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SEC Approves 11 Spot Bitcoin Exchange-Traded Products

On January 10, the Securities and Exchange Commission gave the green light to 11 issuers that applied for bitcoin exchange-traded funds (ETFs). After a false announcement and a course change due to the ruling in Grayscale...more

CFPB Proposes Federal Oversight of Digital Wallet and Payment App Providers

The Consumer Financial Protection Bureau (CFPB) published a proposed rule on November 7, 2023, that, if finalized, would subject to its supervisory authority certain Big Tech firms and other nonbank companies operating in the...more

Fundamentals of Non-Fungible Tokens

Non-fungible tokens (NFTs) have been widely adopted by the sports, arts, music, gaming, fashion, and other industries. Behind the hype is a fast-developing ecosystem of technical and commercial innovation that is embracing...more

Regenerative Agriculture: Sustainability in Farming

Farmers play an important role in all of our lives. They grow the food that the rest of us need to survive. The practices of farming have evolved over time and some argue that adopting a change to modern farming techniques...more

SEC and FINRA Staffs Issue Joint Statement on Broker-Dealer Custody of Digital Asset Securities

The staffs of the Division of Trading and Markets (Division) of the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) (collectively, the “Regulators”) published a joint...more

Dear Enterprise, Have You Developed a Sound and Methodical Blockchain Consortia Engagement Strategy?

Recently, Forbes published an article detailing the ways that large companies, including some of the best-known companies in tech, finance, manufacturing and retail, are forming or joining blockchain consortia or other...more

SEC’s FinHub Publishes Framework for Digital Assets and SEC’s Division of Corporation Finance Grants First No-Action Relief to...

The U.S. Securities and Exchange Commission (SEC) Strategic Hub for Innovation and Financial Technology (FinHub) published a framework on April 3, 2019, for analyzing whether a digital asset is offered and sold as a security...more

SEC Launches FinHub for Engaging with Fintech and Blockchain Companies

On October 18, 2018, the U.S. Securities and Exchange Commission (SEC), announced the launch of the agency’s Strategic Hub for Innovation and Financial Technology (FinHub). FinHub is a resource for industry engagement between...more

FinCEN Advisory Emphasizes Importance of U.S.-Iran Sanctions and AML/CFT Compliance for Virtual Currency Businesses

On October 11, 2018, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released an advisory (the Advisory) intended to help money services businesses (MSBs) and foreign financial institutions...more

Senior SEC Official Provides Regulatory Clarity for Digital Assets

During a speech in San Francisco last week at the Yahoo Finance All Markets Summit, William Hinman, Director of the Division of Corporation Finance of the Securities and Exchange Commission (SEC), provided some welcome...more

CFTC Flexes Its Regulatory Muscle in a Case Involving a Virtual Currency

Just like the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) is actively policing the virtual currency market. On January 24, 2018, the CFTC announced an enforcement action against...more

Blockchain and Digital Token Update: SEC Releases Investigative Report and Investor Bulletin

On July 25, 2017, the Securities and Exchange Commission (“SEC”) released groundbreaking materials relating to blockchain tokens. These materials provide significant and welcome insight to the SEC’s and its staff’s thinking...more

Legal Aspects of Smart Contract Applications - Digital Asset Sales and Capital Markets, Supply Chain Management, Land Registries,...

Smart contracts have received significant attention from legal academics and attorneys for the impact they may have on contract law and the role of lawyers. Some have also identified and described a series of use cases for...more

Self-Sovereign Identity and Distributed Ledger Technology : Framing the Legal Issues

Purpose - Distributed ledger technology (“DLT”), including the use of blockchain technology, has been touted as a way to create and validate digital identities that serve many of the same purposes that physical forms of...more

Blockchain and the Law - Overview of token sales and bitcoin property rights

On March 29, 2017, Perkins Coie partner Dax Hansen and associate Josh Boehm were invited to the Cyber Initiative at Stanford Law School to deliver a presentation on several cutting-edge legal issues relating to blockchain...more

Treatment of Bitcoin Under U.S. Property Law

In this white paper, we analyze the treatment of bitcoin under applicable U.S. property law. We conclude that property interests should exist in bitcoin under such law, and that multiple sources of persuasive authority...more

Digital Currencies: International Actions and Regulations

Argentina - Virtual currencies are not legal tender under the country’s National Constitution, which designates the Central Bank as the only authority that may issue legal tender. Although not specifically regulated,...more

Virtual Currencies: International Actions and Regulations

In addition to issuing warnings about their use, Argentina has suggested an increased interest in virtual currency transactions by requiring financial institutions and other entities to report virtual currency transactions...more

Virtual Currencies: International Actions and Regulations

This chart is provided by Perkins Coie LLP’s Decentralized Virtual Currency industry practice group for informational purposes only and is not legal advice. This information is not intended to create, and receipt of it does...more

Federal Authorities Announce Settlement with Ripple Labs Inc. Resolving Investigation

Federal authorities announced this week a settlement with Ripple Labs Inc. and its subsidiary, XRP Fund II, resolving an investigation by FinCEN and the Department of Justice into violations of the Bank Secrecy Act.  ...more

NYDFS Releases Revised BitLicense Proposal

The New York State Department of Financial Services (“NYDFS”) released its revised proposed BitLicense regulatory framework earlier today. Once the revised framework is published in the New York State Register, it will...more

Conference of State Bank Supervisors Releases Policy Statement and Draft Model Regulatory Framework for Virtual Currency

Yesterday, December 16, 2014, the Conference of State Bank Supervisors (“CSBS”) released a Policy Statement on state virtual currency regulation, and a Draft Model Regulatory Framework (“Draft Framework”) to support its...more

UPDATED – Russia Issues Draft Legislation Prohibiting Virtual Currencies – Translation Available

The Ministry of Finance recently revised its proposed legislation banning virtual currency activity, reducing the applicable fines by approximately 20-50%. However...more

FinCEN Releases Statement Encouraging Banks to Offer Services to Money Service Businesses (MSBs)

In what may be good news for emerging virtual currency companies and emerging payments companies, the Financial Crimes Enforcement Network (“FinCEN”) released a public statement yesterday regarding the willingness of banks to...more

Russia Issues Draft Legislation Prohibiting Virtual Currencies

Last week, the Russian Finance Ministry, in conjunction with the Ministries of Economic Development, Communications, Internal Affairs and Financial Monitoring, issued draft legislation amending existing Russian law to...more

10/10/2014  /  Bitcoin , Russia , Virtual Currency
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