News & Analysis as of

Virtual Currency Securities & Exchange Commission

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... more +
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 -

SEC and CFTC Issue Joint Statement on Virtual Currency Enforcement Actions

by Ballard Spahr LLP on

The following joint statement was issued this last week from the Enforcement Directors of the Securities Exchange Commission and Commodity Futures Trading Commission...more

The Directors of SEC and CFTC Enforcement Warn Would-be Virtual Currency Market Fraudsters

by Dorsey & Whitney LLP on

The Enforcement Directors of the SEC and CFTC took the unusual step of issuing a joint statement regarding virtual currency enforcement actions at the close of last week. SEC Enforcement Co-Directors Stephanie Avakian and...more

CFTC Continues Federal Crackdown On Virtual Currency Fraud Schemes

by Fox Rothschild LLP on

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

SEC Nixes 40 Act Registration of Cryptocurrency Related Funds for Now

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

FinTech Update: Emerging Legal Trends Regarding Blockchain Technology

by Burr & Forman on

Over the course of the past few years, Blockchain technology – a platform that acts as a digital ledger for assets – has rapidly grown in prominence. While it is perhaps most well-known for its connection to Bitcoin, the...more

Virtual Currency -- NFA Reporting Requirements and CFTC Proposed Interpretation of “Actual Delivery”

by K&L Gates LLP on

National Futures Association(NFA) is requiring that member commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) immediately notify NFA if they operate a pool or manage an account that engages in a...more

Bridging the Week - January 2018 #2

FINRA Announces 2018 Examination Priorities; Will Review Role of Firms and Salespersons in Facilitating Cryptocurrency Transactions and ICOs: The Financial Industry Regulatory Authority issued its 2018 Regulatory and...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

More trouble for the embattled British PM Theresa May. We learned yesterday that Britain’s second-largest construction firm—Carillion—was forced into liquidation after amassing a staggering $1.35 billion in debt. The downfall...more

Regulators Continue to Scrutinize Initial Coin Offerings

by Carlton Fields on

As reported in the most recent issue of Expect Focus, the SEC issued an investigative report in July cautioning market participants that distributed ledger (blockchain) technology-based offers and sales of digital "tokens" or...more

Initial Coin Offerings and Cryptocurrencies Will be a Priority for FINRA in 2018

In a ten page letter that previews the Financial Industry Regulatory Authority’s (FINRA) priorities for 2018, initial coin offerings (ICOs) and transactions involving cryptocurrencies....more

Blockchain, Virtual Currencies and the Regulators

by Dorsey & Whitney LLP on

The public interest in anything relating to virtual currencies, blockchain technology or bitcoin is not just very high bit reaching near hysteria. For example, the Long Island Iced Tea Corporation saw its share price jump as...more

SEC Cyber Unit Increases Efforts to Regulate Crypto-Currency

by Nossaman LLP on

Based on how 2017 ended, entities and individuals in the crypto-currency markets should expect increased scrutiny from the United States Securities and Exchange Commission (“SEC”) in 2018. The SEC’s Cyber Unit commenced its...more

Financial Derivatives Intermediaries Who Trade Virtual Currencies Face the NFA’s Enhanced Reporting Requirements

Derivatives regulators continue to take actions that pull virtual currencies – also known as digital currency or cryptocurrency, the best known of which is bitcoin – into their regulatory schemes....more

SEC Brings Enforcement Actions Against Promoters of Initial Coin Offerings

by Hirschfeld Kraemer LLP on

Throughout the latter half of 2017, the SEC became increasingly focused on regulating securities law violations involving blockchain technology and initial coin offerings. A blockchain is an electronic distributed ledger...more

WSGR Fintech Update - January 2018

SEC Chair Speaks About ICOs and Virtual Currencies - In a statement released on December 11, 2017, Jay Clayton, Chair of the U.S. Securities and Exchange Commission (SEC), offered his views about initial coin offerings...more

Business Litigation Alert: "Legal Issues to Watch in 2018"

by Porter Hedges LLP on

Last year was filled with many headline-making issues. As we begin to look at 2018, here are three issues we are closely tracking....more

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

by Fenwick & West LLP on

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

The SEC’s Shutdown of the Munchee ICO

Commission’s action shows the limited utility of the utility token-security token distinction. Regulator finds that sellers of blockchain-based digital coins cannot dodge securities law by calling the coins “utility...more

Banking & Financial Services E-Note - December 2017

by Burr & Forman on

As the SEC’s cyber unit files its first complaint against an Initial Coin Offering ("ICO"), Birmingham Associate Fob James examines the future of ICOs on our Securities Litigation Blog. Please see full E-Note below for...more

Year in Review: Top Cryptocurrency Stories of 2017

After lingering on the periphery of financial markets for the past several years, cryptocurrency has finally started to move into the mainstream. While the explosion in Bitcoin’s value dominated the news headlines,...more

The SEC and Securities Plaintiffs' Bar Take Aim at Initial Coin Offerings

by BakerHostetler on

These days it seems that everybody is considering getting into the distributed ledger technology business causing the United States Securities and Exchange Commission (“SEC”) and the securities plaintiffs’ bar to take notice....more

Orrick's Financial Industry Week In Review

CFTC Issues Proposed Interpretation on Virtual Currency "Actual Delivery" in Retail Transactions - On December 15, 2017, the Commodity Futures Trading Commission ("CFTC") announced a Proposed Interpretation concerning its...more

Bitcoin Futures Trading Commences; Implications for Funds and Registered CPOs and CTAs

by Dechert LLP on

The Chicago Mercantile Exchange (CME) and the CBOE Futures Exchange (CFE) on December 1, 2017 self-certified contracts for bitcoin futures products with the U.S. Commodity Futures Trading Commission (CFTC). Additionally, on...more

Crackdown: SEC's New Cyber Unit Targets Blockchain and ICO Abuses

by Jones Day on

The Situation: The U.S. Securities and Exchange Commission has launched a special unit to bring enforcement actions against several forms of cyber misconduct. The Result: The Cyber Unit has already brought enforcement...more

Four Key Takeaways from the SEC’s Bitcoin and Cryptocurrency Statement

Over the past few months, there has been a great deal of excitement among investors about Bitcoin and other cryptocurrencies. This excitement intensified in recent weeks as Bitcoin values rose 1800% and the Chicago Mercantile...more

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