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VC Firm Ben Franklin Technology Partners Tokenizes Philadelphia Investment Fund

Vc firm ben franklin technology partners tokenizes philadelphia investment fund

VC Firm Ben Franklin Technology Partners Tokenizes Philadelphia Investment Fund

Vc firm ben franklin technology partners tokenizes philadelphia investment fund

State-backed venture capital (VC) firm Ben Franklin Technology Partners has rolled out a blockchain-based onboarding and tokenization platform. The development was revealed in a blog post on Thursday, April 11.

Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development, that has reportedly invested over $200 million into more than 2,000 emerging technology projects in the Philadelphia region. Today, the organization released a blockchain platform for issuing and managing digital securities on the Ethereum (ETH) blockchain, specifically “GO Philly Tokens.”

Per the release, the new platform enables limited partnership interests in the Global Opportunity Philadelphia Fund (GO Philly Fund) to be represented as digital GO Philly Tokens that are compliant with the ERC-20 standard. The platform also contains Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures and accredited investor compliance. Scott Nissenbaum, Ben Franklin’s Chief Investment Officer, said:

“The GO Philly Fund intends to utilize rapidly emerging standard technologies to streamline and manage investor interests in the fund. Through the use of blockchain technology, we are now facilitating and streamlining individual investor participation from around the globe while allowing for cryptocurrency to be accepted.”

The tokens will reportedly be issued electronically by the fund, with subscriptions for the tokens to be purchased through the platform by individual investors either with U.S. dollars, or digital currencies Bitcoin (BTC) and ETH.

Earlier this week, Cointelegraph reported that Facebook is reportedly seeking support from various venture capital (VC) firms to develop its supposed digital token. Citing sources familiar with the matter, New York Times technology reporter Nathaniel Popper stated that Facebook is seeking a $1 billion sum to develop its cryptocurrency project.

In regards to venture capital, founding partner of Future Perfect Ventures Jalak Jobanputra said in February that the crypto bear market had deeply affected VC firms. When asked whether there is a trend of discounted venture evaluations across the digital currency space, Jobanputra said that “given how much the volumes have decreased in the last year, I wouldn’t be surprised if we are seeing valuations come down on the secondary markets for some of these companies.”

Published at Fri, 12 Apr 2019 02:03:41 +0000

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Lyn Ulbricht: Ross’s Latest Appeal About “Constitutional Protections and Freedoms for Us All”

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In May of 2015, Ross Ulbricht was sentenced to life in prison without parole for his role in operating the dark web site Silk Road. Exactly two years later, the Court of Appeals for the Second Circuit upheld his conviction and sentencing.

Now in a landmark request, Ulbricht has appealed to the the Supreme Court (SCOTUS) regarding the Second Circuit’s decision. A petition for a writ of certiorari has been submitted seeking a hearing for the overturn of the decision upheld this year by the Second Circuit Court of Appeals.

Ross William Ulbricht respectfully petitions for a writ of certiorari to review the judgment of the United States Court of Appeals for the Second Circuit in this case.

A writ of certiorari is a demand placed upon the lower court that upheld Ulbricht’s conviction and sentence to turn over its records so that the Supreme Court may review them and determine whether further action is needed.

The nine-member Supreme Court, which serves as the nation’s final arbiter in legal matters, is very selective in the cases it hears, often pursuing those with national significance in order to establish precedence or to clarify contradictions in existing decisions. Four of the justices must vote to accept a case in order for it to be heard.

The SCOTUS has a low reversal rate in Second Circuit Court rulings. Thus, even if the case is ultimately heard, there’s no guarantee that Ulbricht will receive relief or be vindicated.

Kannon K. Shanmugam is the counsel of record managing the appeal. Widely regarded as one of the top appellate attorneys in the U.S., Shanmugam was a former law clerk to the late Justice Antonin Scalia and has argued 21 cases before the Supreme Court.

Ulbricht’s court request highlights two important constitutional law questions. The first involves the Second Circuit codification of the government’s warrantless collection of Ulbricht’s internet traffic information. This case would afford the SCOTUS an ideal opportunity to address the Carpenter v. United States warrantless search case doctrine and how it may apply to Ulbricht’s case.

Second, the Second Circuit upheld the court’s original decision to withhold information regarding corruption investigations into two agents from the jury. This decision impacted the sentencing guidelines — a key element in the court imposing a life sentence on Ulbricht. Several justices have previously questioned whether this method of judicial fact-finding runs afoul of the Sixth Amendment.

Reached by phone from Colorado, where she now resides and where Ulbricht is imprisoned, Ulbricht’s mother, Lyn Ulbricht, said, “We are battling for Ross, love Ross and feel that he doesn’t belong in prison, let alone a maximum-security facility. He’s a nonviolent, wonderful person that never meant any harm to anyone.”

She asserts that the U.S. government’s aggressive stance involving the drug war and nonviolent crimes has become quite alarming and believes that if the Supreme Court accepts her son’s case, it will have far-reaching implications for constitutional protections of all citizens.

Lyn Ulbricht says that she’s grateful for the massive outpouring of support on Twitter in response to this Supreme Court filing. “We’ve received lots of support from everyday people who know that this is not about drugs but about a much bigger-picture issue.”

She hopes that this case will shine a light on the unconstitutional encroachment of our government and the media sensationalism that supports it.

“I’m not going to give up, and our family is not going to give up. This is about important constitutional protections and freedoms for us all. So we will continue to talk about Ross and our rights as American citizens.”

The post Lyn Ulbricht: Ross’s Latest Appeal About “Constitutional Protections and Freedoms for Us All” appeared first on Bitcoin Magazine.

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