News & Analysis as of

Bitcoin Fiduciary Duty Cryptocurrency

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors aren’t sold on Bitcoin

On whether to recommend Bitcoin and other digital assets for clients, financial advisers are wary about their fiduciary duty to clients, according to a CoinShares survey....more

Stark & Stark

Bitcoin and Investment Advisers

Stark & Stark on

With recent developments in the regulatory, legal, and compliance landscape surrounding Bitcoin and a spot Bitcoin ETF (i.e., an ETF backed by physical Bitcoins. If the value of the digital coins backing the ETF rises, the...more

Morgan Lewis

Software Developers and Fiduciary Duties to Cryptocurrency Owners

Morgan Lewis on

Software developers should take note of a recent English Court of Appeal decision. According to the court, “If the decentralised governance of bitcoin really is a myth, then . . . there is much to be said for the submission...more

Walkers

A new cryptocurrency remedy against software developers?

Walkers on

There has been an increase in claims relating to misappropriated cryptoassets in offshore jurisdictions. The Courts of the Cayman Islands, BVI and Bermuda are guided by the decisions of the Courts of England and Wales. ...more

White & Case LLP

Is decentralised governance of bitcoin really a myth? The fiduciary duties of cryptoasset software developers is a serious issue...

White & Case LLP on

"If the decentralised governance of bitcoin really is a myth, then in my judgment there is much to be said for the submission that bitcoin developers, while acting as developers, owe fiduciary duties to the true owners of...more

Kerr Russell

A Fair Warning: 401(k) Plan Sponsors May be Hard-Pressed to Defend Addition of Cryptocurrency Investment Option

Kerr Russell on

The U.S. Department of Labor (DOL) published guidance earlier this year warning fiduciaries who administer retirement plans to “exercise extreme care” when considering whether to include cryptocurrency as a plan investment...more

Latham & Watkins LLP

UK High Court Rules on Liability of Bitcoin Software Developers

Latham & Watkins LLP on

The Court held that software developers do not owe a duty of care to bitcoin owners who lost their private keys. In Tulip Trading Ltd (TTL) v. Bitcoin Association for BSV and others, TTL claimed that personal computers of...more

Parker Poe Adams & Bernstein LLP

DOL Warns Employers About Including Cryptocurrency in 401(k) Plan Investment Options

Late last month, Fidelity Investments created a minor firestorm when it announced that it would allow retirement plan sponsors to offer bitcoin as an investment option for participants. In reaction to this move, the...more

Goodwin

Cryptocurrencies As Investment Options In 401(k) Plans

Goodwin on

On March 10, 2022, the U.S. Department of Labor (“DOL”) issued a Compliance Assistance Release (the “Release”) addressing its views on the availability of cryptocurrencies on 401(k) investment platforms. This guidance comes...more

Holland & Hart - The Benefits Dial

Every Little Thing … Considerations Before Adding Crypto to a 401(k) Plan

Fidelity Investments recently announced that it will offer its 401(k) plan clients the opportunity to offer bitcoin as a 401(k) plan investment option later this year. While this may sound intriguing to some plan fiduciaries...more

White & Case LLP

Left to their own devices: No duty arises between cryptoasset software developers / controllers and cryptoasset owners

White & Case LLP on

In Tulip Trading Limited v Bitcoin Association for BSV, the High Court summarily dismissed Tulip's claim against certain bitcoin software developers and controllers. In doing so, the Court held that cryptoasset software...more

Proskauer - Blockchain and the Law

From Cryptic to (Some) Clarity: English Law and Policy Rising to the Challenge of Cryptoassets (Part 2)

In the first part of this series of articles, we examined the progress of English law to shape and build an infrastructure to support the development of a secure and certain environment for investment in digital assets. We...more

Harris Beach Murtha PLLC

DOL Raises “Serious Concerns” About 401(k) Plan Investments in Cryptocurrencies

On March 10, 2022, the U.S. Department of Labor (DOL) issued Compliance Assistance Release No. 2022-01 (the “Release”, available here) which cautions ERISA plan fiduciaries to exercise “extreme care” before they consider...more

Vedder Price

Investment Services Regulatory Update - February 2018

Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

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