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Digital Assets Securities and Exchange Commission (SEC) Broker-Dealer

BakerHostetler

Weekly Blockchain Blog - September 2024 #2

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According to recent reports, two U.S. multinational financial technology companies have integrated Ethereum Name Service (ENS), a decentralized naming system built on the Ethereum blockchain, into their payment platforms....more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week... ...more

Polsinelli

Blockchain+ Bi-Weekly: July 2024

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The last week of June saw a flurry of legal developments in quick succession. The SEC sued Consensys, the developers of the largest self-custodial digital wallet (MetaMask). The IRS released its digital asset tax rules. The...more

Sullivan & Worcester

Taking Steps Toward Federal Blockchain and Cryptocurrency Regulation

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On May 22, 2024, with bi-partisan support, the U.S. House of Representatives passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (“FIT21”), becoming the first major cryptocurrency legislation to...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - June 2024 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Seward & Kissel LLP

New IRS Tax Form for Digital Asset Broker Reporting

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The IRS released a draft of a new tax form, Form 1099-DA, that brokers will use to report proceeds from certain digital asset transactions. The draft Form 1099-DA can be found on the IRS website and below. The effective date...more

Latham & Watkins LLP

Ruling for SEC Clears Path for Continued Litigation in SEC v. Coinbase

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The decision, which addresses a broad range of market activity by Coinbase relating to 13 third-party tokens, could have significant implications for market participants. On March 27, 2024, Judge Katherine Failla of the US...more

BCLP

SEC Adopts Expanded Exchange Act Dealer Rules: What Do the New SEC Rules Mean for DeFi?

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In March of 2022, the SEC proposed rules to include “any market participant that engages in activities as describe in the rules [as] a ‘dealer’ or ‘government securities dealer[.]’”...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 24

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

Katten Muchin Rosenman LLP

The Lesson of Prometheus – A Special Purpose Broker Dealer May Cause Havoc in TradFi by Unilaterally Declaring ETH To Be A...

As referenced in the opening scene of the 2023 Oscar-winning film Oppenheimer, Prometheus, the Greek god of forethought, is best known for stealing fire from the gods to give to humanity. As punishment, Zeus had Prometheus...more

Guidepost Solutions LLC

Emerging Expectations from the Latest Enforcement Actions Over Off-Channel Communications

Since December 2021, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have levied almost $3.0 billion in penalties for longstanding failures by 39 broker-dealers, swap dealers,...more

K&L Gates LLP

SEC Expands "Dealer" Definition to Capture Liquidity Providers

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Introduction - On 6 February 2024, the US Securities and Exchange Commission (SEC) voted 3-2 to adopt two new rules that significantly expand the definitions of a “dealer” and “government securities dealer” in Sections...more

DarrowEverett LLP

Investment Advisors Face Added Regulation That Could Potentially Impact Litigation

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On February 13, 2024, FinCEN issued a Notice of Proposed Rulemaking (NPRM) to deter criminals and foreign adversaries who seek to potentially compromise the U.S. financial system and assets through investment advisors. If...more

Polsinelli

Blockchain+ Bi-Weekly - February 2024 #2

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The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

Troutman Pepper

FINRA Finds Potential Rule Violations in Crypto Asset Sweep

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In November 2022, the Financial Industry Regulatory Authority (FINRA) launched a targeted crypto asset sweep, reviewing more than 500 retail communications related to crypto assets from member firms....more

Cornerstone Research

SEC Cryptocurrency Enforcement under the Gensler Administration

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In addition to tokens and crypto issuers, the SEC enforcement continued its focus on crypto lending and trading platforms. In January 2023, the SEC brought two enforcement actions against three firms for unregistered offer...more

Bracewell LLP

FINRA Facts and Trends: January 2024

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Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. We dedicate...more

Cornerstone Research

SEC Enforcement of Cryptocurrency Reaches a New High

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More than 50% increase in SEC cryptocurrency-related enforcement actions in 2023 over 2022. The Securities and Exchange Commission (SEC) continues to view cryptocurrency-related enforcement as a top priority, bringing 46...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - January 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper

SEC’s 2024 Examination Priorities: Cryptocurrency, Emerging Tech, and AML

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As reported in more detail on our Regulatory Oversight blog, the Securities and Exchange Commission’s Division of Examinations recently released its 2024 Examination Priorities report. The report underscores the SEC’s intent...more

Perkins Coie

With Specific Focus on Crypto, SEC Revisits Proposed “Exchange” Definition Changes

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The U.S. Securities and Exchange Commission (the SEC or the Commission) voted on Friday, April 14, 2023, to reopen the comment period for previously proposed amendments to Rule 3b-16 under the Exchange Act of 1934 (the...more

Skadden, Arps, Slate, Meagher & Flom LLP

NYAG Files Action Against Crypto Trading Platform, Takes Position That ETH Is a Security

On March 9, 2023, the New York State Attorney General’s Office (NYAG) filed a lawsuit charging crypto trading platform KuCoin for “failing to register as a securities and commodities broker-dealer and falsely representing...more

Perkins Coie

DOJ Brings First Criminal Charges Stemming From Use of Rule 10b5-1 Trading Plan

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On March 1, 2023, the U.S. Department of Justice (DOJ) unsealed an indictment against the CEO of a publicly traded healthcare company (the Executive) relating to charges of an insider trading scheme. The indictment represents...more

Pillsbury Winthrop Shaw Pittman LLP

SEC Enforcement: 2022 Year in Review

On the heels of record-breaking enforcement in 2022, expect continued aggressive pursuit of Chair Gensler’s priorities in 2023. The SEC will continue to bring its considerable resources to bear to address ESG-related...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 10

Katten Named Leader in Blockchain and Cryptocurrency in Chambers FinTech 2023 Guide - Katten announced that the firm had attained a superior ranking in the Chambers FinTech 2023 guide. Katten was recognized as a leader in...more

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