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Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets - SEC and Securities

Securities issues are covered in Title III (Responsible Securities Innovation) of the Responsible Financial Innovation Act (RFIA). The RFIA would add a new Section 41 to the Securities Exchange Act of 1934 (Securities...more

Decentralized Autonomous Organizations: Piercing the Digital Veil

A complaint filed in federal court will test the boundaries of protection from liability for individuals behind decentralized autonomous organizations. On May 2, 2022, a putative class action was filed in the US District...more

SEC Proposes to Expand Interpretation of “Dealer” and “Government Securities Dealer” Definitions

On March 28, 2022, the US Securities and Exchange Commission (SEC) proposed rules (Proposing Release) that would require securities market participants that engage in dealer-like activities - such as a proprietary trading...more

When Are CCOs on the Hook? FINRA Offers Guidance on CCO Liability

Guidance clarifies assessment of liability under Rule 3110, including designation as supervisor, application of reasonableness standard, and factors for and against charging compliance officials. On March 17, 2022, the...more

President Biden Issues Executive Order on Digital Assets

On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets (Order). In the face of rapid advancement in blockchain technology and its applications, the Order asserts that...more

Expanded Definition of “Exchange” and SEC Regulation of Crypto Platforms

The amended definition could provide a new means for the SEC to regulate crypto platforms. We previously published a blog post on the set of proposed amendments (Proposal) issued on January 26, 2022, by the Securities...more

SEC Proposes to Expand the Definition of an “Exchange”

The proposal would require certain systems and platforms currently not subject to any registration requirements to register as broker-dealers and ATSs. On January 26, 2022, the Securities and Exchange Commission (SEC)...more

2021 Digital Asset Regulatory Lookback (US Edition)

Popular and institutional interest in digital assets, decentralized applications, NFTs, and blockchain technology skyrocketed, and regulators sprinted to catch up. For the digital asset markets, 2021 was a banner year....more

SEC Proposes Stricter Requirements for the Rule 10b5-1 Affirmative Defense

The Proposal would have a significant impact on current practices surrounding the use of Rule 10b5-1 plans by public companies and insiders. On December 15, 2021, the Securities and Exchange Commission (SEC) issued a set...more

US Infrastructure Law: Top Impacts on the Digital Asset Industry

The industry will have two years to learn the new requirements and develop systems to ensure compliance. On November 15, 2021, President Biden signed the US$1.2 trillion Infrastructure Investment and Jobs Act into law...more

PWG Issues Clarion Call for US Legislation on Stablecoins

The report addresses the market risks and regulatory challenges presented by stablecoins and urges Congress to act quickly. On November 1, 2021, the President’s Working Group on Financial Markets (PWG) in conjunction...more

BIS Issues Consultation on Stablecoin Regulation

The global central bank cooperative body envisions stablecoins within the context of international standards for payment, clearing, and settlement systems. Among the different types of digital assets, global authorities...more

The Token Safe Harbor Lands on Capitol Hill

The Clarity for Digital Tokens Act of 2021 would give token issuers the guardrails they need to innovate with far less regulatory anxiety. US Securities and Exchange Commission (SEC) Commissioner Hester Peirce has always...more

New US Digital Assets Bill Casts Wide Net

An ambitious proposal could bring digital assets into the mainstream regulatory fold. During an eventful summer for the digital assets industry, it may have been easy to miss US Representative Don Beyer’s introduction of the...more

New SEC Chairman Gives His First Speech on Crypto

Gary Gensler asserts the SEC’s broad powers over digital assets, and puts consumer protection at the forefront. On August 3, 2021, Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), gave a speech on...more

Understanding NFTs and Their Legal Implications [Video]

Latham & Watkins lawyers discuss the emerging technology of non-fungible tokens (NFTs), including how they function and their various legal implications in the US, UK, and APAC. Topics: • Understanding NFTs and their...more

El Salvador Christens Bitcoin as Legal Tender

A sovereign nation’s decision to adopt Bitcoin as legal tender raises interesting questions — and legal ramifications. On June 8, 2021, El Salvador’s Legislative Assembly voted to establish Bitcoin as unrestricted legal...more

The Return of the Token Safe Harbor

SEC Commissioner Peirce has revived and refreshed her proposed three-year safe harbor for qualifying token projects, but some unresolved ambiguities remain. US Securities and Exchange Commission (SEC) Commissioner Hester...more

Decentralized Autonomous Organizations Find a Home in Wyoming

The State of Wyoming is solidifying its position as the friendliest state in the US for digital asset innovation. Although comprehensive digital asset regulation at the federal level remains elusive, US states are angling to...more

ESG and Cryptocurrency: Considerations for Market Participants

For market participants pivoting toward ESG and digital assets, weighing the issues at the crossroads of these two megatrends is critical. The huge rise in popularity of Bitcoin - and the growing interest by mainstream...more

NFTs: But is it Art (or a Security)?

As the market for NFTs heats up, market participants should remain mindful of the regulatory implications of complex schemes. As the current crypto boom has progressed, it seemed Decentralized Finance (DeFi) had cemented...more

2020 Digital Asset Regulatory Lookback (US Edition)

Regulators once again offered piecemeal guidance, while focusing on risks and enforcement. Meanwhile, innovation and institutional adoption took off. Last year, Latham & Watkins sounded a hopeful note that 2020 would provide...more

SEC Issues Guidance for Broker-Dealer Custody of Digital Assets

In a year-end change of course, the SEC identified the minimum steps that broker-dealers must take when acting as custodians of digital asset securities. On December 23, 2020, the US Securities and Exchange Commission (SEC)...more

SEC Staff Issues No-Action Relief to Broker-Dealers From Reg BI and Form CRS Obligations Related to Certain Family Offices

The no-action relief applies to family offices with at least US$50 million in total assets (Institutional Family Offices) and requires broker-dealers seeking to rely on the relief to establish and maintain specific additional...more

A VCOIN for Your Thoughts: Ethereum-Based Token Wins SEC No-Action Relief

The no-action letter is the first to expressly permit token transfer off-platform to non-users and conversion to fiat currency by token holders. As crypto prices surge, we find ourselves in the midst of another crypto wave....more

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