News & Analysis as of

Digital Assets Token Sales

BakerHostetler

Weekly Blockchain Blog - August 2024 #3

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Crypto Firms Announce New Products in Payments, Investments, Custody - A major U.S. digital asset management company recently announced the creation and public launch of its MakerDAO Trust, which “offers investors the...more

Polsinelli

Blockchain+ Bi-Weekly: August 2024

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As the end of summer approaches, litigation in the digital asset industry has remained hot. In the SEC’s cases against various exchanges, ongoing discovery fights are starting to play out in court filings, and one can expect...more

Fenwick & West LLP

SEC v. Ripple Decision Makes Waves in Digital Assets Enforcement

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On August 7, 2024, nearly four years after the SEC filed its complaint alleging Ripple sold XRP in unregistered securities transactions in violation of Section 5 of the Securities Act, the district court issued its final...more

A&O Shearman

New York Federal Judge Orders $125 Million Penalty Against Digital Asset Infrastructure Company

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On August 7, 2024, a digital asset infrastructure company (the “Company”) was ordered to pay a $125 million civil penalty for its failure to register institutional sales of its XRP token with the Securities and Exchange...more

BakerHostetler

Weekly Blockchain Blog with Client Alert - August 2024 #2

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Crypto Offerings Launch by Major Investment Bank, Asset Manager and Insurer - According to a recent report, a major multinational investment bank and financial services firm is now allowing its investment advisors to pitch...more

Polsinelli

Blockchain+ Bi-Weekly: June 2024

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Our last update included a whirlwind of activities, with the surprisingly bipartisan House of Representatives vote on FIT 21 and the SEC’s approval of certain Ether spot ETF rule change proposals coming in quick succession....more

Wiley Rein LLP

Podcast: Is Cryptocurrency a Security (like an orange grove)?

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In the first episode of the CryptoCounsel at Wiley, hosts Josh Simmons and Frank Scaduto discuss the evolving landscape of cryptocurrency regulation, focusing on recent disputes and the challenges posed by the SEC's...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

Latham & Watkins LLP

Hong Kong Monetary Authority Issues Guidance for Banks on Crypto Custody and Sale of Tokenised Products

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Regulator sets out its expectations for banks looking to provide digital asset custody services, and sell and distribute tokenised products. On 20 February 2024, the Hong Kong Monetary Authority (HKMA) published two...more

BakerHostetler

Banks Announce Stablecoin and Custody Initiatives; IRS CI Report Addresses Crypto; DOJ Targets Unlicensed Exchange; New Data...

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Major Banks and Technology Firms Launch Stablecoin and Custody Products - According to recent reports, a major European bank has launched its own stablecoin, “becoming the first big bank to offer digital tokens tracking...more

White & Case LLP

Consumer & Retail goes Phygital – are digital and physical assets converging?

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The Consumer & Retail Industry has been an early champion of the benefits of Web 3 concepts like NFTs (non-fungible tokens) and the metaverse, helping retailers to drive sales and growth and supercharge brand awareness. NFTs...more

Polsinelli

Blockchain+ Bi-Weekly - October 2023

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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

Goodwin

The CFTC’s DeFi Trifecta: Lessons and Implications for DeFi Participants Inside and Outside the US

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On September 7, 2023, the Commodity Futures Trading Commission (CFTC) announced the settlement of three separate enforcement actions in the decentralized finance (DeFi) space: namely, concerning the Opyn protocol and its...more

A&O Shearman

SEC charges Impact Theory for unregistered offering of NFTs

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On August 28, 2023, the Securities and Exchange Commission (the “SEC”) charged Impact Theory, LLC (“Impact Theory”), a media and entertainment company headquartered in Los Angeles, with conducting an unregistered securities...more

Polsinelli

Blockchain+ Bi-Weekly - August 2023 #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

Dechert LLP

The Southern District of New York Splits on Whether a Digital Token is a “Security”

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In the latest decision evaluating the application of federal securities laws to the digital asset context, Judge Jed S. Rakoff of the United States District Court for the Southern District of New York (“SDNY”) ruled in favor...more

The Volkov Law Group

Episode 286 -- Matt Stankiewicz on the Ripple Decision and Celsius CEO Indictment

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Matt Stankiewicz, Partner at The Volkov Law Group, rejoins the podcast to review the recent Ripple decision by District Judge Torres at the Southern District of New York and the recent indictment of Celsius Networks' CEO. On...more

Cornerstone Research

Analyzing Blockchain Transactions To Understand and Establish Fact Patterns

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Blockchain analysis is a powerful tool that provides insight into what is happening on a blockchain network. Who is trading with whom? Which wallets are most active on decentralized finance exchanges? Which wallets are...more

BakerHostetler

New U.S. Stablecoin Launches; U.S. Central Bank Addresses Crypto Activities; DOJ and SEC Enforcement Continues; Major Wallet...

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U.S. Fintech Firm Launches Stablecoin; Circle Launches ‘Programmable Wallets’ - A major U.S. fintech and payments firm recently announced the launch of a U.S. dollar-denominated stablecoin, PYUSD. According to a press...more

Holland & Knight LLP

A Ripple of Doubt

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Specifically, the SEC wants a change to persuade the U.S. Court of Appeals for the Second Circuit – now, not later – of its view that Torres got it wrong when she determined that the company's offer and sale of its XRP token...more

BakerHostetler

NFT Used for Service of Process; Blockchain CO2 Monitoring Solution Launches; IRS Addresses Staking; SEC Enforcement Continues;...

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Federal District Court Enters Default Judgment Based on NFT Service of Process - A federal district court judge in Florida entered a $2.2 million default judgment against a defendant on whom the judge previously authorized...more

Barnea Jaffa Lande & Co.

Crypto as a Security – Applying the Howey Test

A US court recently handed down a landmark ruling addressing the question of whether the crypto token XRP falls under the definition of “security”. The US court ruled that the same crypto token may be classified differently...more

Akin Gump Strauss Hauer & Feld LLP

Judges in the Southern District of New York Divided on Whether a Token Is a Security: SEC v. Terraform Labs and SEC v. Ripple Labs

Key Point - Just shy of three weeks after Judge Torres held that the digital asset XRP is not itself a security,1 Judge Rakoff held that the SEC had adequately pled that certain digital assets, such as the UST and LUNA...more

Allen Barron, Inc.

IRS and California Tax Issues Associated with Non-Fungible Tokens or NFTs

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What is a Non-Fungible Token or NFT and what are the IRS and California tax issues associated with Non-Fungible Tokens or NFTs which might apply to you?  NFTs are unique tokens based in and recorded within a blockchain that...more

Kohn, Kohn & Colapinto LLP

SDNY Order Clouds the Water on SEC Crypto Jurisdiction

On July 13th, Judge Analisa Torres of the United States District Court for the Southern District of New York entered an order that was quickly celebrated by the crypto world (SEC v. Ripple Labs, Inc., No. 20CIV10832ATSN;...more

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