News & Analysis as of

Digital Currency Securities and Exchange Commission (SEC) Token Sales

Wiley Rein LLP

A Conversation with SEC Commissioner Hester Peirce

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In this episode of the CryptoCounsel, hosts Josh and Frank sit down with SEC Commissioner Hester Peirce to unpack the complexities of cryptocurrency regulation. Together they discuss the recent challenges of SEC regulatory...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

Mayer Brown Free Writings + Perspectives

Commissioner Comments on Tokenization

Commissioner Uyeda spoke at the Securities and Exchange Commission’s 30th Annual Institute for Securities Market Growth and Development. Commissioner Uyeda focused on the need to root out bad actors and promote transparent...more

Troutman Pepper Locke

SEC Requests Leave to Appeal in Ripple Labs

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On August 9, the Securities and Exchange Commission (SEC) sent a letter to U.S. District Judge Analisa Torres requesting leave to file an interlocutory appeal in SEC v. Ripple Labs, Inc. as to the two adverse liability...more

Polsinelli

Blockchain+ Bi-Weekly - June 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

DarrowEverett LLP

Should Influencers Be Held Liable for the Promotion of Digital Assets?

DarrowEverett LLP on

The world’s ever-changing technological landscape has led to the formation of new mediums of creativity — mediums that the sports and entertainment industry cannot ignore. Digital currencies, virtual universes, and enhanced...more

Nelson Mullins Riley & Scarborough LLP

When James Met Gary, Howey, and Hinman: New York AG Takes Aim at KuCoin (but hits Ethereum) in Latest Crypto Crackdown

In his famous 2018 speech, William Hinman, Digital Asset Transactions: When Howey Met Gary (Plastic), the Director of the U.S. Securities and Exchange Commission (“SEC”), asked...more

Foley Hoag LLP - White Collar Law &...

Federal Cryptocurrency Enforcement in 2023

This is the eighth part in our 2023 series examining important trends in white collar law and investigations. Up next: anti-corruption. The tumultuous crypto events of 2022, combined with the heightened agency and executive...more

Nelson Mullins Riley & Scarborough LLP

Increasing Due Diligence Before Token Listings to Uncover Fraud

As the U.S. Securities and Exchange Commission (“SEC”) continues to step up its enforcement concerning cryptocurrencies, U.S.-based exchanges should take note when conducting due diligence concerning tokens to list for...more

Cranfill Sumner LLP

SEC Doubles-Down on Cryptocurrency Regulation With Increased Staffing and Resources for Specialized Enforcement Unit

Cranfill Sumner LLP on

Few investors made it through 2021 and 2022 without learning of, discussing, or perhaps purchasing, cryptocurrency or other blockchain assets, and the federal agency responsible for regulating the securities industry has...more

Proskauer - Blockchain and the Law

SEC to Hire More Staff in Crypto Assets and Cyber Unit and Ratchet Up Scrutiny of Industry

The Securities and Exchange Commission (SEC) announced yesterday that it would hire 20 additional positions to the Crypto Assets and Cyber Unit (formerly known as the Cyber Unit) within the Division of Enforcement, increasing...more

Brownstein Hyatt Farber Schreck

SEC Chair Gensler Signals Greater Regulation of Cryptocurrency Under Existing Authorities

On Sept. 14, Gary Gensler, chair of the Securities and Exchange Commission, testified before the Senate Banking Committee that the agency has authority using the existing, “broad” definition of a “security” to regulate the...more

WilmerHale

Split SEC Settles Touting Charges with ICO "Listing" Website

WilmerHale on

On July 14, 2021, the US Securities and Exchange Commission (SEC or Commission) announced settled charges against Blotics, Ltd., f/d/b/a Coinschedule Ltd. (Coinschedule), the UK-based operator of Coinschedule.com, a...more

Perkins Coie

Virtual Currency Legal Report - July 2021 #2

Perkins Coie on

U.S. Developments - Legislation - Congress Members Reintroduce Bill to Define Digital Assets - U.S. Representative Tom Emmer (MN-06) re-introduced legislation aimed at defining how regulators should classify and...more

Proskauer - Corporate Defense and Disputes

SEC’s Coinschedule Settlement Offers Mere “Clue-By-Enforcement” Into Whether Cryptocurrencies are Securities

On July 14, 2021 the SEC issued a consented-to Cease and Desist Order against U.K.-based cryptocurrency review website owner Blotics Ltd. (formerly doing business as Coinschedule Ltd.) for violating Section 17(a) of the...more

BakerHostetler

Reports Address CBDCs, Security Tokens; NFT Sales Continue; Blockchain Initiatives Announced; Regulators Address Crypto; SEC...

BakerHostetler on

Reports Address CBDCs and Security Tokens, Banks Launch Crypto Initiatives - A recent report released by the Bank for International Settlements (BIS) analyzes results from a survey of 50 central banks in the first quarter of...more

Farrell Fritz, P.C.

First Ever SEC Registered Digital Token IPO May Bring Clarity to Blockchain Asset Industry

Farrell Fritz, P.C. on

On May 3, 2021, blockchain-based trading platform operator INX Ltd. announced it had completed its initial public offering of digital tokens, raising approximately $85 million in the IPO from over 7,200 institutional and...more

Polsinelli

The 2019 SEC Token Framework Does Not Extend the Statute of Limitation for Token Class Action Lawsuit under Recent SDNY Ruling

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In 2020, plaintiffs filed a series of class action lawsuits alleging that a number of digital tokens were actually “securities” and, thus, were illegally issued or traded on exchanges. Accusing a number of issuers and...more

Polsinelli

Scrolling to the End SoluTech Sanctioned After Conducting Illegal Sale of Securities

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Late last month, SoluTech, Inc. and Nathan Pitruzello consented to a cease-and-desist order with the U.S. Securities and Exchange Commission (“SEC”).  From April 2018 through March 2019, SoluTech, a technology start-up...more

Orrick - On the Chain

The SEC Gets its Kiks out of a Successful Application of the Howey Test

Orrick - On the Chain on

In a closely-watched cryptocurrency case, on September 30, the Southern District of New York ruled in favor of the SEC in SEC v. Kik Interactive, Inc., holding that the Kin tokens Kik had offered and sold through a pre-sale...more

Cozen O'Connor

Has the SAFT Been KIKed to the Curb?

Cozen O'Connor on

On September 30, 2020, SDNY Judge Alvin Hellerstein issued a decision of major significance for the digital token industry in Securities and Exchange Commission v. Kik Interactive, Inc. This is only the second federal court...more

Polsinelli

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

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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

Another One Bites The Dust - SEC Charges Issuer and CEO in Fraudulent ICO

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The U.S. Securities and Exchange Commission (SEC) recently announced charges against Boon.Tech and its chief executive officer for fraud and registration violations in connection with a $5 million initial coin offering (ICO)...more

Polsinelli

Ring of Fire - SEC Hangs Up on Telegram

Polsinelli on

After an extended fight with the U.S. Securities and Exchange Commission ("SEC"), Telegram has agreed to resolve charges the company's unregistered offering of digital tokens called "Grams" violated the United States federal...more

Polsinelli

SEC Charges Dropil with Defrauding Investors in Unregistered ICO

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The SEC recently filed suit against Dropil, Inc. (“Dropil”), Jeremy McAlpine, Zachary Matar, and Patrick O’Hara, alleging the defendants had defrauded investors in an unregistered offerings of securities described by the...more

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