Quinn Emanuel Digital Assets and Blockchain Newsletter - May 2021

Quinn Emanuel Urquhart & Sullivan, LLP

Just Minted: News Sweep April-May 2021:

• SEC Commissioner Hester Peirce released a revised proposal for a cryptocurrency “safe harbor” that would exempt those who develop cryptocurrencies with the goal of creating decentralized or functional networks from the securities registration requirements. The safe harbor would protect developers during a three-year initial development period. At the end of that period, the SEC will determine whether the cryptocurrency must be registered as a security, based in part by analyzing a submission from the developers’ counsel regarding whether the network has achieved decentralization or functionality. During the three-year period, the developers would need to comply with some specified public disclosure requirements.

• Bitcoin’s price dropped following statements by Chinese authorities calling for a “crack down on mining and trading of the cryptocurrency.” Among others, Chinese Vice Premier Liu He stated that tighter regulation of cryptocurrency, including bitcoin, was necessary to protect China’s financial system. Bitcoin’s price also displayed volatility following statements by thought leaders on the environmental impact of the currency.

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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