SEC Commissioner Hester M. Peirce challenged the basis of a recent SEC enforcement action against an initial coin offering issuer for unregistered digital token offerings and criticized the agency for failing to provide guidance on the dividing line between tokens that are securities and those that are not.
The U.S. District Court for the Southern District of New York held that certain syndicated loans sold to institutional investors are not "securities" and rejected claims of violations of federal and state securities laws.
The CFTC Division of Swap Dealer and Intermediary Oversight and Division of Market Oversight issued no-action relief for swaps margin and reporting requirements related to the sale of EU-listed warrants.
A U.S. District Judge for the District of Connecticut reversed a jury verdict that found a former energy executive guilty of seven counts of violating the anti-bribery provisions of the Foreign Corrupt Practices Act.
On July 17, 2019, members of the U.S. House Committee on Financial Services considered testimony on the potential impact of Facebook's proposed cryptocurrency on consumers, investors and the global financial system.
SEC Commissioner Hester M. Peirce proposed establishing a three-year safe harbor from the securities laws, other than the anti-fraud requirements, for the sale and trading of digital tokens that satisfy various conditions.
The Court of Appeals for the Ninth Circuit reinstated a CFTC complaint against a precious metals credit company for defrauding retail customers through illegal, off-exchange leveraged commodity transactions.
The U.S. District Court for the Southern District of New York denied the Office of the Comptroller of the Currency’s motion to dismiss a lawsuit that challenged the OCC’s authority to issue "FinTech" charters under the National Bank Act.