On April 3, 2019, the U.S. Securities and Exchange Commission (SEC) took a first step toward providing greater clarity on the key question of how to evaluate whether transactions involving issuance or sales of digital tokens are sales of securities
FinTech Update
Financial Services News for FinTech Companies and Lawyers
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European Banking Authority revised Guidelines on Outsourcing – Quickfire Briefing
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CFTC Technology Advisory Committee Discusses Automated Trading, Cryptocurrency, Cybersecurity, and Blockchain Technology
The Commodity Futures Trading Commission (“CFTC”) held a public meeting of the Technology Advisory Committee (“TAC”) on March 27, 2019. The TAC is sponsored by CFTC Commissioner Brian Quintenz and Daniel Gorfine, Director of LabCFTC, is the Designated Federal Officer.…
Ringgold II: Court Reverses Course on Preliminary Injunction of Digital Token
As detailed in a prior post on this blog, the United States District Court for the Southern District of California previously denied the U.S. Securities and Exchange Commission’s (SEC) request for a preliminary injunction against Blockvest, LLC and its founder…
Lessons Learned – The Importance of Governance and Regulatory Oversight in Storing Crypto Assets
Quadriga “Loses” Keys to Stored Digital Assets
Quadriga, Canada’s largest cryptocurrency exchange, is unable to gain access to about $145 million (USD) of bitcoin and other digital assets following the sudden death of Gerald Cotten, its co-founder and CEO, in…
The sandbox goes global – Launch of the Global Financial Innovation Network
The UK’s Financial Conduct Authority (FCA) has announced the launch of the Global Financial Innovation Network (GFIN), an association of 29 regulatory bodies (Members) which will cooperate to promote innovation and share experiences and approaches to supervising new technologies in…
The Shipping Industry Receives a Boost from Blockchain
After several successful trials over the last year, Israel’s largest cargo shipping company, Zim, has implemented a blockchain platform for electronic bills of lading. According to Zim, this technology could replace paper bills of lading and further improve other activities…
UK Treasury Committee to appoint special advisor to oversee financial services technology shortcomings
At the end of 2018 the UK Treasury Committee announced that it would launch an inquiry into information technology (IT) failures in the financial services sector. The Treasury Committee has stated that it will appoint a specialist advisor to help…
99 days to go… before London loses its FinTech dominance
As much as there can be tradition in something that is less than five years old, London has ‘traditionally’ been considered to be the capital of financial technology (FinTech).
London provides a haven in which FinTechs have been able to…
Mark Carney’s backdoor to the European financial system
Every month is probably a busy month for the Governor of the Bank of England, Mark Carney, but September and October seemed especially so. The quiet Remainer was asked in September by the Chancellor, Philip Hammond, to extend his tenure…