In the wild west of token sales, that some refer to as "initial token offerings," on July 25, the SEC finally jumped into the fray and said . . . well, actually, not that much. The SEC investigated Slock.it, a decentralized autonomous organization (DAO) organized under German law, and issued a Report of Investigation in which the SEC concluded that Slock.it violated U.S. federal securities laws in issuing its tokens because, in the view of the SEC, the Slock.it tokens are securities under U.S. securities laws and were sold without being registered with the SEC or pursuant to an effective exemption from registration.
The SEC adopted proposed and final rules regarding the activities of and definitions of clearing agencies. Relations with Burma and Cuba continue to be eased. The CFTC has promulgated proposed rules on implementing its cross border rules on corporate practices. The banking agencies published proposed rules on cyber security.
Longstanding OFAC rules were changed regarding Iran and Cuba. The Cuban sanctions were the first imposed by the Treasury in the 60’s and have been the model for sanctions programs since then. Given the results of the 50- plus-year restriction on the Cuban economy it is safe to say that their economy simply stopped working and the Cuban people have eked out a living under mid-last century conditions. Of course, a socialist economy may have also contributed to the dire circumstances. If Iran truly abandons its nuclear program, then the leverage provided by the sanctions proves for all time their value as a political tool and another reason not to resort to war. Treasury provided a concise up-to-date description of the Treasury securities market that was educational for me-- whose last real understanding of that market was forged when primary dealers ran the show.