In Short -
The Situation: The U.S. Securities and Exchange Commission ("SEC" or "Commission") has reopened the comment period for its January 2022 proposal to amend Exchange Act Rule 3b-16 to broadly expand the...more
In Short -
The Situation: Regulatory "sandboxes" are trending. They represent a unique approach to regulation that permits selected companies to test and experiment with new and innovative products and services....more
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: Following a string of bankruptcies among virtual currency firms, the New York Department of Financial Services has issued guidance on the practices and procedures it expects from certain...more
In a closely watched trademark infringement case involving non-fungible tokens ("NFTs"), a jury found that the sale of digital images of Hermès's Birkin bags as NFTs infringed and diluted Hermès's trademarks....more
2/14/2023
/ Artistic Works ,
Consumer Confusion ,
Digital Assets ,
Dilution ,
Fashion Branding ,
Fashion Design ,
Fashion Industry ,
First Amendment ,
Intellectual Property Protection ,
Investment Opportunities ,
Non-Fungible Tokens (NFTs) ,
Smart Contracts ,
Trademark Infringement ,
Trademark Litigation ,
Trademarks
In Short -
The Situation: The Federal Reserve Board ("Board") has issued a new policy statement ("Policy Statement") imposing limits, including Board approval requirements, on digital asset activities and other novel...more
In Short -
The Situation: Decentralized finance ("DeFi") is a rapidly growing sector that, by definition, eschews centralized financial institutions altogether. Misconduct that has accompanied that growth has drawn the...more
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
As discussed in previous installments of this White Paper series, the Lummis-Gillibrand Responsible Financial Innovation Act (the "Bill") proposes a comprehensive statutory and regulatory framework in an effort to bring...more
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
California's new Digital Financial Asset Law ("DFAL") will impose a variety of regulatory requirements on digital asset companies and cryptocurrency exchanges. Governor Newsom is expected to sign the DFAL into law, and new...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 consumer protection standards (Title V) and cybersecurity...more
In "Digital Assets Defined: How Lummis-Gillibrand Will Shape the Coming Fintech Debate," we provided a high-level overview of the Responsible Financial Innovation Act (the "Bill") and examined some of its significant...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
Jones Day Financial Markets partner Mark Rasmussen explains how real-life regulations could cross over into the rapidly expanding metaverse space. He talks about the metaverse's current uses and potential advancements, and...more
NFTs are verifiable cryptographic tokens, which can act as a form of digital receipt. NFTs can also be used to evidence the authenticity, ownership, and provenance of real-world tangible items, such as artwork and real...more
Nonfungible tokens, or NFTs, continue to grow in popularity as investors, artists, content developers, and other interested parties uncover new applications and opportunities. Jones Day partner Mark Rasmussen explains how...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
On Monday, April 25, 2022, the Consumer Financial Protection Bureau ("CFPB") issued a press release announcing its intent to utilize a "dormant authority" under the Dodd-Frank Act to examine nonbank "'fintechs'" that the...more
In two first-of-their-kind enforcement actions relating to NFTs, securities regulators in Texas and Alabama ordered a Cyprus-based online casino developer and its founders to cease and desist selling NFTs that allegedly were...more
NFTs are verifiable cryptographic tokens, which can act as a form of digital receipt. NFTs can also be used to evidence the authenticity, ownership, and provenance of real-world items, such as artwork and real property, or...more
4/21/2022
/ Blockchain ,
Copyright ,
Copyright Infringement ,
Corporate Counsel ,
Entertainment Industry ,
Financial Markets ,
Intellectual Property Protection ,
Investment Opportunities ,
Movies ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Quentin Tarantino ,
Star Wars
Introduction -
Cryptocurrency, such as Bitcoin, is a decentralized and exclusively virtual currency that is secured through cryptography. Companies using or investing in cryptocurrency face various risks, such as market...more