March 12 – 18, 2018 | SEC, Billionaires & More Crypto News

North iQ Weekly Newsletter is curated to provide insights on digital asset industry developments, market announcements, and performance analysis.

Crypto-focused Hedge Funds Draw SEC Scrutiny

March 14, 2018 – The US Securities and Exchange Commission (SEC) is examining the business practices of crypto-focused hedge funds. Concerns have been raised on whether these firms, which invest directly into cryptocurrencies and initial coin offerings (ICOs), are appropriately valuing and safeguarding clients’ holdings. The SEC wants to ensure investors are fully aware of the risks involved, as well as making sure that no one is profiting off this market by breaking the law.

Thus far, the SEC has sent out a number of requests to crypto-focused hedge funds, seeking information on how they price digital investments and follow compliance regulations. In a few cases, subpoenas have been issued to further investigate potential misconduct. The largest crypto-focused hedge funds now manage a combined value of over $3.5 billion USD. It’s a growing portion of the $3.2 trillion USD hedge fund industry, and regulators are working hard to gain a handle on this growing ecosystem.

Read the full article here.

Battle of Billionaires: Alan Howard Joins Crypto Bulls

March 14, 2018 – Alan Howard, a British hedge fund billionaire, has reportedly made sizeable cryptocurrency investments in 2017, and is planning on betting even more. Alan Howard is the co-founder of Brevan Howard Asset Management, a European hedge fund which has also made similar investments in the crypto space.

The investments contrast the ongoing skepticism and hostility from notable billionaires such as Warren Buffet and the CEO of JP Morgan Chase, Jamie Dimon. In spite of this, other big-name billionaires like Peter Thiel and Mark Cuban of Shark Tank continue to support cryptocurrencies.

Read the full article here.

Goldman-backed Circle to Hire 100 People for Crypto Exchange

March 14, 2018 – Circle, a company backed by $140 million in capital from investment banks Goldman-Sachs and China International Capital Corp, is now hiring 100 more staff as the company spearheads development of their recent acquisition of Poloniex, one of the world’s largest cryptocurrency exchanges.

This expansion of operations brings even more light to cryptocurrencies, showing how increased regulatory scrutiny and price fluctuations prove undaunting for even the largest investment banks. The co-founder of Circle, Jeremy Allaire, believes that “the long-term view is that every form of value on the planet will become a crypto token”.

Read the full article here.

Chicago University Students Hyped for Bitcoin Classes

March 13, 2018 – University students in the Chicago region are demanding to learn more about Bitcoin and Blockchain technology. Cryptocurrencies are set to be a major part of the future economy, which is driving demand for cryptocurrency related education today.

“It’s not so much about being ahead; it’s making sure that you’re not going to be behind,” said Sarit Markovich, an associate professor at Northwestern University’s Kellogg School of Management. Markovich began teaching about Bitcoin 5 years ago, however, it was not until 2017 that students really became interested in the subject. She now has approval to create an entirely new class focused on the subject. A number of other universities in the region, such as the Illinois Institute of Technology and the University of Illinois, are following suit, with new cryptocurrency related courses being offered for the first time.

Read the full article here.

Crypto Firms Want Clearer Regulations at Congressional Hearing

March 14, 2018 – Many crypto advocates have expressed frustration with the cryptocurrency market guidelines set out by US regulators. Coinbase Inc.’s chief legal officer, Mike Lempres, said the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) need to work together to provide clearer definitions on the legal status of cryptocurrencies. There is little uniformity between different regulatory bodies, the SEC defines most digital assets as securities, while the CFTC defines them as commodities, and the IRS treats them like property.

Cryptocurrency related start-ups are in a tough position; “It is not clear where one regulator’s authority ends and transitions to another,” Lempres said. “The absence of regulatory clarity has slowed our willingness and ability to list new assets.

Read the full article here.

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This Weekly Cryptoasset Newsletter is for informational purposes only and does not constitute, either explicitly or implicitly, any provision of services or products by 3iQ Corp (“3iQ”). Investors should determine for themselves whether a particular service or product is suitable for their investment needs or should seek such professional advice for their particular situation.3iQ Corp. makes no representation or warranty to any investor regarding the legality of any investment, the income or tax consequences, or the suitability of an investment for such investor. All content is original and has been researched and produced by 3iQ unless otherwise stated therein. No part of the content may be reproduced in any form, or referred to in any other publication, without the express written permission of 3iQ. All statements made regarding companies, securities or other financial information contained in the content or articles relating to 3iQ are strictly beliefs and points of view held by 3iQ and are not endorsements of any company or security or recommendations to buy or sell any security. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. By visiting and/or otherwise using the 3iQ website in any way, you indicate that you understand and accept the terms of use as set forth on the website and agree to be bound by them. If you do not agree to the terms of use of the website, please do no access the website or any pages thereof. Any descriptions of, references to, or links to other products, publications or services does not constitute an endorsement, authorization, sponsorship by or affiliation with 3iQ with respect to any linked site or its sponsor, unless expressly stated by 3iQ. Any such information, products or sites have not necessarily been reviewed by 3iQ and are provided or maintained by third parties over whom 3iQ exercises no control. 3iQ expressly disclaims any responsibility for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites. The information contained herein, while obtained from sources believed to be reliable, is not guaranteed as to its accuracy or completeness and confers no right on purchasers. Past performance of cryptoassets is not indicative of future performance and should not be used to forecast any return that an investor may realize.

Fred Pye

Frederick T. Pye


Frederick T. Pye is the Chairman, Chief Executive Officer and Director of 3iQ Corp. He is also the Chairman and Director of 3iQ Digital Holdings Inc. Mr. Pye is recognized for creating and promoting creative and unique investment products for the investment industry.

Mr. Pye has managed private client portfolios with Landry Investment Management and various other investment dealers. Prior to this Mr. Pye was Founder, President & Chief Executive Officer of Argentum Management and Research Corporation, a company dedicated to managing and distributing quantitative investment portfolios including the first long-short mutual fund in Canada.

He was also Senior Vice-President and National Sales Manager of Fidelity Investments Canada and an integral part of the team that saw assets rise from $80 million to over $7.5 billion in assets under management during his tenure. He also held various positions with Guardian Trust Company, which listed the first Gold, Silver and Platinum Certificates on the Montreal Exchange.

Mr. Pye obtained a Masters in Business Administration from Concordia University.