Crypto Regulation Update — July 2019

Stephen Hyduchak
Jul 10 · 4 min read

United States

  1. Kik Vs Securities and Exchange Commission (SEC) is official. The SEC is suing Kik, in New York, for running an unregistered securities sale when it conducted its Initial Coin Offering (ICO) for its token KIN, in 2017. The lawsuit was filed on June 4 and can be found here. The SEC claims that Kik violated Section 5 of the Securities Act of 1933. The SEC paints a “hail mary” picture of a desperate company trying to find a buyer, failing and then deciding to launch a token raise.

WorldWide

  1. The Financial Action Task Force (FATF) has released new guidance laying out standards to combat money laundering and terrorism. The international organization has introduced new rules for virtual asset service providers (VASPs) and rules that create they must both obtain and transfer beneficiary information. The finalized guidance requires exchanges to gather and transfer originator name, originator account number (the VA wallet), originator’s location information, beneficiary name and beneficiary account number (their VA wallet). This is now being dubbed as the “travel rule.”

BridgeProtocol

BridgeProtocol - Identity, Secured.

Thanks to Jesse Lama.

Stephen Hyduchak

Written by

Blockchain, AI and Cannabis keep me up at night. CEO of Bridge Protocol and Aver.

BridgeProtocol

BridgeProtocol - Identity, Secured.