Oct 11, 2019

SEC halts high-profile Telegram digital tokens

Photo Illustration: Rafael Henrique/SOPA Images/LightRocket via Getty Images

The U.S. Securities and Exchange Commission has obtained a court order to temporarily halt the distribution of digital tokens sold by messaging app Telegram for failing to register as a sale of securities.

Why it matters: This is the most high-profile "initial coin offering" (ICO) in which the SEC has intervened. The ICO attracted buyers that included top Silicon Valley VCs and cryptocurrency investors (the commission found that it sold 1 billion tokens to 39 U.S. purchasers).

Go deeper

Kik messaging app avoids collapse in sale to MediaLab

Kik Interactive sold its eponymous mobile messaging app and other select assets to MediaLab, a Los Angeles-based holding company whose brands include Whisper, for an undisclosed amount of cash.

Why it matters: The app has over 300 million registered users, but was in jeopardy of being shuttered due to legal costs related to Kik's ongoing dispute with the SEC over an initial coin offering for its Kin cryptocurrency. A source says that the deal will leave Kik with around 20 core developers to work on Kin.

Go deeperArrowOct 21, 2019

New stock exchange files application with SEC

The Wall Street sign near the New York Stock Exchange. Photo: BRYAN R. SMITH / Stringer/Getty Images

Members Exchange (MEMX) filed paperwork to the Securities Exchange Commission to operate as a stock exchange, according to documents made public on Thursday. The stock exchange upstart says it will launch next year if approved by regulators.

Why it matters: MEMX is backed by a slew of Wall Street heavyweights and is hoping to take on NYSE parent company Intercontinental Exchange and the Nasdaq — which dominates the industry — by offering a cheaper platform. But other new stock exchanges haven’t been successful in taking significant market share away from the bigger players.

CEO-consumer confidence gap rises to an all-time high

Data: The Conference Board, shared by Deutsche Bank Securities; Chart: Axios Visuals

Over the course of the year, U.S. consumers have remained confident about the economy while CEOs have grown more uncertain.

The state of play: In the third quarter, the confidence gap between the two groups increased to its highest level on record, analysis from Deutsche Bank Securities showed.

Go deeper: The growing consumer confidence gap