Polsinelli BitBlog | FinTech

The convergence of the financial services industry and transformative technologies, commonly known as FinTech, is reshaping the industry. Within this intersection of innovation, Polsinelli’s BitBlog serves a resource for individuals and firms in the developing FinTech industry. Our FinTech and Regulation attorneys provide readers with a broad range of content and a unique perspective on the global FinTech landscape. 

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SEC Suspends Trading in Company Making False Cryptocurrency-Related Claims About SEC Regulation and Registration

By: Richard B. Levin, Peter F. Waltz and Robert W. Wenner

“The SEC is serious about digital asset companies not making false claims that their offerings are regulated or registered with the SEC,” notes Richard Levin.

The U.S. Securities and Exchange Commission has suspended the trading of securities of a American Retail Group, Inc., based on its statements about partnering with a claimed SEC-qualified custodian for use with cryptocurrency transactions and a purportedly registered public offering of preferred stock.  The agency reminded the public, “[t]he SEC does not endorse or qualify custodians for cryptocurrency, and investors should use vigilance when considering an investment in an initial coin offering.”