The D.C. Circuit rebuked the U.S. Securities and Exchange Commission ("SEC") on administrative law grounds but left untouched the test the Agency used to deny proposed bitcoin exchange traded products ("ETP")....more
9/7/2023
/ Arbitrary and Capricious ,
Bitcoin ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Exchange-Traded Products ,
Financial Markets ,
Listing Rules ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Vacated
In Short -
The Situation: Under the existing legal regimes, decentralized autonomous organizations ("DAO" or "DAOs") have been viewed as a way to hedge against regulatory action by way of a decentralized structure. The...more
In June 2022, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (the "Bill"), one of most comprehensive responses by Congress to date with respect to digital...more
In Short -
The Situation: Following the release of the Responsible Financial Innovation Act (the "Lummis-Gillibrand Bill"), four senators on the Senate Committee on Agriculture, Nutrition, and Forestry released their own...more
In this latest White Paper on our Bill analysis, we underscore headline proposals in the Lummis-Gillibrand Responsible Financial Innovation Act (the "Bill") regarding the issuance and regulation of a "payment stablecoin,"...more
On June 7, 2022, U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (the "Bill"), which proposes a regulatory framework for digital assets across nine titles...more
California's governor issued an executive order requiring state agencies, led by the Department of Financial Protection and Innovation, to create a "transparent" regulatory framework for blockchain technologies and digital...more
5/11/2022
/ Bitcoin ,
Blockchain ,
California ,
California Consumer Financial Protection Law (CCFPL) ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Executive Orders ,
Financial Instruments ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
Framework Agreement ,
Investment Opportunities ,
Regulatory Agenda ,
Regulatory Oversight ,
Transparency Directive ,
Virtual Currency
The OCC sees holding the cryptographic access keys to control and transfer cryptocurrency as an "electronic corollary" of banking's traditional safekeeping methods.
On July 22, 2020, the Office of the Comptroller of the...more
Do you have questions about blockchain technology? Watch "What is Blockchain and How is it Used?," the first in a series of 12 short Jones Day Presents: Blockchain videos. In this program, Jones Day partner Mark Rasmussen...more
In “How Regulations Could Help Cryptocurrencies Grow,” published in the Harvard Business Review, Jones Day partners Stephen Obie and Mark Rasmussen explain why effective government oversight is critical to bringing...more
The surge in cryptocurrency activity has led to an increase in attention from enforcement authorities at both the state and national levels. The Texas State Securities Board launched an investigation into cryptocurrency...more
5/15/2018
/ Bitcoin ,
Broker-Dealer ,
Cease and Desist Orders ,
Cryptocurrency ,
Digital Currency ,
Disclosure Requirements ,
Enforcement Actions ,
Foreign Securities ,
Initial Coin Offering (ICOs) ,
Registration Requirement ,
Securities Violations ,
State Securities Regulators ,
Token Sales ,
Unregistered Securities
The Situation: The U.S. Securities and Exchange Commission has launched a special unit to bring enforcement actions against several forms of cyber misconduct.
The Result: The Cyber Unit has already brought enforcement...more
12/20/2017
/ Blockchain ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Ethereum ,
Initial Coin Offering (ICOs) ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Token Sales ,
Unregistered Securities ,
Virtual Currency
As interest continues to grow in virtual currencies, blockchain technology and initial coin offerings, governments are evaluating the benefits and potential risks of these innovations, while considering numerous regulatory...more
11/6/2017
/ Bitcoin ,
Crowdfunding ,
Cryptocurrency ,
Digital Currency ,
Ethereum ,
Financial Adviser ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
Investors ,
Monetary Authority of Singapore ,
Popular ,
Profit Sharing ,
Securities and Exchange Commission (SEC) ,
Securities and Futures Act (SFA) ,
Singapore ,
Token Sales
The Situation: Promoters of two recent initial coin offerings face charges of investor fraud brought by the SEC, after allegedly misrepresenting the assets purportedly backing the offerings, exaggerating the amount of funds...more
10/11/2017
/ Asset Freeze ,
Digital Currency ,
Enforcement Actions ,
Initial Coin Offering (ICOs) ,
Investment Fraud ,
Investors ,
Misrepresentation ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Token Sales ,
Unregistered Securities ,
Virtual Currency