Props for the “Reg A” Reality: A lesson in digital asset securities offerings
It pains me to say it, but Open Props’ recent announcement of the coming termination of its ongoing Regulation A (“Reg A”) digital asset securities (Props) offering and the cessation of support for its Props Loyalty Program leads me to one stark conclusion.
Our Comments to the OCC on Digital Currencies and Bank Innovation
The Office of the Comptroller of the Currency (“OCC”) published an advanced notice of proposed rulemaking (“ANPR”) on June 4. The ANPR invited comment on its regulations at 12 C.F.R. Part 7, Subpart E and 155, and any other banking issues related to digital technology and innovation.
Ketsal Partner Peter Luce is Quoted in Bloomberg Law Article on Crypto Custody
“State-chartered banks, particularly “challenger banks” that have positioned themselves as service providers to the fintech industry, are likely to ask the Federal Deposit Insurance Corp. to take similar action as the OCC, said Peter Luce, partner at Ketsal PLLC, based in Washington. Without the FDIC’s blessing, smaller banks are reluctant to deal with the uncertainty that comes with supporting crypto custody and wallet services, Luce said.
Unclaimed Property Laws And Virtual Currency Custodians: Part One
Companies with untouched virtual currencies in inactive accounts may find themselves in violation of state law and subject to, surprisingly, private actions. Part One of this series lays the foundation for why these laws matter to custodians, including some virtual currency exchanges, operating in the U.S.
#1 Did You Know: Eligible Issuers
Regulation A (“Reg A”)[1] is a great way for smaller companies to raise funds through the sale of securities — up to $50 million a year — including companies wishing to issue securities tokens. It offers a number of benefits to such companies, including the ability to (1) sell unrestricted (i.e., freely transferable) securities (2) on a continuous basis over time (3) to a variety of investors, regardless of their income or wealth (4) without having to register the securities at a state-by-state level.
Hindsight from 2020: Notable Regulatory Events for Blockchain in 2019
Ketsal’s team of lawyers put our heads together in early January to reflect on the prior year and what it means for the one to come. Regulators really did step it up this year. There’s a lot to digest.