BitKan will temporarily suspend trading operations

Chinese over-the-counter cryptocurrency trading platform released new announcement
13 September 2017   1965

The Chinese platform of P2P cryptocurrency announced its intention to temporarily suspend operations with digital assets. This is written by CoinDesk.

The decision is caused by the strengthening of control over the cryptocurrency industry by the Chinese authorities. The BitKan blog indicates that trading on the platform will be suspended on September 14. Limitations will affect users of the web platform and the mobile version of the service. At the same time, I / O facilities will remain available. Also notable that there are no reports about this decision in official Twitter, and blog post of BitKan is in Chinese.

After the suspension of over-the-counter operations, BitKan's wallets will continue to function normally. Depositing and withdrawing funds will not be affected.

BitKan team 

BitKan representatives have not yet reported anything about when trading operations will available again.

BitKan is an OTC (over-the-counter) platform for trading crypto-currencies, which is a cross between a classical exchanger, a P2P platform like LocalBitcoins and a crypto exchange.

SEC May Signal Some Flexibility on ICOs

Looks like senior advisor for digital assets and innovation at SEC is not 100% against ICOs
14 December 2018   41

Some blockchain projects may be able to circumvent the requirements of US securities laws by contacting the Securities and Exchange Commission (SEC) for a so-called non-action letter. As SEC consultant on digital assets and innovations Valerie A. Szczepanik explained, such letters will not be issued often, but this does not mean that they cannot be received at all.

I think that’s a way forward for a lot of people who want to implement some of these things that may not exactly fit in the format of the rules that we want. 

Valerie A. Szczepanik

Senior advisor for digital assets and innovation, SEC

According to advisor, issuers of tokens have three ways to comply with the requirements of the laws: register an offer of securities, declare an exceptional case, or "make sure they're not a security."

In certain cases, the SEC may decide that “maybe this doesn’t fit the letter of our law or regulation but it fits the spirit and we can accomplish all the goals of investor protection”. In this scenario, the SEC may indeed issue such a letter, which will indicate that its employees do not recommend taking legal measures against a particular issuer.

The letters set forth exactly what the person plans to do or the entity plans to do and if it’s something that the SEC feels comfortable with we can release a no-action letter for exemptive relief saying ‘we can recommend no enforcement action.

Valerie A. Szczepanik

Senior advisor for digital assets and innovation, SEC

As reported, her remarks signaling a modicum of flexibility are notable in light of SEC Chairman Jay Clayton’s advice last month to anyone raising money by selling a token that they should “start with the assumption that it is a security.”

Speaking about the principles of recognition of tokens as securities, Valerie recommended to take into account the structure of sales. According to her, only in rare cases the token will not be recognized as a security. Most often, investors expect to profit from investments in such proposals, which is enough to recognize them as the spread of securities.