Securities Exchange Act, Bitcoin

Top 5 SEC Enforcement Developments for January 2024

Morrison & Foerster LLP on 2/27/2024

Each month we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The SEC’s approval of spot bitcoin ETPs; - •SEC charges...more

SEC Issues Omnibus Approval for Spot Bitcoin Exchange-Traded Products

Latham & Watkins LLP on 1/25/2024

The SEC’s long-awaited green light for spot bitcoin ETPs is welcomed by the market, but the ambivalent decision raises more questions than it answers. On January 10, 2024, the Securities and Exchange Commission (SEC)...more

SEC Approves Spot Bitcoin ETFs; CFTC Publishes DeFi Report; FINRA Addresses Crypto Assets; Reports Provide Data on Crypto Scams

BakerHostetler on 1/16/2024

On January 10, the U.S. Securities and Exchange Commission (SEC) simultaneously approved eleven spot bitcoin Exchange Traded Funds (ETFs) on an accelerated basis based on its Order Granting Accelerated Approval of Proposed...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - November 2023 # 4

Troutman Pepper on 11/28/2023

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Grayscale Scores Provisional Win in Bid for Spot Bitcoin ETP

Latham & Watkins LLP on 9/18/2023

An appeals court panel rules that the SEC rejection of a proposed spot bitcoin ETP was arbitrary and capricious, opening the door for the potential launch of numerous ETPs in the near future. On August 29, 2023, a...more

D.C. Circuit overturns SEC rejection of an investment company’s Bitcoin ETF

Orrick, Herrington & Sutcliffe LLP on 9/5/2023

On August 29, the D.C. Circuit overturned the SEC’s denial of a company’s application to convert its bitcoin trust into an exchange-traded fund (ETF). In October 2021, the company applied to convert its bitcoin trust to an...more

SEC orders crypto ATM operator to pay $3.9 million for selling unregistered tokens

Orrick, Herrington & Sutcliffe LLP on 5/8/2023

On April 28, the SEC settled with a cryptocurrency ATM operator for allegedly selling unregistered tokens in order to raise money to expand its bitcoin ATM network. Described as a “token sale,” the SEC claimed the respondents...more

Top 5 SEC Enforcement Developments for November 2022

Morrison & Foerster LLP on 12/13/2022

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources....more

With Regulation in Flux, the SEC Disapproves Proposed Grayscale Investments’ Spot Bitcoin ETF

Kelley Drye & Warren LLP on 8/9/2022

On June 29, 2022, the Securities and Exchange Commission (SEC) rejected Grayscale Investments’ proposal to convert Grayscale® Bitcoin Trust (OTCQX: GBTC) to a spot Bitcoin ETF. See SEC Order Disapproving a Proposed Rule...more

When Cryptocurrency Gets Too Cryptic: First Charges of Insider Trading Foreshadow Heightened Government Scrutiny

Harris Beach PLLC on 7/29/2022

Three individuals are facing criminal and civil charges in the first-ever cryptocurrency insider trading scheme. In its July 21, 2022 announcement, the U.S. Attorney for the Southern District of New York (“SDNY”) alleges that...more

Grayscale Investments Petitions D.C. Circuit For Review Of SEC’s Decision To Disapprove Proposed Bitcoin Exchange-Traded Product

Goodwin on 7/14/2022

On June 29, 2022, Grayscale Investments, LLC petitioned the U.S. Court of Appeals for the District of Columbia for review of the U.S. Securities and Exchange Commission’s June 29, 2022 final order disapproving of an October...more

Blockchain Week in Review - July 2021

Perkins Coie on 7/26/2021

European Central Bank announces the investigation phase of a digital Euro project. SEC charges Coinschedule.com with unlawfully touting digital asset securities. Federal court order permanently bans PaxForex and imposes a...more

Ripple Effect: SEC Lawsuit against Cryptocurrency Company May Provide Guidance For Crypto Industry

Amundsen Davis LLC on 3/12/2021

On December 21, 2020, the Securities and Exchange Commission (SEC) filed a high-profile enforcement action against a major cryptocurrency company. The SEC complaint alleges violations of federal securities laws by defendant...more

A ‘Token’ Gift: The US SEC Giveth And Taketh Away

Lowenstein Sandler LLP on 1/27/2021

While we would be remiss not to laud the SEC’s statement as a step in the right direction, the shortcomings are inescapable. On Dec. 23, 2020, the SEC published a statement proposing a framework for broker-dealers to...more

Blockchain Week in Review - November 2020 #2

Perkins Coie on 11/30/2020

Jay Clayton to step down as SEC Chairman at the end of this year - Securities and Exchange Commission Chairman Jay Clayton will step down at the end of this year, according to a November 16, 2020, announcement. This...more

Two Recent SEC Cases Involving Cryptocurrency Offerings

Faegre Drinker Biddle & Reath LLP on 11/4/2020

Ever since the creation of Bitcoin in the late 2000s, the SEC has warned that, depending on the circumstances, “initial coin offerings” (ICOs) involving digital tokens or coins may be subject to regulation under the federal...more

Blockchain Week in Review - January 2020 #3

Perkins Coie on 1/29/2020

U.S. Developments - Federal and State Regulatory Developments - Bill in Hawaii State Senate Addresses Digital Assets Including Authorization for Banks to Serve as Qualified Custodians - SB 2594 before the Hawaii...more

SEC Deems Digital-Currency Investment Vehicle a Reporting Company

Goodwin on 1/29/2020

On January 21, 2020, Grayscale Bitcoin Trust (the “Trust”) became the first digital currency investment vehicle to attain the status of an SEC reporting company. The Trust’s sponsor, Grayscale Investments, LLC (“Grayscale”),...more

2019 Digital Asset Regulatory Look Back (US Edition)

Latham & Watkins LLP on 1/9/2020

It was a year filled with tantalizing tidbits and many loose ends. 2019 marked the 10th year since blockchain technology was released into the wild by its still unknown inventor, Satoshi Nakamoto, who mined the first bitcoin...more

Recent regulatory developments regarding AML requirements for broker-dealers

Eversheds Sutherland (US) LLP on 11/13/2019

On October 11, 2019, the leaders of the US Securities and Exchange Commission (SEC), the US Commodity Futures Trading Commission (CFTC), and the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a...more

Blockchain Week in Review - October 2019 #2

Perkins Coie on 11/1/2019

U.S. Developments - Mark Zuckerberg Testifies Before U.S. House of Representatives Regarding Libra - On October 23, Facebook, Inc. CEO, Mark Zuckerberg, testified before the House Committee on Financial Services regarding...more

As Bitcoin’s Price Moves Dramatically, ETF Proposals Remain at a Standstill

Proskauer - Blockchain and the Law on 7/1/2019

On June 26, the price of bitcoin surged to a 12-month high of nearly $13,900 (up about 35% on the month) before losing more than $1,700 in a span of 15 minutes, then rebounding slightly and closing the day at around $12,800....more

Two New Bitcoin ETF Proposals Pending as Cryptocurrency Markets Mature

Proskauer - Blockchain and the Law on 4/1/2019

Two recent proposals for bitcoin exchange-traded funds (“ETFs”) are vying to become the first to receive approval from the U.S. Securities and Exchange Commission (“SEC”) – one filed by CBOE BZX Exchange, Inc. (“CBOE”) and...more

Token Taxonomy Act Seeks to Provide Regulatory Clarity to Crypto Industry

Farella Braun + Martel LLP on 1/14/2019

Two United States congressmen introduced legislation in late December that would exclude certain digital currencies from being defined as securities – a bill that, if enacted, may finally provide the cryptocurrency industry...more

The SEC Expands Its Enforcement Efforts to Include Cryptocurrency Exchanges

White and Williams LLP on 12/11/2018

In an enforcement action filed on November 8, 2018, the Securities and Exchange Commission (SEC) ordered that 31-year-old Zachary Coburn, founder of the EtherDelta cryptocurrency exchange, cease and desist from operating the...more

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