Fintech PR
SEC Commissioner Peirce Announces Support for the Creation of SEC Safe Harbor for Digital Token Sales in the United States During RockTree LEX Sponsored Forum
SEC Commissioner Hester Peirce announced her support in the establishment of a ‘non-exclusive safe harbor’ exemption from registering as securities offerings for digital token sales in the United States. Known to the blockchain community as “Crypto Mom,” Commissioner Peirce was speaking in Singapore during a keynote address at the SUSS Convergence Forum, co-sponsored by RockTree LEX, which brought together the leaders of securities regulators in the United States and Asia, including the Singapore MAS, among others. Commissioner Peirce also announced she is seeking feedback from top blockchain lawyers and cryptocurrency industry leaders of how the SEC could define digital tokens and under what specific conditions the safe harbor would be available. RockTree LEX will be a part of those discussions with the SEC in helping develop new rules and policy.
The progressive announcement from the SEC comes off the back of a highly active month which saw open-door and closed-door meetings with the US Senate and Congress in Washington, DC about blockchain and cryptocurrency policy and rules in response to Facebook’s Libra project, and echoed the common message that the US is falling behind in the new economic race of blockchain technology and cryptocurrencies.
Commenting on SEC Commissioner Pierce’s announcement, Omer Ozden, CEO of RockTree LEX, who was one of the members at the meetings with Senate and Congress in Washington, DC last week, said, “This has been a major month for Blockchain and Cryptocurrencies, as the top leaders in major countries have woken up to what this technological race means for their economies and long term competitiveness. In our meetings with Congress, we were impressed at their level of understanding of the benefits of cryptocurrencies and blockchain, and also saw their concern that both small and major technology companies like Facebook, were now seeking legal structures offshore to continue their innovation. With our unique international perspective in law and investment which spans Greater China and North America, we delivered a personal message to Congress which called for greater action, and our specific opinions on how the US government should approach regulating blockchain and cryptocurrencies in order to allow innovation to flourish.” He also added that “Commissioner Pierce’s support in the establishment of a safe harbor framework for the sale of utility tokens will provide untold benefits and unlock US innovation, which reflects, we believe, a very recent trend of permissiveness by the SEC.”
The trend Ozden was referring to with the SEC relates to other progressive regulatory occurrences during this the past month. On July 10, 2019, Blockstack, a technology company developing a new blockchain network (the Blockstack network) for decentralized applications, received approval from the SEC for its offering of Stacks Tokens under Regulation A of the Securities Act of 1933 (the “Securities Act”). This was quickly followed by the SEC qualifying the offering of Props Tokens by YouNow, which is building a blockchain-based digital medial platform (the Props Network).
These are the first-ever Regulation A digital securities offerings to be qualified by the SEC. Previously, security token offerings in the US were being conducted either through Regulation D under the Securities Act, which generally only allowed accredited investors to participate in the offering and restricted resale of the tokens for 12 months, or Regulation S under the Securities Act, which allowed US or foreign issuers to sell tokens outside of the US but resulted in a compliance period of up to 12 months where the tokens could not be sold to U.S. persons. Through Regulation A, the Stacks Tokens and Props Tokens can be legally distributed to anyone in the US and are freely tradeable after the initial purchase.
More importantly, the Stacks Tokens and Props Tokens are both utility tokens. The Stacks Tokens are the native tokens of the Blockstack network and are to be used to transact on the network (such as creating digital assets or burning tokens for fuel). The Props Tokens serve as the currency of payment in the Props Network. Both Blockstack and YouNow have noted that they anticipate their tokens being treated as securities under the recent guidance provided by the SEC “Framework for ‘Investment Contract’ Analysis of Digital Assets” and the application of the Howey test for the foreseeable future. However, the tokens may in the future be determined to no longer constitute securities under US law as relevant legal and regulatory standards develop and their respective networks become so decentralized such that purchasers no longer reasonably expect the issuers to carry out essential managerial or entrepreneurial efforts. Such a determination would likely culminate in a no-action letter from the SEC.
Additionally, on July 25, 2019, the SEC issued a no-action letter to Pocketful of Quarters in respect of its Quarters tokens, which is a universal virtual currency for gaming. Notably, this is the first ERC-20 public blockchain token approved for sale without needing to be registered under US law. Notably, Quarters are essentially stablecoins in that they will be made continuously available at a fixed price and are sold to gamers solely for consumptive use as a means of purchasing in-game items or participating in e-sports tournaments. Quarters cannot be traded in secondary markets. In addition, funds from Quarters will not be used to build the Quarters platform as it has already been developed and was funded through investment tokens, which were issued to investors under Regulation D.
Ozden added, “We welcome Commissioner Peirce’s support of innovation, and the increased appetite by government in the United States and other jurisdictions to engage industry and progress in bringing clear regulatory oversight of digital token activity. At RockTree LEX, we believe that in blockchain, law is also technology: to be a successful blockchain project, you need to understand legal compliance and options around the globe, and to be a successful nation of innovation, you need to develop a regulatory framework that encourages innovation to unlock growth. As a global blockchain legal platform and an investor, RockTree LEX is committed to assisting government to help shape progressive regulatory frameworks so they can unlock technological and financial growth for their economy.”
SOURCE RockTree LEX
Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/stay-cyber-safe-this-holiday-season-heimdals-checklist-for-business-security-302337465.html
Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
Photo: https://mma.prnewswire.com/media/2586123/Tickmill.jpg
Logo: https://mma.prnewswire.com/media/2586129/Tickmill_Logo.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/according-to-tickmill-survey-3-in-10-britons-in-economic-difficulty-purchasing-power-down-41-since-2004-302337354.html
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