On July 8, 2019, the SEC and FINRA issued a joint statement, which underscores the importance of establishing custody solutions that meet the possession or control standards over customers’ digital asset securities, or digital securities, because brokerage firms can fail just like Bear Stearns and…
On March 20, 2019, the U.S. Securities and Exchange Commission (SEC) adopted final rules (the Final Rules) to modernize and simplify certain disclosure requirements in Regulation S-K, as mandated by the 2015 Fixing America’s Surface Transportation Act (the FAST Act). The Final Rules are effective…
On December 19, 2018, the U.S. Securities and Exchange Commission (the “Commission”) adopted final rules (the “Final Rules”) to allow Exchange Act reporting companies (“Reporting Companies”) to rely on Regulation A for their securities offerings. Prior to the adoption of the Final Rules, Reporting Companies…
As highly experienced cryptocurrency and blockchain lawyers, Bevilacqua PLLC released a white paper for issuers entitled “Security Token Offerings: How to Sell Security Tokens in a Manner that Complies with U.S Federal and State Securities Laws” describing the legal and financial considerations involved in these…
The OTC Markets Group implemented new standards for companies planning to list on the OTCQB® Venture Market (OTCQB®) effective May 20, 2018 in order to improve the information and trading experience for investors. The OTCQB® is for early-stage and developing companies while the OTCQX® Best…
On June 4, the U.S. Securities and Exchange Commission (the “Commission”) announced that Valerie A. Szczepaknik was named Associate Director of the Division of Corporation Finance and Senior Advisor for Digital Assets and Innovation for Division Director Bill Hinman. Valerie A. Szczepaknik is referred to…
On May 24, 2018, President Trump signed the Economic Growth, Regulatory Relief and Consumer Protection Act (the Act) into law. The Act was introduced by Senator Mike Crapo, a Republican Senator from Idaho, in the United States Senate Committee on Banking, Housing and Urban Affairs…
Causam eXchange, Inc., (Causam) a privately-held advanced energy settlements company, launched its presale on March 8, 2018 pursuant to Rule 506(c) of Regulation D. The company plans to develop the first Blockchain Instrument for Transferable Equity (BITE), an equity security that is tokenized in a…
It is a little-known fact that foreign companies can use Regulation Crowdfunding (Regulation CF) to raise capital from accredited and non-accredited investors in the United States (U.S.). It is a commonly held belief that Regulation CF is available only to U.S. domiciled companies with a…
On January 8, 2018, the OTC Markets Group issued a response letter to FINRA’s request for comments in which OTC Markets Group states that the “cumbersome operational processes around Rule 6432, and the related Rule 15c2-11 under the Securities Exchange Act of 1934 (SEA) unnecessarily…
The Regulation A+ Improvement Act of 2017 (the Act) was introduced on November 7, 2017 by Republican Thomas MacArthur and recently passed 246-170 votes with the overwhelming support of Republicans. Ready For Some Background? In mid-2015, the U.S. Securities and Exchange Commission (Commission) amended Regulation A…
Technology companies and advisors involved in cryptocurrencies have received a number of subpoenas and information requests from the U.S. Securities and Exchange Commission (SEC) during the last few weeks and they are alarmed. While the content of these subpoenas and information requests have generally remained…
