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Working Through the Riddles of Tokenized Securities

Key Points: - The SEC’s Crypto Task Force cited past “hostility” toward digital assets and aims to create a regulatory framework. - Tokenized securities face complex regulatory challenges, including compliance with the...more

Cryptocurrencies Stand To Gain From New Regulators and a Receptive Congress

Key Points - - A Republican president and Congress are expected to be more supportive of digital assets than the current administration. - There is a reasonable chance that legislation creating a regulatory framework...more

Inside the Courts – An Update From Skadden Securities Litigators - May 2024

Spotlight - Macquarie Ruling Raises the Bar for Securities Fraud Claims - Key Points - - On April 12, 2024, the U.S. Supreme Court unanimously reversed and vacated the Second Circuit’s decision in Macquarie...more

CFTC Charges DeFi Developers With Facilitating Off-Exchange Trading

On September 7, 2023, the Commodity Futures Trading Commission (CFTC) issued three enforcement settlement orders against developers of decentralized finance (DeFi) protocols. The orders charge Opyn, Inc., Deridex, Inc., and...more

DOJ Relies on Traditional Statutes To Charge Defendants in Cryptoasset Fraud Cases

Two recent indictments highlight the Department of Justice’s (DOJ’s) continuing use of the traditional wire fraud, money laundering and identity theft statutes to pursue fraud involving digital assets, indicating that law...more

New Senate Crypto Bill Would Limit SEC Regulatory Role in Favor of CFTC

A bipartisan bill introduced in the U.S. Senate last week seeks “to bring crypto assets within the regulatory perimeter” by granting oversight responsibility to the Commodity Futures Trading Commission (CFTC) for most forms...more

Ripple Labs : District Court Holds That Direct Digital Token Sales Constituted Investment Contracts Under Howey, but Other...

On July 13, 2023, Judge Torres of the U.S. District Court for the Southern District of New York issued a much-awaited summary judgment decision in SEC v. Ripple Labs, Inc., No. 1:20-cv-10832-AT-SN (S.D.N.Y. July 13, 2023),...more

Digital Asset Insider Trading Case Could Provide Sought-After Guidance to Industry

On February 7, 2023, Ishan Wahi (Ishan), a former Coinbase product manager, pled guilty to wire fraud charges in an indictment in the U.S. District Court for the Southern District of New York (SDNY)....more

Recent Actions by the Fed Show Its Continued Cautious Approach to Cryptoasset Activities by Supervised Institutions

In the past year, the Board of Governors of the Federal Reserve System (the Board) Biden administration officials, and other U.S. banking regulators have repeatedly voiced growing concerns about certain cryptoasset...more

US Regulators Express Concern About Banks’ Exposure to Cryptoasset Risks

On January 3, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a Joint Statement on...more

Rise in Crypto Securities Filings Could Persist

Increased regulatory oversight and recent turmoil in the digital asset market have led to a rising number of securities litigations focusing on cryptocurrencies. Sixteen cryptocurrency-related class actions have been filed...more

Court Rules in Favor of SEC in LBRY Enforcement Action

On November 7, 2022, Judge Paul Barbadoro of the U.S. District Court for the District of New Hampshire issued an order in SEC v. LBRY, Inc., granting the SEC’s motion for summary judgment against LBRY Inc. (LBRY). The court...more

Four States Take Enforcement Actions Against Virtual Casino for Allegedly Offering NFTs That Were Securities

State securities regulators in Alabama, Kentucky, New Jersey and Texas filed coordinated enforcement actions on October 20, 2022, against Slotie NFT d/b/a slotie.com requiring the company to stop selling various Slotie...more

15th Annual Securities Litigation and Regulatory Enforcement Update: State of the Cryptocurrency Market

On October 11, 2022, Skadden held the first program, “State of the Cryptocurrency Market,” in our 15th Annual Securities Litigation and Regulatory Enforcement Update series. The panelists for this presentation were Alex...more

CFTC Settles Claims Against Founders of a Decentralized Protocol and Sues Its Successor DAO and Its Members, Pressing a Novel...

On September 22, 2022, the Commodity Futures Trading Commission (CFTC or Commission) (1) issued an order settling charges against protocol creator bZeroX, LLC and its founders, and (2) filed a federal civil enforcement action...more

Treasury and Justice Department Reports Signal Tougher Enforcement and Regulation in the Digital Assets Sector

On September 16, 2022, the U.S. Department of the Treasury and Department of Justice released four much-anticipated reports on different aspects of cryptoasset regulation. They confirm the Biden administration’s broad but...more

Cryptocurrency Insider Trading Case Could Have Broader Ramifications for the Industry

On July 21, 2022, the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) each brought insider trading charges against a former Coinbase product manager, his brother and a close friend for using...more

Regulatory Actions and Legislative Proposals Signal Growing Consensus on Parameters for Stablecoins

Recent guidance from the New York State Department of Financial Services (DFS) and a proposed bill in the U.S. Senate portend more regulatory and legislative activity to clarify the status of and requirements for stablecoin...more

Senate Bill Would Create Comprehensive Regulatory Structure for Cryptocurrencies and Other Digital Assets

In recent years, innovation in the blockchain or “Web3” space has been impacted by uncertainty on the regulatory front. Undoubtedly, the greatest area of uncertainty has involved the Securities Exchange Commission (SEC) and...more

Texas, Alabama Regulators Order Halt to Virtual Casino NFT Sales, Alleging They Constituted an Offering of Securities and Misled...

In the non-fungible tokens (NFT) space, many have focused their attention on how the Securities and Exchange Commission (SEC) may view these digital assets. However, state laws are important, as well, as evidenced by recent...more

Congressional Blockchain Caucus Challenges SEC Chairman on Web3 Enforcement

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

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