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On July 14, 2021 the SEC issued a consented-to Cease and Desist Order against U.K.-based cryptocurrency review website owner Blotics Ltd. (formerly doing business as Coinschedule Ltd.) for violating Section 17(a) of the Securities Act. According to two SEC Commissioners, the decision should have but didn’t clarify the Commission’s position as to whether and when cryptocurrencies qualify as securities.
Per the Order, Coinschedule’s website told visitors that it was profiling the “best” digital token offerings with the mission of “‘mak[ing] it easy and safe for people around the world to join [initial coin offerings].’” But, unbeknownst to website users, Coinschedule was charging token issuers for marketing packages that gave those issuers varying levels of premium publicity on the website and access to inside information about how to improve their Coinschedule “trust score,” which meant they had an un
SEC s Coinschedule Settlement on Whether Cryptocurrencies are Securities
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PCAOB Developments: Board Proposes HFCA Rule; SEC To Replace Its Members - Corporate/Commercial Law
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In the US Securities and Exchange Commission staff’s most recent guidance addressing environmental, social, and governance (ESG) investing, the staff of the Division of Examinations released an April 9 Risk Alert noting observations made during recent examinations of investment advisers and funds (both registered and private) engaged in ESG investing.
The Risk Alert[1] highlights certain deficiencies and internal control weaknesses observed by the staff, as well as observations regarding what the staff viewed as effective practices related to the management and oversight of ESG investing activities. The Risk Alert also summarizes certain ESG-related areas on which the Division of Examinations (Examinations) intends to continue to focus in its examinations of investment advisers and funds. In an April 12, 2021, statement, US Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce offered her thoughts on th