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DAOsing Rods and the Power of Enforcement Prediction

Thoughts on Recent SEC statements and Action on Enforcement Related to Decentralized Autonomous Organizations (DAO) - On November 10, 2021  the US Securities and Exchange Commission (the SEC) announced that it had halted...more

Potential Legal Frameworks for DAOs

An interesting and thoughtful whitepaper called “A Legal Framework for Decentralized Autonomous Organizations” was co-authored by a general counsel of one of the major venture investors in the blockchain space suggesting a...more

Updated Guidance from the FATF Regarding a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers

On October 28, 2021, The Financial Action Task Force (FATF), an inter-governmental body that sets international standards with an aim to prevent global money laundering and terrorist financing, released updated guidance...more

So Close...The Cryptocurrency Industry Shows its Strength Even While Failing to Secure an Amendment

As the United States Senate considered H.R. 3684, the “Investing in a New Vision for the Environment and Surface Transportation In America Act (INVEST in America Act)”, an attempt to modify legislative language concerning...more

Gensler Confirmed as SEC Chair - A Look into the “Crypto Ball”

On April 14, 2021, the U.S. Senate confirmed Gary Gensler as the new Chair of the U.S. Securities and Exchange Commission. Over the last few years the SEC has taken an assertive position in considering many digital assets to...more

Scrolling to the End SoluTech Sanctioned After Conducting Illegal Sale of Securities

Late last month, SoluTech, Inc. and Nathan Pitruzello consented to a cease-and-desist order with the U.S. Securities and Exchange Commission (“SEC”).  From April 2018 through March 2019, SoluTech, a technology start-up...more

Time to Do the Foxtrot (Three Step) SEC Establishes Improved Process for Settlement of Digital Asset Securities

The U.S. Securities and Exchange Commission (“SEC”) Division of Trading and Markets recently issued a no action letter to FINRA that may help to streamline the settlement of digital asset securities transactions by...more

Securing the Weakest Link U.S. Government’s Cryptocurrency Tracing Capacity on Full Display in Civil Forfeiture Action

The U.S. Department of Justice (“DOJ”) filed a civil forfeiture complaint detailing two hacks of virtual currency exchanges by North Korean actors.  These actors stole millions of dollars’ worth of cryptocurrency or other...more

ASIC Bans Former BitConnect Front-man

John Louis Anthony Bigatton will not be providing financial services in Australia and likely not anywhere else, anytime soon. On Thursday, September 3, 2020, the Australian Securities and Investments Commission (“ASIC”)...more

Charles Ponzi Fans Abound - SEC Charges Maryland Cyrptocurrency Ponzi Scheme

The U.S. Securities and Exchange Commission (SEC) recently charged two Maryland companies and their executives in a scheme that allegedly defrauded approximately 1,200 investors of more than $27 million.  ...more

No S-Corp for You? – New Proposed Carried Interest Regulations that May Affect Crypto Fund Managers

Historically, the ability for investment fund managers to take profits in the form of carried interest has allowed those managers to pay the lower long-term capital gains tax rate (compared to income) so long as the...more

The Accountant II - PCAOB Shoots Straight on Crypto Audits

The Public Company Accounting Oversight Board (PCAOB) recently published guidance for auditors on the accounting treatment of cryptoassets, including Bitcoin. The PCAOB guidance highlights considerations for addressing...more

Show Me the Money … all the Money - ICO Issuer Required to Return $25 Million to Investors

The SEC recently required BitClave to return over $25 million to investors which the company raised by selling its Consumer Activity Tokens (CAT) to over 9,000 investors in an initial coin offering (ICO). BitClave was also...more

BitBlog Bi-Weekly Update - May 2020

With the world slowly coming out of the COVID-19 lock down and the economy hopefully on the path to recovery there have been many developments in the blockchain / crypto space over the last few weeks....more

CFTC Gives Fraudulent Trading Platform The Fingerhut

The CFTC recently filed a multi-million dollar fraud action charging three individuals and three companies with fraudulently soliciting tens of millions of customers and prospective customers to open and fund off-exchange...more

Blockvest Receives “Terminating Sanctions” For Misconduct In SEC Lawsuit Over Illegal ICO

The SEC successfully landed another blow in its ongoing battle with Blockvest, LLC for alleged securities fraud and the sale of unregistered securities. ...more

BitBlog Bi-Weekly Update - April 2020

While the world at large shelters in place due to COVID-19 legal and regulatory activity of digital asset and the blockchain world is hopping. ...more

It’s the Fall That’s Gonna Kill You

Like Butch Cassidy and the Sundance Kid gloriously diving off a cliff, Telegram is about to take the fall and is trying to take the SEC with it.  However, Telegram and supporters are making a number of important arguments in...more

Hanging on the Telephone: Judge Enters Order Blocking Telegram ICO

Judge P. Kevin Castel of the Southern District of New York struck his gavel and hung up on Telegram’s contentious $1.7 billion initial coin offering (“ICO”).  Judge Castel ruled Telegram's planned distribution of Grams...more

New Crypto Lawsuits…just desserts for ICOs or legal obstacles to claims?

While most of the world was locked down, the preverbal shoe (litigation) finally dropped on Crypto companies that raised money through the sale of digital assets which are alleged to be illegal, unregistered securities...more

BitBlog Bi-Weekly Update - February 2020

Many crypto entrepreneurs are seeking to build decentralized networks in which a token serves as a means of exchange on, or provides access to a function of the network.  In the course of building out the network, they need...more

BitBlog Weekly Update

This BitBlog summary focuses on the continuing actions by the U.S. Securities and Exchange Commission (“SEC”) against the issuers of noncompliant initial coin offerings (“ICOs”) and other crypto related transactions including...more

Stick a Fork in It? IRS Issues Updated Guidance on the Tax Treatment of Cryptocurrency Forks and Provides Answers to a List of...

Five years or so years ago, the Internal Revenue Service (“IRS”) provided its first, and until this week, only formal advice on the taxation of cryptocurrency transactions in Notice 2014-21. This guidance, while helpful in...more

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