Topic
SEC rulemaking, exemptions and disclosure requirements governing how companies raise capital.
Decentralized exchanges handled $48.7 billion of tokenized stock trades in a year, against roughly $3.2 billion to $4.4 billion of the stock in existence. Much of that trading ran through a few ETF-linked tokens, so the figure mostly measures churn in a small float.
Reality
Six of seven comments summarized by Crowdfund Insider back a petition to lift the SEC's Reg CF cap from $5 million to $20 million. A higher limit would bring crowdfunding to seed-round size for issuers that outgrow the cap and now finish raising from accredited investors only.
Reality
Morgan Stanley's Asia sponsors head mistakenly emailed clients an internal list of more than 100 deals the bank was working on or monitoring. The money at risk sits with sellers of block trades on that list, because their placements depend on buyers not expecting the shares.
Reality
A September 16 proposal would rescind Rule 14a-8 and widen the discretion companies hold over proxies already returned to them, completing a withdrawal the SEC's staff started nearly a year ago.
Reality
Of 1,548 caution and risk designations since 2022, prices were lower 20 trading days later in 1,050 cases and down more than 30% in 398, while individuals were net buyers of 13 of the 41 stocks flagged in August.
Reality
The SEC published its Innovation Exemption for digital securities this week. The part that binds is a requirement that a tokenized NMS stock carry the same dividends, votes and liquidation rights as the share.
Reality
The order carves out a new category called a tokenized securities venue, caps how many symbols and how much volume it can trade, and requires public smart contracts while the Commission drafts permanent rules.
Perspective Coverage
3 publishersReality
The Senate blocked the Digital Asset Market Clarity Act 49-50 after a final draft absorbed 126 changes the Democratic caucus had asked for, and every Democrat and independent still voted against proceeding.
Reality
India's largest exchange is selling 126.4 million shares, about 5.1% of itself, at Rs 1,700 to Rs 1,785, while unlisted platforms have been dealing the same stock between Rs 1,950 and Rs 2,200. The selling institutions keep the cash.
Reality
Vlad Tenev says an issuer's authority reaches the privileges attached to the shares it issues and no further. Robinhood keeps its AMC tokens on sale while Adam Aron calls them unauthorized and threatens to bring in the SEC.
Reality
Timothy Smith of the Interfaith Center on Corporate Responsibility answers the SEC chair's criticism of high-volume filers with vote tallies, which measure investor support rather than the governance changes companies actually made.
Reality
The thing AMC wants withdrawn is debt issued by a Jersey subsidiary, so the buyer holds a cinema chain's price and Robinhood's solvency in one position, and the SEC line separating the two tokenisation routes binds nobody.
Perspective Coverage
3 publishersReality
Adam Aron wants trading stopped and has AMC's securities lawyers on it, but the obligor on the instrument is Robinhood Assets (Jersey) Limited, so the holder's contract was never with AMC and the demand letter has no counterparty to name.
Reality
January's tokenisation position and May's offering overhaul change what a public listing costs to use, not what it costs to maintain. The eligibility line is still a proposal.
Reality
Participants at the SEC's 45th Small Business Forum voted to expand the accredited investor test and lift Reg CF from $5 million to $20 million. An October rulemaking is the test of intent.
Reality