On March 24, 2022, the U.S Attorney’s Office for the Southern District of New York charged two individuals for their alleged participation in a scheme to defraud purchasers of non-fungible tokens (or “NFTs”) known as...more
4/1/2022
/ Blockchain ,
Criminal Conspiracy ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Digital Wallets ,
Enforcement Actions ,
Enforcement Priorities ,
Financial Transactions ,
Investment Opportunities ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Wire Fraud
On March 4, 2022, U.S. Securities and Exchange Commissioner Allison Herren Lee, in remarks before the Practicing Law Institute, called on federal regulators to work to issue rules adopting standards of professional conduct...more
Securities and Exchange Commissioner (“SEC”) Allison Herren Lee, in remarks before the Practicing Law Institute, recently called on federal regulators to adopt standards of professional conduct for attorneys practicing before...more
Please forgive some members of the FinTech community for remembering President Ronald Reagan’s comment: “The nine most terrifying words in the English language are: ‘I’m From the Government and I’m Here to Help.’” President...more
3/16/2022
/ Biden Administration ,
Bitcoin ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
Investment Contract ,
Investor Protection ,
Regulatory Agenda
Speaking at last week’s Munich Cyber Security Conference, U.S. Deputy Attorney General Lisa Monaco announced the formation of a new FBI unit dedicated to blockchain analysis and virtual asset seizure – the Virtual Asset...more
2/22/2022
/ Asset Seizure ,
Bitcoin ,
Blockchain ,
Cryptocurrency ,
Cyber Attacks ,
Cyber Crimes ,
Digital Assets ,
Enforcement Priorities ,
FBI ,
FinTech ,
Ransomware ,
Regulatory Oversight ,
Virtual Currency
The SEC announced today that it reached a settlement with Poloniex, LLC (“Poloniex”), in connection with the SEC’s inquiry that began back in December 2017 into whether Poloniex operated an exchange under federal securities...more
The Traveling Wilburys famously noted “In Jersey, anything's legal as long as you don't get caught.” Apparently the New Jersey Bureau of Securities (“Bureau”) disagrees....more
Securities and Exchange Commission (“SEC”) Chairman Gary Gensler received a letter last week seeking clarification on the SEC’s authority to regulate cryptocurrency exchanges from Senator Elizabeth Warren, chair of the Senate...more
Or to put it in legalese—“no concrete harm, no standing.” It does not get more simple than that. On June 25, 2021, the U.S. Supreme Court decided Trans Union v. Ramirez (“Ramirez”), a case involving whether class members...more
6/30/2021
/ Article III ,
Class Action ,
Class Members ,
Credit Reporting Agencies ,
Credit Reports ,
Fair Credit Reporting Act (FCRA) ,
Injury-in-Fact ,
SCOTUS ,
Standing ,
TransUnion ,
TransUnion LLC v Ramirez
According to Reuters, the civil division of the U.S. Department of Justice (DOJ) is investigating several FinTech companies, including Kabbage Inc., to determine if the firms miscalculated the amount of aid owed to individual...more
Five plaintiffs recently voluntarily dismissed their putative securities class action lawsuits one year after sending shock waves through the crypto world when they filed eleven alleged class action lawsuits against...more
The U.S. Securities and Exchange Commission (“SEC”) entered an order on Dec. 15, 2020 with Wireline, Inc., related to the company’s unregistered offering of securities using a simple agreement for future tokens (“SAFT”). ...more
In two recent cases decided by the United States Court of Appeals for the First Circuit, the Court held that consumers cannot make out claims under Massachusetts’ Consumer Protection Act, M.G.L. c. 93A, where the only claimed...more