News & Analysis as of

Bitcoin Registration Requirement

Winstead PC

Texas PUC Finalizes Registration Rule for Large Miners of Bitcoin and Other Virtual Currencies

Winstead PC on

The Public Utility Commission of Texas (PUC) has adopted 16 TAC § 25.114 (available here), requiring certain virtual currency mining facilities (VCMFs) to register as “large flexible loads” if they receive more than 75 MW of...more

Vinson & Elkins LLP

Failure to Register: SEC Shows No Signs of Letting Up on Crypto

Vinson & Elkins LLP on

Cryptocurrency had a rocky 2022. Bitcoin, often touted as a hedge against inflation, lost nearly 65 percent of its value. FTX, one of the most popular and well-known platforms for trading crypto, declared bankruptcy. Its...more

Husch Blackwell LLP

SEC Sends Clear Message to Crypto Industry that Registration is Necessary

Husch Blackwell LLP on

The Securities and Exchange Commission (SEC) has again flexed its regulatory might in its latest and clearest message to the cryptocurrency market that SEC registration is necessary for most decentralized financial...more

Polsinelli

SEC Mike Drop on Rapper and Film Producer Charged With Illegal ICOs

Polsinelli on

The U.S. Securities and Exchange Commission (SEC) recently announced charges against rapper and actor Clifford Harris, Jr., known as T.I. or Tip, film producer Ryan Felton, and three others who promoted Felton’s unregistered...more

Polsinelli

Superman29 - Welcome to the Phantom Zone

Polsinelli on

In a lesson to everyone that the use of foolish monikers will come back to haunt you, Kais Mohammad, 36, a.k.a. “Superman29,” has met his Kryptonite - the U.S. Department of Justice. ...more

White & Case LLP

CFTC Jurisdiction Over Cryptocurrency – Implications for Industry Participants

White & Case LLP on

On October 10, 2019, CFTC Chairman Heath Tarbert commented on Ether’s status as a commodity: “We’ve been very clear on bitcoin: bitcoin is a commodity under the Commodity Exchange Act. We haven’t said anything about Ether –...more

Katten Muchin Rosenman LLP

Bridging The Week - August 2019 #3

Two food giants agreed to resolve charges brought by the Commodity Futures Trading Commission that they manipulated or attempted to manipulate prices of the Chicago Board of Trade’s December 2011 wheat futures contract and...more

Bradley Arant Boult Cummings LLP

Cryptocurrencies: Currency, Commodity, Security or Something Else?

Courts and regulators continue to struggle with how to define cryptocurrencies. The latest installment of this ongoing debate came from an unlikely source: a state appellate court’s opinion on a criminal matter. Specifically,...more

White and Williams LLP

The SEC Expands Its Enforcement Efforts to Include Cryptocurrency Exchanges

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In an enforcement action filed on November 8, 2018, the Securities and Exchange Commission (SEC) ordered that 31-year-old Zachary Coburn, founder of the EtherDelta cryptocurrency exchange, cease and desist from operating the...more

Burr & Forman

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

Burr & Forman on

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

Ballard Spahr LLP

Unlicensed Bit Coin Exchange Operator Sentenced to One Year and a Day for Attempted Money Laundering in Undercover Sting Operation...

Ballard Spahr LLP on

Earlier this month, the District Court for the Central District of California imposed a prison sentence of one year and a day, with three years of supervised release, on defendant Theresa Lynn Tetley, who had pleaded guilty...more

Jones Day

Texas Enforcement Sweep Finds Widespread Fraud in Cryptocurrency Offerings

Jones Day on

The surge in cryptocurrency activity has led to an increase in attention from enforcement authorities at both the state and national levels. The Texas State Securities Board launched an investigation into cryptocurrency...more

Jones Day

Japan's FSA Clarifies Regulatory Position on Initial Coin Offerings, Warns of Risks

Jones Day on

The Situation: The Financial Services Agency of Japan ("FSA") has released a statement on initial coin offerings ("ICOs"). It clarifies the regulatory position of ICOs under Japanese law and also highlights potential risks to...more

Hogan Lovells

Blockchain trending in domain name registrations

Hogan Lovells on

Domain name registrations often reflect current trends and it is thus not surprising that a large number of recent second-level domain name registrations under .COM and .NET include terminology relating to blockchain....more

Sullivan & Worcester

A Shot Across the Bow - and a Welcome One

Sullivan & Worcester on

In the wild west of token sales, that some refer to as “initial token offerings,” on July 25, the SEC finally jumped into the fray and said . . . well, actually, not that much. The SEC investigated Slock.it, a decentralized...more

Katten Muchin Rosenman LLP

Between Bridges: SEC Declines to Prosecute Issuer of Digital Tokens That It Deems Securities Not Issued in Accordance with US...

Yesterday, the Securities and Exchange Commission published a Report of Investigation that concluded that digital tokens issued by an entity for the purpose of raising funds for projects – even if using distributed ledger or...more

Ballard Spahr LLP

Failure to Register with FINCEN Sustains Guilty Pleas by Virtual Currency Exchangers

Ballard Spahr LLP on

It is a potential crime to conduct a business that exchanges virtual currency and fail to register with the Financial Crimes Enforcement Network (“FinCEN“), even if the State in which one operates does not impose a similar...more

Goodwin

CFTC Fines Bitfinex For Failing To Register and Operating An Illegal Exchange

Goodwin on

The U.S. Commodity Futures Trading Commission (CFTC), showing continued regulatory interest in digital currency companies, issued an Order and settled charges against Hong Kong-based digital currency exchange Bitfinex. The...more

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