Last week, a set of documents known as the FinCEN files were released, detailing how some of the biggest banks in the world move trillions of dollars in suspicious transactions for suspected terrorists, kleptocrats and drug kingpins. And the U.S. government has failed to stop it. 

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Overview 

Many people new to the cryptocurrency space are surprised to hear one of the industry’s largest and more complex regulatory agencies is the U.S. Securities and Exchange Commission (SEC). That is all because of a 1946 case called SEC v. W. J. Howey Co.  In Howey, the defendants offered real estate contracts for tracts of land in citrus groves. This case formed the test for determining whether transactions are investment contracts (and subject to securities registration requirements). Under the Howey Test, a transaction is an investment contract if there are the following elements:

  1. An investment of money
  2. A common enterprise
  3. Reasonable expectations of profits
  4. Profits derived from the efforts of others
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The MarketWatch News Department was not involved in the creation of this content.

Sep 17, 2020 (The Expresswire) —
The global cryptocurrency market to gain from increasing Internet penetration worldwide. Recently Fortune Business Insights has announced a report titled, “Cryptocurrency”Market Size, Share and Global Trend by Component (Software, Services), Process (Transaction, Mining), Type (Bitcoin, Etherum, Litecoin, Ripple, Dashcoin), End User, and Geography Forecast till 2026.” As per the report North America was leading the global cryptocurrency market in 2017. The growth witnessed is attributable to high adoption of digital currency in the region. The trend is unlikely to change and North America may lead the global cryptocurrency market through the forecast period.

Request a Sample Copy of the Global Market Research Report:https://www.fortunebusinessinsights.com/enquiry/sample/Cryptocurrency-market-100149

The rising demand for online financial services in the region is likely to contribute the growth of the market in North America. Besides this, North America holds

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ATLANTA (AP) — Rapper and actor T.I. has settled civil charges with the U.S. Securities and Exchange Commission that he helped promote a fraudulent cryptocurrency.

T.I., whose real name is Clifford Harris, agreed to a civil settlement with the SEC that was announced Friday. He is paying a $75,000 fine and agreeing not to sell or market similar securities for at least five years.

Harris got into trouble, the SEC said, because he used his social media accounts to promote FLiK, falsely claiming to be a co-owner, and asked an unnamed actor and comedian to also promote FLiK, providing language calling it T.I.’s “new venture.” The SEC says both of those moves broke federal laws against selling securities without registering with the SEC.

The charges against Harris were part of a larger enforcement action against others including film producer Ryan Felton, who faces wire fraud and other charges in a

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By Christian Kraemer and Michael Nienaber

BERLIN (Reuters) – Germany, France, Italy, Spain and the Netherlands called on the European Commission to draw up strict regulation for asset-backed cryptocurrencies such as stablecoins to protect consumers and preserve state sovereignty in monetary policy.

The finance ministers of the five European Union member states said in a joint statement on Friday that stablecoins should not be allowed to operate in the 27-member bloc until legal, regulatory and oversight challenges had been addressed.

Stablecoins, a type of cryptocurrency often backed by traditional assets, leapt onto policymakers’ agendas last year when Facebook

revealed plans for its Libra token.

Some central banks and financial regulators, concerned that Libra could destabilise monetary policy, facilitate money laundering and erode privacy, threatened to block it and the project has been delayed and reshaped as a result.

The EU’s regulatory framework for stablecoins should preserve the bloc’s monetary sovereignty

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An Internal Revenue Service memo written in late June and published on August 28 states that cryptocurrency earned from microtasks conducted on crowdsourcing platforms is considered taxable income.

The memo was written in response to a query from the U.S. agency’s Small Business/Self Employed Division. While the document itself focuses on what may ultimately constitute a minor element of the tax authority’s oversight of crypto-related income, it nonetheless offers a window into the depth of the IRS’s thought process in this area.

As stated, the memo explores this question: “Is convertible virtual currency received by an individual for performing a microtask through a crowdsourcing or similar platform taxable income?”

The answer is yes, according to the memo’s author, Ronald Goldstein of the Income Tax and Accounting Division, who wrote:

“Yes, a taxpayer who receives convertible virtual currency in exchange for performing a microtask through a crowdsourcing platform has received consideration

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AUSTIN, Texas and NEW YORK, Aug. 19, 2020 /PRNewswire/ — Eventus Systems, Inc., a multi-award winning global trade surveillance and risk management software platform provider, announced today that Gemini Trust Company, LLC (Gemini), a leading cryptocurrency exchange and custodian, has selected Eventus’ Validus platform for the exchange’s new trade surveillance solution. The signing marks the sixth major exchange in the digital asset space to turn to Eventus for trade surveillance.

Gemini has adopted the cloud-based version of Validus on a T+1 basis for market surveillance that identifies a wide range of potential market manipulation behaviors.

Gemini Chief Operating Officer Noah Perlman said: “The digital asset space is a constantly changing environment, and working with a solution that is tailored for our market needs, including built-in flexibility as the landscape evolves, is critical. Eventus has a great track record, and its solution combines strong machine-learning and automation capabilities

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