News & Analysis as of May 30, 2025

Securities Violations

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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 -

NFT Legal Issues

Sheppard Mullin Richter & Hampton LLP on 1/2/2025

This year, the SEC has ramped up its enforcement efforts against digital asset marketplaces for selling non-fungible tokens (“NFTs”) (and other digital assets) the agency alleges are securities. In response, some potential...more

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

Polsinelli on 6/8/2020

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

Under Siege - Zen Master Steven Seagal Loses to the SEC

Polsinelli on 2/28/2020

The SEC has settled charges against action star Steven Seagal for failing to disclose payments he received for promoting an investment in an initial coin offering (ICO) conducted by Bitcoiin2Gen (B2G)....more

BitBlog Weekly Update

Polsinelli on 10/29/2019

This BitBlog summary focuses on the continuing actions by the U.S. Securities and Exchange Commission (“SEC”) against the issuers of noncompliant initial coin offerings (“ICOs”) and other crypto related transactions including...more

Crypto and the Regulators: Will the Revolution Get Rules?

Dorsey & Whitney LLP on 10/18/2019

Crypto currency began with the notion of getting “off the grid” – escaping the regulators and not being regulated. Over time that notion has transmuted. Now platforms trading crypto assets proclaim that the “revolution needs...more

BitBlog Weekly Summary

Polsinelli on 10/2/2019

This summary covers the last two weeks which includes news about continued enforcement actions by the U.S. Securities and Exchange Commission (“SEC”) involving fraudulent digital asset transactions, dismissal of a securities...more

Kik ICO Litigation: Is the SEC Playing Hard Ball or Soft Ball?

Stinson - Corporate & Securities Law Blog on 6/10/2019

It has been widely reported that the SEC sued Kik Interactive Inc. for conducting an illegal $100 million securities offering of digital tokens. The SEC charges that Kik sold the tokens to U.S. investors without registering...more

SEC’s First Action Against Unregistered Crypto “Exchange”

Burr & Forman on 11/19/2018

On November 8, the SEC filed its first settled enforcement action against cryptocurrency trading platform for operating as an unregistered exchange trading securities, in violation of the Securities Exchange Act of 1934....more

Continued SEC Enforcement in Digital Token Industry Likely Foretells Increase in Private Claims

Polsinelli on 11/19/2018

On November 8, 2018, the SEC announced it had settled charges against Zachary Coburn, the founder of EtherDelta, a digital “token” trading platform. ...more

SEC Tells How to Fix the Faulty Initial Coin Offering

Stinson - Corporate & Securities Law Blog on 11/19/2018

The SEC simultaneously announced a pair of settled enforcement actions related to illegally offered ICOs with extensive remedial provisions to fix the faulty offerings....more

SEC Sues Blockvest for False Claims of SEC Endorsement of ICO

Burr & Forman on 10/16/2018

On October 3, 2018, the Securities and Exchange Commission sued Blockvest LLC and its founder Reginald Buddy Ringgold, III for falsely claiming that its initial coin offering had been approved by the SEC. ...more

“No Good Deed”: Free Tokens Issued in Airdrops, Bounty Programs Likely Violate Securities Laws

Farrell Fritz, P.C. on 8/20/2018

If you’re thinking of airdropping free tokens or implementing a cryptocurrency bounty program, be careful. The Securities and Exchange Commission just issued a cease and desist order (the “Order”) with respect to an initial...more

Recent ICO Enforcement Trends

Kramer Levin Naftalis & Frankel LLP on 2/8/2018

One week after filing a fraud suit against the organizer of the PlexCoin token sale, the SEC issued an enforcement order in connection with a token offering by Munchee and a public statement that shed some additional light on...more

Massachusetts’ First ICO Enforcement Action Offers Important Lessons for Offshore ICOs

Farrell Fritz, P.C. on 2/5/2018

Last month, Secretary of the Commonwealth of Massachusetts William Galvin made good on his promise to conduct an exam sweep of ICOs in Massachusetts. On January 17, the Enforcement Section of the Massachusetts Securities...more

Business Litigation Alert: "SEC Cracking Down on Cryptocurrency Scams"

Porter Hedges LLP on 2/5/2018

Cryptocurrency (e.g. Bitcoin) seems to be in the news on practically a daily basis, with people racing to get in on the latest investment trend and companies investigating how to best incorporate cryptocurrency and block...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 1/26/2018

SEC Division of Investment Management Letter on Cryptocurrency Related Investment Products; Joint Statement by SEC and CFTC Enforcement Directors Regarding Virtual Currency Enforcement Actions - On January 18, 2018, in a...more

SEC Chair Clayton Warns Lawyers on Initial Coin Offerings

Stinson - Corporate & Securities Law Blog on 1/23/2018

SEC Chair Clayton delivered the following remarks at a conference of securities professionals: “My first message is simple and a bit stern. Market professionals, especially gatekeepers, need to act responsibly and hold...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 1/10/2018

AT&T has dropped plans to sell the Mate 10—the newest smartphone from China’s Huawei Technologies—just before the partnership was to be announced. AT&T gave no reasons for its abrupt reversal, but lawmakers have recently...more

The SEC and Plaintiffs’ Class Action Attorneys Are Targeting Initial Coin Offerings

Fenwick & West LLP on 1/4/2018

Issuers and other professionals participating in Initial Coin Offerings — widely known as ICOs — are facing the increasing threat of both U.S. Securities Exchange Commission enforcement actions and private class action suits...more

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Virtual Currency › Regulatory Oversight › Securities Violations

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