Each week we share the latest news in blockchain and finance. This newsletter is newsletter #39 and covers the SEC’s FinHub Forum, the Boston Security Token Exchange filing with the SEC, and much more — subscribe here to get it in your inbox every Thursday.
As mentioned earlier, we attended the Tokenized Assets event in Amsterdam on 6 June.
There was a great turnout, with a hundred or so attendees discussing regulation (from Reg A+ to the EU prospectus directive), how to issue security tokens, stablecoins, and much more.
If you’re interested in our presentation on Purpose-Built Asset Token Blockchains, do take a look at the slides.
In the end, it’s difficult to trade [shares of] smaller companies, whether you’re doing this ‘real’ or whether you’re doing this digitized.
— CEO of Team Blockchain Jonny Fry responding to a panel question on security token liquidity at the Tokenized Assets event.
ℹ️ Mutual fund giant Vanguard has implemented Symbiont’s blockchain product, improving the way it reviews data about indexes. The pilot (started in February) was a success, improving efficiency and accuracy.
📛 Tokenized debt platform Cadence has obtained a Financial Instrument Global Identifier, meaning its products can now be found on Bloomberg Terminal.
🤝 As stated in our postscript last week, the SEC’s FinHub organized a forum on digital assets. If there’s one takeaway, it’s that the commission’s officials sounded much more informed about crypto than you would expect.
🗂️ The Boston Security Token Exchange (BSTX, a partner of tZero) has filed a 400-page rulebook with the SEC for its security token exchange. Interestingly, BSTX “proposes to limit trading in security tokens to BSTX only”.
💷 Crypto exchange Binance is testing a GBP-pegged stablecoin on Binance Chain.
💭 Want to know more about what happened and didn’t happen at the SEC’s FinHub Forum? Here’s everything that was left unsaid.
🤔 Why hasn’t tokenization come to fruition (yet)? According to Tokeny’s CEO, it’s because of a lack of (among others): professional marketplaces; good technical tools; and a recognized stablecoin.
🔮 Gartner predicts 90% of current enterprise blockchain implementations will need replacing by 2021. Here’s why.
💸 Swiss tokenization platform BlockState is issuing tokenized equity, in order to raise €2 million.
🏀 In an interesting marketing ploy, digital asset trading platform Blockstation has proposed an STO in order to keep top NBA player Kawhi Leonard at the Toronto Raptors. The company recently sent a letter to the basketball player and has already set up an information memorandum for the offering.
We spoke about Kik’s Defend Crypto Fund in last week’s newsletter, and now the SEC has officially sued Kik for illegally offering securities in its $100m 2017 ICO.
In other words, the game is on. And there seem to be some good arguments in favor of the SEC’s stance.
It will be super interesting to see how this will play out, and who will have the last word. The outcome of this case will have major repercussions for other companies issuing cryptocurrencies, both in and outside of the US.
See you next week! 👋
In this article, we provide an overview of Security Token Blockchains.
On Euronext’s investment in Tokeny, the Huobi Finance Chain and Fusion’s mainnet launch.
At the end of June 2019, a variety of ICO, IEO and STO Reports were published. We share them in this newsletter.
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