News & Analysis as of September 20, 2024

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

The Payments Newsletter including Digital Assets & Blockchain, May 2024

Hogan Lovells on 5/24/2024

Key developments of interest over the last month include: the EU Parliament’s adoption of amended PSD3 and PSR texts; a Bank of England speech on payments innovation signalling more regulatory and infrastructure changes...more

Crypto Custody Services Expand; CFTC Enforcement Targets DeFi, SEC Targets NFTs; FinCEN Warns of Crypto Scams; Major Hacks Steal...

BakerHostetler on 9/18/2023

Financial Services Firms Expand Cryptocurrency Custody Services - According to recent reports, the cryptocurrency custody arm of a major international bank has launched its institutional cryptocurrency custody services in...more

Ripple and the SEC Both Claim Wins in Split Court Decision

The Volkov Law Group on 7/27/2023

On July 13, 2022, Judge Analisa Torres issued her long awaited ruling on the summary judgment motions in the SEC’s case against Ripple Labs, Inc. (“Ripple”). The 34-page order provided a win for both the SEC and for Ripple...more

SEC Cryptocurrency Enforcement: June 2023 Update

Cornerstone Research on 7/26/2023

As of June 6, the SEC has brought 24 cryptocurrency enforcement actions between litigations and administrative proceedings. The number of cryptocurrency enforcement actions brought by the SEC in 2023 is advancing at a record...more

Blockchain+ Bi-Weekly - June 2023 #2

Polsinelli on 6/30/2023

The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

Material Investment Management Developments and Template Annual Compliance Checklists for Registered Investment Advisers, Exempt...

Lowenstein Sandler LLP on 4/7/2023

Lowenstein Sandler’s Investment Management Group is pleased to provide you with the summaries and checklists described below. Summaries of recent legal developments with respect to: •SEC’s 2023 Examination Priorities- ...more

The State of Digital Assets Regulation and Foundational Terminology (Crypto, Stablecoin, and CBDC)

Kilpatrick on 1/3/2023

The last twelve months have seen unprecedented adoption, evolution, and turbulence across the digital assets sphere. Whether cryptocurrencies, stablecoins, or central bank digital currencies (CBDCs), all of which qualify as...more

The green revolution of blockchain?

White & Case LLP on 9/21/2022

As current blockchain technology faces accusations of inefficiency and unsustainability, a new technology is finding its way to counteract them. Blockchain - Crypto blockchains are a highly discussed topic. Blockchain is...more

The Crypto Weekly - August 2022 Issue #2

Kelley Drye & Warren LLP on 9/1/2022

The below articles and industry developments have been identified by Kelley Drye and Warren’s Blockchain and Cryptocurrency practice group as relevant during the week of August 24 – August 30. We hope you find this useful....more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts

Skadden, Arps, Slate, Meagher & Flom LLP on 8/25/2022

A flurry of legal and enforcement activity has arisen over the last two weeks across a wide range of areas in the Web3 space, including actions by the Securities and Exchange Commission, the Office of Foreign Assets Control,...more

Crypto Trading Platforms and Bankruptcy Law: Are Clients Protected?

Tonkon Torp LLP on 7/21/2022

Cryptocurrency investors, who were already in the icy clutches of the so-called “crypto winter,” now have another reason to shiver. Insolvency issues are cropping up with some frequency among crypto companies, which is...more

SEC Reported to Add Another Dimension to its Cryptocurrency Enforcement Push: Insider Trading

Dechert LLP on 7/6/2022

Key Takeaways - According to sources with firsthand knowledge, the SEC is conducting an industry-wide inquiry into alleged insider trading activities of cryptocurrency exchanges. Insider trading occurs when a corporate...more

Lummis-Gillibrand Responsible Financial Innovation Act proposes comprehensive regulatory framework for digital assets in the...

A&O Shearman on 6/15/2022

On June 7, 2022, Senator Kirsten Gillibrand (D-NY) and Senator Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (RFIA), a highly anticipated legislative proposal that, if enacted by Congress and...more

Congressional Blockchain Caucus Challenges SEC Chairman on Web3 Enforcement

Skadden, Arps, Slate, Meagher & Flom LLP on 3/29/2022

The Web3 community has long expressed frustration at the lack of clarity emanating from the SEC regarding the treatment of cryptocurrencies and other digital assets under current securities laws, with many characterizing the...more

Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit

Goodwin on 3/9/2022

IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more

The SEC Begins Regulation of Cryptocurrency Interest Account Offerings

Patterson Belknap Webb & Tyler LLP on 3/9/2022

On June 29, 2021, a major cryptocurrency exchange (the “Crypto Exchange”) announced a new program called “Lend” in which it proposed offering customers a 4% interest rate on cryptocurrency tied to USD....more

Focus on Crypto and Blockchain: Regulatory Fog Begins to Lift, but Many Questions Remain

Manatt, Phelps & Phillips, LLP on 3/4/2022

The cryptocurrency and blockchain industry has developed over the past decade with a large and increasingly glaring void: What regulations ultimately will apply and who will regulate the space? Much regulatory focus to date...more

Review of Sanctions and Export Control Developments in 2021 and What to Expect in 2022

Foley Hoag LLP - White Collar Law &... on 2/25/2022

This is the fifth post in this year’s series examining important trends in white collar law and investigations. Our previous post discussed trends in State AG enforcement. Up next: SEC Enforcement in 2022: A Look Ahead. ...more

A Brief Overview of the SEC’s Guidance on Cryptocurrencies in the Context of the Commission’s Enforcement Action Against Ripple...

Patterson Belknap Webb & Tyler LLP on 2/4/2022

A key question for any company considering the issuance of cryptocurrency is whether that digital asset will be treated by regulators as a security, like BP stock, or a commodity, like Bitcoin. In 2019, the Securities and...more

NFT Initiatives Launch, Congress Writes to CFTC on Crypto, SEC Charges ICO Fraud Scheme, GAO Addresses Crypto ATMs, Reports...

BakerHostetler on 1/19/2022

From Music to Marketplaces: NFT Use Cases Continue to Expand - According to recent reports, a Philadelphia rapper has announced that the final installment of his mixtape series will drop as a non-fungible token (NFT). Details...more

New Initiatives Launch in Stablecoins, CBDCs, Tokenized Securities, Supply Chain; Crypto Guidance Published for Credit Unions;...

BakerHostetler on 1/10/2022

Financial Messaging Network Launches Experiments in Stablecoin Sector - A global messaging network used by financial institutions to send and receive financial information recently announced that it is exploring the tokenized...more

Whistleblowers Key to Combating Cryptocurrency Fraud

Kohn, Kohn & Colapinto LLP on 12/9/2021

In September 2021, the market capitalization for digital assets, such as cryptocurrencies and NFTs, was valued at $2.14 trillion. The cryptocurrency market has attracted a variety of fraudulent activities in which the...more

Crypto Initiatives Launch; Bitcoin Upgrade Activated; Reports Address DeFi, Tether; SEC Rejects Bitcoin ETF; DOJ to Sell $56M in...

BakerHostetler on 11/24/2021

Raising Municipal Funds and Rewarding Loyalty: New Cryptocurrency Use Cases - Earlier this week, a cryptocurrency nonprofit organization reportedly launched a Bitcoin-based digital asset designed to raise funds for New York...more

“Hashing” It Out: Federal Jury Decides Some Cryptocurrency Products are not Securities

Dechert LLP on 11/19/2021

Whether a cryptocurrency product is a security is an issue with serious regulatory consequences. In recent years, the Securities and Exchange Commission (“SEC”) has taken a broad position that various crypto assets are...more

DOJ Trumpets New Multi-Faceted Cryptocurrency Task Force: What this Means for You

Bracewell LLP on 10/27/2021

In keeping with the United States government’s expanding scrutiny of cryptocurrency markets, the DOJ recently announced the creation of a National Cryptocurrency Enforcement Team (the “NCET”). The NCET endeavors to add a...more

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