The Securities and Exchange Commission has confirmed that its X account “was compromised, and an unauthorized post was posted.” The SEC confirmed that it “has not approved the listing and trading of spot bitcoin...more
Saying the word "crypto" will get a visceral reaction in many circles, and if you say you still believe in the future of crypto, you have a high likelihood of being blacklisted. I get it. It has been a tumultuous 16...more
The Federal Deposit Insurance Corporation (“FDIC”) published its annual Risk Review this past Monday, providing an overview of banking conditions for 2022 through early 2023. The FDIC started providing Risk Reviews to the...more
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
Satoshi Nakamoto’s invention of Bitcoin in 2009 opened the door to rethinking the way value can be transferred and stored. However, crypto markets have long been considered by most analysts and attorneys as the “Wild West” of...more
State-chartered crypto banking entities and other crypto financial institutions will now be subject to a "transparent and equitable framework" when applying for direct access to the Federal Reserve's payment systems...more
Two recent federal enforcement actions—announced the same day—have underlined the need for crypto companies to carefully consider their anti-money laundering (AML) obligations or else risk significant penalties....more
Key Takeaways - According to sources with firsthand knowledge, the SEC is conducting an industry-wide inquiry into alleged insider trading activities of cryptocurrency exchanges. Insider trading occurs when a corporate...more
On June 7, 2022, U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Lummis-Gillibrand Responsible Financial Innovation Act (the “Act”), a comprehensive legislative scheme for the regulation of...more
On January 3, 2009, the pseudonymous “Satoshi Nakamoto” mined the first bitcoin. In the years following bitcoin’s creation, the price of a single bitcoin has increased exponentially, from essentially zero to an all-time high...more
A draft report on the impact of crypto and blockchain on taxation was tabled before the European Parliament sub-committee on tax matters on 25 April 2022. The draft report consists of a motion for a European Parliament...more
In the first part of this series of articles, we examined the progress of English law to shape and build an infrastructure to support the development of a secure and certain environment for investment in digital assets. We...more
California's governor issued an executive order requiring state agencies, led by the Department of Financial Protection and Innovation, to create a "transparent" regulatory framework for blockchain technologies and digital...more
This article is the fifth in a multi-part series in which we explain how the SEC has structured its anti-cryptocurrency campaign, why the SEC has over-reached its regulatory authority in attacking the creators of digital...more
On March 9, 2022, President Biden signed an executive order outlining the administration’s policy objectives with respect to cryptocurrencies and directs U.S. regulatory agencies to prepare various reports regarding...more
The Italian Ministry of Economy and Finance ("MEF") issued a new decree ("Decree") requiring that virtual asset/currency service providers promptly enroll in a soon-to-be established special section of the register held by...more
The battle over blockchain technology and digital assets bears a striking resemblance to the debate over the potential of the internet in the mid-1990s. Where critics see a passing fad with little actual utility or a lawless...more
We’ve previously written about the push for greater regulation of digital currency and a growing number of lawsuits targeting cryptocurrency companies and their celebrity endorsers. Notwithstanding cryptocurrencies’...more
The Infrastructure Investment and Jobs Act (the Act), H.R. 3684, commonly referred to as the infrastructure bill, was signed into law by President Biden on November 15, 2021. ...more
A recent study found that 16 percent of Americans have invested in, traded or used cryptocurrencies such as Bitcoin and Ether. This widespread use, coupled with the cryptocurrency industry having limited to no regulatory...more
Don’t Expect Coherent Rules to Align Any Time Soon - Multiple enforcement agencies within the US government agree that the $2.5 trillion crypto industry needs regulation. And heads of the largest crypto companies have told...more
Danger signs abound - Despite its volatile and speculative nature, a single bitcoin is trading at around $61,134 (11/5/21.) Demand is growing exponentially, despite multiple danger signs. ...more
The digital asset industry has now met the regulatory state. Those interested in building digital asset businesses that operate in the United States thus need to be aware of a vital tool for resisting regulatory overreach by...more
The interagency "policy sprints" are designed to give banks guidance on how to navigate crypto-assets moving forward. On November 23, 2021, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance...more
Whether a cryptocurrency product is a security is an issue with serious regulatory consequences. In recent years, the Securities and Exchange Commission (“SEC”) has taken a broad position that various crypto assets are...more