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Blockchain in Energy – Where Do We Stand? Where Do We Go From Here?

For all the publicity generated by the recent increase in value of Bitcoin, as well as the generally increasing awareness of the existence of blockchain technology, the recent Blockchain in Energy Forum 2018 held in New York...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

There’s falling from grace, and then there’s Elizabeth Holmes. Once compared glowingly to Steve Jobs, Holmes’ well-documented Theranos ills (including exaggerated and faked blood-test results) have landed her with SEC...more

FinCEN Is Watching ICOs for BSA Violations

by Perkins Coie on

In a recently published letter to the Senate Finance Committee, FinCEN confirmed that when an ICO token is a “convertible virtual currency,” administrators or exchangers of the token would be “money transmitters” under...more

DFS Issues Compliance Certificate “Reminder”

Last week, the New York Department of Financial Services (DFS) sent notices to companies that had not yet certified their compliance with the DFS Cybersecurity Regulation....more

SEC Issues Guidance to Cryptocurrency Exchanges

by White and Williams LLP on

On March 7, 2018, the US Securities and Exchange Commission (SEC) issued additional guidance with respect to digital assets trading platforms, affirming that platforms that offer trading of cryptocurrencies that are...more

Who Is Watching The Watchmen?: CFTC Penalizes Registrant For Outsourced IT Security Lapses

by Bracewell LLP on

On February 12, 2018, the Commodity Futures Trading Commission (CFTC) settled charges against AMP Global Clearing LLC (AMP), a futures commission merchant (FCM), for the company’s failure to adequately supervise one of its IT...more

SEC Cracks Down on "Initial Coin Offerings"

Last week, the Securities and Exchange Commission (SEC) released a public statement clarifying that cryptocurrencies may indeed be subject to federal securities laws, and warns investors and market participants alike of the...more

New SEC Probe of ICO Issuers and SAFT Structure

The Wall Street Journal recently reported that the SEC has issued dozens of subpoenas and information requests in connection with sales and pre-sales of initial coin offerings. As we have previously noted, the SEC Enforcement...more

Blockchain: Coming to a CMBS Near You

by Polsinelli on

Although at first glance the underlying technology behind Bitcoin and mortgaged backed securities have little in common, blockchain technology has the potential to revolutionize securitizations because it permits value and...more

Federal Judge Upholds CFTC’s Determination that Virtual Currencies Are Commodities

by Morrison & Foerster LLP on

In September 2015, the Commodity Futures Trading Commission (CFTC) stated in a settlement order that “Bitcoin and other virtual currencies are encompassed in the definition and properly defined as commodities” under the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Journal dropped something of a bomb on Friday with news that Goldman Sachs’ CEO Lloyd Blankfein is heading out the door as soon as the end of the year. If true, Goldman will likely look for his replacement within its...more

Cryptocurrencies and the fight against money laundering

As the global use of cryptocurrencies continues to gather momentum, what are the potential risks and implications for compliance professionals and how can they stay a step ahead of money launderers?...more

Hong Kong Exchange Publishes Draft Rules for Biotech Listings, Requests Comments

by Jones Day on

The Hong Kong Stock Exchange recently published a Consultation Paper on a Listing Regime for Companies from Emerging and Innovative Sectors, and proposed to introduce a new chapter implementing the listing of...more

ICYMI in Cybersecurity and Data Breach

by Davis Wright Tremaine LLP on

Why Is Health Care Cybersecurity So Bad? Blame the Insiders, New Verizon Report Says - As reported originally in Fortune, “a new cybersecurity report from Verizon outlines the stunning degree to which internal actors are...more

Alleging Fraud, SEC Shuts Down AriseBank’s Celebrity-Endorsed ICO of Purported “Decentralized Bank”

In its latest effort to combat scams in the initial coin offering (ICO) space, the SEC announced today that it has obtained a court order cutting off AriseBank’s ICO of “AriseCoin” tokens, appointing a receiver over AriseBank...more

FinCEN Letter to U.S. Senate Committee on Finance Purports to Thread Needle of Potentially Competing Jurisdictions by Regulators...

by Ballard Spahr LLP on

As we previously have blogged, the Financial Crimes Enforcement Network (“FinCEN”) became one of the first regulators to wade into the regulation of cryptocurrency when it released interpretive guidance in March 2013 stating...more

How New SEC Guidance on Cybersecurity Risks Could Affect Your Business

by Barley Snyder on

While new cybersecurity guidance from the U.S. Securities and Exchange Commission (SEC) only directly affects publicly traded companies, the trickle-down effects could touch a much larger swatch of businesses of any size....more

Federal court rules virtual currency is commodity regulated by CFTC

by Ballard Spahr LLP on

A decision this week from a New York federal district court ruling that the U.S. Commodity Futures Trading Commission (CFTC) had jurisdiction to regulate a cryptocurrency business represents the first opinion from a federal...more

Virtual Currency Is a Commodity Regulated by the CFTC, Eastern District of New York Rules

by Ballard Spahr LLP on

A federal court this week found that the U.S. Commodity Futures Trading Commission (CFTC) had jurisdiction to regulate a cryptocurrency business, raising the possibility of jurisdictional tension among the CFTC and other...more

New York Department of Financial Services Guidance Complicates a Crowded Virtual Currency Regulatory Landscape

by McDermott Will & Emery on

On February 7, 2018, the New York Department of Financial Services issued “Guidance on Prevention of Market Manipulation and Other Wrongful Activity” imposing stringent reporting requirements of which virtual currency...more

Supply Chain Adoption of Blockchain Continues to Gain Steam and Generates Many Legal Issues

While there has been a great deal of attention being paid lately to the use of blockchain for the issuance and investment (or speculation) in cryptocurrencies, other enterprise-based applications of blockchain continue to be...more

Busy day for CFTC and SEC Cryptocurrency Regulators: Enforcement Actions, a Public Letter, and Joint Statement

The CFTC and SEC made numerous headlines Friday in their ongoing efforts to provide regulatory oversight of cryptocurrency markets. The CFTC announced the filing of two civil enforcement actions against allegedly fraudulent...more

Cryptocurrency Class Action Lawsuits: A New Frontier

by Polsinelli on

Cryptocurrencies, like Bitcoin and Ethereum, had a breakout year in 2017. The price of Bitcoin rose from approximately $1,000 per Bitcoin on January 1, 2017, to $13,000 per Bitcoin on December 31, 2017, with a high of...more

Colorado Senate Bill Proposes Utilizing Blockchain Technology to Improve State Government’s Operations and Cybersecurity

The Colorado Senate is considering a bill to utilize blockchain or other distributed ledger technology for a variety of purposes, including to improve the state government’s operations and cybersecurity. Senate Bill 18-086...more

New York Department of Financial Services Updates Cybersecurity Guidance: Coverage of Cybersecurity Requirements Addressed in 4...

On March 1, 2018, the New York Department of Financial Services (NYDFS) “cybersecurity regulations” (23 NYCRR Part 500) took effect, placing a number of cybersecurity requirements on banks, insurance companies, and other...more

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