News & Analysis as of September 21, 2024

Virtual Currency › Investment Company Act of 1940

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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 -

Crypto, Tech and Slow Evolution Forward

Dorsey & Whitney LLP on 5/25/2021

Crypto currency continues to be debated - some believe in it; others do not. The decision by the founder of Tesla to exit the market recently seems to have added a new element, however. Now the question is if crypto is energy...more

Blockchain Week in Review - April 2019 #3

Perkins Coie on 5/6/2019

U.S. Developments - Regulatory Updates - Arca Investment Management Files With SEC to Issue Stablecoin - Arca Investment Management, a California-based investment management firm specializing in digital assets, filed an...more

A Taxonomy of the Proposed Token Taxonomy Act

Proskauer - Blockchain and the Law on 3/1/2019

On December 20, 2018, a bipartisan pair of Congressmen, Warren Davidson (R-OH) and Darren Soto (D-FL), introduced bill H.R. 7356 to enact the Token Taxonomy Act (the “Act”). The Act proposes several amendments to federal...more

SEC Takes Its Initial Aim at Crypto Funds

Kramer Levin Naftalis & Frankel LLP on 10/1/2018

In a regulatory first, the Securities and Exchange Commission (SEC) has issued a cease and desist order and imposed a $200,000 fine against a hedge fund that invested in digital assets and its founder. ...more

Developments in Cryptocurrency in 2018

Akin Gump Strauss Hauer & Feld LLP on 9/24/2018

• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security • The SEC continued to bring actions related to cryptocurrency offerings against...more

The SEC’s Pair of Settled Cryptocurrency Enforcement Actions

Burr & Forman on 9/12/2018

On September 11, the SEC announced a pair of settled cryptocurrency enforcement actions. The first was against an unregistered digital-asset hedge fund. The second shut down an “ICO Superstore” as an unregistered...more

Investment Services Regulatory Update - August 2018

Vedder Price on 8/21/2018

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS – OCIE Publishes Risk Alert on Compliance Issues Relating to Best Execution – On July 11, 2018, the Office of Compliance Inspections and...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 6/8/2018

U.S. Financial Industry Developments - Economic Growth, Regulatory Relief and Consumer Protection Act - The "Economic Growth, Regulatory Relief and Consumer Protection Act," signed by the President on May 24, amends...more

Blockchain Week in Review – January 2018

Perkins Coie on 1/31/2018

U.S. Developments - Regulatory Updates - CFTC and SEC Enforcement Directors Issue Joint Statement Regarding Virtual Currency Enforcement Actions - This morning, the Enforcement Director of the U.S. Commodity...more

SEC Nixes 40 Act Registration of Cryptocurrency Related Funds for Now

Stinson - Corporate & Securities Law Blog on 1/19/2018

In a letter to representatives of the Investment Company Institute and the Securities Industry and Financial Markets Association, the SEC staff indicated it would not be receptive to 1940 Act registration of cryptocurrency...more

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

Perkins Coie on 7/27/2017

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

Corporate Investigations & White Collar Defense - October 2015

Manatt, Phelps & Phillips, LLP on 10/23/2015

"Wherefore Art Thou Due Process?" Part III - Why it matters: It is time for another installment in our continuing "Wherefore Art Thou Due Process?" coverage into the ongoing constitutional challenges to the SEC's...more

Financial Services Weekly News - September 2015 #4

Goodwin on 9/24/2015

Regulatory Developments - NYDFS Announces Approval of First BitLicense Application from a Virtual Currency Firm: The New York State Department of Financial Services (NYDFS) announced Sept. 22 that it has approved...more

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Virtual Currency › Investment Company Act of 1940

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