News & Analysis as of

Virtual Currency › Securities Act of 1933

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 -
Goodwin

Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit

Goodwin on

IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more

Goodwin

Ninth Circuit Holds that Purchasers of Unregistered Shares in Slack’s Direct Listing May Bring Securities Act Claims

Goodwin on

Ninth Circuit Holds that Purchasers of Unregistered Shares in Slack’s Direct Listing May Bring Securities Act Claims; Small Class of Crypto Purchasers Recommended for Certification; Tether to Pay $41 Million to Settle...more

Proskauer - Corporate Defense and Disputes

SEC’s Coinschedule Settlement Offers Mere “Clue-By-Enforcement” Into Whether Cryptocurrencies are Securities

Proskauer - Corporate Defense and Disputes on

On July 14, 2021 the SEC issued a consented-to Cease and Desist Order against U.K.-based cryptocurrency review website owner Blotics Ltd. (formerly doing business as Coinschedule Ltd.) for violating Section 17(a) of the...more

Sheppard Mullin Richter & Hampton LLP

New York Attorney General Sues to Shutter Cryptocurrency Trading Firm Coinseed

Sheppard Mullin Richter & Hampton LLP on

The Office of New York State Attorney General Letitia James (“NYAG”) has filed a lawsuit to shut down technology company Coinseed. The state has accused the firm of selling unregistered securities in the form of digital...more

Pillsbury Winthrop Shaw Pittman LLP

Biden Administration Faces Last-Ditch Efforts by the Trump Administration to Curb the Digital Assets Industry

Pillsbury Winthrop Shaw Pittman LLP on

The incoming Biden team will need to quickly address significant digital asset issues, including a major enforcement action and a significant proposed FinCEN rule initiated in the final days of the outgoing administration. ...more

Pillsbury Winthrop Shaw Pittman LLP

Legal Implications of Secondary SAFT Sales

Pillsbury Winthrop Shaw Pittman LLP on

Simple Agreements for Future Tokens pose difficult and controversial legal questions under U.S. securities, commodities and tax laws. SAFT holders face significant difficulties in securing liquidity, and regulatory issues...more

Perkins Coie

Blockchain Week in Review - May 2020 #4

Perkins Coie on

U.S. Developments - BitClave Settles with SEC - On May 28, 2020 the Securities and Exchange Commission (the “SEC”) announced that a settlement has been reached with BitClave PTE Ltd. (“BitClave”) relating to BitClave’s 2017...more

Perkins Coie

Blockchain Week in Review - January 2020 #3

Perkins Coie on

U.S. Developments - Federal and State Regulatory Developments - Bill in Hawaii State Senate Addresses Digital Assets Including Authorization for Banks to Serve as Qualified Custodians - SB 2594 before the Hawaii...more

Skadden, Arps, Slate, Meagher & Flom LLP

Blockchain Trends and Enforcement Surrounding the New Technology

Skadden, Arps, Slate, Meagher & Flom LLP on

In 2019, regulators continued to consider whether and how to regulate blockchain technology. After the two previous years that included a high number of initial coin offerings (ICOs), many of which involved allegedly...more

Dorsey & Whitney LLP

Crypto and the Regulators: Will the Revolution Get Rules?

Dorsey & Whitney LLP on

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

Locke Lord LLP

Token Taxonomy Act – Exempting Digital Tokens from U.S. Securities Laws

Locke Lord LLP on

On April 10, 2019, U.S. Representatives Warren Davidson (R-OH) and Darren Soto (D-FL) reintroduced the Token Taxonomy Act (“TTA”) in the effort to amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to...more

Sheppard Mullin Richter & Hampton LLP

New Effort to Exempt Crypto Currency from Certain SEC, Tax and Other Regulatory Burdens

Sheppard Mullin Richter & Hampton LLP on

A new bill, the Token Taxonomy Act was introduced to congress to amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security, to direct the Securities...more

Proskauer - Blockchain and the Law

A Taxonomy of the Proposed Token Taxonomy Act

Proskauer - Blockchain and the Law on

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

Baker Donelson

Token Offerings: Three Lessons from Airfox and Paragon

Baker Donelson on

The Securities and Exchange Commission (the "Commission") announced settled charges last November against CarrierEQ Inc., doing business as Airfox and Paragon Coin Inc. ...more

Bass, Berry & Sims PLC

Celebrities Beware: Your Newest #1 Fan May Be the SEC

Bass, Berry & Sims PLC on

The personal problems of celebrities are often widely publicized. An overlooked beneficiary of such publicity can be the Securities and Exchange Commission (SEC). News of an SEC enforcement action involving a celebrity...more

Dechert LLP

US Blockchain Enforcement and Litigation Update: Government enforcement and private litigation drive important developments in...

Dechert LLP on

With soaring cryptocurrency prices attracting significant new investment in late 2017, U.S. regulators sought to fill the statutory void by exercising jurisdiction over a variety of digital assets. That trend continued in the...more

Pillsbury Winthrop Shaw Pittman LLP

The SEC’s Shutdown of the Munchee ICO

Pillsbury Winthrop Shaw Pittman LLP on

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

McGuireWoods LLP

Cyber Unit Files First ICO Fraud Action

McGuireWoods LLP on

The U.S. Securities and Exchange Commission (SEC) announced Dec. 4 that its newly formed Cyber Unit filed its first enforcement action, in which it “obtained an emergency asset freeze to halt a fast-moving Initial Coin...more

K&L Gates LLP

Initial Coin Offerings: Key Considerations You Absolutely, Positively Need to Know About Before Launching an ICO

K&L Gates LLP on

Initial Coin Offerings (ICOs) have rapidly emerged as the hottest trend in FinTech financing, albeit one that is not without controversy. Put simply, an ICO is a method of fundraising somewhat akin to an initial public...more

Kramer Levin Naftalis & Frankel LLP

Funds Talk: September 2017 - SEC Investigation Warns Digital Assets May Be Subject to Securities Laws

Kramer Levin Naftalis & Frankel LLP on

On July 25, the SEC released an investigative report warning that “virtual” organizations’ offers and sales of digital assets may be subject to the requirements of the Securities Act of 1933 and the Securities Exchange Act of...more

WilmerHale

SEC Confirms Certain ICOs Are Securities Offerings; Regulators Renew Focus on Cryptocurrencies

WilmerHale on

What Is an ICO? An ICO, or initial coin offering, is the sale of virtual coins or tokens, often as a means of capital raising by startup companies that are involved in blockchain technology. Depending on the terms of the...more

Jones Day

SEC's Investigative Report Raises Difficult Questions for ICO Issuers

Jones Day on

Against the backdrop of recent growth of initial coin or token offerings ("ICOs"), the U.S. Securities and Exchange Commission ("SEC"), on July 25, 2017, published its first public statements on this fundraising practice. The...more

K&L Gates LLP

DAO and the Art of Securities Regulation: SEC Clarifies that Digital Tokens May Be “Securities”

K&L Gates LLP on

The rapid rise of distributed ledger technology and the spate of recent initial coin offerings (“ICOs”) have focused attention on whether, and in what circumstances, virtual currencies and digital tokens may be securities...more

BCLP

SEC Finds ICOs May Be Subject to Registration Requirements

BCLP on

Initial Coin Offerings (ICOs) and other digital currency financing events have enjoyed explosive growth in 2017, with hundreds of millions of dollars invested with little to no regulation or government oversight. That era...more

Goodwin

Goodwin Alert: SEC Issues Long-Awaited Guidance

Goodwin on

The Securities and Exchange Commission (SEC) announced on Tuesday, July 25, 2017, that Initial Coin Offerings (ICOs) and other market participants offering digital assets by “virtual” organizations may be subject to the...more

28 Results
 / 
View per page
Page: of 2
Next »

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide