News & Analysis as of September 22, 2024

Securities and Exchange Commission (SEC)

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

Notable Litigation – January 2024

McGuireWoods LLP on 2/20/2024

Notable litigation filed during January 2024 includes: (1) Bajuri v. Shiba Prop, LLC, et al. and (2) SEC v. Lee, et al....more

CryptoLink - December 2023 Updates

Akin Gump Strauss Hauer & Feld LLP on 1/19/2024

On the one hand, the year ended where it began. The legislation on stabelecoins and market structure that would provide a regulatory framework for digital assets has still not been enacted into law. And Securities and...more

CRPTO Act Cracks Down On CRYPTO

Pietragallo Gordon Alfano Bosick & Raspanti,... on 5/9/2023

Regulators have been slow walking the imposition of cryptocurrency regulation schemes despite multi-billion-dollar thefts and losses. This lack of regulation could be coming to an end…and fast, with the finance capital of the...more

Crypto Payment Products Launch; SEC Addresses DeFi, Targets DAO Tokens; OFAC Adds Crypto Exchange to SDN List; Crypto Fraud...

BakerHostetler on 11/15/2021

New Crypto Payment Products Launch, Report Cites Exchange Consolidation - This week, a major U.S. financial services firm announced its partnership with three leading cryptocurrency service providers in the Asia Pacific...more

NFT Market Expands in Alcohol, Athletics and Art; Regulators Warn Against Crypto Risks; U.S. Agencies Target Crypto Fraud

BakerHostetler on 9/13/2021

Alcohol, Athletics, and Art: NFT Adoption Continues to Expand - To celebrate National Rum Day, a privately held liquor label has reportedly launched a platform from which it will auction a specially designed non-fungible...more

CBDC Initiatives Announced, NFTs Expand Across Markets, Token and Wallet Applications Evolve, SEC and DOJ Target Crypto Fraud,...

BakerHostetler on 9/7/2021

CBDC Initiatives Announced, Blockchain Trade Finance Platform Launches - This week, the Bank for International Settlements (BIS) announced Project Dunbar, an initiative in which BIS will collaborate with the Reserve Bank of...more

NFT Initiatives Continue, Blockchain Tracing Solutions Expand, SEC Targets ICO, Crypto Enforcement Data Published, Regulators...

BakerHostetler on 6/28/2021

NFT Initiatives Continue, Cryptocurrency Advertising Restrictions Ease - In New Dehli, a blockchain-powered platform is hosting an exhibition displaying 27 art pieces by Bengal-born artist Lalu Prasad Shaw. According to a...more

Reports Address CBDCs, Security Tokens; NFT Sales Continue; Blockchain Initiatives Announced; Regulators Address Crypto; SEC...

BakerHostetler on 6/21/2021

Reports Address CBDCs and Security Tokens, Banks Launch Crypto Initiatives - A recent report released by the Bank for International Settlements (BIS) analyzes results from a survey of 50 central banks in the first quarter of...more

Financial Firms Launch New Crypto Products, NFTs Trending, Crypto Exchange Acquires Broker-Dealer, SEC, DOJ, IRS and CFTC Actions...

BakerHostetler on 4/5/2021

US Institutional Financial Firms, and Fintech Startups, Launch Crypto Products - A major U.S. financial services corporation announced this week that it would begin to settle transactions over the Ethereum Network in USD Coin...more

Deconstructing the SEC's Cryptocurrency-Suppression Program: Part Two

SECIL Law on 4/1/2021

Origins of Cryptocurrency Prohibition - Introduction - This is Part II of a series of articles that addresses the Securities and Exchange Commission (“SEC”)’s suppression of cryptocurrency, or what we call private digital...more

New York Attorney General Sues to Shutter Cryptocurrency Trading Firm Coinseed

Sheppard Mullin Richter & Hampton LLP on 2/26/2021

The Office of New York State Attorney General Letitia James (“NYAG”) has filed a lawsuit to shut down technology company Coinseed. The state has accused the firm of selling unregistered securities in the form of digital...more

Crypto Payment Options Announced, Federal Reserve Official Addresses Bitcoin, US and Foreign Actions Target Crypto Crimes, DeFi...

BakerHostetler on 2/22/2021

Crypto Payment Options Announced, Federal Reserve Official Addresses Bitcoin - Late last week, BitPay, a leading provider of cryptocurrency payment services, announced that U.S. users of its prepaid debit card, which allows...more

Ethereum Upgrade and Blockchain Identity Solutions Progress, SEC Addresses Digital Asset Custody, Data Published on ICO Penalties...

BakerHostetler on 11/16/2020

Ethereum 2.0 Moves Closer to Launch, Blockchain Identity Solutions Announced - After having launched last week, the deposit contract for the newest upgrade to the Ethereum blockchain, Ethereum 2.0, now tops out at over 50,000...more

U.S. Crypto Exchange Approved as Wyoming Bank; Firms Integrate Blockchain for Data Management; Multiple Enforcement Actions by...

BakerHostetler on 9/21/2020

U.S. Crypto Exchange Approved as Wyoming Bank, MSB Regulations to be Simplified - This week Kraken, a major U.S. cryptocurrency exchange, announced that it has received approval from the State of Wyoming to form a Special...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

No Fraudulent Initial Coin Offering Is Too Small for the SEC

McDermott Will & Emery on 8/21/2018

On August 14, 2018, the SEC announced a $30,000 fine and trading ban against a company and its founder, finding that the defendants carried out a fraudulent ICO to fund a speculative oil-drilling venture, and that such...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 4/4/2018

Spotify’s unconventional (non-IPO) public listing is off and running, and though it’s early, it sure feels as if the risk was a good one, with the market valuing the company north of $30 billion....more

Rapidly Shifting Regulatory Landscape for Virtual Currencies | Market Participants: Stay Tuned

McDermott Will & Emery on 3/27/2018

As US regulators have been active in terms of virtual currency regulation, there are three important updates to which attention should be paid. The New York State DFS guidance, the FinCEN letter to Senator Wyden and the...more

Federal Court Ruling Recognizes CFTC Jurisdiction over Cryptocurrencies as Commodities

Dechert LLP on 3/26/2018

The U.S. Commodity Futures Trading Commission (CFTC) scored a victory in its effort to assert jurisdiction over portions of the cryptocurrency and initial coin offering (ICO) markets last week, as a federal district judge...more

Federal Judge Adopts CFTC Position That Cryptocurrencies Are Commodities

Akin Gump Strauss Hauer & Feld LLP on 3/14/2018

• A New York federal judge held that virtual currencies are commodities within the meaning of the Commodity Exchange Act. • This marks the first court decision to assess and to adopt the CFTC’s position that virtual...more

Financial Services Weekly News - February 2018 #2

Goodwin on 2/15/2018

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) released its five-year Strategic Plan and issued a request for information on its enforcement processes; the New York State Department of...more

CFTC’s Virtual Currency Task Force Files Suit To Shut Down Another Virtual Currency Scam

Fox Rothschild LLP on 1/24/2018

Last week we reported on a flurry of enforcement activity by the Commodities Futures Trading Commission’s “Virtual Currency Task Force” with respect to virtual current fraud schemes. On Thursday, January 18, the CFTC filed...more

SEC and CFTC Enforcement Directors Issue Joint Statement Regarding Virtual Currency Enforcement Actions

Goodwin on 1/22/2018

On January 19, 2018, SEC Co-Enforcement Directors Stephanie Avakian and Steven Peikin and CFTC Enforcement Director James McDonald issued the following joint statement regarding virtual currency enforcement actions...more

CFTC Continues Federal Crackdown On Virtual Currency Fraud Schemes

Fox Rothschild LLP on 1/22/2018

On January 18, 2018, the Commodity Futures Trading Commission announced two enforcement actions as part of a continuing crackdown on virtual currency fraud schemes by numerous federal agencies. (We have previously written...more

Fintech Week in Review – October 2017

Perkins Coie on 10/24/2017

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

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