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Anthony L.G., PLLC A Corporate Law Firm
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Anthony L.G., PLLC | A Corporate Law Firm
Anthony L.G., PLLC | A Corporate Law Firm

706 followers
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As quickly as clearing firms exit the penny stock marketplace, a new platform is building to provide an alternative. The race is on for the first entrant with T-Zero, Coinbase, Templum, SharesPost and others all vying for the prize.
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The vast majority of the companies that are issuing crypto and securities tokens are very early-stage with valuations that, even if inflated today, will adjust to reasonable levels. That is, the vast majority of crypto and securities tokens, are and will be, just another form of a penny stock.
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The SEC has proven that it will take enforcement action against token exchanges that operate a secondary market for securities tokens without appropriate licenses.
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I’ve written a lot on blockchain, cryptocurrencies and my belief that a change in capital markets is inevitable. I believe that the sale of digital assets as a security is here to stay and that several of the companies that claim to be seeking proper registration and licensing to operate a secondary marketplace for the trading of these digital assets, will succeed. FINRA is actively working with broker-dealers and licensed ATSs to figure out the operations, compliance and regulatory aspects of an operational exchange
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Although I have no direct knowledge of the status of Alpine’s private offering, I find it difficult to imagine that investors will invest in light of the risk imposed by the SEC litigation.
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In an effort to assist Alpine Securities, a special purpose vehicle has been set up to raise funds privately, which funds will be used to invest in SCA Clearing, LLC, the holding company for Alpine Securities. The purpose of the investment will be to increase Alpine’s net capital so that it can reduce its NSCC illiquid charges and add operating capital.
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Trades in securities are deemed “X-Clearing” when they are settled outside of the DTCC FAST system. DTC’s subsidiary, the National Securities Clearing Corp (NSCC), charges large “illiquid fees” for the clearing of securities that are low-priced and not traded on a national exchange (for more on the settlement and clearing process and the role of the NSCC,
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In April, around the time the SEC won its partial summary judgment, Alpine lost its X-clearing arrangement with Merrill Lynch.
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Unlike COR, Alpine decided to fight the SEC action and proceed with litigation. However, in April 2018, the SEC won a partial summary judgment against Alpine on all but one of their claims, and Alpine appealed. Litigation continues with Alpine’s survival at stake – literally – if the SEC wins, it is likely Alpine will no longer be able to continue in business.
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Two ICO’s, Telegram and EOS, have been responsible for nearly half of 2018 funds raised.
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