News & Analysis as of

Cryptocurrency

Swiss FINMA Publishes ICO Guidelines

In guidelines published on February 16, the Swiss Financial Market Supervisory Authority (“FINMA“) sets out how it intends to apply financial market legislation in handling enquiries from initial coin offering (ICO)...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A quiet Monday appears to be leading to a busy Tuesday morning, with Qualcomm upping its bid for NXP (in a move that could help it fend off Broadcom) and Albertson’s looking to join forces with what’s left of Rite Aid Corp...more

Coming Soon: Digital Asset Regulation

by Ifrah PLLC on

In January, Bitcoin dropped to approximately 50% of its 2017 peak price. Other digital currencies saw similar declines. Most market observers blamed these massive price fluctuations on related events: (i) widespread reports...more

BitConnect Promoters Targeted in Class Action Suits, Twice in One Week

BitConnect International, PLC had a somewhat unique business model, even for an industry known for its unconventional nature. On its face, BitConnect functioned as an exchange. However, the real purpose of the platform, and...more

SEC Staff Announces 2018 OCIE Examination Priorities

by Proskauer Rose LLP on

Last week the staff of the Office of Compliance Inspections and Examinations (OCIE) of the SEC announced its 2018 examination priorities. The 2018 examination priorities include five thematic areas: (i) compliance and risks...more

SEC Announces 2018 National Examination Priorities

by Pepper Hamilton LLP on

The Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) recently announced its 2018 national examination priorities, which are broken down into five categories...more

Bitcoin Futures Trading Kicks Off; CFTC to Monitor Risk

CBOE Global Markets Inc. (CBOE) began trading CFTC-approved bitcoin futures on December 10th, and CME Group Inc. (CME) will begin trading them on December 18th. Bitcoin futures have generated significant attention as the...more

Cryptocurrency and Money Laundering

by Sanford Millar on

In a recent enforcement action FinCEN, the Financial Crimes Enforcement Network levied an $8 million fine on a California card club for violation of the Anti-Money Laundering provisions of the Bank Secrecy Act. (“BSA”). One...more

Blockchain Energizer – Volume 22

by K&L Gates LLP on

There is a lot of buzz around blockchain technology and its potential to revolutionize a wide range of industries from finance and health care to real estate and supply chain management. Reports estimate that over $4.5...more

Australian Securities Exchange Announces Decision to Implement Blockchain-Based Clearing and Settlement System

Blockchain advocates have been awaiting the final decision by ASX Ltd, the Australian Securities Exchange, as to whether ASX will replace its existing and aged CHESS registry, settlement and clearing system with a...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Each SEC Commissioner joined a statement saying “Thank you Jacob” and fair well to perhaps the longest tenured staff member at the agency, Jacob Stillman. Jake joined the staff in 1962 and served in various capacities for 55...more

The 4 Types of Blockchain Networks Explained

by Fisher Phillips on

One of the questions I commonly get asked is what is the difference between public and private blockchains. It is easy to see why people get confused as public and private blockchains have many similarities....more

Cryptocurrency Roundup - Market Rebounds After SEC Chair Expresses Cautious Optimism But ETFs Are Still Off The Table...For Now

by Burr & Forman on

The cryptocurrency market took a nosedive earlier this month after the stock market tanked and the Peoples Bank of China issued a statement that it would block access to all domestic and foreign cryptocurrency exchanges. ...more

Financial Services Weekly News - February 2018 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) released its five-year Strategic Plan and issued a request for information on its enforcement processes; the New York State Department of...more

Bridging the Week - February 2018 #2

Last week, the chairmen of the Commodity Futures Trading Commission and the Securities and Exchange Commission provided their insight into the risks of cryptocurrency activities before a Senate committee. During his...more

SEC v. PlexCorps — Cyber Unit Enforcement Action Underscores Potential Challenges to Cross-Border Cryptocurrency Enforcement

by Ropes & Gray LLP on

Following the hype of Bitcoin, regulatory and other concerns surrounding various forms of cryptocurrency and initial coin offerings (“ICOs”) have taken center stage. As of late last year, the U.S. Securities and Exchange...more

Bartering with Bitcoin: Canadian Tax Implications of Using Cryptocurrency in Business Transactions

by Bennett Jones LLP on

Are you considering accepting cryptocurrencies (e.g., Bitcoin, Litecoin) from your customers as payment in lieu of traditional government-issued currency? If so, you are not alone. Numerous businesses in a wide range of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Nordstrom’s doing what it can to fight the seemingly inevitable decline of many retailers in the face of online competition. The family-run company has been revamping stores, amassing e-commerce companies, and launching new...more

IRS-Criminal Investigation Ramps Up Scrutiny Of Cryptocurrency Transactions

by Fox Rothschild LLP on

The Internal Revenue Service has assembled a specialized team of criminal investigators to build criminal tax evasion cases involving users of Bitcoin and other cryptocurrencies, according to a Bloomberg article entitled “IRS...more

New York Department of Financial Services Issues Crypto Guidance; Outlines Enhanced Reporting Requirements

by Goodwin on

On February 7, 2018, the New York State Department of Financial Services (NY DFS) issued guidance to all virtual currency businesses that maintain a “BitLicense” or that are chartered as a limited purpose trust company under...more

SEC Exams to Focus on ICOs and Cryptocurrency

by Goodwin on

On February 7, 2018, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its 2018 Examination Priorities. In what comes as no surprise, the exam priorities include initial coin offerings (ICOs) and...more

Legal Ramifications of Paying Employees with Cryptocurrency

As cryptocurrencies surge in value and enter mainstream consciousness, an increasing number of employers may consider compensating their employees with bitcoin, ether, or other cryptocurrencies. While a cryptocurrency...more

EU regulators warn consumers of virtual currencies bubble

by Hogan Lovells on

Three European regulators have warned investors about the risks associated with dealing with virtual currencies, saying they are unsuitable “for most purposes, including investment and retirement planning”....more

Nationwide, State Legislators Push Blockchain-friendly Legislation

As previously reported, state legislatures throughout the country continue to propose legislation designed to facilitate the use of blockchain-based technology by businesses within their states....more

The SEC’s Office of Compliance Inspections and Examinations and FINRA Announce 2018 Examination and Regulatory Priorities

by K&L Gates LLP on

On January 8 and February 7, 2018, respectively, the Financial Industry Regulatory Authority (“FINRA”) and the Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (“SEC”)...more

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Cybersecurity

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