Popular, Enforcement Actions, Initial Coin Offering (ICOs)

OFAC Reaches Settlement with Cryptocurrency Company CoinList for Violations of Ukraine/Russia Sanctions

The Volkov Law Group on 12/19/2023

On December 13, 2023, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) announced an enforcement action against CoinList Markets LLC (“CoinList”) for violations of the Ukraine-/Russia-Related...more

Ripple and the SEC Both Claim Wins in Split Court Decision

The Volkov Law Group on 7/27/2023

On July 13, 2022, Judge Analisa Torres issued her long awaited ruling on the summary judgment motions in the SEC’s case against Ripple Labs, Inc. (“Ripple”). The 34-page order provided a win for both the SEC and for Ripple...more

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

Nelson Mullins Riley & Scarborough LLP on 4/4/2023

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

Kim Kardashian Sanctioned by SEC for Unlawful Touting of Cryptocurrency

Bilzin Sumberg on 10/6/2022

Ms. Kardashian found herself on the wrong side of the law Monday, when the SEC entered a cease-and-desist order against her (the “Kardashian Order”), finding her in violation of Section 17(b) of the Securities Act of 1933....more

SEC Sues Crowd Machine for Allegedly Fraudulent and Unregistered ICO

Proskauer - Blockchain and the Law on 1/13/2022

In its first enforcement action of the year involving ICOs, the U.S. Securities and Exchange Commission (SEC) charged two companies and their founder for violations of antifraud and registration provisions of the federal...more

SEC Looking to Wrangle Cryptocurrency ‘Wild West’: A Conversation with Jeff Boujoukos

Morgan Lewis - Tech & Sourcing on 9/2/2021

As part of our Spotlight series, we connect with Jeff Boujoukos, the leader of Morgan Lewis’s securities enforcement practice, to discuss the current and future state of affairs of the regulation and enforcement activities of...more

A Busy Week For The SEC’s Enforcement Efforts In Crypto’s “Wild West”

Morrison & Foerster LLP on 8/16/2021

The Securities and Exchange Commission (“SEC”) brought three enforcement actions concerning digital assets in rapid succession in a week, underlining that the Division of Enforcement is as committed to crypto enforcement...more

Cryptocurrency: Tombstones on the Road to Regulatory Clarity

Snell & Wilmer on 4/27/2021

In the intersection of financial markets and the internet, sometimes it seems like the only certainty in the year of cryptocurrency and “meme stocks,” like GameStop and AMC, is the continuing legal haze of cryptocurrencies....more

SEC Brings Charges against Individuals Behind Allegedly Fraudulent Unregistered Digital Asset Securities Offering

Proskauer - Blockchain and the Law on 2/9/2021

On February 1, 2021, the U.S. Securities and Exchange Commission (SEC) announced that it had brought charges against several individuals involved in an alleged scheme to induce investors to transfer more than $11 million to...more

Ripple Responds to the SEC’s Enforcement Action

The Volkov Law Group on 2/3/2021

Following the SEC’s December filing, Ripple Labs, Inc. has now responded and taken its first steps to defend itself against the allegations. Ripple’s first move was to file FOIA request with the SEC to obtain the information...more

SEC Sues Ripple and Executives in Connection With Ongoing Sales of XRP

Goodwin on 12/30/2020

The SEC, in one of the Commission’s final acts under the leadership of Chair Jay Clayton, approved enforcement action aimed at Ripple Labs, Inc. (“Ripple”) and two of its executives, Brad Garlinghouse and Chris Larsen. The...more

Delaware Supreme Court Holds Appraisal Action Is Not “Securities Claim” Covered By D+O Insurance Policy

Goodwin on 11/9/2020

Delaware Supreme Court Holds Appraisal Action is Not “Securities Claim” Covered by D&O Insurance Policy; Delaware Supreme Court Affirms Dismissal of Derivative Claims Against Life Sciences Company For Failure to Plead Demand...more

DOJ Cryptocurrency Guidance Outlines Enforcement Partnerships (Part II of II)

The Volkov Law Group on 11/3/2020

DOJ’s Cyber Digital Task Force’s report, “Cryptocurrency: An Enforcement Framework,” provides a comprehensive on the growing partnerships between DOJ and other offices within the executive branch....more

Defending Against Securities Fraud Litigation Triggered by an SEC Investigation

Oberheiden P.C. on 10/24/2020

For public and private companies in all industries, the risk of being targeted in a U.S. Securities and Exchange Commission (SEC) investigation is a very real concern. As new and innovative securities offerings continue to be...more

SEC Commissioner Dissents in Crypto Enforcement Action

Fenwick & West LLP on 9/24/2020

The Securities and Exchange Commission (SEC) announced on September 15, 2020, that it charged online esports gaming and gambling platform Unikrn with violations of Section 5 of the Securities Act of 1933 (Securities Act) for...more

BitBlog Bi-Weekly Update - March 2020

Polsinelli on 3/4/2020

Strikeout for Bitcoin ETF - Another ETF bites the dust. On February 26th the SEC rejected the application of NYSE Acre for the approval of an exchange traded fund sponsored by the New York firm of Wilshire Phoenix to...more

Steven Seagal is not “Above the Law” in Crypto Scalping Case

Winstead PC on 2/28/2020

Hollywood martial arts sensei Steven Seagal was recently karate-chopped by the SEC for his alleged undisclosed payments for Twitter-touting a security that was being offered and sold in an initial coin offering. In a settled...more

Blockchain Trends and Enforcement Surrounding the New Technology

Skadden, Arps, Slate, Meagher & Flom LLP on 1/21/2020

In 2019, regulators continued to consider whether and how to regulate blockchain technology. After the two previous years that included a high number of initial coin offerings (ICOs), many of which involved allegedly...more

2019 Digital Asset Regulatory Look Back (US Edition)

Latham & Watkins LLP on 1/9/2020

It was a year filled with tantalizing tidbits and many loose ends. 2019 marked the 10th year since blockchain technology was released into the wild by its still unknown inventor, Satoshi Nakamoto, who mined the first bitcoin...more

White Collar Year in Preview: SEC Enforcement Trends in 2020

Foley Hoag LLP - White Collar Law &... on 1/6/2020

Editors’ Note: This is the first in our start-of-year series examining important trends in white collar law and investigations in the coming year. Up next: a look at trends in health care enforcement. Look for additional...more

Wind of Change - The Year FinTech Came in From the Cold - Polsinelli BitBlog: Year End Edition

Polsinelli on 1/3/2020

Digital assets and Blockchain technologies which were once described as the tools of criminals, are now a key part of efforts by traditional financial services firms to transform their businesses and innovative firms looking...more

Ethereum Fork Successful, Solutions Target Sneakers and Browsers, EU and NY Consider Regulations, Enforcement Actions Continue

BakerHostetler on 12/16/2019

Ethereum Fork Implemented, Exchanges Expand Services, New Bitcoin Network Data - The Ethereum network’s Istanbul hard fork went forward late last week with the support of node operators, miners and cryptocurrency exchanges. ...more

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