A recent court case has unveiled a new level of sophistication in attacks targeting high-net-worth cryptocurrency holders. In a meticulously orchestrated scheme, hackers managed to steal more than $40 million in bitcoin from...more
U.S. Digital Asset Companies Continue Product Launches, Market Expansion - U.S. nonfungible token (NFT) marketplace OpenSea recently announced the launch of its new OS2 digital asset trading platform, which expands into...more
The Consumer Financial Protection Bureau (CFPB) issued a proposed interpretive rule that, if finalized as written, would bring certain virtual currency products and services, such as stablecoins and digital wallets, within...more
Today’s ever-shifting business environment means that consumers, businesses, employers, and employees all expect to transact digitally. To remain efficient and competitive, companies must digitally transform their businesses....more
Section 1024 of the Dodd-Frank Act of 2010 authorizes the Consumer Financial Protection Bureau (CFPB) to define markets for consumer financial products and services and supervise the larger participants within those markets...more
New Crypto Products Announced by Financial Services Firms, Exchanges, DEXs - A major U.S. cryptocurrency exchange recently announced that it has integrated a major mobile payments application into its Onramp tool to enable...more
A recent decision by the United States Bankruptcy Court for the Southern District of New York may have significant implications for digital asset holders and users. The decision, issued on October 24, 2024, granted a motion...more
Carey Olsen has contributed to The Legal 500 Country Comparative Guide 2024 for Blockchain. The aim of this guide is to provide its readers with a pragmatic overview of the law and practice of blockchain law across a variety...more
Chris Duncan and Katrina Lindsay have authored the British Virgin Islands (BVI) chapter of Global Legal Insight's sixth edition guide to blockchain and cryptocurrency regulation. The chapter covers the BVI legal requirements...more
In a recent ruling, the District of Colorado granted several motions to dismiss filed by the developers and owners of cryptocurrency application Atomic Wallet, citing a lack of personal jurisdiction. This decision effectively...more
As Congress is on its August recess, litigation over digital asset issues continued with major developments in the Yuga Labs trademark case and the SEC cases against Kraken and Consensys. While these matters all involve...more
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
As the Web3 and digital assets ecosystem continues to grow, hacks, scams and other threats remain a major cause for concern and a potential impediment to broader adoption. Data from various sources indicates that after a year...more
Financial fraud is one of the most corrosive forms of corruption. Digital assets, and particularly cryptocurrency, are a ripe target for fraud. Frauds involving digital assets have grown significantly in recent years....more
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
On June 28, 2024, the U.S. Treasury Department and the Internal Revenue Service (IRS) issued final broker reporting regulations that mandate broker reporting for centralized exchanges and hosted wallet providers, providing...more
EigenLayer TVL Surpasses $20B; New Self-Custodial Wallet Features Launch - According to recent reports, the total value locked (TVL) on the Ethereum network-based EigenLayer restaking protocol recently surpassed $20...more
Big news dropped in the past few weeks, which sent shockwaves across the industry: according to a recently filed lawsuit, the SEC has classified the second largest cryptocurrency, Ether, as a security in certain ongoing...more
Fintech and Crypto Firms Announce New Cryptocurrency Products - According to recent reports, a major U.S. fintech firm will begin letting its users accept payments in USDC. ...more
Fraud involving digital assets, specifically cryptocurrency, is rapidly increasing on both sides of the Atlantic. In the UK, the value of reported crypto-fraud increased 41% between 2022/2023 reaching a record £306m, whilst...more
On April 18, the Internal Revenue Service (“IRS”) issued a draft version of Form 1099-DA, a proposed information reporting form regarding certain digital asset sales and exchanges that “digital asset brokers” will need to...more
Stablecoin, Wallet Products Launch; German Bank Launches Crypto Services - Circle, a global fintech firm and issuer of the USDC stablecoin, has announced new smart contract functionality to allow holders of BUIDL, a...more
On February 7, 2024, the U.S. Securities and Exchange Commission (“SEC”) announced charges and a related cease-and-desist order (the “Order”) against TradeStation Crypto, Inc. (“TradeStation”) for failing to register the...more
U.S. Companies Announce Crypto Cashback and NFT Ticketing Initiatives - According to recent reports, a major U.S. credit card company has partnered with Swoo, a mobile wallet blending traditional and crypto payments, to...more
The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more