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Unregistered Securities Crypto Exchanges

Davis Wright Tremaine LLP

Samuels v. Lido DAO: A Potential New Frontier for Liability in the Cryptocurrency Space

A recent order handed down by U.S. District Judge Vince Chhabria of the Northern District of California could be a new source of concern for digital asset entrepreneurs and the venture capital firms that invest in and support...more

BakerHostetler

Weekly Blockchain Blog - November 2024 #4

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Stablecoin Initiatives Announced by Fintech Companies, DeFi Protocols - Major U.S. payments firm recently announced plans to enable “disbursement partners” to use the PYUSD stablecoin to settle cross-border money...more

The Volkov Law Group

TradeStation Settles Securities Violations Stemming From its Crypto Yield Product

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On February 7, 2024, the U.S. Securities and Exchange Commission (“SEC”) announced charges and a related cease-and-desist order (the “Order”) against TradeStation Crypto, Inc. (“TradeStation”) for failing to register the...more

Holland & Knight LLP

The Latest from the World of Ripple and Its (Ripple) Effects

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The same day that the U.S. District Court for the Southern District of New York (SDNY) in SEC v. Ripple Labs, Inc. denied the SEC's request for an interlocutory appeal of the bombshell summary judgment ruling in the case, the...more

Ballard Spahr LLP

SEC Finds NFT to Be a Security in Landmark Action

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Summary - The SEC’s focus on the crypto industry expanded this week to include non-fungible tokens (NFTs). In its first NFT-enforcement action, the SEC settled with Impact Theory, a media and entertainment company, over...more

Latham & Watkins LLP

SEC v. Ripple: A Tale of Two Token Transaction Types

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A bifurcated decision in a highly anticipated digital assets enforcement action may not provide the clarity that market participants want or need. On July 13, 2023, Judge Analisa Torres of the US District Court for the...more

Holland & Knight LLP

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

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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

Dorsey & Whitney LLP

Ripple and Howey

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The questions revolving around crypto assets typically begin with examining if a security is involved. The answer to that question is determined by applying the Howey test and frequently concluding that the asset is in fact a...more

DarrowEverett LLP

The Ripple Effect: SEC’s Battle Vs. Crypto Gains Some Clarity

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The U.S. Securities and Exchange Commission (“SEC”) is paying considerable attention to the world of cryptocurrency (“crypto”). According to the SEC website, the SEC has brought more than 50 enforcement actions against crypto...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

BakerHostetler

Ripple Decision Makes Waves Finding Some XRP Sales Not Securities

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On July 13, 2023, the U.S. District Court for the Southern District of New York issued its highly anticipated summary judgment decision in the U.S. Securities and Exchange Commission’s (SEC) action against Ripple Labs, Inc....more

Miller Canfield

SEC Sues Coinbase to Establish Jurisdiction Over Cryptocurrencies and Crypto Exchanges

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The U.S. Securities and Exchange Commission sued Coinbase, Inc., alleging the crypto assets Coinbase made available for trading on its exchange met the definition of “securities.” Because Coinbase did not register the assets...more

Goodwin

SEC Sues Binance and Coinbase: What Are the Allegations and What Is Next?

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In the span of two days, June 5 and June 6, 2023, the US Securities and Exchange Commission (SEC) commenced proceedings against the largest crypto asset exchange in the world, Binance.com; its affiliated US exchange,...more

Seward & Kissel LLP

Would the Last Cryptoexchange Leaving the U.S. Please Turn Off the Lights?

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On April 17, 2023, the SEC sued Bittrex for acting as an unregistered securities exchange, broker-dealer, and clearing agency.  Only a few weeks ago, the company announced it would exit the U.S. due to “continued regulatory...more

Goodwin

Court Dismisses Class Action Against Coinbase Alleging Sale of Unregistered Securities

Goodwin on

On February 1, 2023, Judge Paul A. Engelmayer of the Southern District of New York dismissed claims against Coinbase Global Inc. (Coinbase) and its CEO in a case alleging that the crypto exchange sold or solicited...more

BakerHostetler

Crypto Exchange Kraken Settles SEC Action and Agrees to Pay $30M Fine and Shutter U.S. Crypto Staking Service

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The SEC’s Complaint - According to the SEC’s complaint, Kraken offered and sold its staking services to the general public in which participants could transfer crypto assets to Kraken in exchange for “advertised annual...more

Goodwin

2022 Year in Review: Digital Currency and Blockchain Litigation and Enforcement Developments

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Throughout a tumultuous 2022, the digital currency and blockchain space saw a number of significant investigation, litigation, and enforcement matters as regulators continue their laser focus on the industry. This Year in...more

BakerHostetler

Coinbase Wins Dismissal of Class Action Alleging Sale of Unregistered Securities

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On February 1, the U.S. District Court for the Southern District of New York dismissed a putative class action brought by customers of Coinbase Global Inc. and its subsidiary Coinbase Inc. (together, Coinbase), alleging the...more

Kaufman & Canoles

Before Endorsing, Celebrities Should Know: Are Cryptocurrencies Securities?

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Even before the collapse of Sam Bankman-Fried’s FTX empire, the Securities and Exchange Commission (SEC) was paying increasing attention to the market for cryptocurrencies. Back in June, the Chair of the SEC, Gary Gensler,...more

Sheppard Mullin Richter & Hampton LLP

NYAG Delivers on Promise to Rein In Unregistered Crypto Lending with New Suit

On September 26, 2022, New York Attorney General Letitia James (the “NYAG”) took definitive action in the wake of her warning last year that crypto lending platforms must register with her office or face legal action, filing...more

Eversheds Sutherland (US) LLP

SEC’s latest shot at the crypto industry: BlockFi sanctioned for its unregistered crypto-lending product

There is no love lost between the US Securities and Exchange Commission (SEC) and the crypto industry with tensions escalating over the past year. So it seems fitting that on Valentine’s Day, the SEC brought a...more

Cadwalader, Wickersham & Taft LLP

Securities Litigation Update: Southern District of New York Dismisses Putative Securities Class Action Alleging Sale of...

On April 16, 2021, in In re Bibox Group Holdings Ltd. Securities Litigation, Judge Denise Cote of the U.S. District Court for the Southern District of New York dismissed a putative class action alleging registration...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - September 2019

In this issue of The Distributed Ledger, we discuss the IRS' warning letters for over 10,000 cryptocurrency holders, the SEC's settlement with a blockchain company regarding unregistered ICO transactions, and a European...more

Orrick - On the Chain

Still Waiting: SEC Again Delays Approvals of Bitcoin ETFs

Orrick - On the Chain on

As further evidence of the SEC’s resistance to the development of a regulated secondary market in bitcoin, on August 12 it delayed making a decision on three additional bitcoin exchange-traded fund (ETF) proposals....more

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