Crypto-market Efficiencies?

Last week in NYC I shared a panel with Valerie Szczepanik, SEC’s “crypto czar”. We had a wide-ranging discussion on self-regulation, utility tokens, the SEC’s role in protecting investors, and accredited investor definitions. While the conversation was under Chatham House Rules and I can’t discuss her specific comments in this newsletter, she is very open to  … Read more


Posted: July 22nd 2018 None

Dog Days of Summer

As the United States celebrated its Independence Day on July 4th, several jurisdictions around the world, including South Korea, Bermuda and Malta, passed legislation to support crypto assets and virtual currencies. Of these, South Korea’s appears the most detailed by providing a classification scheme as a framework for regulation. This is the most sophisticated understanding  … Read more


Posted: July 6th 2018 None

Securities Tokens

In the past week, more news started to emerge about the SEC subpoenas that I alluded to in last week’s newsletter. While it remains to be seen what the SEC plans to do with the information, it is clear that they are signaling to the market that they are serious about investigating practices over the  … Read more


Posted: March 5th 2018 None

Governance

As the price of bitcoin rose to over $11,000 this morning (from lows near $6000 two weeks ago), governance was a key theme over the past week. While public comments from the SEC as well as regulators in South Korea and Singapore were fairly positive, the SEC this week warned on “pump and dump” cryptocurrency  … Read more


Posted: February 19th 2018 None

Regulatory Support: “My Niece is a Hodler”

Last Tuesday February the Senate Banking Committee held a hearing with SEC Chairman Jay Clayton and CFTC Chairman Christopher Giancarlo to discuss potential cryptocurrency regulation. As the chart below displays, the cryptocurrency market was in the middle of its second major correction of 2018, and began a recovery process after the hearings. Both Chairs acknowledged  … Read more


Posted: February 12th 2018 None

Crypto is Global

Cryptocurrencies lost over $250B of value last week as more regulators around the world issued guidance. Unfortunately much of the press coverage missed the mark, with many headlines claiming that India was banning cryptocurrencies. Indian Finance Minister Arun Jaitley, during annual budget conversations, reiterated that bitcoin was not legal tender, and that the government would  … Read more


Posted: February 4th 2018 None

Crypto Markets Correct

Last week saw a significant correction in the bitcoin and broader cryptocurrency market, with the top 100 coins declining anywhere from 15–30% over a 2 day period, and the overall cryptocurrency market losing $200B of market value before making up some of that loss. On Wednesday, when the crypto market plummeted, CNBC aired a clip  … Read more


Posted: January 22nd 2018 None

Futures Launch

This evening bitcoin futures will start trading on the CME. While trading has been light on the CBOE after last Sunday’s launch, after briefly crashing the CBOE website upon launch, the CME product will likely have heavier volume as it is geared towards more institutional investors. We did see another Bitcoin price increase, to over  … Read more


Posted: December 17th 2017 None