News & Analysis as of September 24, 2024

Virtual Currency › Preliminary Injunctions

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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 -

The SEC Sends a Telegram to European Token Offerings: Avoid the U.S.

Orrick - On the Chain on 4/23/2020

On March 24, the United States District Court for the Southern District of New York granted the U.S. Securities and Exchange Commission (SEC) a preliminary injunction preventing Telegram from distributing $1.7 billion of its...more

NY AG Accuses Bitfinex and Tether of Covering Up $851 Million Loss in Investor Funds

Orrick - On the Chain on 5/8/2019

On April 25, 2019, New York’s Attorney General secured a preliminary injunction against Bitfinex, a cryptocurrency trading platform, and Tether, the company behind tether (USDT), one of the world’s most popular...more

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

Skadden, Arps, Slate, Meagher & Flom LLP on 4/16/2019

In this issue, we examine the release of the much-anticipated Strategic Hub for Innovation and Financial Technology (FinHub) guidance for analyzing how U.S. federal securities laws apply to initial coin offerings, the...more

Southern District of New York Enjoins AlibabaCoin from Using Alibaba Trademark

Burr & Forman on 10/26/2018

On October 22, 2018, the United States District Court for the Southern District of New York granted Chinese e-commerce company Alibaba’s application for a preliminary injunction against cryptocurrency startup Alibabacoin...more

Kittens, Stephen Curry, And Cryptocurrency: This Trade Secrets Case Has It All.

Orrick - Trade Secrets Group on 8/2/2018

What do kittens, three-time NBA Finals champion Stephen Curry, and cryptocurrency have in common? On May 7, 2018, a subsidiary of Launch Labs, a Canadian corporation doing business as Axiom Zen, released cryptocollectibles...more

Federal Court Grants Preliminary Injunction, Affirms CFTC Jurisdiction over Virtual Currencies

Proskauer - Blockchain and the Law on 3/28/2018

Earlier this month, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York entered a preliminary injunction order against Patrick McDonnell and his company, CabbageTech, Corp. (together, the...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

Eastern District Of New York Grants Preliminary Injunction In Opinion Backing CFTC's Authority To Regulate Cryptocurrency

A&O Shearman on 3/13/2018

On March 6, 2018, Judge Jack B. Weinstein of the United States District Court for the Eastern District of New York entered a preliminary injunction against a virtual currency company and its owner in connection with an...more

Federal Judge Rules Virtual Currencies Are Commodities Under the Commodity Exchange Act

Skadden, Arps, Slate, Meagher & Flom LLP on 3/8/2018

On March 6, 2018, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York ruled that virtual currencies are commodities under the Commodity Exchange Act (CEA) and therefore subject to the...more

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Virtual Currency › Preliminary Injunctions

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