National Assembly of Venezuela Outlaws El Petro

The National Assembly of Venezuela declared Petro illegal, calling it an effort to illegally mortgage the cash-strapped country’s oil reserves
10 January 2018   996

The National Assembly of Venezuela voted against the establishment of the national cryptocurrency “el Petro” on Tuesday, calling it an effort to illegally mortgage the cash-strapped country’s oil reserves.

In December 2017 Nicolas Maduro announced his plans to create a cryptocurrency backed by oil, gas, gold and diamond reserves in effort to advance monetary sovereignty, as it will help to overcome the financial blockade and thus move towards new forms of international financing for the economic and social development of the country.

Maduro said on Friday that his government would issue nearly $6 billion of petros as a way to raise hard currency and to evade financial sanctions imposed by Washington.

According to Prensa Latina, Maduro called on the people to actively repudiate the Assembly’s decision to declare the petro illegal.

Recently, we have reported that Nicolas Maduro allocated 5 billion barrels of oil to ensure the national cryptocurrency “el Petro”.

SEC to Cease Simex Securitites Trading

As reported, under the federal securities laws the SEC can suspend trading in a stock for 10 days
23 October 2018   41

The US Securities and Exchange Commission (SEC) suspended trading in securities of the American Retail Group (OTC: ARGB), also known as Simex, Inc. This is reported on the website of the agency.

According to representatives of the regulator, the decision was caused by false statements by the company about partnership with a “qualified and approved custodian”. The company also conducted an ICO, which allegedly "officially registered in accordance with the requirements of the SEC."

The SEC does not endorse or qualify custodians for cryptocurrency, and investors should use vigilance when considering an investment in an initial coin offering.
 

Robert A. Cohen

Chief, SEC Enforcement Division’s Cyber Unit

As reported, the SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met.

Also earlier this month, the American regulator recommended investors to "be vigilant when considering the possibility of investing in the ICO."