News & Analysis as of

Cryptocurrency

Asset Management Regulatory Roundup - September 2017 - Issue 6

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on Brexit: Impact on cross-border financial services contracts; cryptocurrency: initial...more

Beijing-Based Cryptocurrency Trading Exchanges Told to Announce Trading Halt

by Perkins Coie on

Under the impact of the Chinese government’s recent formal notices of halting ICOs, Notice 99 and Joint Notice released on September 2, 2017 and September 4, 2017 respectively, Beijing authorities have taken further actions...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

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Fed’s Open Markets Committee will wrap up meetings tomorrow, and it’s expected [markets be ready] to avoid a rate hike but reveal the beginning of a measured shrinking of the Fed’s $4.2 trillion mortgage/Treasury bond...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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

So much for the quiet off-ramping for SoFi’s Mike Cagney. The fintech company’s board announced on Friday that Cagney is out immediately as CEO, not at the end of the year as Cagney had announced earlier in the week....more

Tax-Free Cryptocurrency Transactions Could Come with Reporting Obligations

by K&L Gates LLP on

As cryptocurrencies such as Bitcoin and Ethereum become more prevalent in investment circles and acceptable for commercial transactions, the United States Internal Revenue Service (“IRS”) has said little other than to label...more

Fintech Alert: Will Delaware or California Adjudicate a $1 Billion Commercial Contract Dispute Related to a Cryptocurrency?

by Blank Rome LLP on

Corporate Litigation - Action Item: As Jamie Dimon, the CEO at J.P. Morgan Chase, continues to criticize Bitcoin as a fraud, and the Securities and Exchange Commission warns of the potential dangers of investing in initial...more

The FCA Offers Its Two Cents on Initial Coin Offerings

by Reed Smith on

As mentioned in our client alert last week, regulators across the globe have been speaking out (and in some cases acting out) on initial coin offerings (ICOs). From the U.S. Securities and Exchange Commission (SEC) and the...more

SEC to ICO Players: Our Game, Our Rules

On July 25, 2017, the U.S. Securities and Exchange Commission (the “SEC”) published an investigative report (the “Report”) cautioning market participants that the offer and sale of digital assets such as “coins” or “tokens,”...more

SEC's Chief Accountant Discusses Financial Reporting for Initial Coin Offerings

by Blank Rome LLP on

Corporate, M&A, and Securities - Action Item: The Securities and Exchange Commission’s (“Commission” or “SEC”) registration requirements apply to offers and sales of securities in the United States and include filing...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

SoFi’s Uber turn continues (and it’s not a good thing), as CEO and co-founder Mike Cagney announced plans to step down as CEO and Chair by the end of the year. Cagney and SoFi have both been the subject of toxic workplace...more

SEC Chief Accountant Speaks to Financial Statement Requirements for Initial Coin Offerings

SEC Chief Accountant Wesley R. Bricker recently gave remarks at the AICPA National Conference on Banks & Savings Institutions. Mr. Bricker spoke to the adoption of FASB’s new credit loss standard and related implementation...more

Is there a crypto-currency (Bitcoin) investment in your future?

by Sanford Millar on

Crypto-currencies, such as Bitcoin have been generally talked about in the context of the "dark Web) and as a mechanism to pay for illegal activities. But there is another aspect to crypto-currencies and that is as an...more

The Great Crypto-Wall of China – China Banishes Initial Coin Offerings to Beyond its Borders while Trapping Already-Raised Capital...

by Locke Lord LLP on

This week China sent digital currencies into a tail spin by issuing the harshest denouncement of cryptocurrencies and other decentralized ledger technologies of any country to date. In a statement from the People’s Bank of...more

Every Day is Bitcoin Pizza Day: What Clients and Estate Planners Need to Know about Virtual Currency

by Murtha Cullina on

The combined value of all of the 867 crypto currencies tracked by CoinMarketCap.com is presently over $161 billion. Only seven years ago, on what is commemorated as “Bitcoin Pizza Day,” Bitcoin, then a new crypto currency,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Times’ tech guru—Farhad Manjoo—gets all indignant regarding the Equifax breach. Namely, if Equifax can’t handle its one job of safeguarding personal info, should it really be allowed to keep going at all now?...more

China Shuts Down ICO Market

For the past few months, issuers of token sales or “initial coin offerings” (ICOs) have known that they were, to some extent, sailing in unchartered waters. Those waters have just gotten a bit murkier with an announcement by...more

Don't Want To Be The Next Kodak? Embrace Blockchain

by Morrison & Foerster LLP on

For most of the 20th century, Eastman Kodak Co. (often referred to simply as Kodak) was one of the most recognizable brands in the world. Founded in 1888, Kodak dominated the film and camera markets — in 1976, Kodak had 90...more

Monopoly Money or the Real Deal? Exploring the Possibility of Paying Employees in Bitcoin

by Foley & Lardner LLP on

Bitcoin, the most popular form of digital or crypto-currency, is gaining traction as an investment vehicle and a way to pay for goods and services. More than 100,000 merchants worldwide now accept Bitcoin, allowing consumers...more

The Securities and Futures Commission of Hong Kong comments on ICOs

by DLA Piper on

The Securities and Futures Commission of Hong Kong (the SFC) has debunked the myths that no securities laws apply to ICOs. In its first direct statement on the subject, the SFC fired a warning shot at issuers and...more

50 Hedge Funds and Venture Capital Firms Specializing in Crypto & Blockchain Investments

by Slim Ventures LLC on

The market capitalization of crypto currencies recently reached $181 billion. Over $1 billion of initial coin offerings (ICOs) were issued year to date by August 2017, a 5x increase of all of 2016. Here are 55 funds...more

Canadian Securities Administrators provide new guidance on cryptocurrency offerings and approve exemptive relief for Canadian ICO ...

by DLA Piper on

On August 24, 2017, Staff of the Canadian Securities Administrators (the “CSA”) released CSA Staff Notice 46-307 - Cryptocurrency Offerings1 (“Staff Notice 46-307”). Staff Notice 46-307 follows the report of the Securities...more

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Cybersecurity

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