Tagged: startup

SEC’s Letter: Questions and concerns about cryptocurrency exchange-traded funds (ETFs)

On January 18th, the Securities and Exchange Commission (SEC) released a Staff Letter addressed to the Investment Company Institute and the Asset Management Group of the Securities Industry and Financial Markets Association (SIFMA).

The letter outlined the SEC’s concerns about cryptocurrency exchange-traded funds (ETFs). Specifically, the letter stated that there are “significant outstanding questions concerning how funds holding substantial amounts of cryptocurrencies and related products would satisfy the requirements of the [Investment Company Act of 1940] and its rules.”

The letter identified 5 specific areas of concern:

  • Valuation
  • Liquidity
  • Custody
  • Arbitrage
  • Potential manipulation and other risks

The letter posed several questions under each area of concern, some of which are: (i) What are the policies and procedures to determine the fair value of cryptocurrency related products? (ii) How would funds classify the liquidity of cryptocurrencies and cryptocurrency related products? (iii) How would the custody requirements be satisfied for cryptocurrency holdings?  (iv) How would the fragmented, volatile and high-volume trading characteristics of cryptocurrencies allow ETFs to comply with market price requirements? and (v) How will ETFs ensure investor protection with cryptocurrencies that have a higher opportunity for fraud and manipulation than traditional securities?

The letter concluded by saying the SEC does “not believe that it is appropriate for fund sponsors to initiate registration of funds that intend to invest substantially in cryptocurrency and related products” until the questions in the letter are satisfactorily addressed. The SEC also stated that it has requested that sponsors withdraw registration statements that have already been filed for such products.

The full letter can be found here:

Staff Letter: Engaging on Fund Innovation and Cryptocurrency-related Holdings

https://www.sec.gov/divisions/investment/noaction/2018/cryptocurrency-011818.htm

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Last Call! Top Ten Legal Mistakes Made by First Time Entrepreneurs on Thursday Oct. 19th

Last call to RSVP for our event tomorrow, Top Ten Legal Mistakes Made by First Time Entrepreneurs.

The event is FREE, but please register here:  https://connectpasadena.com/events/top-10-legal-mistakes-made-by-first-time-entrepreneurs.

 

Connect17 - WeWork venue

VENUE CHANGE: Top Ten Legal Mistakes Made by First Time Entrepreneurs 

Our Top Ten Legal Mistakes Made by First Time Entrepreneurs event next week will now be held at WeWork Pasadena (177 E Colorado Blvd, Suite 200, Pasadena, CA 91101).

Date: Thursday October 19, 2017
Time: 6:00pm – 7:00pm
Location: WeWork Pasadena

The event is FREE to all attendees, but RSVPs are requested:  https://connectpasadena.com/events/top-10-legal-mistakes-made-by-first-time-entrepreneurs.

Thank you to ShuiMu America-China Innovation and Entrepreneurship Forum

On October 1st I attended the ShuiMu America-China Innovation and Entrepreneurship Forum in San Gabriel, California. Thank you for having me as a judge for the pitch competition.

Top Ten Legal Mistakes Made by First Time Entrepreneurs

Connect17

Join us on October 19th for our Top Ten Legal Mistakes Made by First Time Entrepreneurs event at Innovate Pasadena’s Connect 17.

Date: Thursday October 19, 2017
Time: 6:00pm – 7:00pm
Location: CTRL Collective

The event is FREE to all attendees, but RSVPs are requested:  https://connectpasadena.com/events/top-10-legal-mistakes-made-by-first-time-entrepreneurs.

Innovate Pasadena: How to Network with Investors (Video)

Check out the video from my talk at Innovate Pasadena’s Friday Coffee Meetup on August 11th on How to Network with Investors – the right way.

Investor to speak at LAVA’s First Time Entrepreneur workshop

Investor Buck Jordan of Canyon Creek Capital is scheduled to speak to attendees at LAVA’s First Time Entrepreneur workshop on Saturday, September 16, 2017.

At this workshop attendees  will learn how to:

  • Determine the value of your company
  • Put together a capitalization table
  • Understand how Venture Capitalists screen potential investments
  • Understand the differences between trademarks, copyrights and patents and when you need each of them
  • Work with co-founders
  • Network at startup events — the right way

 

For more information and to register for the workshop, visit: First Time Entrepreneur Workshop.