Tag archives: cryptocurrency

Another nail in PlexCoin’s crypto-coffer: TMF decision affirmed on appeal

Photo of Caroline LaroucheBy Caroline Larouche on Posted in Securities regulatory decisions
As discussed in our previous post, the Financial Markets Administrative Tribunal (TMF) had provided clarity in the application of the “investment contract” criteria, first enunciated in Pacific Coast Coin Exchange v. Ontario Securities Commission and codified under article 1 of the Quebec Securities Act, CQLR c V-1.1 (QSA), by finding that PlexCorps’ project was an … Continue reading

From boom to busted: TMF deems PlexCoins as investment contracts

Securities litigation and enforcementBy Admin on Posted in Other developments, Securities regulatory decisions
The legal noose is tightening around the necks of rogue cryptocurrency issuers in Quebec. PlexCorps’s legal troubles, as covered in our previous post, have deepened. In Autorité des marchés financiers c. PlexCorps, 2018 QCTMF 91, the Tribunal des Marchés Financier (TMF) qualified PlexCoin as an investment contract within the meaning of Quebec’s Securities Act. This … Continue reading

Federal court holds that CFTC can regulate virtual currencies as commodities

Photo of Robert A. SchwingerBy Robert A. Schwinger on Posted in Cross border issues, Other developments, Securities regulatory decisions
On March 6, 2018, in a fraud proceeding involving a virtual currency product, a New York federal court held that virtual currencies can be regulated by the Commodity Futures Trading Commission (CFTC) as commodities. Commodity Futures Trading Commission v. McDonnell (E.D.N.Y. Mar. 6, 2018).[1] This ruling marks the first federal judicial endorsement of the CFTC’s … Continue reading

Canadian Securities Administrators to regulate Cryptocurrency Offerings and Crypto-Investment Funds

Photo of Kristine SpenceBy Kristine Spence on Posted in Other developments, Securities regulatory decisions
2017 has been an extraordinary year for cryptocurrencies.[1] The recent increase in the number of cryptocurrency offerings reflects a dramatic shift in investor-attitudes towards the crypto-economy. However, the increased popularity of initial coin offerings (ICO), initial token offerings (ITO) and cryptocurrency investment funds has triggered a wave of regulatory responses, from the USA to Singapore … Continue reading

SEC ruling on The DAO signals increased acceptance of blockchain-based securities

Photo of Andrew McCoombBy Andrew McCoomb on Posted in Securities regulatory decisions
On July 25, 2017, the Securities and Exchange Commission (SEC) issued a statement on the regulatory significance of offers and sales of digital assets carried out using distributed ledger or blockchain technology.  That statement followed the SEC’s Report of Investigation into The DAO, an unincorporated organization designed to issue tokens administered on a distributed ledger … Continue reading
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