News & Analysis as of

FinTech Securities Act of 1933

Latham & Watkins LLP

SEC Staff Clarifies That Certain Dollar-Backed Stablecoins Do Not Implicate the Securities Laws

Latham & Watkins LLP on

The Staff noted that a stablecoin generally is not subject to SEC jurisdiction if it is not an investment and used solely for commercial activity....more

A&O Shearman

SEC staff takes a position on the security status of USD-backed stablecoins

A&O Shearman on

On April 4, 2025, the staff of the SEC’s Division of Corporation Finance (the “Staff”) issued a statement concluding that a narrow class of USD-backed, fully reserved, non-yield-bearing stablecoins (“Covered Stablecoins”) do...more

WilmerHale

“Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A)

WilmerHale on

Decentralized Finance (DeFi) is an umbrella term used to describe financial services provided outside of the traditional markets, that rely on blockchain technologies to create innovative products instead of relying on...more

King & Spalding

The Evolving Face of Finance: Private Credit's Role in the GCC - insights from the $400m Tamara financing and beyond

King & Spalding on

INTRODUCTION - The successful closing of the up to $400 million debt financing secured by Tamara, led by Goldman Sachs and King & Spalding client Shorooq Partners, was a landmark deal in the evolution of private credit in...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - November 2023

...SEC Adopts Amendments to Fund Names Rule - On September 20, 2023, the U.S. Securities and Exchange Commission (SEC) adopted amendments to Rule 35d-1 under the Investment Company Act of 1940 (the Fund Names Rule) as well...more

Wilson Sonsini Goodrich & Rosati

Not So NFTy: What the Impact Theory and Stoner Cats Enforcement Actions Could Mean for NFTs

The U.S. Securities and Exchange Commission (SEC) recently announced charges against and settlements with two NFT issuers for allegedly conducting illegally unregistered offers and sales of securities in the form of...more

Proskauer - Corporate Defense and Disputes

The Ripple Effect: Implications of the SEC’s Partial Loss in SEC v. Ripple Labs Inc.

The SEC suffered a significant loss last week in its ongoing legal battle with Ripple over the XRP digital token. While the District Court held that Ripple’s initial sales of XRP to institutional investors constituted the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - March 2023

Circuits Split Over Whether Targeting Is Necessary for Seller Liability - Key Points - - While courts have long held that solicitations must be tailored to a particular audience to precipitate statutory seller liability,...more

Latham & Watkins LLP

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets - SEC and Securities

Latham & Watkins LLP on

Securities issues are covered in Title III (Responsible Securities Innovation) of the Responsible Financial Innovation Act (RFIA). The RFIA would add a new Section 41 to the Securities Exchange Act of 1934 (Securities...more

King & Spalding

Not Your Standard Orange Grove: Non-Fungible Tokens & Securities Laws

King & Spalding on

With offerings across a growing number of online platforms and increased trading volume, NFT issuers, promoters, and buyers should consider the legal and regulatory implications relating to NFTs and federal securities laws. ...more

Nelson Mullins Riley & Scarborough LLP

Way Down in the Hole — Wireline Appears to Have Confused the SEC With an Agency That Wants to Repeat Itself

The U.S. Securities and Exchange Commission (“SEC”) entered an order on Dec. 15, 2020 with Wireline, Inc., related to the company’s unregistered offering of securities using a simple agreement for future tokens (“SAFT”). ...more

Cooley LLP

Alert: SEC v. Telegram: Key Takeaways and Implications

Cooley LLP on

On March 24, 2020, Judge P. Kevin Castel of the U.S. District Court for the Southern District of New York granted the Securities and Exchange Commission’s (SEC) request for a preliminary injunction against Telegram Group Inc....more

Perkins Coie

Blockchain Week in Review - January 2020 #3

Perkins Coie on

U.S. Developments - Federal and State Regulatory Developments - Bill in Hawaii State Senate Addresses Digital Assets Including Authorization for Banks to Serve as Qualified Custodians - SB 2594 before the Hawaii...more

McDermott Will & Emery

SEC Division of Corporate Finance Issues Second No-Action Letter for a Blockchain Token Issuance

McDermott Will & Emery on

The SEC Division of Corporate Finance recently issued a no-action letter to Pocketful of Quarters, confirming that the Division will not recommend any enforcement action if the company sells its blockchain-based tokens...more

Goodwin

Financial Services Weekly News - March 2018 #4

Goodwin on

Editor's Note - In This Issue. The Federal Financial Institutions Examination Council (FFIEC) provided an update on its Examination Modernization Project; the Consumer Financial Protection Bureau (CFPB) invited comments on...more

White and Williams LLP

SEC Enforcement Action Shines Light on Equity-Based Compensation Disclosure Compliance of Private Companies

White and Williams LLP on

On March 12, 2018, the US Securities and Exchange Commission (SEC) brought an action against Credit Karma, Inc., a Silicon Valley-based fintech company, for issuing stock options to its employees in violation of US securities...more

Stinson - Corporate & Securities Law Blog

Fintech Company Subject to SEC Enforcement Action for Exceeding Rule 701 Option Grant Limit

Subject to its limits, Rule 701 permits non-reporting companies to grant employees equity without registration under the Securities Act of 1933. ...more

Goodwin

SEC Issues Warnings Regarding Celebrity-Promoted Coin Offerings and Moves Swiftly Against Unregistered ICOs

Goodwin on

The Securities and Exchange Commission (SEC) recently issued two warnings about investments sold on the basis of celebrity endorsements, including one relating to initial coin offerings (ICOs), and followed up with...more

Goodwin

Goodwin Alert: SEC Issues Long-Awaited Guidance

Goodwin on

The Securities and Exchange Commission (SEC) announced on Tuesday, July 25, 2017, that Initial Coin Offerings (ICOs) and other market participants offering digital assets by “virtual” organizations may be subject to the...more

Latham & Watkins LLP

SEC: Certain Initial Coin Offerings Are Securities Offerings

Latham & Watkins LLP on

SEC’s investigative report sends clear message that virtual transactions using innovative technologies are subject to the application of securities laws. Introduction - On July 25, 2017, the US Securities and Exchange...more

Wilson Sonsini Goodrich & Rosati

SEC Determines That Certain Virtual Tokens Are Securities

On July 26, 2017, the Securities and Exchange Commission (SEC) issued an investigative report concluding that certain tokens (or coins) offered and sold by The DAO, a virtual organization, were securities under the Securities...more

K&L Gates LLP

The International Comparative Legal Guide to: Lending & Secured Finance 2017

K&L Gates LLP on

Innovations in financial technology (“fintech”) are transforming the provision of financial services to consumers and small businesses in ways that are at once profound and mundane. The nascent online lending – or...more

McDermott Will & Emery

Capital Markets & Public Companies Quarterly: Potential Shift in SEC’s Proxy Access No-Action Policy and Other New Guidance from...

McDermott Will & Emery on

The third quarter of 2016 saw the US Securities and Exchange Commission (SEC) carry forward its momentum from an active second quarter. Recent developments include new SEC Compliance & Disclosure Interpretations (C&DI) and...more

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