In this issue of The Distributed Ledger, we discuss the IRS' warning letters for over 10,000 cryptocurrency holders, the SEC's settlement with a blockchain company regarding unregistered ICO transactions, and a European...more
9/23/2019
/ Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Data Controller ,
Data Processors ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Ethereum ,
FinHub ,
Gaming ,
General Data Protection Regulation (GDPR) ,
Initial Coin Offering (ICOs) ,
Initial Public Offering (IPO) ,
IRS ,
No-Action Letters ,
Personal Information ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Settlement Agreements ,
Simple Agreement for Future Tokens (SAFT) ,
Smart Contracts ,
Startups ,
Unregistered Securities ,
Warning Letters
In this issue, we examine the release of the much-anticipated Strategic Hub for Innovation and Financial Technology (FinHub) guidance for analyzing how U.S. federal securities laws apply to initial coin offerings, the...more
4/16/2019
/ Advertising ,
Blockchain ,
California Consumer Privacy Act (CCPA) ,
CNIL ,
Cryptocurrency ,
Default ,
Digital Assets ,
Discovery ,
Distributed Ledger Technology (DLT) ,
Division of Corporate Finance ,
Ethereum ,
EU ,
FinHub ,
France ,
Frozen Assets ,
General Data Protection Regulation (GDPR) ,
Guilty Pleas ,
Initial Coin Offering (ICOs) ,
Investment Contract ,
Motion to Dismiss ,
No-Action Letters ,
NYDFS ,
Offerings ,
Payment Tokens ,
Personal Jurisdiction ,
Plea Agreements ,
Popular ,
Preliminary Injunctions ,
Profits ,
Public Comment ,
Putative Class Actions ,
Safe Harbors ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud ,
Securities Tokens ,
Securities Violations ,
Settlement ,
Smart Contracts ,
Unregistered Securities ,
Virtual Currency
This is the inaugural issue of The Distributed Ledger, a periodic publication covering the latest trends and developments in blockchain technology, digital assets and smart contracts. In this edition, we examine a federal...more
10/16/2018
/ Anti-Fraud Provisions ,
Blockchain ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Conflicts of Interest ,
Consumer Protection Laws ,
Corporate Counsel ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Exclusive Jurisdiction ,
Fraud ,
Misappropriation ,
NYDFS ,
Popular ,
Research and Development ,
Smart Contracts ,
State Attorneys General ,
State Legislatures ,
Trade Market Abuse ,
Trading Platforms ,
Virtual Currency ,
Young Lawyers
On September 11, 2018, Judge Raymond J. Dearie of the U.S. District Court for the Eastern District of New York issued a new decision in U.S. v. Zaslavskiy, No. 1:17-cr-00647-RJD-RER, Dkt. No. 37 (E.D.N.Y. Sept. 11, 2018),...more
9/21/2018
/ Constitutional Challenges ,
Criminal Procedure ,
Criminal Prosecution ,
Cryptocurrency ,
Howey ,
Indictments ,
Initial Coin Offering (ICOs) ,
Motion to Dismiss ,
Notice Requirements ,
Question of Fact ,
Sales of Securities ,
Securities Fraud ,
Vagueness
The market for cryptocurrencies and the current wave of initial coin offerings (ICOs) that seek to raise capital for blockchain-based projects have enjoyed a swell of popularity in recent years. U.S. regulatory agencies and...more
6/20/2018
/ Blockchain ,
Breach of Contract ,
CFTC ,
Commodities ,
Cryptocurrency ,
Digital Currency ,
Enforcement Actions ,
Initial Coin Offering (ICOs) ,
Investment Contract ,
Popular ,
Rule 10(b) ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Token Sales ,
Unjust Enrichment ,
Unregistered Securities
In 2017, the increased adoption of blockchain technology in various industries was partially obscured by the dramatic fluctuations in the price of bitcoins and the prevalence of so-called initial coin offerings (ICOs) to...more
2/1/2018
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
BitLicense ,
Blockchain ,
Cryptocurrency ,
Department of Financial Services ,
FinCEN ,
Initial Coin Offering (ICOs) ,
NYDFS ,
Popular ,
Securities ,
Securities and Exchange Commission (SEC) ,
Smart Contracts ,
Virtual Currency
On October 17, 2017, the Commodity Futures Trading Commission’s (CFTC) newly formed financial technology (fintech) innovation group, LabCFTC, released its first fintech primer, “A CFTC Primer on Virtual Currencies” (VC...more
11/15/2017
/ Bitcoin ,
Blockchain ,
CFTC ,
Commodities ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Instruments ,
Financial Markets ,
FinTech ,
Initial Coin Offering (ICOs) ,
LabCFTC ,
Regulatory Oversight ,
Swaps ,
Token Sales ,
Unregistered Securities ,
Virtual Currency
For the past few months, issuers of token sales or “initial coin offerings” (ICOs) have known that they were, to some extent, sailing in unchartered waters. Those waters have just gotten a bit murkier with an announcement by...more
9/8/2017
/ Bitcoin ,
Blockchain ,
Canadian Securities Administration ,
Capital Raising ,
China ,
Cryptocurrency ,
Digital Currency ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Fraud ,
Global Market ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Illegal Activity ,
Initial Coin Offering (ICOs) ,
Investment Contract ,
Popular ,
Public Financing ,
Pyramid Schemes ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Startups ,
Token Sales
Over the last 12 months, a growing number of start-ups, primarily those offering blockchain-based services, have raised capital utilizing so-called initial coin offerings or token sales (collectively referred to herein as...more
8/3/2017
/ Capital Raising ,
Cryptocurrency ,
Initial Coin Offering (ICOs) ,
Investor Protection ,
New Guidance ,
Registration Requirement ,
Securities ,
Securities and Exchange Commission (SEC) ,
Startups ,
Stock Exchange ,
Token Sales ,
Virtual Currency