News & Analysis as of September 22, 2024

Blockchain

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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 -

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

Digital Asset SEC Timeline - March 2023

Perkins Coie on 3/15/2023

The Digital Asset SEC Timeline serves as an interactive compilation of select SEC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the...more

The SEC Scored Another Crypto Victory in the LBRY Case, but the Sky Is Not Falling

Paul Hastings LLP on 11/14/2022

Last week’s wild ride in the crypto-verse started, of all places, in New Hampshire. On Monday, a federal judge ruled that LBRY Credits (“LBC”) are securities, and thus LBRY violated Section 5 of the Securities Act of 1933 by...more

NFTs: Gateway to Financial Independence or Litigation Risk?

Brownstein Hyatt Farber Schreck on 3/2/2022

NFTs—or “nonfungible tokens”—are everywhere. What was once seen as a collectors’ item for crypto geeks and LeBron James TopShop fanatics is now gaining popularity with a much wider audience. Take the recent example of the...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

Cryptocurrency for Supply Chain Payments

Foley & Lardner LLP on 2/1/2022

Today’s supply chains are frequently paper-based operations subject to human error and delay. Therefore, some companies are beginning to invest in digital infrastructure, including blockchain tools, to strengthen supply...more

Transfer of Digital Currencies - The Dream and its Collapse

Barnea Jaffa Lande & Co. on 10/29/2019

Regulatory resistance and legal proceedings conducted by the U.S. Securities and Exchange Commission (S.E.C.) are currently hindering the realization of one of the greatest promises of blockchain technology – the transfer of...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - April 2019

Skadden, Arps, Slate, Meagher & Flom LLP on 4/16/2019

In this issue, we examine the release of the much-anticipated Strategic Hub for Innovation and Financial Technology (FinHub) guidance for analyzing how U.S. federal securities laws apply to initial coin offerings, the...more

The yellow brick road for consumer tokens: The path to SEC and CFTC compliance

Latham & Watkins LLP on 9/19/2018

Developing a framework for consumer tokens - With the rapid growth in the development of blockchain technology, virtual currencies and token sales (sometimes referred to as initial coin offerings, or ICOs) in 2017 and...more

US Blockchain Enforcement and Litigation Update: Government enforcement and private litigation drive important developments in...

Dechert LLP on 6/28/2018

With soaring cryptocurrency prices attracting significant new investment in late 2017, U.S. regulators sought to fill the statutory void by exercising jurisdiction over a variety of digital assets. That trend continued in the...more

Rise of Blockchain and ICOs Brings Regulatory Scrutiny

Skadden, Arps, Slate, Meagher & Flom LLP on 2/1/2018

In 2017, the increased adoption of blockchain technology in various industries was partially obscured by the dramatic fluctuations in the price of bitcoins and the prevalence of so-called initial coin offerings (ICOs) to...more

SEC Speaks on Initial Coin Offerings: Tokens May Be Securities

Proskauer - New Media & Technology on 7/31/2017

No blockchain phenomenon has garnered more attention lately than Initial Coin Offerings ("ICOs"), which have exploded in value and raised more than $1.2 billion thus far this year....more

Between Bridges: SEC Declines to Prosecute Issuer of Digital Tokens That It Deems Securities Not Issued in Accordance with US...

Katten Muchin Rosenman LLP on 7/26/2017

Yesterday, the Securities and Exchange Commission published a Report of Investigation that concluded that digital tokens issued by an entity for the purpose of raising funds for projects – even if using distributed ledger or...more

Resources on Crypto-Tokens and Securities Law

Perkins Coie on 6/5/2017

The following resources take a deep dive into the issues surrounding crypto-tokens and securities law and recognize that, when properly designed, some tokens may not meet the Howey test...more

Blockchain and Public Securities: Shedding Light on 'Going Dark'

Troutman Pepper on 9/27/2016

The application of blockchain technology to the securities market could prove to be a game changer by adding transparency, reducing costs and speeding up settlements. Initially known as the technology underlying the...more

CFTC Considers Blockchain Technology

Orrick, Herrington & Sutcliffe LLP on 8/1/2016

The disruptive effects of blockchain technology on the financial system may take several years to materialize. Nevertheless, in preparation, regulators are increasingly focused on understanding potential uses of blockchain...more

Your Next IPO Could Be on the Blockchain

Troutman Pepper on 5/19/2016

Delaware’s corporate law blockchain initiative includes a new class of “distributed ledger shares” and promises to lower transactional costs, speed up and automate manual processes, and reduce fraud. The public and...more

Blockchain Basics: A Primer - Blockchain, the technology underlying the cryptocurrency Bitcoin, is poised to revolutionize how all...

Pillsbury Winthrop Shaw Pittman LLP on 5/4/2016

You have probably heard of Bitcoin, a peer-to-peer, non-governmental currency. Bitcoin is the first money that is its own payment system. That is, no bank, money transmitter or intermediary of any kind is required to clear...more

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