News & Analysis as of September 21, 2024

Virtual Currency › Securities Exchange Act

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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 -

Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit

Goodwin on 3/9/2022

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

Ripple Effect: SEC Lawsuit against Cryptocurrency Company May Provide Guidance For Crypto Industry

Amundsen Davis LLC on 3/12/2021

On December 21, 2020, the Securities and Exchange Commission (SEC) filed a high-profile enforcement action against a major cryptocurrency company. The SEC complaint alleges violations of federal securities laws by defendant...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 - November 2020 #2

Perkins Coie on 11/30/2020

Jay Clayton to step down as SEC Chairman at the end of this year - Securities and Exchange Commission Chairman Jay Clayton will step down at the end of this year, according to a November 16, 2020, announcement. This...more

Blockchain Week in Review - January 2020 #3

Perkins Coie on 1/29/2020

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

Blockchain Trends and Enforcement Surrounding the New Technology

Skadden, Arps, Slate, Meagher & Flom LLP on 1/21/2020

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

Bridging the Week - November 2019 #2

Katten Muchin Rosenman LLP on 11/19/2019

A social media company and its wholly owned subsidiary sued by the Securities and Exchange Commission for conducting an offering of an unregistered digital security claimed that the agency was wrong in its characterization of...more

Corporate & Financial Weekly Digest, Featuring Articles on Shareholder Proposals Exclusion, the SEC's New Asset Management...

Katten Muchin Rosenman LLP on 10/21/2019

SEC/CORPORATE - SEC Issues Legal Bulletin Regarding Shareholder Proposals Exclusion - On October 16, the staff of the Division of Corporation Finance (Staff) of the Securities and Exchange Commission issued Staff...more

As Bitcoin’s Price Moves Dramatically, ETF Proposals Remain at a Standstill

Proskauer - Blockchain and the Law on 7/1/2019

On June 26, the price of bitcoin surged to a 12-month high of nearly $13,900 (up about 35% on the month) before losing more than $1,700 in a span of 15 minutes, then rebounding slightly and closing the day at around $12,800....more

The SEC Takes Aim at Another Initial Coin Offering

McDermott Will & Emery on 6/13/2019

A recent complaint concerning KIK Interactive Inc. filed in the US District Court of the Southern District of New York reveals some SEC priorities for cryptocurrency enforcement actions. The complaint indicates that the SEC...more

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

Locke Lord LLP on 4/25/2019

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

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

Sheppard Mullin Richter & Hampton LLP on 4/17/2019

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

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

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

Crypto Firms Make Inroads with State and Federal Regulators

Sheppard Mullin Richter & Hampton LLP on 10/31/2018

Over the past couple of years, the crypto industry has come under heavy scrutiny from skeptical regulators seeking to root out fraud and protect investors amid the initial coin offering boom that generated over $4 billion in...more

New York Federal Court’s View on Cryptocurrency as Securities

Sheppard Mullin Richter & Hampton LLP on 9/27/2018

On September 11, 2018, the U.S. District Court for the Eastern District of New York denied a motion to dismiss an indictment of a Brooklyn real estate entrepreneur in relation to two virtual currency investment schemes and...more

Federal Judge Rules Securities Laws May Cover ICOs

Proskauer - Blockchain and the Law on 9/12/2018

U.S. District Judge Raymond Dearie of the Eastern District of New York has ruled that initial coin offerings (ICOs) may be subject to securities law. The ruling came in the court’s denial of defendant Maksim Zaslavkiy’s...more

Key Takeaways From the Tezos Litigation

Perkins Coie on 8/31/2018

On August 7, Judge Richard Seeborg of the U.S. District Court for the Northern District of California denied in part a motion to dismiss (the “Order”) sought by the defendants in In Re Tezos Securities Litigation (the “Tezos...more

SEC denies application for bitcoin-based ETF; Commissioner Peirce dissents

Eversheds Sutherland (US) LLP on 8/1/2018

On July 26, 2018, the US Securities and Exchange Commission (SEC) denied an application for the Winklevoss brothers—of Facebook fame (and fortune)—to launch the first bitcoin-based exchange-traded fund (ETF) that would allow...more

Blockchain Week in Review - July 2018 #2

Perkins Coie on 7/31/2018

U.S. Developments - Regulatory Updates - CFTC Issues Customer Advisory Urging Public to Use Caution When Buying Virtual Currencies - On July 16, 2018, the U.S. Commodity Futures Trading Commission (“CFTC”) issued...more

Corporate & Financial Weekly Digest, Featuring Topics on SEC/Corporate, Broker-Dealer, Derivatives, CFTC, Digital Assets and...

Katten Muchin Rosenman LLP on 7/23/2018

SEC/CORPORATE - SEC Amends the Definition of “Smaller Reporting Company” - On June 28, the Securities and Exchange Commission announced that it adopted amendments to the definition of “smaller reporting company,” which...more

Chris Lazarini Comments on Qualifiers of Control Person Liability under Exchange Act §20(a)

Bass, Berry & Sims PLC on 1/12/2018

Bass, Berry & Sims attorney Chris Lazarini commented on a case involving alleged violations of federal and state securities laws and state common law in an alleged scheme to defraud customers and investors in several...more

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

K&L Gates LLP on 10/31/2017

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

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

Kramer Levin Naftalis & Frankel LLP on 9/7/2017

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

Fintech Alert: SEC Advises That an Unincorporated Virtual Organization That Issued Virtual Currency Engaged in an Unregistered...

Blank Rome LLP on 8/10/2017

Financial Services - Action Item: The Securities and Exchange Commission (“SEC”) has provided guidance for digital currency offerings that may run afoul of the U.S. securities laws. Investors, token issuers, and other...more

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Virtual Currency › Securities Exchange Act

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