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Securities Exchange Act › Digital Currency

The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +
The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange Commission (SEC), which is the primary regulatory agency enforcing federal securities laws. less -
A&O Shearman

Southern District Of New York Dismisses Putative Class Action Against Cryptocurrency Exchange For Failure To Adequately Allege...

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On February 1, 2023, Judge Paul A. Engelmayer of the United States District Court for the Southern District of New York dismissed a putative class action against a cryptocurrency exchange company, its parent, and the parent’s...more

Bass, Berry & Sims PLC

Recent SEC Comment Letter of Interest Regarding Whether a Digital Currency is a Security Under Section 2(a)(1) of the Securities...

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Subscribers to our blog know that we monitor EDGAR for new SEC comment letters and enjoy bringing attention to the more interesting ones. In today’s blog post, we bring your attention to a recent SEC comment letter exchange...more

Perkins Coie

Blockchain Week in Review - January 2020 #3

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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

Goodwin

SEC Deems Digital-Currency Investment Vehicle a Reporting Company

Goodwin on

On January 21, 2020, Grayscale Bitcoin Trust (the “Trust”) became the first digital currency investment vehicle to attain the status of an SEC reporting company. The Trust’s sponsor, Grayscale Investments, LLC (“Grayscale”),...more

Perkins Coie

Blockchain Week in Review - October 2019 #2

Perkins Coie on

U.S. Developments - Mark Zuckerberg Testifies Before U.S. House of Representatives Regarding Libra - On October 23, Facebook, Inc. CEO, Mark Zuckerberg, testified before the House Committee on Financial Services regarding...more

Latham & Watkins LLP

Meet Me at the Arcade: SEC Provides No-Action Relief for Ethereum-Based Gaming Token

Latham & Watkins LLP on

The SEC issues second no-action letter for a digital token, but will “utility” token offerings reach the next level? Gamers, rejoice! In only its second no-action letter to date for digital tokens, the SEC cleared the way...more

Proskauer - Blockchain and the Law

As Bitcoin’s Price Moves Dramatically, ETF Proposals Remain at a Standstill

Proskauer - Blockchain and the Law on

On June 26, the price of bitcoin surged to a 12-month high of nearly $13,900 (up about 35% on the month) before losing more than $1,700 in a span of 15 minutes, then rebounding slightly and closing the day at around $12,800....more

Locke Lord LLP

Token Taxonomy Act – Exempting Digital Tokens from U.S. Securities Laws

Locke Lord LLP on

On April 10, 2019, U.S. Representatives Warren Davidson (R-OH) and Darren Soto (D-FL) reintroduced the Token Taxonomy Act (“TTA”) in the effort to amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to...more

Farella Braun + Martel LLP

Token Taxonomy Act Seeks to Provide Regulatory Clarity to Crypto Industry

Farella Braun + Martel LLP on

Two United States congressmen introduced legislation in late December that would exclude certain digital currencies from being defined as securities – a bill that, if enacted, may finally provide the cryptocurrency industry...more

Sheppard Mullin Richter & Hampton LLP

Crypto Firms Make Inroads with State and Federal Regulators

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Over the past couple of years, the crypto industry has come under heavy scrutiny from skeptical regulators seeking to root out fraud and protect investors amid the initial coin offering boom that generated over $4 billion in...more

Perkins Coie

Blockchain Week in Review - July 2018 #2

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U.S. Developments - Regulatory Updates - CFTC Issues Customer Advisory Urging Public to Use Caution When Buying Virtual Currencies - On July 16, 2018, the U.S. Commodity Futures Trading Commission (“CFTC”) issued...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Ever-Evolving Cryptocurrency Legal Landscape

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The market for cryptocurrencies and the current wave of initial coin offerings (ICOs) that seek to raise capital for blockchain-based projects have enjoyed a swell of popularity in recent years. U.S. regulatory agencies and...more

Holland & Knight LLP

Understanding the Regulatory Concerns of Cryptocurrency Exchange Registration

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• Coinbase, one of the largest cryptocurrency exchanges, recently approached the U.S. Securities and Exchange Commission (SEC) about possible licensing as a broker-dealer. If Coinbase decides to register with the SEC, it will...more

K&L Gates LLP

Initial Coin Offerings: Key Considerations You Absolutely, Positively Need to Know About Before Launching an ICO

K&L Gates LLP on

Initial Coin Offerings (ICOs) have rapidly emerged as the hottest trend in FinTech financing, albeit one that is not without controversy. Put simply, an ICO is a method of fundraising somewhat akin to an initial public...more

Kramer Levin Naftalis & Frankel LLP

Funds Talk: September 2017 - SEC Investigation Warns Digital Assets May Be Subject to Securities Laws

Kramer Levin Naftalis & Frankel LLP on

On July 25, the SEC released an investigative report warning that “virtual” organizations’ offers and sales of digital assets may be subject to the requirements of the Securities Act of 1933 and the Securities Exchange Act of...more

Blank Rome LLP

Fintech Alert: SEC Advises That an Unincorporated Virtual Organization That Issued Virtual Currency Engaged in an Unregistered...

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Financial Services - Action Item: The Securities and Exchange Commission (“SEC”) has provided guidance for digital currency offerings that may run afoul of the U.S. securities laws. Investors, token issuers, and other...more

BCLP

SEC Finds ICOs May Be Subject to Registration Requirements

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Initial Coin Offerings (ICOs) and other digital currency financing events have enjoyed explosive growth in 2017, with hundreds of millions of dollars invested with little to no regulation or government oversight. That era...more

Perkins Coie

Blockchain and Digital Token Update: SEC Releases Investigative Report and Investor Bulletin

Perkins Coie on

On July 25, 2017, the Securities and Exchange Commission (“SEC”) released groundbreaking materials relating to blockchain tokens. These materials provide significant and welcome insight to the SEC’s and its staff’s thinking...more

Stinson - Corporate & Securities Law Blog

SEC Denies Listing of another Bitcoin Fund; Petition for Review Filed for Winklevoss Bitcoin Trust

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The SEC has denied a proposed rule change by NYSE Arca to permit the listing and trading of shares of the SolidX Bitcoin Trust. The reasons were substantially similar to the reasons the SEC denied a proposed rule change...more

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