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FinCEN Requests Comments on Beneficial Ownership Reporting Requirement; FinCEN’s Request For Information Moves U.S. Towards...

The United States Department of the Treasury (“Treasury”) is taking further action to combat corruption, money laundering, terrorist financing, tax fraud, and other illicit activities. Following its Advance Notice of...more

Reviving the Holiday Gathering This Year? Avoid Adding Insider Trading Liability to the Mix.

As we each cautiously approach the holidays with our own versions of in-person holiday parties and family gatherings, and with many of us now exploring the “hybrid” working environment, we are here to remind you that insider...more

Decentralized Finance—Risks, Regulation, and the Road Ahead

Even those who are most suspicious of the rise of cryptocurrency will likely admit that the underlying blockchain technology and its potential uses are exciting. One use of this technology, decentralized finance, or DeFi, is...more

SEC Returns Spotlight to Cybersecurity Disclosure Enforcement

On June 15, the Securities and Exchange Commission announced a settlement with First American Financial Corporation for what the SEC found were inadequate disclosure controls and procedural violations, revealed in connection...more

FedNow Service Pilot Program Gaining Traction and Support

In January, the Federal Reserve Banks announced that over 110 organizations were participating in the FedNow Service’s pilot program. After announcing the launch would move up to 2023, and then setting forth FedNow’s message...more

Not Your Standard Orange Grove: Non-Fungible Tokens & Securities Laws

With offerings across a growing number of online platforms and increased trading volume, NFT issuers, promoters, and buyers should consider the legal and regulatory implications relating to NFTs and federal securities laws....more

The Anti-Money Laundering Act and Crypto Collide: Non-Fungible Tokens

As NFTs gain popularity, buyers and sellers should consider the potential issues related to federal anti-money laundering laws. While non-fungible tokens (“NFTs”) have existed for several years, the market for NFTs grew...more

Financial Services Industry Back Under Congress’ Microscope

Investigations into financial services companies are expected to heat up during the 117th Congress, with Democratic leadership already signaling interest - With a newly seated Democratic majority in both chambers, we...more

Widening the Aperture Beyond Retail-Focused Advisers

SEC Enforcement and Exams Likely to Focus More on Private Funds in the New Administration - For the next several weeks and months, intense focus will be trained on determining the priorities of the Biden administration. We...more

New Drivers, Same Bumpy Ride

Congressional Tech Focus Will Continue This Term, Fueled by Bipartisan - Scrutiny on Multiple Fronts With the Democratic party now in control of both the House and the Senate, we anticipate increased congressional...more

Pumping the Brakes: FinCEN Reopens Comment Period for Controversial Crypto Reporting & Recordkeeping Rules

After Widespread Market Opposition in an Expedited First Round of Comments, FinCEN Solicits More Feedback on Rule Seeking to “Close Gaps” in Virtual Currency Anti-Money Laundering Rules On January 14, in a surprise move,...more

Georgia Results Flip the Senate and Will Lead to More Congressional Investigations

With the majority in both the U.S. House and Senate, Democrats are poised to chair powerful investigative committees in the 117th Congress - With the victories of Raphael Warnock over incumbent Kelly Loeffler, and Jon...more

Patchwork of Cryptocurrency Regulators Increasingly Stitch Together Cooperative Enforcement Efforts

Recent Enforcement Actions and Guidance from DOJ, FinCEN, and OFAC Demonstrate the Increased Commitment — and Cooperation — of Federal Regulators to Police Digital Currencies, Including Their Use in Ransomware Attacks - Amid...more

SEC Examiners Warn of COVID-Related Compliance Risks for Broker-Dealers and Investment Advisers

The Securities and Exchange Commission (“SEC”) last week published its observations from the first five months operating the SEC’s national examination program during the ongoing COVID-19 pandemic. This is the latest...more

Quarantine Your Sensitive Business Information to Avoid Inadvertent Tipping Liability

If you are reading this during April 2020, you’re probably reading it from somewhere in your own home — and probably near the friends and loved ones with whom you’re living in close quarters during this time of remote work,...more

The Lasting Impact of Kokesh: Footnote 3 and Beyond

In June 2017, the Supreme Court held in Kokesh v. SEC that SEC disgorgement is a penalty, rather than an equitable remedy, and thus subject to the five-year statute of limitations codified in 28 U.S.C. § 2462. More than two...more

Stay Vigilant: The Government Shutdown Didn't Shut Down Insider Trading Enforcement

Shutting down the United States federal government in late 2018 and early 2019 created the unfortunate perception that government watchdogs might not be able to catch up with illegal behavior, like insider trading. The...more

Virtual Currency in Sanctioned Jurisdictions

Stepping outside of SWIFT - Since its inception more than a decade ago, cryptocurrency has been viewed as a way to supplant traditional global methods of exchanging money. Today, as virtual currencies proliferate,...more

Recent SEC Settlements Reveal a Roadmap for Resolving Investigations of Unregistered Initial Coin Offerings

Since at least July 2017, when the Securities and Exchange Commission (SEC) announced it expected initial coin offerings (ICOs) to either register under U.S. securities laws or qualify for an exemption, crypto-market...more

The Next Shoe Drops: SEC Makes Clear Crypto Exchanges Must Register

The Securities and Exchange Commission (SEC) took an important step in its steady march of enforcement actions involving digital assets. On November 8, 2018, the SEC announced that Zachary Coburn, the founder of crypto token...more

Congress and Cryptocurrency: The Elephant in the Room

In the ancient parable of the Blind Men and the Elephant, a group of blind men who had never come across an elephant before were asked to describe it. Each blind man felt a different part of the elephant’s body, but only one...more

SEC Investigative Report Warns Public Companies To Prioritize Cybersecurity In Their Accounting Controls

On October 16, 2018, the U.S. Securities and Exchange Commission (“SEC”) issued an investigative report advising public companies that internal accounting controls should “reasonably safeguard company and, ultimately,...more

A Peek Behind the Curtain at the Largest Crypto Trading Platforms

New York Attorney General’s Office publishes a detailed report on policies and practices at virtual asset trading platforms, citing multiple common deficiencies - The New York Attorney General’s Office (“NYAG”) issued a...more

The Path Forward in FinTech and Nonbank Financial Services

U.S. Treasury Report Recommends Congressional and Regulatory Support of Technological Innovation for FinTech and Nonbank Financial Services Industries - The Department of the Treasury (“Treasury”) released a sweeping...more

Evaluating the OCC’s new FinTech Charter

On July 31, 2018, the Office of the Comptroller of the Currency (“OCC”) announced that it would begin accepting applications for national bank charters from FinTech entities that satisfy the licensing requirements for...more

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