Praetorian Group Files Application to Conduct First-Ever SEC-Registered STO
The Praetorian Group, referred to as a “Cryptocurrency Real Estate Investment Vehicle” (CREIV), has filed its USD 75 million STO with the U.S. SEC. According to CoinTelegraph, the Praetorian Group will have first ever SEC-registered STO if the SEC accepts their registration. The registration application includes only the 15 million of Praetorian Group’s 200 million total tokens.
Federal Judge Rules that Cryptocurrencies Are Commodities
On March 6, 2018, a federal judge ruled that cryptocurrencies are commodities. According to Forbes, cryptocurrencies can therefore be regulated by the U.S. Commodity Futures Trading Commission (CFTC). This ruling marks the first time a federal judge had confirmed this position. However, the SEC still views virtual currencies as securities, and that it also has regulatory oversight of cryptocurrencies.
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After News of Blockchain-Related Patent Filing, PayPal CEO Expresses Skepticism of Cryptocurrencies
PayPal’s CEO, Dan Schulman, expressed skepticism of cryptocurrency after news circulated last week of a blockchain-related patent filing from PayPal. According to the Bitcoinist, while presenting at the Economic Club of New York in Manhattan, he said:
“Regulations need to be sorted out and a whole number of other things. It’s an experiment right now that is very unclear which direction it will go.”
U.S. House Financial Services Committee to Host Closed Hearing on ICOs and Cryptocurrencies on March 14, 2018
The U.S. House Financial Services Committee will host a hearing entitled “Examining the Cryptocurrencies and ICO Markets” on March 14, 2018 at 10:00AM EST. According to ETHNews.com, the hearing will not available to the public. Congressman Jeb Hensarling (R-TX), who has advocated for the reduction of federal oversight of the financial sector, serves as chairman of the committee.