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In a contentious move, the Securities and Exchange Commission (SEC) recently sued Kik Interactive Inc. for its Initial Coin Offering of $100 million, alleging it violated securities laws by not registering the offering with the SEC.
The SEC alleges that the fundraising of $100 million was illegal because it did not provide proper disclosures to…
New FinCEN Cryptocurrency Guidance Clarifies Applicability of Anti-Money Laundering Regulations to Virtual Currency Business Models
By Norman Roos on May 23, 2019
The Financial Crimes Enforcement Network (FinCEN) is the U.S. Treasury Department bureau charged with monitoring financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.
UK Information Commissioner’s Office Issues Guidance on Use of Encryption and Passwords in Connection with GDPR
By Benjamin Jensen on November 26, 2018
Posted in Cybersecurity, International Privacy Laws, Websites
The “security principle” under the General Data Protection Regulation (GDPR) requires that organizations process personal data securely by means of “appropriate” technical and organizational measures. This month, the United Kingdom’s Information Commissioner’s Office (ICO) issued new guidance focused on two specific measures the ICO recommends that companies consider in complying with the GDPR security requirements: encryption and passwords.
Continue Reading UK Information Commissioner’s Office Issues Guidance on Use of Encryption and Passwords in Connection with GDPR
Initial Coin Offerings and Cryptocurrencies Will be a Priority for FINRA in 2018
By Linn Foster Freedman on January 11, 2018
Posted in Blockchain, Virtual Currency
In a ten page letter that previews the Financial Industry Regulatory Authority’s (FINRA) priorities for 2018, initial coin offerings (ICOs) and transactions involving cryptocurrencies. This follows previous warnings by both the Securities and Exchange Commission (SEC) and FINRA about the risks associated with investing in ICOs and virtual currencies, including Bitcoin. SEC Chairman Jay Clayton…
Scammers Strike Enigma Initial Coin Offering
By Benjamin Jensen on August 22, 2017
Posted in Blockchain, Virtual Currency
In the latest example of security risks attendant to initial coin offerings (ICOs), on August 21st the blockchain startup Enigma reported that online scammers used fake solicitations for an ICO presale to steal approximately $500,000 in ether (a virtual currency) from investors.
Enigma is a blockchain startup incubated at MIT Media Lab that is in the process of rolling out its first product, known as Catalyst. Catalyst is described as a platform providing data sets and developmental tools specifically geared for hedge funds focused on cryptocurrency markets. Enigma’s funding was to be derived, in part, from a planned a token sale on September 11, 2017, with a goal of raising $20 million worth of ether.  …
Continue Reading Scammers Strike Enigma Initial Coin Offering
DeepMind Deal with NHS Trust Reveals Privacy Concerns
By Jim Merrifield on July 6, 2017
Posted in Data Privacy
Back in 2015, DeepMind, a Google company, signed a deal with the Royal Free NHS Foundation Trust. The deal allowed DeepMind access to 1.6 million patients health information as well as the ability to develop an app called Streams. The Streams app focus was to monitor patients with kidney disease and alert the right clinician when a patient’s condition deteriorates.
However, it was discovered that the Streams app had access to other health information such as a patient with HIV and drug overdoses.
After a yearlong investigation, The Information Commissioner’s Office (ICO), who is the U.K.’s data protection watchdog, found that the deal between the two parties failed to comply with the data protection law.
Continue Reading DeepMind Deal with NHS Trust Reveals Privacy Concerns
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Robinson+Cole is a law firm serving regional, national and global clients from nine offices throughout the Northeast. Our Data Privacy + Security Team brings together lawyers from the firm’s Intellectual Property and Technology, Commercial Litigation, and E-Commerce Groups.
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