Against a backdrop of near-daily enforcement actions and constant regulatory changes, Montana inched into the fray by publishing a letter calling on money transmitters to make a submission to the Montana Department of Banking...more
As the first state to follow New York’s lead in issuing a crypto-specific license, Louisiana began accepting Louisiana Virtual Currency Business Activity (VCBA) license applications as of January 1, 2023. All entities engaged...more
On March 9, 2022, US President Joe Biden signed an unprecedented executive order directing federal agencies to coordinate their approach to clarifying cryptocurrency regulations. Sighs of relief were heard across the industry...more
3/11/2022
/ Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Consumers ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
Financial Services Industry ,
Investors ,
New Legislation ,
Regulatory Agenda ,
Technology ,
Virtual Currency
On October 15, 2021, the US Department of the Treasury’s Office of Foreign Asset Control (OFAC) announced updated guidance for virtual currency companies in meeting their obligations under US sanctions laws. On the same day,...more
The Commodity Futures Trading Commission (CFTC) sent shockwaves across the cryptocurrency industry when it issued a $1.25 million settlement order with Kraken, one of the industry’s largest market participants. The next day,...more
10/4/2021
/ Bitcoin ,
CFTC ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Ethereum ,
New Guidance ,
Regulatory Agencies ,
Securities and Exchange Commission (SEC) ,
Settlement ,
U.S. Treasury
Join us as we discuss the issues facing trustees and individuals holding cryptocurrency or seeking to invest in cryptocurrency.
We will explore the evolving regulatory environment as well as evolving estate planning...more
This panel will discuss fraud in the crypto space, including but not limited to origination, transfers, tracking, tracing, and other blockchain-related issues....more
A recent complaint concerning KIK Interactive Inc. filed in the US District Court of the Southern District of New York reveals some SEC priorities for cryptocurrency enforcement actions. The complaint indicates that the SEC...more
6/13/2019
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Howey ,
Initial Coin Offering (ICOs) ,
Investment Contract ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Token Sales ,
Unregistered Securities ,
Virtual Currency
In its long-awaited guidance, the Staff of the Securities and Exchange Commission recently provided a lengthy list of factors to consider when determining whether an initial coin offering (ICO) is a security. While the...more
4/10/2019
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Howey ,
Initial Coin Offering (ICOs) ,
Intellectual Property Protection ,
Internet Retailers ,
Investment Contract ,
Investors ,
New Guidance ,
Popular ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Virtual Currency
In two recent enforcement actions, the SEC looked past formal offering documents and cited statements made on Reddit, YouTube and other social media to determine that the AirFox and Paragon ICOs were unregistered sales of...more
Following a three-day bench trial, US District Judge Jack B. Weinstein found in favor of the CFTC and ordered a permanent injunction banning Patrick K. McDonnell from dealing in virtual currency and ordering a judgment for...more
On August 14, 2018, the SEC announced a $30,000 fine and trading ban against a company and its founder, finding that the defendants carried out a fraudulent ICO to fund a speculative oil-drilling venture, and that such...more
On April 9, 2018, the New York State Supreme Court granted Starbucks’ motion to dismiss claims that it had failed to collect more than $10 million of sales tax at its New York stores. Lawyers from McDermott’s State and Local...more
The Office of Foreign Asset Control of the Department of Treasury (OFAC) forecasted that it “may include as identifiers on the SDN List specific digital currency addresses associated with blocked persons.”
SDN stands for...more
As US regulators have been active in terms of virtual currency regulation, there are three important updates to which attention should be paid. The New York State DFS guidance, the FinCEN letter to Senator Wyden and the...more
3/27/2018
/ Anti-Money Laundering ,
Blockchain ,
CFTC ,
Commodities ,
Department of Financial Services ,
FinCEN ,
Fraud ,
Fraud Prevention ,
Initial Coin Offering (ICOs) ,
Market Participants ,
Money Transmitter ,
New Guidance ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury ,
Virtual Currency
On February 7, 2018, the New York Department of Financial Services issued “Guidance on Prevention of Market Manipulation and Other Wrongful Activity” imposing stringent reporting requirements of which virtual currency...more
The government is continuing to ask for more help from the private sector to defend against cyber attacks. The National Infrastructure Advisory Council (NIAC) recently published a report discussing current cyber threats and...more