Popular, Securities

SEC v. Binance: BUSD, BNB, and Simple Earn—a Closer Look

Seward & Kissel LLP on 8/1/2024

On June 28, 2024, in SEC v. Binance Holdings Limited, et al., the U.S. District Court for the District of Columbia issued a Memorandum Opinion & Order on the defendants’ motions to dismiss the SEC’s charges against them. ...more

Stablecoins Unlikely to Be Subject to the SEC’s Jurisdiction

Goodwin on 7/29/2024

The recent decision in Securities and Exchange Commission v. Binance Holdings Limited et al (Binance) has cast further doubt on the Securities and Exchange Commission’s (SEC’s) pursuit of jurisdiction over stablecoins....more

UK Supreme Court Clarifies Basis of ‘Knowing Receipt’ Claims Arising From Breach of Fiduciary Duty

Mayer Brown on 7/22/2024

"The law on 'knowing receipt' has perplexed judges and academics alike for several decades" – Lord Burrows (paragraph 99). In a decision with significant implications for claims involving fraud and breach of fiduciary duty...more

SEC Achieves Jury Verdict In Cryptocurrency Fraud Case

A&O Shearman on 4/17/2024

On April 5, 2024, a jury in the Southern District of New York found cryptocurrency startup Terraform Labs PTE Ltd. (the “Company”) and its co-founder, Do Kwon, liable for securities fraud. The jury sided with the SEC in...more

Cryptocurrency Securities Class Action Litigation 2023 Year Review

Dechert LLP on 3/1/2024

The year 2023 witnessed a recovery in the cryptocurrency and digital assets market corresponding with fewer crypto-related securities class action litigation actions than in 2022. Despite this decrease, the nature of the...more

JPEX Is Test Case for Hong Kong’s New Regulatory Regime for Virtual Asset Exchanges

Skadden, Arps, Slate, Meagher & Flom LLP on 11/16/2023

Hong Kong regulators recently brought criminal enforcement actions against virtual asset trading platform JPEX and individuals associated with the platform. This case has become the first opportunity for local authorities to...more

OFAC Issues Venezuela Sanctions Relief Package Focused on Oil, Gas and Gold Sectors and Secondary Market Trading in Response to...

Akin Gump Strauss Hauer & Feld LLP on 10/24/2023

Key Points - On October 18, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) took action to relax certain U.S. sanctions on Venezuela in response to the signing of an electoral roadmap...more

Bank Launches Blockchain Network; Stablecoin Initiatives Launch in Foreign Markets; New Crypto Guidance Published; Reports Provide...

BakerHostetler on 10/16/2023

U.S. Bank Launches Blockchain Network, Crypto Bank Gains Securities License - According to recent reports, the largest bank in the U.S. has gone live with its blockchain-based Tokenized Collateral Network (TCN) and...more

Crypto Custody Services Expand; CFTC Enforcement Targets DeFi, SEC Targets NFTs; FinCEN Warns of Crypto Scams; Major Hacks Steal...

BakerHostetler on 9/18/2023

Financial Services Firms Expand Cryptocurrency Custody Services - According to recent reports, the cryptocurrency custody arm of a major international bank has launched its institutional cryptocurrency custody services in...more

DeFi protocol Uniswap and investors avoid suit for fraudulent activity on digital asset exchange

A&O Shearman on 9/15/2023

On August 30, 2023, in a case of first impression, the U.S. District Court for the Southern District of New York dismissed in full a putative securities class action against Uniswap Labs, a decentralized finance (“DeFi”)...more

Two New Rulings from the SDNY with Mixed Messages for Crypto: Potential Implications for Regulation of the Crypto Industry

Wilson Sonsini Goodrich & Rosati on 9/8/2023

A pair of recent rulings from the Southern District of New York (SDNY) have potentially increased confusion around the regulatory status of crypto asset regulation—but may also provide some interesting signs of what’s to...more

Proposed Regulations Would Impose New Reporting Requirements on Transactions Involving Cryptocurrency and Other Digital Assets

Lowenstein Sandler LLP on 8/31/2023

In response to a provision in the 2021 Infrastructure Investment and Jobs Act, the Department of the Treasury and the Internal Revenue Service (IRS) have issued proposed regulations that would impose new tax reporting...more

An In-Depth Look at the SEC’s Risk Management, Strategy and Governance Disclosures

Brownstein Hyatt Farber Schreck on 8/18/2023

On Aug. 2, we distributed an alert about the U.S. Securities and Exchange Commission’s (SEC) July 26, 2023, adoption of the Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure Rule. Our focus in that...more

The United States Establishes the Foundation for a New Outbound Investment Regime

Dechert LLP on 8/14/2023

In brief. On August 9, 2023, President Biden signed a highly anticipated Executive Order (the “Outbound E.O.”) to establish a U.S. outbound investment regime. The U.S. Department of Treasury (“Treasury”) concurrently...more

Crypto as a Security – Applying the Howey Test

Barnea Jaffa Lande & Co. on 8/7/2023

A US court recently handed down a landmark ruling addressing the question of whether the crypto token XRP falls under the definition of “security”. The US court ruled that the same crypto token may be classified differently...more

In Major Ruling Celebrated by Crypto Industry, Federal Court Holds That XRP Token is “Not Necessarily a Security”

Dechert LLP on 7/25/2023

On July 13, 2023, the United States District Court for the Southern District of New York (the “Court”) issued a major ruling in in a closely-followed lawsuit brought by the Securities and Exchange Commission (the “SEC”)...more

SEC v. Ripple: When a Security Is Not a Security

Holland & Knight LLP on 7/20/2023

In a monumental decision that will likely have substantial ramifications for crypto industry developers, securities practitioners, and millions of investors and token purchasers alike, on July 13, 2023, the U.S. District...more

Nutter Securities Enforcement Update: June 1, 2023

Nutter McClennen & Fish LLP on 6/23/2023

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

The Crypto Wars Escalate

Proskauer - Corporate Defense and Disputes on 6/15/2023

The gloves are off. The SEC’s recent enforcement actions against leading crypto exchanges suggest that the SEC has decided that time’s up for the crypto industry as it currently exists in the United States....more

Fintech Firms Launch New Products; Crypto Guidance Published by CFTC, EBA, UAE; OFAC Adds Public Keys to SDN List; CFTC, NY AG...

BakerHostetler on 6/5/2023

Crypto Firms Announce New Product Launches in Custody, Stablecoins, Wallets - According to a recent press release, Prometheum Capital has received the first-ever approval from the Financial Industry Regulation Authority...more

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

Skadden, Arps, Slate, Meagher & Flom LLP on 6/1/2023

Supreme Court Hears Argument on Traceability Requirement in Circuit-Split Slack v. Pirani - Key Points - - Before the end of June, the U.S. Supreme Court is expected to issue a decision in a high-profile securities case...more

Hong Kong’s New Listing Rules for Specialist Technology Companies

Skadden, Arps, Slate, Meagher & Flom LLP on 5/10/2023

查看中文 Following a market consultation process in late 2022, the Stock Exchange of Hong Kong Limited (HKEX) introduced a new regime to permit the listing of companies operating in specified specialist technology sectors....more

The Banking Crisis of 2023: Outlook for the U.S. Banking Sector, Possible Regulatory and Legislative Responses, Lessons for Bank...

Pillsbury Winthrop Shaw Pittman LLP on 4/17/2023

Legislative responses to recent banking industry failures could include reinstating various rules that formerly applied to banks with more than $100 billion in assets. There are a variety of measures which bank depositors...more

Continued SEC Scrutiny of Non-GAAP Disclosures

Wilson Sonsini Goodrich & Rosati on 4/7/2023

On March 14, 2023, the Securities and Exchange Commission (SEC) instituted cease-and-desist proceedings against DXC Technology Company (DXC) for alleged violations of Regulation G and other federal securities laws in its...more

Illinois Considering Crypto Licensing

Latham & Watkins LLP on 3/29/2023

A legislative initiative in Illinois would establish licensing and consumer protection requirements for digital asset businesses serving consumers in the state. On February 21, 2023, the Illinois Department of Financial...more

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