News & Analysis as of September 20, 2024

Financial Industry Regulatory Authority (FINRA)

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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 -

FINRA Is Conducting a Targeted Exam of “Crypto Assets”

Faegre Drinker Biddle & Reath LLP on 12/6/2022

Riding the coattails of recent news, FINRA announced on November 14th that it is conducting a targeted exam of firm practices regarding retail communications concerning “Crypto Asset” products and services....more

SEC Issues Guidance for Broker-Dealer Custody of Digital Assets

Latham & Watkins LLP on 1/13/2021

In a year-end change of course, the SEC identified the minimum steps that broker-dealers must take when acting as custodians of digital asset securities. On December 23, 2020, the US Securities and Exchange Commission (SEC)...more

Blockchain Week in Review - December 2020 #2

Perkins Coie on 12/16/2020

U.S. Developments - Members of Congress Request SEC Clarity On Digital Securities Custody - On December 9, a bipartisan group of representatives penned a letter to SEC Chairman Jay Clayton regarding the issue of...more

All Eyes Are on Regulation of Digital Assets as Federal Agencies and Lawmakers Seek to Bring Clarity: Part 1—The SEC, Utility...

Pillsbury Winthrop Shaw Pittman LLP on 9/12/2019

Federal regulators start to address some of the recent questions about digital assets such as tokens and virtual currencies, though many questions remain. U.S. Regulators and Congress are grappling with how to manage the...more

Bridging The Week - August 2019 #2

Katten Muchin Rosenman LLP on 8/13/2019

Last week a Canada-based social media company answered charges filed against it by the Securities and Exchange Commission in June 2019 that alleged its 2017 initial sale of digital tokens constituted an unlawful securities...more

Corporate & Financial Weekly Digest, Featuring Articles on the Latest Guidance From FINRA and the CFTC, and an FCA Paper...

Katten Muchin Rosenman LLP on 7/15/2019

BROKER-DEALER - Division of Trading and Markets and FINRA Staffs Issue Joint Statement on Broker-Dealer Custody of Digital Asset Securities - On July 8, in response to questions raised by market participants regarding...more

Bridging the Weeks - July 2019 #2

Katten Muchin Rosenman LLP on 7/9/2019

The United Kingdom’s Financial Conduct Authority proposed to ban the marketing and sale in or from the UK to retail persons of derivatives and exchange-traded notes based on cryptocurrencies and utility digital tokens,...more

Bridging the Weeks - June 2019

Katten Muchin Rosenman LLP on 6/11/2019

Last week, a Canada-based social media company was sued by the Securities and Exchange Commission for purportedly conducting an unregistered securities offering to United States persons in connection with an initial coin...more

Bridging the Week - May 2019 #2

Katten Muchin Rosenman LLP on 5/14/2019

Last week may not have been the best of times or the worst of times (to borrow from Charles Dickens), but it was undoubtedly a time that three United States financial services regulators issued important guidance on disparate...more

Bridging the Week - April 2019 #4

Katten Muchin Rosenman LLP on 4/30/2019

New York regulators continued an aggressive approach against certain entities engaged in virtual currency businesses when the state's Attorney General’s office obtained an ex parte order precluding companies associated with a...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

Blockchain Week in Review - January 2019 #4

Perkins Coie on 2/5/2019

Cboe Withdraws and Then Submits a Proposed Rulemaking for a Bitcoin ETF - On January 22, 2019, Cboe BZX Exchange (Cboe) withdrew its proposed rulemaking with the U.S. Securities and Exchange Commission (SEC). Had the...more

Bridging the Week - December 2018 #2

Katten Muchin Rosenman LLP on 12/17/2018

The Commodity Futures Trading Commission issued a request for input regarding the virtual currency ether. It wants to understand better how bitcoin and ether are different, and any unique qualities of ether (ETH), as it...more

Blockchain Week in Review - October 2018

Perkins Coie on 10/9/2018

U.S. Developments - Federal Bank Regulators Issue Joint Statement on Collaborative BSA/AML Compliance - On October 3, 2018, a group of federal bank regulators and the Financial Crimes Enforcement Network (“FinCEN”)...more

Increased SEC Enforcement Action and Litigation In the Cryptocurrency Space

Akin Gump Strauss Hauer & Feld LLP on 9/19/2018

As the U.S. Securities and Exchange Commission (SEC) stated previously, it is continuing to scrutinize and commence enforcement actions against companies, advisors and investors involved in the offering of cryptocurrencies...more

A Big Week on the Blockchain: Recent Enforcement and Regulatory Developments

Orrick, Herrington & Sutcliffe LLP on 9/19/2018

Technology evolves and events unfold at a dizzying pace in the blockchain world, but even by those standards this past week was tough to keep up with. Every day seemed to bring a new first for the industry...more

Enforcing the Regulatory Landscape for Virtual Currencies: Recent Developments

McDermott Will & Emery on 9/19/2018

US regulators have stepped up their activity in terms of enforcing the regulation of virtual currencies and on September 11, 2018, issued four relevant decisions: FINRA’s first disciplinary action involving cryptocurrencies;...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 9/12/2018

The SEC has taken its first enforcement action against a hedge fund over its cryptocurrency investments—namely, falsely holding itself out as the “first regulated fund in the U.S. focused on crypto assets.” It also targeted a...more

Crypto Exchanges Join Virtual Commodity Association Seeking to Establish Industry Standards

Proskauer - Blockchain and the Law on 9/4/2018

Despite the recent setback of having their Bitcoin ETF rejected by the SEC for the second time, the Winklevoss brothers remain undeterred in their efforts to bring cryptocurrency into the investment mainstream. Their...more

Bridging the Weeks - August 2018 #4

Katten Muchin Rosenman LLP on 8/28/2018

The Commodity Futures Trading Commission revised its rule related to the responsibilities of chief compliance officers of futures commission merchants, swap dealers and major swap participants, as well as the obligations of...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

Blockchain Week in Review - July 2018

Perkins Coie on 7/16/2018

The following update is on our Fintech Legal Report: FINRA Issues a Regulatory Notice for Firms to Let FINRA Know About Digital Asset Activities - U.S. Developments - Regulatory Updates - Vermont Enacts...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

SEC, FINRA Target ICOs, Cybersecurity, Secondary Market Trading in 2018 Examination Priorities

Kramer Levin Naftalis & Frankel LLP on 3/2/2018

Both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) recently released their respective 2018 examination priorities, providing a glimpse into their plans for the year to...more

Reminder: Certain U.S. Reporting and Compliance Obligations for Investment Advisers and Funds

Dechert LLP on 1/24/2018

The U.S. federal securities laws and the rules of U.S. self regulatory organizations (such as the Financial Industry Regulatory Authority) impose certain reporting and compliance obligations on investment advisers and funds....more

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