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FINRA 2023 Exam Priorities

Every year the Financial Institution Regulatory Authority (FINRA) issues its “Report on FINRA’s Examination and Risk Monitoring Program.” The Report covers issues noted during the prior year’s exams and topics that examiners...more

Meta Shutters Diem

Requiescat Diem. Launched with great fanfare three years ago as Libra, the Facebook/Meta-led blockchain stablecoin effort now called Diem announced January 31 that it will shut down and sell its assets to Silvergate Capital...more

Gamification of Securities Trading: Big Risk or Just Evolution?

In remarks this week at SEC Speaks, SEC Investor Advocate Rick Fleming mused that the “gamification” of securities trading might pose an undue risk that exploits a potential loophole in Regulation Best Interest (“Reg. BI”)....more

China Bans Crypto Currencies and Related Services

The People’s Bank of China (“PBOC”) announced this morning that it is banning crypto currencies and related services, including “trading, order matching, token issuance and derivatives for virtual currencies are strictly...more

Tuesday’s Rising Regulatory Chorus On Crypto

This past Tuesday, September 21, the chorus calling for more regulation over crypto reached a sort of crescendo. The SEC - Earlier, in September 14 testimony before the Senate Banking Committee [1], former CFTC and current...more

All Eyes on Digital Assets

The price of Bitcoin recently topped $57,000.  New York’s Attorney General issued an Investor Alert on Virtual Currency Risks, as did the SEC’s Division of Examinations....more

CFTC Final Guidance on “Actual Delivery” CEA Exemption for Cryptocurrency

The Commodity Futures Trading Commission’s (“CFTC”) Final Interpretive Guidance on the “actual delivery” exception to regulatory jurisdiction for digital assets became effective June 24, 2020.  See 85 Fed. Reg. 37734.  The...more

Social Media Crypto “Influencer” Not Above the Law

Former Louisiana deputy sheriff and Russian resident Steven Seagal agreed to a Cease and Desist (“C&D”) Order by the SEC, finding violations of the non-touting provisions of Securities Act § 17(b) and imposing civil penalties...more

IRS Sends Out 10,000 Crypto-Currency Tax Letters

The IRS this week announced that it is the process of sending out 10,000 letters during the next month, reminding taxpayers with crypto-currency accounts about their tax obligations arising from such transactions....more

SEC Investor Alert on Crypto Trading Websites

The SEC recently issued an investor alert warning about crypto advisory and trading websites. The alert cautions investors to be especially wary of web-based crypto-currency sites with any...more

SEC Seeks Input On Custody Issues Arising From Digital Assets

This week, the SEC’s Division of Investment Management issued a letter seeking industry and public input on custody issues arising from digital assets....more

SEC’s First Action Against Unregistered Crypto “Exchange”

On November 8, the SEC filed its first settled enforcement action against cryptocurrency trading platform for operating as an unregistered exchange trading securities, in violation of the Securities Exchange Act of 1934....more

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 7: The CFTC’s Proposed Cryptocurrency Interpretation.

After Bitfinex, the CFTC issued its Proposed Interpretation on “Retail Commodity Transactions Involving Virtual Currency.” Proposed Interpretation, 82 Fed. Reg. 60335 (CFTC Dec. 20, 2017). Although the comment period closed...more

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 6: The CFTC’s Bitfinex Order.

In a series of 2015 decisions, the CFTC determined that virtual currency is a commodity subject to its jurisdiction. In a 2016 settled enforcement action, the CFTC took the position that an unregistered platform...more

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 5: Commodities Forwards: Dodd-Frank & Hunter Wise.

The 2011 Dodd-Frank Act amended the CFTC’s jurisdiction to authorize regulation of “retail commodity transactions offered ‘on a leveraged or margined basis, or financed by the offeror, the counterparty, or a person acting in...more

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 4: Commodities Forwards Before Dodd-Frank: Zelener & Erskine.

Prior to Dodd-Frank, the CFTC and Courts recognized a distinction between traded futures contracts subject to CFTC jurisdiction and individualized non-exchange-traded contracts for the present sale of a cash commodity for...more

FINRA’s First Crypto Enforcement Action

On September 11, FINRA announced its filing of an enforcement action accusing a Massachusetts broker of fraud and registration violations arising from his sale of an unregistered cryptocurrency, “HempCoin.” It is FINRA’s...more

The SEC’s Pair of Settled Cryptocurrency Enforcement Actions

On September 11, the SEC announced a pair of settled cryptocurrency enforcement actions.  The first was against an unregistered digital-asset hedge fund.  The second shut down an “ICO Superstore” as an unregistered...more

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 2: Regulation of ICOs.

This is Part 2 of a seven-part series of posts looking at some broad legal issues affecting crypto-currencies. State and federal regulators, especially the SEC, have moved aggressively to halt unregistered initial coin...more

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 1: A Fundamental Disconnect – DLT vs Territorial Jurisdiction.

This is Part 1 of a seven-part series of posts looking at some broad legal issues affecting crypto-currencies. DLT vs Territorial Law. Fiat currencies have declared value stemming from governmental regulation. ...more

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