old-school laws became the central point of Hester Pierce’s recent keynote. The U.S. Securities and Exchange Commission (SEC) Commissioner, while at the University of Missouri School of Law, recognized that blockchain-based decentralized networks do not fit “neatly” within their securities framework. Therefore, it is important for policymakers and regulators to amend the existing federal laws to include new technological protocols. “Yet,” Pierce added, “many of these projects begin in a centralized manner that looks about the same as any other start-up. A group of people gets together to build something, and they need to find investors to fund their efforts, so they sell securities, sometimes called tokens. The SEC applies existing securities laws to these securities offerings, which means that they must be conducted per the securities laws or under an exemption.” I look forward to working with you to open the doors to innovation, but we're not a merit regulator issuing seals of approval, so let's encourage investors to do their own work to decide whether an investment is right for them: — Hester Peirce (@HesterPeirce) Good ICOs Bad ICOs In over the past 12 months, SEC has accelerated its crackdowns against startups that – what the regulator believes – raised funds by selling “unregistered securities.” In November 2018, the Commission charges against two ICO companies, Airfox and Paragon, for raising $15 million and $12 million, respectively. In 2017, it shut down a $15 million ICO Munchee over a false advertisement. The crackdown resulted in the sacking of scam funds. But, at the same time, it also impacted companies that were genuine. Pierce, in her speech, mentioned one of them. “One cryptocurrency project, Basis, has announced that it will shut down operations and return $133 million in capital to investors due to the difficulty—if not impossibility—of complying with securities regulations given the team’s vision for the project,” she stated while adding that legitimate projects could not proceed because the old securities laws made them unworkable. At the same time, Pierce noted, the lawmakers were making efforts in filtering out good ICOs from the sea of bad ICOs. She mentioned Congressmen Warren Davidson and Darren Soto for introducing a bill in the House of Representatives that sought modifications in the existing Federal securities laws. Source: Shutterstock “Such an approach would facilitate a more tailored disclosure,” added Pierce. Hopes for Bitcoin ETF Pierce also offered insights on how the SEC had been treating exchange-traded fund based on bitcoin and other cryptocurrencies. The commissioner said that the regulator was attempting to substitute its judgment over the views of potential investors, admitting that she was concerned with the merit-based regulation approach. “We rightfully fault investors for jumping blindly at anything labeled crypto, but at times we seem to be equally impulsive in the running away from anything labeled crypto,” said Pierce. “We owe it to investors to be careful, but we also owe it to them not to define their investment universe with our preferences.” Commissioner Jackson in an interview to be published next weeks is optimistic that a "fund based on " will eventually be approved, expresses concern about the proposed ETFs submitted to date. — Drew Hinkes (@propelforward) However, Pierce’s stance expressed her support for the approval of a Bitcoin ETF. Just last week, another SEC commissioner, Robert J. Jackson Jr., that a crypto ETF was inevitable. The Bitcoin price rose 10% after the news broke out in the press. The post appeared first on .
Indian Crypto Exchange Asks Users to Withdraw Funds Before July 5

Indian Crypto Exchange Asks Users to Withdraw Funds Before July 5

6:41pm, 28th June, 2018
The Reserve Bank of India (RBI) decided, in a circular issued on April 6, that banks in the country will no longer be allowed to do business with crypto exchanges. The deadline, which expires on July 5, is forcing companies to prepare for the worst. Zebpay, one of the largest digital currency operators in India, has even asked its customers to withdraw their funds before the deadline ends. Cryptocurrency Exchange Asks Users to Withdraw Funds as RBI Deadline Looms As the RBI deadline looms, industry players within the crypto-space are drawing up contingency plans including moving overseas. Others may soon be switching to (OTC) trading in order to bypass the ban over centralized cryptocurrency exchanges and potentially resulting in more Bitcoin trading in the country. In the future, we will see decentralized protocols take over and put the issue to rest. As digital currency operators like Zebpay ask users to withdraw their funds, many traders on these exchanges are unwilling to liquidate their holdings just yet as they wait for the market to move up again. With the deadline set for July 5, there are not many alternatives. Zebpay has that, while the matter is being challenged in the court, it may be incapable of transferring funds back to its users after the deadline if banks discontinue the services. “While our industry is challenging this legally, the outcome is beyond our control. Hence, if you are holding any rupees, or depositing any rupees in Zebpay, there could soon come a time when we may not be able to honour withdrawal requests. Please continue only if you understand this risk.” Rupee deposits and withdrawals are at risk if the deadline goes through and banks shut down their services to cryptocurrency exchanges. “This can cause discontinuation of crypto trade based on rupees, or at least cause significant price movements,” said the company, who recommended users to make their withdrawal requests while banks still support them. The rbi put forward a circular on April 6 that prohibited regulated financial entities from supporting risks associated with cryptocurrencies. The reasoning behind the central bank’s decision is that a large cryptocurrency ecosystem in India could endanger financial stability, according to RBI Deputy Governor BP Kanungo. The threat centralized cryptocurrency exchanges face in India, however, is an opportunity for . Given that neither the RBI nor the Indian government fully banned cryptocurrencies, , and peer-to-peer platforms are able to completely bypass the traditional financial system. Featured image from Shutterstock. The post appeared first on .