News & Analysis as of

Bitcoin

CFTC Releases Primer on Virtual Currencies

by Reed Smith on

On October 17, 2017, the U.S. Commodity Futures Trading Commission’s (“CFTC”) LabCFTC released a primer on virtual currencies. The primer is an “education tool” that provides an overview of the virtual currency landscape and...more

Europe: Blockchain – The virtual currency Bitcoin

by Hogan Lovells on

Whoever thinks of blockchain also has inevitably bitcoins in mind. The Internet currency is largely based on the blockchain technology and it is therefore one of the most obvious fields of application for this technology, to...more

Regulatory Update and Recent SEC Enforcement Actions

by Blank Rome LLP on

Investment Firm VanEck Launches Bitcoin Exchange Traded Fund (“ETF”) One Week after Calling Bitcoin a “Fad” - On August 10, 2017, Joe Foster, portfolio manager and strategist for the money management firm VanEck, expressed...more

What’s the current landscape for CFTC cryptocurrency regulation?

by Thompson Coburn LLP on

As cryptocurrencies such as Bitcoin enter the mainstream, entrepreneurs are exploring business models that may depend on compliance with regulatory constraints. This short article summarizes the cryptocurrency regulatory...more

Cryptocurrency Gives Rise to Legal Questions

by Freeborn & Peters LLP on

A cryptocurrency is a digital asset designed to work as a medium of exchange. Cryptocurrencies use techniques of cryptography – or code-breaking – to generate units of currency and then to secure transactions....more

Bridging the Week - September 2017 #3

by Katten Muchin Rosenman LLP on

FCM Agrees to Pay US $2.5 Million CFTC Fine for Relying on Affiliate’s Purportedly Misleading Analysis of Block Trades for a CME Group Investigation: Merrill Lynch, Pierce, Fenner & Smith Incorporated agreed to pay a fine of...more

Bridging the Week - September 2017 #2

SEC Begins Proactively Suggesting Some Promoters Halt ICOs; the UK Financial Conduct Authority Joins Worldwide Regulators Saying that Digital Tokens Issued as Part of ICOs May Be Securities: Following the release of the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A sobering look at the post-recession economic recovery shows that while by many measures US economic figures are again strong, the recession caused wounds that “have not fully healed”—including the loss of more than 1.5...more

Financial Services Weekly News - September 2017 #4

by Goodwin on

Editor's Note - Translating Goals Into Action.Many financial institutions likely would say that financial regulatory reform in the Trump administration has fallen short of expectations, at least so far. While various...more

Bridging the Week - October 2017

Two Commodity Pool Operators Charged by CFTC with Failure to Supervise: The Commodity Futures Trading Commission brought and settled enforcement actions against two commodity pool operators for failure to supervise. In one...more

Where Pseudonymous Cryptocurrency Transactions Meet AML Reporting Requirements

by Blank Rome LLP on

Two months ago, the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”), working with the U.S. Attorney’s Office for the Northern District of California (“USAO”), assessed a civil money penalty of over $110...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Equifax’s ex-CEO Richard Smith will be on the Hill today to address the a subcommittee of the House Energy and Commerce Committee. Smith is expected to report that a “widespread breakdown in security safeguards” at his former...more

Bitcoin and Bankruptcy: What You Need to Know about the Value of Bitcoin and Other Cryptocurrencies in Bankruptcy

It is hard to peruse the internet or even mainstream media outlets without hearing about bitcoin. What is this ubiquitous bitcoin? It depends on whom you ask....more

Announcement Clarifies Regulatory Position on Initial Coin Offerings in Hong Kong

by Jones Day on

The Situation: The Hong Kong Securities and Futures Commission has issued a statement explaining that, depending on the facts and circumstances of an initial coin offering ("ICO"), the ICO and any digital tokens that are...more

K&L Gates Triage: Cyber Insurance Issues for the Healthcare Industry

by K&L Gates LLP on

This episode provides an overview of the major cyber security issues affecting the health care industry. Given that health care is one of the most frequently targeted industries by data hackers, this episode outlines the...more

SIM Swap Scams Targeting Cryptocurrency Investors

by Revision Legal on

SIM swap scams are nothing new. Telecommunications providers such as Verizon, AT&T, T-Mobile, and Sprint have been aware for over ten years that unauthorized third parties regularly attempt to obtain access to customer...more

CFTC Brings Enforcement Action Involving a Fraudulent Bitcoin Robo-Trader

by Reed Smith on

On September 21, 2017, the U.S. Commodity Futures Trading Commission (“CFTC”) filed a complaint in federal court in the Southern District of New York against Gelfman Blueprint, Inc. and its CEO and head trader (the...more

CFTC and the Bitcoin Give and Take

by Goodwin on

Recently, the U.S. Commodity Futures Trading Commission (“CFTC”) granted LedgerX, LLC, registration as a derivatives clearing organization (“DCO”) under the Commodity Exchange Act, and with it, the right to clear fully...more

China moves to limit activities relating to ICOs and Cryptocurrencies: game over or level up?

by Hogan Lovells on

On 4 September 2017, the People's Bank of China ("PBOC") and six other government agencies issued the Statement on Preventing the Risks of Fund Raising through Initial Coin Offerings (the "ICO Statement"), declaring that...more

CFTC Files Its First Anti-Fraud Enforcement Action Involving Bitcoin

The CFTC filed a federal civil enforcement action in the U.S. District Court for the Southern District of New York against Defendants Nicholas Gelfman, of Brooklyn, New York, and Gelfman Blueprint, Inc. (GBI), a New York...more

Cryptocurrencies: Are They Securities?

Cryptocurrencies, including Bitcoin, have been in the news a lot lately, but many people still don’t know what they are—or whether they’re regulated.  Here’s a quick rundown....more

Canadian Securities Regulators Clear a Path for Bitcoin Funds

The British Columbia and Ontario securities regulators have taken a leap forward in the regulation of bitcoin and other cryptocurrencies with the first registration of a fintech start-up, First Block Capital Inc., which...more

China Halts ICOs and Token Sales and China-Based Trading Platforms Suspend Trading Amid Reports of Additional Government...

by Perkins Coie on

The government of the People’s Republic of China (PRC) has formally announced a suspension to all ICOs and token offerings and financing activities by releasing two notices, namely, the Notice of Seven Ministries Including...more

A blockchain overview

by DLA Piper on

Blockchain and distributed ledger technology offers significant and scalable processing power, high accuracy rates, and apparently unbreakable security at a significantly reduced cost compared to the traditional systems the...more

Industry Responds to CSA Guidance on Cryptocurrency Offerings

The rise in popularity of cryptocurrencies and the spread of cryptocurrency offerings have attracted increased attention from securities regulators in Canada and abroad. Recently, staff of the Canadian Securities...more

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Cybersecurity

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