Search Results for: ���������������������� ���� �������������������� �� �������������� �������� ������������ - �������������� ���������������������� ���� �������������������� ��� skype:amt777

Where the UK is heading with Smart Data and why Fintechs want a cross-sectoral access

Innovate Finance | Rolf Merchant | Sep 7, 2021

SMART DATA - Where the UK is heading with Smart Data and why Fintechs want a cross-sectoral accessData is a hugely valuable currency in the financial services world. In sufficient quantities and with the knowhow to analyse and interpret it, data provides a tremendous amount of knowledge for financial services companies. The old tenet “knowledge is power” could justifiably be updated to “data is power” for 21st century finance.

What is Smart Data? 

Smart Data is the secure sharing of customer data with authorised third-party providers upon the customer’s request.

These providers then use this data to provide innovative services for the consumer or business user, such as automatic switching or better account management.

Data sharing could unlock a huge number of benefits for consumers and businesses alike.

Read:  Kalifa review of UK Fintech report

We might see the creation of an entire “data economy”, where consumers are more informed and empowered because of the data they can access, and where businesses can make use of shared data to create and improve products and services that target real needs and desires. This is why FinTech companies are so interested in the Smart Data initiative.

Next steps for Smart Data

We were particularly interested to read the report in June from the UK government’s Smart Data working group, Next steps for Smart Data. It was encouraging to see a reaffirmation of the value of financial services-specific initiatives such as Open Banking and Open Finance.

The report detailed a number of the brilliant uses of Open Banking by FinTech companies – including by some of our own members like Yapily, Yolt and Monzo – showing the power of shared data in action.

It was even more promising to read practical proposals for cross-sector coordination. It’s worth referring to the Kalifa Review, which listed taking a “cross-sectoral approach” as the number one recommendation for Smart Data.

See:  Will the Law Keep Up with Smart Contracts in 2021?

Innovate Finance agrees with the working group’s four key principles to inform the design of cross-sector coordination and collaboration, as detailed in the Next steps for Smart Data report. These four principles are:

  • Sectors working together – bringing together all bodies leading sectoral delivery of Smart Data with industry and government to enable coordination.
  • Develop the Smart Data ecosystem – sharing information and drawing on shared expertise to tackle common challenges and support cross-sector innovation.
  • Enable interoperability – to address barriers to competition and realise Smart Data benefits for consumers and businesses.
  • Inform the ongoing development of the Smart Data framework – ensuring the ecosystem remains responsive to changing user attitudes and technological developments will be important. Pooling research and findings to develop a cross-sector picture of adoption, attitudes and capabilities will provide an opportunity to identify and consider emerging opportunities and challenges.

What does FinTech want from a cross-sectoral approach?

The Kalifa Review listed specific concerns of the FinTech community relating to Smart Data, including smaller firms not having sufficient access to data to develop innovative products and to compete with established firms with large customer bases and data sets. There is a real need for any cross-sectoral approach to take into account the interests of FinTech startups and scaleups.

Read:  FCA Speech: Levelling the playing field – innovation in the service of consumers and the market

The Kalifa Review stressed the need for the government to facilitate (or, where appropriate, mandate) the sharing of data not just within sectors (such as Open Banking), but also between sectors. It added that a cross-sector approach must bring ​​firms that hold very significant amounts of data, such as large technology companies, into the fold.

Continue to the full article --> here


NCFA Jan 2018 resize - Where the UK is heading with Smart Data and why Fintechs want a cross-sectoral access The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Where the UK is heading with Smart Data and why Fintechs want a cross-sectoral accessFF Logo 400 v3 - Where the UK is heading with Smart Data and why Fintechs want a cross-sectoral accesscommunity social impact - Where the UK is heading with Smart Data and why Fintechs want a cross-sectoral access

FFCON21 ON-DEMAND VIDEOS NOW AVAILABLE!



FFCON21 on demand videos - Where the UK is heading with Smart Data and why Fintechs want a cross-sectoral access

Support NCFA by Following us on Twitter!






 

Cathie Wood’s Ark grants itself power to buy Canadian Bitcoin ETFs

Financial Post | Sam Potter and Elaine Chen | Sep 13, 2021

Cathy Wood Ark Invest - Cathie Wood's Ark grants itself power to buy Canadian Bitcoin ETFsMoney manager seeking fresh ways to bet on digital assets

Cathie Wood’s Ark Investment Management is allowing one of its funds to invest in Canadian Bitcoin ETFs as the money manager seeks fresh ways to bet on digital assets.

In a late-Friday filing for the US$5.7-billion ARK Next Generation Internet ETF (ticker ARKW), the firm tweaked the fund’s prospectus to include reference to holding exposure to cryptocurrencies via “exchange-traded funds domiciled in Canada.”

The move comes after the US$1.3-billion Amplify Transformational Data Sharing ETF (BLOK), a blockchain-focused product, was last week shown to have a tiny stake in three Canadian Bitcoin ETFs.

See:  Bitcoin ETF option gives investors a safer and liquid way to get exposure

Investors and issuers in the US$6.8 trillion U.S. ETF market are still waiting for regulators to approve exchange-traded products investing in cryptocurrency. While Canada and Europe have raced ahead, a huge backlog of applications has built up with the Securities and Exchange Commission. Ark is among those in line, having teamed up with Switzerland-based 21Shares AG to file plans for a fund in the U.S.

ARKW already boasts some Bitcoin exposure — about 5.5 per cent of the fund is invested in the Grayscale Bitcoin Trust (GBTC), according to data compiled by Bloomberg.

Continue to the full article --> here


NCFA Jan 2018 resize - Cathie Wood's Ark grants itself power to buy Canadian Bitcoin ETFs The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Cathie Wood's Ark grants itself power to buy Canadian Bitcoin ETFsFF Logo 400 v3 - Cathie Wood's Ark grants itself power to buy Canadian Bitcoin ETFscommunity social impact - Cathie Wood's Ark grants itself power to buy Canadian Bitcoin ETFs

FFCON21 ON-DEMAND VIDEOS NOW AVAILABLE!



FFCON21 on demand videos - Cathie Wood's Ark grants itself power to buy Canadian Bitcoin ETFs

Support NCFA by Following us on Twitter!






 

Bitcoin ETF option gives investors a safer and liquid way to get exposure

Investment Executive | Pat Dunwoody | Sep 7, 2021

bitcoin ETFs - Bitcoin ETF option gives investors a safer and liquid way to get exposureThe advent of the ETF option offers investors a liquid and safer way to get exposure

If you were to pick a word that best encapsulates the experience of the past few years, it might be “disruptive.”

One disruptive trend that seems to have caught many investors’ attention: cryptocurrency ETFs. Canada introduced the first set of cryptocurrency ETFs in the world in February. Since then, this ETF category has seen exponential growth, gathering nearly $4.6 billion in assets under management as of August 31.

See:  SEC’s Hester Pierce and Ark Invest’s Cathie Wood Bats for Bitcoin ETF Amid Recent Correction

Other countries are attempting to catch up: in the U.S., 16 Bitcoin ETF prospectuses have been filed with the Securities and Exchange Commission. In August, a French asset manager was granted approval to launch an ETF for European investors with a correlation to the price of Bitcoin using a basket of securities. To date, however, Canada remains the only country to have successfully launched futures-based and direct cryptocurrency ETFs, as well as inverse options.

 “Cryptocurrencies have captured investors’ attention for a variety of reasons. For one, they represent a new zeitgeist for financial markets — a ‘new gold’ that is digital, decentralized and non-correlated to traditional asset classes,” said Hans Albrecht, vice-president and portfolio manager with Horizons ETFs Management (Canada) Inc. “But perhaps what’s caught most investors’ attention has been the performance. We’ve seen the outsized return potential of cryptocurrencies, albeit with significant volatility risks. For Canadian investors, ETFs have become the easiest way to chase that potential and get exposure fast to popular cryptocurrencies like Bitcoin and Ethereum.”

The advent of the ETF option offered investors a liquid, safer and truer-to-NAV way to get exposure.

Another benefit of the ETF model versus buying cryptocurrencies directly: ETFs are eligible for use in registered investment accounts, including TFSAs and RRSPs. Bitcoin has returned more than 400% since Sept. 2020, and tax-free and registered accounts offer a potent vehicle for storing your cryptocurrency exposure.

See:  Cathie Wood’s Ark grants itself power to buy Canadian Bitcoin ETFs

“While many investors ultimately want exposure to Bitcoin or other cryptocurrencies, another option that more risk-averse investors have sought out is to own the ‘picks and shovels’ for these mineable digital currencies,” said Albrecht.

“There is a growing ecosystem enabling these cryptocurrencies to function, whether it’s the digital exchanges that they trade on, the blockchain and cloud computing infrastructure that enables the transactions or even the hardware, from GPUs [graphic processing units] to semiconductors needed to mine and power them. Many of these sub-sectors and companies see some correlation to the prices of cryptocurrency, but may provide more of a safety-net given their diversified business operations.”

Continue to the full article --> here

 


NCFA Jan 2018 resize - Bitcoin ETF option gives investors a safer and liquid way to get exposure The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Bitcoin ETF option gives investors a safer and liquid way to get exposureFF Logo 400 v3 - Bitcoin ETF option gives investors a safer and liquid way to get exposurecommunity social impact - Bitcoin ETF option gives investors a safer and liquid way to get exposure

FFCON21 ON-DEMAND VIDEOS NOW AVAILABLE!



FFCON21 on demand videos - Bitcoin ETF option gives investors a safer and liquid way to get exposure

Support NCFA by Following us on Twitter!






 

Liquid Avatar Technologies Supports Ontario’s Approach to Technology and Standards for Digital Identity

Liquid Avatar Technologies | Cara Buckspan | Sep 13, 2021

Ontario announces covid verification initiative - Liquid Avatar Technologies Supports Ontario's Approach to Technology and Standards for Digital IdentitySelf-Sovereign Identity (SSI), Interoperability, Open Standards Central to Enabling Liquid Avatar Technologies and Others to Participate in Government’s Digital Credential Project

Toronto, Canada - TheNewswire - September 13, 2021 -Liquid Avatar Technologies Inc. (CNSX:LQID.CN) (OTC:LQAVF) (FRA:4T51) (“Liquid Avatar Technologies” or the “Company”), a global blockchain, digital identity, and fintech solutions company, today congratulates the Province of Ontario on the recent release of its technology and standards for a Digital Identity ecosystem. This government guideline “encourages private-sector market innovation” and should enable companies like Liquid Avatar Technologies who have existing digital wallets and digital identity solutions to carry government issued credentials provided they meet certain standards and requirements. Among these are: solutions that adhere to the highest online technology and security standards, adhere to key principles that support user privacy, enable self-sovereign identity to empower and protect users, are interoperable, and which incorporate open standards.

“Ontario is one of the first jurisdictions in North America to announce that it will issue and enable digital credentials"

See:  Can Liquid Avatar end fake COVID vaccine cards?

– and it has been a great experience working with the government on this both directly and through our role in membership organizations like the Trust Over IP Foundation, the DIACC and the Covid Credential Initiative,” said David Lucatch, CEO and co- founder of Liquid Avatar Technologies. “This is a fast-moving, exciting space to be in, and with the direction the province has set with these guidelines we believe the government, the public, and Ontario’s growing tech sector will all benefit.”

Liquid Avatar Technologies has been a part of the ongoing consultations around the province’s plan to introduce a digital identification credential by the end of 2021 – Digital ID.  Earlier this year, Liquid Avatar Technologies began to test its Liquid Avatar Verifiable Credentials Ecosystem (“LAVCE”) and Liquid Avatar mobile application to drive the provision of a digital wallet and digital identity, management and control solution for individuals and entities. These incorporate a fully functioning, self-sovereign platform that adheres to current technology standards and supports many of the themes and requirements articulated as both current and under consideration in last week’s Digital ID announcement.

On September 9th, the Company participated in the Linux Foundation Public Health Cardea project’s “interop-athon” and successfully demonstrated the LAVCE’s ability to issue, exchange, and verify digital health data with credential systems from other companies in the Cardea community. This accomplishment means that LAVCE’s ability to create and manage credentials for digital health information, such as proof of a valid COVID-19 test, vaccination, and/or exemption, can be used across multiple systems and platforms, thereby helping people to resume school, work, and travel in a way that increases public safety while preserving privacy and preventing fraud.

See:  COVID-19: Making the case for robust digital financial infrastructure

LAVCE’s successful demonstration illustrated the power of interoperable verifiable credentials as a way that can transform how we share and trust digital health and other information. The LAVCE platform can be easily integrated into healthcare facilities, testing labs, government agencies, schools, sports arenas, transportation, trade shows, and workplaces to confirm health status in a privacy preserving way and assist in efforts to reduce new outbreaks.

Liquid Avatar Technologies is a steering committee and voting member of the Trust over IP foundation, founding and steering committee member of Cardea, Node Operator for the Indicio Network, member of the Linux Foundation, DIACC, the Covid Credential Initiative and other industry foundations, ecosystems, networks, and utilities.

“The province of Ontario has acknowledged that the private sector has a role to play in expediting their goal of issuing a secure digital credential by the end of the calendar year,” said Lucatch. “The LAVCE platform, which enables users to manage their digital wallet and digital identification solution has completed its industry and interoperability testing towards availability to individuals. We are excited and believe that we are ready to leverage our infrastructure to enable the success of industry, business and government digital identity and verifiable credential programs.”

As part of the Company’s efforts to support our communities, Liquid Avatar Technologies has become a partner in the Toronto Region Board of Trade’s We’re Ready Toronto initiative to support the ensure a safe and sustainable reopening and recovery in the region and will be conducting a member only workshop on September 23, 2021, from 11 am to 12 pm Eastern titled, Vaccine Passports and Future Digital Credentials – How to protect employees, customers, and businesses.

Continue to the view the original release --> here


NCFA Jan 2018 resize - Liquid Avatar Technologies Supports Ontario's Approach to Technology and Standards for Digital Identity The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Liquid Avatar Technologies Supports Ontario's Approach to Technology and Standards for Digital IdentityFF Logo 400 v3 - Liquid Avatar Technologies Supports Ontario's Approach to Technology and Standards for Digital Identitycommunity social impact - Liquid Avatar Technologies Supports Ontario's Approach to Technology and Standards for Digital Identity

FFCON21 ON-DEMAND VIDEOS NOW AVAILABLE!



FFCON21 on demand videos - Liquid Avatar Technologies Supports Ontario's Approach to Technology and Standards for Digital Identity

Support NCFA by Following us on Twitter!






 

Apple can no longer force developers to use its payment system in their apps

The New York Times | | Sep 10, 2021

epic games Tim Sweeny - Apple can no longer force developers to use its payment system in their apps

A federal judge on Friday said Apple can no longer force developers to use its payment system in their apps, a move that will allow companies to avoid Apple’s commission of up to 30 percent on some app sales.

The order could upend the economics of a $100 billion online market and is a major setback for Apple, which counts on revenue from its App Store to fuel its expansive profits.

The order came as part of the ruling in a prominent legal case between Apple and Epic Games, the maker of the popular game Fortnite that sued Apple last year over its App Store policies.

See:

Biden Administration Issues Executive Order “Promoting Competition” Including Consumer Data Ownership and Banking.\

Canada’s payment system needs more competition

NCFA Canada Welcomes Competition Bureau’s recommendations to encourage competition and innovation in Canada’s financial services sector

To Support Disruptive Technologies, Take Bigness Seriously

In the ruling, Judge Yvonne Gonzalez Rogers of U.S. District Court for the Northern District of California said that Apple violated California’s laws against unfair competition. But she ruled in favor of Apple on other counts, including that Epic breached its contract with Apple when it allowed Fortnite users to pay it directly, instead of via Apple, inside of its iPhone app last year.

The decision could have a major ripple effect across the digital economy. If Epic prevails after expected appeals, companies would have a new way to avoid the App Store commission, which runs as high as 30 percent. The change would be a boon to the bottom lines of businesses that say they are forced to share too much of their sales with Apple.

Continue to the full article --> here


NCFA Jan 2018 resize - Apple can no longer force developers to use its payment system in their apps The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Apple can no longer force developers to use its payment system in their appsFF Logo 400 v3 - Apple can no longer force developers to use its payment system in their appscommunity social impact - Apple can no longer force developers to use its payment system in their apps

FFCON21 ON-DEMAND VIDEOS NOW AVAILABLE!



FFCON21 on demand videos - Apple can no longer force developers to use its payment system in their apps

Support NCFA by Following us on Twitter!






 

Legal experts say “This Is It” moment for XRP in Ripple lawsuit,

Finance Feeds | Rick Steves  | Sep 10, 2021

SEC vs ripple attorney hogan - Legal experts say “This Is It” moment for XRP in Ripple lawsuit,The SEC has filed a letter in opposition to Ripple’s motion to compel the agency to provide clear answers to its interrogatories.

The plaintiff argued the defendants have waited until the end of fact discovery, more than seven weeks after receiving the SEC’s
first interrogatory responses, to inform the SEC they considered the responses deficient.

The SEC claims it has supplemented five of the responses at issue, met and conferred, and asked Defendants to identify what specific information they still required. “Defendants refused, and instead filed the Motion less than three hours before fact discovery closed.

See:  SEC v. Ripple Legal Weeds: SEC caught erasing documents relevant to XRP lawsuit

The agency further added it has substantively answered the interrogatories at issue as required by the Federal Rules of Civil Procedure and the Court’s recent guidance that a party “need not catalog every fact or piece of evidence so long as it identifies representative samples and provides…meaningful disclosure.”

“Defendants’ argument here boils down to a complaint that they do not like the answers they received to the interrogatories at issue, in large part because the SEC’s and Defendants’ interpretation of the applicable law differs.”

“But the SEC is not required to answer the interrogatories in a way that adopts Defendants’ incorrect reading of the law. The parties’ dispute as to the correct application of the controlling legal standards should be resolved by Judge Torres at summary judgment, not on a motion to compel interrogatory responses”, the plaintiff wrote in the letter.

Ripple’s interrogatories are aimed at identifying the SEC’s theory of how the Howey Test applies to virtually all of Defendants’ transactions in XRP over the last 8 years.

The creator of the XRP ledger filed its motion to compel slightly after the extensively covered telephone conference which resulted in the Judge being unhappy with the SEC’s arguments and ordering an in-camera review of the documents of which the SEC claims privilege.

See:  Coinbase Threat Shows SEC Means Business

In the motion, Ripple stated evasive responses “must be treated as a failure to disclose, answer, or respond”, putting further pressure on the SEC which has been quite evasive in regard to its deliberative process. The motion also shows how the plaintiff has evaded Ripple’s inquiries.

Attorneys recommend SEC provide clear answers under oath for its own sake

Attorneys Jeremy and Thien-Vu Hogan have recently provided an analysis on this new topic: Ripple’s motion to compel answers to interrogatories.

The XRP-friendly stated how important is the pleading, arguing that the SEC will be writing under oath, which will have formal effect and cannot be dismissed as Hinman’s 2018 speech was.

See:  Decentralized Finance—Risks, Regulation, and the Road Ahead

“In other words, these answers can be introduced into evidence, quoted at trial, used during closing statement, etc. just like the SEC was on the stand with it’s right hand up in the air.”

“What we can see here in Ripple’s motion to compel answers or better answers to its Interrogatories is the SEC lawyers really struggle to lay out the entirety of its case with any specificity”, said Mr. Hogan in a video.

“So, putting aside whether the SEC has proven or can prove its case with these facts, the question for this motion becomes – is that a good enough answer?”

Mr. Hogan asked, leaving legal expert Thien-Vu Hogan to provide the answer.

“Not specific enough”, Ms. Hogan stated. “I mean, at one point in answering Interrogatory #8, the SEC provides a link to evidence and it’s just a link to Twitter in general. When I clicked on that piece of evidence, I saw a picture of my face – that’s some ugly evidence”.

Continue to the full article --> here


NCFA Jan 2018 resize - Legal experts say “This Is It” moment for XRP in Ripple lawsuit, The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Legal experts say “This Is It” moment for XRP in Ripple lawsuit,FF Logo 400 v3 - Legal experts say “This Is It” moment for XRP in Ripple lawsuit,community social impact - Legal experts say “This Is It” moment for XRP in Ripple lawsuit,

FFCON21 ON-DEMAND VIDEOS NOW AVAILABLE!



FFCON21 on demand videos - Legal experts say “This Is It” moment for XRP in Ripple lawsuit,

Support NCFA by Following us on Twitter!






 

Coinbase Threat Shows SEC Means Business

Yahoo Finance | | Sep 5, 2021

SEC Chair Gensler - Coinbase Threat Shows SEC Means Business(Bloomberg) -- U.S. Securities and Exchange Commission Chair Gary Gensler just put the cryptocurrency industry on notice of how far the regulator will to go to tame a market he’s labeled the wild west of finance.

In threatening to sue Coinbase Global Inc. if the exchange lets customers earn interest on their digital tokens, the SEC sent a warning to other firms already offering similar products or contemplating doing so. The move is the clearest sign yet that, under Gensler, the regulator will aggressively use its powers to thwart products it’s uncomfortable with -- even before they launch.

Privately, ex-SEC officials said they were shocked by the agency’s posture, which Coinbase disclosed Tuesday in a blog post. The former officials said the SEC typically waits for firms to start selling investments before announcing possible sanctions, indicating the agency has found a forceful way to shut down cutting-edge crypto offerings it fears are putting consumers at risk. Coinbase slid 3.2% to $258.20 in New York trading on news of the SEC’s pending enforcement action.

The SEC is being aggressive for the first time in a long time

“The SEC is being aggressive for the first time in a long time,” said James Cox, a professor at Duke University School of Law. “The SEC has been putting a lot of muscle into cryptocurrency. It’s a big, fast-growing market and a fertile area for abuses.”

See:  Will Gary Gensler at SEC be Good for Crypto?

SEC officials declined to comment.

Coinbase’s tussle with the SEC became public when Paul Grewal, the company’s chief legal officer, said the SEC determined that Lend involved “a security, but wouldn’t say who or how they’d reached that conclusion.” Grewal added that the agency told Coinbase “that if we launch Lend they intend to sue,” prompting the company to shelve the product until at least October.

Coinbase Chief Executive Officer Brian Armstrong later tweeted that the SEC was engaging in “really sketchy behavior.”

The crypto exchange won support from at least one long-time SEC adversary: Billionaire entrepreneur Mark Cuban. In a series of tweets, he urged Coinbase to fight back to prevent the agency from winning a legal ruling that allows it to assert more authority over tokens and DeFi. Cuban famously prevailed against the SEC in 2013 after it accused him of insider trading.

See:  Decentralized Finance—Risks, Regulation, and the Road Ahead

Mark Cuban. In a series of tweets, he urged Coinbase to fight back to prevent the agency from winning a legal ruling that allows it to assert more authority over tokens and DeFi

Continue to the full article --> here


NCFA Jan 2018 resize - Coinbase Threat Shows SEC Means Business The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Coinbase Threat Shows SEC Means BusinessFF Logo 400 v3 - Coinbase Threat Shows SEC Means Businesscommunity social impact - Coinbase Threat Shows SEC Means Business

FFCON21 ON-DEMAND VIDEOS NOW AVAILABLE!



FFCON21 on demand videos - Coinbase Threat Shows SEC Means Business

Support NCFA by Following us on Twitter!