News & Analysis as of

Securities Violations Initial Coin Offering (ICOs)

Cornerstone Research

SEC Enforcement of Cryptocurrency Reaches a New High

Cornerstone Research on

More than 50% increase in SEC cryptocurrency-related enforcement actions in 2023 over 2022. The Securities and Exchange Commission (SEC) continues to view cryptocurrency-related enforcement as a top priority, bringing 46...more

The Volkov Law Group

Ripple and the SEC Both Claim Wins in Split Court Decision

The Volkov Law Group on

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

Manatt, Phelps & Phillips, LLP

Both SEC and Ripple Claim Victory in Important Securities Decision

The crypto industry secured a key victory in its court battles with the Securities and Exchange Commission (SEC or Commission) on Thursday, July 13, when Judge Analisa Torres of the U.S. District Court for the Southern...more

DarrowEverett LLP

Should Influencers Be Held Liable for the Promotion of Digital Assets?

DarrowEverett LLP on

The world’s ever-changing technological landscape has led to the formation of new mediums of creativity — mediums that the sports and entertainment industry cannot ignore. Digital currencies, virtual universes, and enhanced...more

Troutman Pepper

SEC Scores Victory in Ongoing Effort to Classify Cryptocurrencies as Securities

Troutman Pepper on

A recent decision out of the District of New Hampshire underscores the risks proprietary cryptocurrency issuers face and provides ammunition to the SEC in its continued quest to classify cryptocurrencies as securities subject...more

WilmerHale

SEC and CFTC Signal Push for Broader Authority Over Digital Asset Markets

WilmerHale on

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) recently announced enforcement actions that reflected sweeping, and previously unarticulated, views of their respective...more

Bilzin Sumberg

Kim Kardashian Sanctioned by SEC for Unlawful Touting of Cryptocurrency

Bilzin Sumberg on

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

Proskauer - Blockchain and the Law

SEC Sues Crowd Machine for Allegedly Fraudulent and Unregistered ICO

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

Oberheiden P.C.

The SEC Investigation Process: An Overview

Oberheiden P.C. on

The U.S. Securities and Exchange Commission (SEC) investigates companies, brokerage firms, and individuals for a broad range of statutory and regulatory violations. These investigations can lead to civil or administrative...more

Proskauer - Blockchain and the Law

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

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

Polsinelli

Down for the Count: Prosecutors Aim for Knockout Sentence in Floyd Mayweather-Backed-ICO Case

Polsinelli on

Late last month, federal prosecutors in the Southern District of New York pushed for a heavy prison sentence against one of the founders of Centra Tech, Inc. (“Centra Tech”). As discussed earlier this year on the BitBlog,...more

Farrell Fritz, P.C.

“Kik” in the Butt: Court Decision Against Initial Coin Offering Could be Opportunity for Others

Farrell Fritz, P.C. on

On October 21, 2020, the United States District Court for the Southern District of New York entered a final judgment on consent against Kik Interactive Inc. to resolve the Securities and Exchange Commission’s charges that...more

Oberheiden P.C.

Defending Against Securities Fraud Litigation Triggered by an SEC Investigation

Oberheiden P.C. on

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

Robins Kaplan LLP

Financial Daily Dose 10.21.2020 | Top Story: DOJ Files Long-Awaited Antitrust Case Against Google Focusing on Exclusive Search...

Robins Kaplan LLP on

The Google antitrust waiting game wrapped on Tuesday with the DOJ filing a federal D.C.-based lawsuit against the Alphabet unit, accusing the company “of using several exclusive business contacts and agreements to lock out...more

Polsinelli

Scrolling to the End SoluTech Sanctioned After Conducting Illegal Sale of Securities

Polsinelli on

Late last month, SoluTech, Inc. and Nathan Pitruzello consented to a cease-and-desist order with the U.S. Securities and Exchange Commission (“SEC”).  From April 2018 through March 2019, SoluTech, a technology start-up...more

Polsinelli

SEC Mike Drop on Rapper and Film Producer Charged With Illegal ICOs

Polsinelli on

The U.S. Securities and Exchange Commission (SEC) recently announced charges against rapper and actor Clifford Harris, Jr., known as T.I. or Tip, film producer Ryan Felton, and three others who promoted Felton’s unregistered...more

Polsinelli

Another One Bites The Dust - SEC Charges Issuer and CEO in Fraudulent ICO

Polsinelli on

The U.S. Securities and Exchange Commission (SEC) recently announced charges against Boon.Tech and its chief executive officer for fraud and registration violations in connection with a $5 million initial coin offering (ICO)...more

K&L Gates LLP

Voluntary Disclosure: Newsflash August 2020

K&L Gates LLP on

A government inquiry can result in serious consequences for a company or individual. Our new podcast series, Voluntary Disclosure—brought to you by the lawyers in our investigations, enforcement, and white collar practice—is...more

Polsinelli

Ring of Fire - SEC Hangs Up on Telegram

Polsinelli on

After an extended fight with the U.S. Securities and Exchange Commission ("SEC"), Telegram has agreed to resolve charges the company's unregistered offering of digital tokens called "Grams" violated the United States federal...more

Hogan Lovells

Crypto firm co-founder pleads guilty for $25 million ICO fraud scheme

Hogan Lovells on

The U.S. Department of Justice (DoJ) has announced that the co-founder of a cryptocurrency company who misled victims into investing $25 million in a fraudulent scheme has pled guilty for his role in the scheme and faces up...more

Polsinelli

Down for the Count - Floyd Mayweather Backed ICO Founder Pleads Guilty to Securities Fraud

Polsinelli on

Regulators routinely warn the public not to believe everything you read on the internet and that is especially true as it relates to start-up Centra Tech, Inc. (“Centra Tech”).  Founded by Robert Farkas, Sohrab Sharma and...more

Polsinelli

Show Me the Money … all the Money - ICO Issuer Required to Return $25 Million to Investors

Polsinelli on

The SEC recently required BitClave to return over $25 million to investors which the company raised by selling its Consumer Activity Tokens (CAT) to over 9,000 investors in an initial coin offering (ICO). BitClave was also...more

Polsinelli

Blockvest Receives “Terminating Sanctions” For Misconduct In SEC Lawsuit Over Illegal ICO

Polsinelli on

The SEC successfully landed another blow in its ongoing battle with Blockvest, LLC for alleged securities fraud and the sale of unregistered securities. ...more

Stinson - Corporate & Securities Law Blog

SDNY Grants Preliminary Injunction to Halt Telegram Coin Offering

The Southern District of New York granted the SEC’s request for a preliminary injunction halting a coin offering in Securities and Exchange Commission v. Telegram Group Inc. et al....more

Proskauer - Blockchain and the Law

Court Sides with SEC in Ruling to Prevent Telegram from Distributing Grams

In the latest development in the ongoing dispute between the SEC and Telegram Group Inc. (Telegram), Judge P. Kevin Castel of the U.S. District Court for the Southern District of New York in a March 24, 2020 opinion granted...more

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