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.
A CFTC final rule aimed at preventing certain bad actors from seeking exemptions from registration as CPOs under CFTC Rule 4.13 ("Exemption from Registration as a Commodity Pool Operator") was published in the Federal Register.
SEC Chair Jay Clayton, Division of Corporation Finance Director William Hinman, Division of Investment Management Director Dalia Blass and Division of Trading and Markets Director Brett Redfearn provided updates on the SEC's various pandemic relief measures.
In a Complaint filed in the U.S. District Court for the Southern District of Florida, the SEC alleged that a "purported internet investment adviser firm and its president failed to properly register and to provide books and records for examination.
The CFTC filed a Complaint with the U.S. District Court for the Southern District of Florida against several unregistered individuals and companies for conducting two fraudulent schemes involving binary options and digital assets.
SIFMA, IIB, ISDA, and FIA recommended changes to CFTC-proposed cross-border regulations concerning registration thresholds and certain requirements applicable to swap dealers and major swap participants.
The U.S. District Court for the Central District of California granted the SEC a default judgment against an unregistered broker-dealer and its CEO for selling unregistered initial coin offering securities.