In recent years, U.S. federal bank regulators significantly limited banks' authority to engage in crypto-asset activities, including participating in public blockchains, owning digital assets as principal, and even providing...more
The United States lacks a regulatory framework geared toward digital assets. This raises consumer protection concerns, causes regulatory turf battles and duplicative enforcement actions, impedes innovation, and puts the...more
The Second Circuit recently revived a securities class action against the crypto exchange Binance Holdings Ltd., holding that plaintiffs plausibly alleged their transactions on the exchange were "domestic," as required by the...more
Two SEC commissioners dissented and urged the Commission to provide further guidance on non-fungible tokens ("NFTs")....more
9/7/2023
/ Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Howey ,
Investment Contract ,
Investment Opportunities ,
Non-Fungible Tokens (NFTs) ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions ,
Securities Violations ,
Unregistered Securities
In Short -
The Situation: Recently, two judges in Southern District of New York were required to apply the Howey test in separate cases to decide whether sales of certain crypto assets were investment contracts, and thus...more
8/22/2023
/ Administrative Procedure Act ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Due Process ,
Enforcement Actions ,
Howey ,
Investment Contract ,
Investment Opportunities ,
Popular ,
Ripple ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stablecoins
In Short -
The Situation: In parallel federal actions, the Department of Justice ("DOJ"), Securities and Exchange Commission ("SEC"), Commodity Futures Trading Commission ("CFTC"), and Federal Trade Commission ("FTC")...more
7/24/2023
/ CFTC ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
FTC Act ,
Market Manipulation ,
Securities and Exchange Commission (SEC) ,
Securities Fraud
In Short -
The Situation: For the first time, the Economic Report of the President (the "Report") includes a chapter on digital assets....more
4/5/2023
/ Blockchain ,
Central Bank Digital Currency (CBDCs) ,
CFTC ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
FedNow ,
Financial Markets ,
Popular ,
Securities and Exchange Commission (SEC)
In Short -
The Situation: Since clarifying the legal permissibility of certain crypto activities in 2020 and early 2021, the Federal banking agencies have begun to tighten regulatory scrutiny of such activities, warning...more
The interagency "policy sprints" are designed to give banks guidance on how to navigate crypto-assets moving forward.
On November 23, 2021, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance...more
SEC Chairman Gary Gensler has left little doubt that his commission will closely monitor activity in the cryptoasset markets and the actions of decentralized finance, or DeFi platforms, as investor interest continues to grow....more
SEC Chairman Gary Gensler suggests SEC will aggressively police crypto assets and decentralized finance ("DeFi") platforms while seeking expanded authority to regulate these fast-growing industries....more
8/10/2021
/ Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Gary Gensler ,
Initial Coin Offering (ICOs) ,
Policy Statement ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Unregistered Securities
The Situation: On January 4, 2021, the Office of the Comptroller of the Currency ("OCC") issued an Interpretive Letter permitting national banks and federal savings associations ("Banks") to participate in independent node...more
1/19/2021
/ Banking Sector ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinCEN ,
Interpretive Letters ,
OCC ,
Popular ,
Securities and Exchange Commission (SEC) ,
Stablecoins