Spain’s third-quarter growth to exceed 10%, minister says

Spain's third-quarter growth to exceed 10%, minister says

Market News SEC Commissioner Hester Peirce, (affectionately nicknamed ‘Crypto Mom’), released a dissenting opinion regarding Unikrn and more generally, her thoughts about the SEC’s practice of regulating through enforcement actions. Alapt Nigeria’s SEC will treat all crypto assets as securities – Nigeria’s SEC will treat all crypto assets as securities Patented Crypto Cashback App – SocialGood App Launches on iOS MONTREAL, Sep 10, 2020 (GLOBE NEWSWIRE via COMTEX) —
MONTREAL, Sept. 10, 2020 (GLOBE NEWSWIRE) — JJ Ruest, President and Chief Executive Officer and James… In Redefining the Future of the Economy: Governance Blocks and Economic Architecture the authors reveal what the first generations of blockchain are missing. Norman Augustine, distinguished engineer and former Lockheed Martin CEO, states: "Your book is fascinating the way it moves from economics

MADRID (Reuters) – The Spanish economy will expand at a pace above 10% in the third quarter, Economy Minister Nadia Calvino said on Thursday, without giving projections for the full year.

The minister reiterated the forecast after the central bank on Wednesday lowered its growth expectations for this year, 2021 and 2022, citing a surge in coronavirus infections that weighed on activity in the third quarter.

The Bank of Spain still expects gross domestic product to rebound between 13% and 16.6% in the quarter after it shrank a record 18.5% in the preceding three months, but said it should be 9.5%-12.3% below year-ago levels. It expects the economy to contract 10.5%-12.6% this year.

Most industries went into a standstill in the second quarter as a result of a strict lockdown imposed to curb the pandemic.

Reporting by Emma Pinedo, Editing by Inti Landauro

Mining News

Source: www.kitco.com

Author: http://www.facebook.com/kitconews


Cryptocurrency SEC Enforcement Action Demonstrates Need For Safe Harbor

Cryptocurrency SEC Enforcement Action Demonstrates Need For Safe Harbor

Overview 

Many people new to the cryptocurrency space are surprised to hear one of the industry’s largest and more complex regulatory agencies is the U.S. Securities and Exchange Commission (SEC). That is all because of a 1946 case called SEC v. W. J. Howey Co.  In Howey, the defendants offered real estate contracts for tracts of land in citrus groves. This case formed the test for determining whether transactions are investment contracts (and subject to securities registration requirements). Under the Howey Test, a transaction is an investment contract if there are the following elements:

  • An investment of money
  • A common enterprise
  • Reasonable expectations of profits
  • Profits derived from the efforts of others
  • Healthy tangerines are seen on a tree at a Arapaho Citrus Management grove in Fort Pierce, Florida … [+] on November 21, 2019. – Florida farmers have observed, almost powerless, the spread of the huanglongbing bacterium (“yellow dragon disease” in Chinese), known worldwide as “HLB” and native to China. It was first reported in Florida in 2005, and has been conquering groves ever since. The bacterium causes one of the most devastating citrus diseases called “greening”: the leaves of the infected trees turn pale, the fruit fails to ripen and remain green, and eventually fall to the ground. (Photo by Gianrigo MARLETTA / AFP) (Photo by GIANRIGO MARLETTA/AFP via Getty Images)

    Well, fast forward 70 years and this is the same case law that the cryptocurrency space must apply to determine whether issuing or listing a certain digital asset requires SEC registration. We are a long way from those citrus groves in 1946 and the complexities of applying this old law to new technology is difficult to say the least. The SEC has made efforts to bring clarity to the Howey Test as it applies to digital assets. It is the third and fourth prong that are usually the area for factual interpretation/debate and in April 2019, the SEC released their Framework for “Investment Contract” Analysis of Digital Assets. While helpful, by doing so, the SEC essentially turned the 4 prong Howey Test into dozens of considerations companies now need to consider before issuing or listing a cryptocurrency.

    Regulation Through Enforcement Actions

    On September 15th, the SEC announced an enforcement action and settlement with Unikrn, Inc. This is certainly not a first in terms of SEC enforcements against cryptocurrency projects but what makes this enforcement different is that Unikrn is alleged to have offered its tokens in an unregistered offering but there is no additional allegation of fraud.

    This regulation through enforcement presents challenges for legal practitioners. Stephen Palley, who leads the technology practice at Anderson Kill, in Washington D.C., represents an array of businesses in the blockchain and cryptocurrency space. According to Palley, in spite of actions against Unikrn, Telegram and others, clients who want to be on the right side of the law are frustrated by the need to try to predict regulatory gray areas.

    “Clients are coming to us for conservative compliance advice. Enforcement has a long tail (Unikrn took place several years ago) and can take years to be made public, so we don’t know what is going on behind the scenes. As a practitioner in the trenches, I can tell you that our clients wish there was more guidance to launch projects without fear of enforcement and there is a risk that this lack of clarity will stifle innovation by some and encourage imprudent fund-raising by others. This doesn’t change the advice that we give – which is to stay on the right side of the law – but clearer guardrails would be welcome.”

    UNITED STATES – SEPTEMBER 24: Hester M. Peirce, second from right, a Securities and Exchange … [+] Commission commissioner, testifies during the House Financial Services Committee hearing on oversight of the SEC in Rayburn Building on Tuesday, September 24, 2019. SEC commissioners from left are, Allison Herren Lee, Robert J. Jackson, Chairman Jay Clayton, and Elad L. Roisman. (Photo By Tom William/CQ-Roll Call, Inc via Getty Images)

    SEC Commissioner Hester Peirce, (affectionately nicknamed ‘Crypto Mom’), released a dissenting opinion regarding Unikrn and more generally, her thoughts about the SEC’s practice of regulating through enforcement actions. In her statement, Peirce stated that she recognizes “that the determination of whether an instrument is offered and sold as a security in the form of an investment contract requires a subjective weighing of the facts and circumstances. Such analysis, idiosyncratic by its very nature, does not produce clear guideposts for entrepreneurs and others to follow. The challenge of discerning a clear legal line is especially difficult with respect to new forms of business and novel technologies.” 

    Commissioner Peirce also noted that the terms of the settlement effectively force the company to cease operations, not because of fraud but solely because of a difference in interpretation of the Howey Test.

    The Blockchain Association is a trade group based in DC working to improve the blockchain and cryptocurrency public policy environment so the industry can thrive. Kristin Smith, Executive Director explained to me, “Commissioner Peirce’s dissent makes it clear that the application of the U.S. securities laws to cryptocurrencies remains opaque, and that the SEC’s enforcement activity is doing little to clarify the situation. The net effect is stifling innovation, the costs of which we will never know.”

    Proposed Safe Harbor

    In February of this year, Commissioner Peirce proposed a three year safe-harbor that might resolve this issue. This three year window would allow projects to work towards the necessary adoption and decentralization required to pass the Howey Test, while not being subject to enforcement actions in the process.

    As Commissioner Peirce noted in her statement, “Imagine if such a regulatory safe harbor had been available to Unikrn. Instead of permanently disabling its tokens as a result of today’s settled enforcement action, Unikrn, in concert with its token holders, might be devoting its time and resources to identifying new uses for the token and expanding its user base.”

    Commissioner Peirce explained to me, “I continue to believe that we need a common sense framework pursuant to which tokens can be distributed to the public without fear of running afoul of the securities laws.”  

    And many in the cryptocurrency industry agree with this idea. Kristin Smith told me, “The Blockchain Association supports Commissioner Peirce’s Token Safe Harbor and we are committed to working with the SEC and Congress to clarify the legal landscape for cryptocurrency projects in the United States.”

    Mark Murphy, COO of Digital Currency Group, the largest investment company focused on the digital currency market, commented, “The safe harbor provision proposed by Commissioner Peirce would be an important step forward for the development of blockchain technology in the United States.” 

    But Commissioner Peirce does not feel her proposal is the only potential solution. To her and many in the space, true regulatory clarity is all that matters. Commissioner Peirce explained to me, “The safe harbor I proposed is one possible approach, but the most important thing from my perspective is to get some legal clarity in this area as quickly as possible.” 

    Next Steps

    In order for such a proposal to take effect, SEC Chairman Jay Clayton would need to bring the proposal forward and the five Commissions would then vote. There likely will be additional versions of this proposal before that happens. Industry feedback will aid Commissioner Peirce in fine tuning her proposal. And that support and feedback from the industry is extremely important for the process to move as efficiently as possible.

    Mark Murphy explained to me, “We believe that industry participants should support regulatory and legislative proposals that leverage these innovative new technologies, foster innovation, and protect investors.”

    Unikrn serves as a single, yet powerful example that lack of regulatory guardrails may stifle transformative projects. In a world where technology is constantly evolving, companies should be able to be innovative without fear of unexpected enforcement actions or forced to cease operations.  The SEC needs to continue to elucidate the governing principles for modern technology.

    Source: www.forbes.com

    Author: Hailey Lennon


    Nigeria's SEC will treat all crypto assets as securities

    Nigeria’s SEC will treat all crypto assets as securities

    The securities and exchange Commission of Nigeria (SEC) will consider all existing types of cryptocurrencies and tokens as securities.

    The regulator explained that cryptocurrencies offer the public alternative investment opportunities. Digital assets can be used as a means of exchange, settlement, and savings, but they are not a legal means of payment in any jurisdiction. Therefore, in order to protect investors from risks and not violate the integrity of the market, crypto assets should be controlled on a par with securities. The Commission added that the main task of regulation is not to prevent the development of new technologies, but to ensure fair market competition and compliance with ethical standards.

    The SEC required that all startups working in the field of blockchain and cryptocurrencies, as well as firms that organize initial token offerings (ICO) and token-share placements (STO), be registered within three months. If the Issuer of cryptocurrencies believes that its asset is not a security, it must send the appropriate request to the regulator for an initial assessment.

    In 2019, an order on the regulation of cryptocurrencies as securities came into force in Malaysia, according to which all ICOS conducted in the country must be carried out in accordance with securities laws. Last fall, a bill defining stablecoins as securities was also submitted to the US Congress. This bill was drawn up in response to the possible launch of the Libra stablecoin.

    In addition, the founder of the Indian research center BEGIN India, Deepak Kapoor (Deepak Kapoor) he said that bitcoin should not be legalized as a cryptocurrency — it should have the status of a security and be traded on the stock market.

    Source: alapt.com


    Patented Crypto Cashback App - SocialGood App Launches on iOS

    Patented Crypto Cashback App – SocialGood App Launches on iOS

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200917005419/en/

    (Graphic: Business Wire)

    (Graphic: Business Wire)

    [ Back To TMCnet.com’s Homepage ]

    Source: www.tmcnet.com


    JJ Ruest, President and Chief Executive Officer and James Cairns, Senior Vice-President, Rail Centric Supply Chain to address Morgan Stanley Virtual 8th Annual Laguna Conference on Sept. 17

    JJ Ruest, President and Chief Executive Officer and James Cairns, Senior Vice-President, Rail Centric Supply Chain to address Morgan Stanley Virtual 8th Annual Laguna Conference on Sept. 17

    CN will provide a live audio webcast of their remarks via the Investors’ section of the Company’s website, www.cn.ca/en/investors. A replay of the webcast will be available on the website shortly after the event.

    CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the Southern tip of the U.S. through a 19,500 mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

    Contacts:

    COMTEX_371084045/2471/2020-09-10T16:00:50

    Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

    Source: www.marketwatch.com


    Tevoro.com Announces New Book Revealing What's Missing from Bitcoin, Ethereum and Other Cryptocurrencies

    Tevoro.com Announces New Book Revealing What’s Missing from Bitcoin, Ethereum and Other Cryptocurrencies

    Shows How to Use AI to Supply the Secret Ingredient to Unleash Blockchain’s Power

    WASHINGTON, Sept. 17, 2020 /PRNewswire/ — In Redefining the Future of the Economy: Governance Blocks and Economic Architecture the authors reveal what the first generations of blockchain are missing. Norman Augustine, distinguished engineer and former Lockheed Martin CEO, states: “Your book is fascinating the way it moves from economics to governance to mathematics to philosophy to poetry.”

    Redefining the Future of the Economy: Governance Blocks and Economic Architecture

    Futurist George Gilder, author of Life After Google: the Fall of Big Data and the Rise of the Blockchain Economy, Wealth and Poverty, Microcosm, Telecosm, Life After Television, and the Silicon Eye, writes: “[Redefining the Future of the Economy]… is a just-in-time blockbusting chain-reactive manifesto for a revolutionary second generation of blockchain for finance. If you are involved with the Cryptocosm, or with finance, or with artificial intelligence, … you have to read it. …. Talbot, a super savvy investment strategist, and Benko, a paladin of money theory, actually know why the movement is bogging down and how to fix it.”  

    They prescribe the missing ingredients: Layering consensus algorithms for the creation of sophisticated financial systems and using combinatorial mathematics to provide an organizational structure bringing order to the autonomous chaos of AI, providing accountability and regulatory compliance.

    Dawn Talbot is a Wall Street veteran institutional research analyst, corporate finance professional, and portfolio manager. Ralph Benko is a Washington insider, a Reagan White House deputy general counsel and former senior counselor to the blockchain sector’s trade association. The book is available from Amazon and we offer complimentary review copies to journalists and thought leaders.  The authors are available for interviews to discuss their breakthrough findings.

    Contact: 
    Ralph Benko
    247643@email4pr.com 
    202.800.6550

    Cision

    View original content to download multimedia:http://www.prnewswire.com/news-releases/tevorocom-announces-new-book-revealing-whats-missing-from-bitcoin-ethereum-and-other-cryptocurrencies-301132976.html

    SOURCE Tevoro.com

    Source: news.yahoo.com


    Spain's third-quarter growth to exceed 10%, minister says


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