News & Analysis as of September 22, 2024

Virtual Currency › Securities Regulation

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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 -

Commissioner Comments on Tokenization

Mayer Brown Free Writings + Perspectives on 6/17/2024

Commissioner Uyeda spoke at the Securities and Exchange Commission’s 30th Annual Institute for Securities Market Growth and Development. Commissioner Uyeda focused on the need to root out bad actors and promote transparent...more

Crypto is Here to Stay in 2024, So Be Careful How You Talk About It

Faegre Drinker Biddle & Reath LLP on 2/2/2024

More than ever before, financial services regulators must increasingly adapt to technological advances. Perhaps no other technological advancement is more important right now than crypto currency. Crypto currency is defined...more

SEC Approves 11 Spot Bitcoin Exchange-Traded Products

Perkins Coie on 1/11/2024

On January 10, the Securities and Exchange Commission gave the green light to 11 issuers that applied for bitcoin exchange-traded funds (ETFs). After a false announcement and a course change due to the ruling in Grayscale...more

The Virtual Currency Regulation Review - September 2023

Stikeman Elliott LLP on 9/28/2023

I INTRODUCTION TO THE LEGAL AND REGULATORY FRAMEWORK - Canada currently has no comprehensive framework governing the regulation of digital assets. Securities and derivatives regulation has emerged as the main regulatory...more

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

[Webinar] Your Legal Guide to NFTs, the Metaverse, and Web3 - June 14th - 16th, 1:00 pm - 2:00 pm ET

Venable LLP on 6/9/2022

Non-fungible tokens (NFTs), the metaverse, and Web3 bring with them a host of new legal challenges in such areas as IP, securities law, tax, and advertising. As NFTs revolutionize the digital landscape and global economy, it...more

Tokenization Lawyer – 5 Reasons Why You Might Need One

Oberheiden P.C. on 5/17/2022

What is Tokenization? Tokenization is the process of converting an asset into a token on the blockchain. It operates by dividing—or fractionalizing—the ownership of an asset (whether the asset is a piece of real estate or...more

Crypto Enforcement Is Here, and Always Has Been

Kilpatrick on 5/10/2022

There are those in the crypto sphere who, despite the strong warnings of several federal agencies, believe there can be no enforcement without crypto specific regulation. This is not the case. There are also those who believe...more

“Are You Guys Into Crypto???”: Celebrities Promoting Cryptocurrencies Become Class Action Targets

Venable LLP on 2/9/2022

A class action lawsuit filed against Kim Kardashian, Floyd Mayweather, and former professional basketball player Paul Pierce earlier this month underscores the need for celebrity endorsers to take care when they approach any...more

Crypto Tax Lawyers – 5 Things to Consider Before Hiring

Oberheiden P.C. on 2/7/2022

The IRS, Taxpayers, and Cryptocurrencies or virtual currencies - The Internal Revenue Service (“IRS”) issued its first guidance on cryptocurrencies— “virtual currencies''—in 2014, taking the position that crypto...more

SEC Commissioner to DeFi: Follow the Law or Face Enforcement

Manatt, Phelps & Phillips, LLP on 11/12/2021

In a recent article, SEC Commissioner Caroline A. Crenshaw encouraged decentralized finance (DeFi) participants to voluntarily comply with securities law regulations, in particular those governing risk disclosure, warning...more

Tuesday’s Rising Regulatory Chorus On Crypto

Burr & Forman on 9/23/2021

This past Tuesday, September 21, the chorus calling for more regulation over crypto reached a sort of crescendo. The SEC - Earlier, in September 14 testimony before the Senate Banking Committee [1], former CFTC and current...more

SEC Chair Gensler Signals Greater Regulation of Cryptocurrency Under Existing Authorities

Brownstein Hyatt Farber Schreck on 9/22/2021

On Sept. 14, Gary Gensler, chair of the Securities and Exchange Commission, testified before the Senate Banking Committee that the agency has authority using the existing, “broad” definition of a “security” to regulate the...more

U.S. Federal Regulators Turn Up the Heat on Cryptocurrency Trading Platforms

Proskauer - The Capital Commitment on 8/27/2021

With new types of digital assets and related business on the rise, federal authorities have been busy investigating. Recently, the SEC, FinCEN and the CFTC have imposed some notable settlements involving cryptocurrency...more

Understanding NFTs and Their Legal Implications

Latham & Watkins LLP on 8/2/2021

Latham & Watkins lawyers discuss the emerging technology of non-fungible tokens (NFTs), including how they function and their various legal implications in the US, UK, and APAC. Topics: • Understanding NFTs and their...more

John McAfee Meet Agent Smith

Polsinelli on 11/6/2020

Agent Smith in the Matrix described humans as a “virus. A disease, a cancer of this planet. You are a plague, and we are the cure.” While not alleging all human beings are a virus, the U.S. government views John McAfee, the...more

The SEC Gets its Kiks out of a Successful Application of the Howey Test

Orrick - On the Chain on 10/6/2020

In a closely-watched cryptocurrency case, on September 30, the Southern District of New York ruled in favor of the SEC in SEC v. Kik Interactive, Inc., holding that the Kin tokens Kik had offered and sold through a pre-sale...more

Has the SAFT Been KIKed to the Curb?

Cozen O'Connor on 10/5/2020

On September 30, 2020, SDNY Judge Alvin Hellerstein issued a decision of major significance for the digital token industry in Securities and Exchange Commission v. Kik Interactive, Inc. This is only the second federal court...more

SEC Mike Drop on Rapper and Film Producer Charged With Illegal ICOs

Polsinelli on 10/2/2020

The U.S. Securities and Exchange Commission (SEC) recently announced charges against rapper and actor Clifford Harris, Jr., known as T.I. or Tip, film producer Ryan Felton, and three others who promoted Felton’s unregistered...more

Ring of Fire - SEC Hangs Up on Telegram

Polsinelli on 7/1/2020

After an extended fight with the U.S. Securities and Exchange Commission ("SEC"), Telegram has agreed to resolve charges the company's unregistered offering of digital tokens called "Grams" violated the United States federal...more

A Security By Any Other Name Would Smell As Sweet

Polsinelli on 5/13/2020

“A rose by any other name would smell as sweet.” Like the Shakespearean rose, Ripple Labs faces another claim that its digital asset XRP is a security in a new federal lawsuit in California. The suit filed by Bitcoin...more

It’s the Fall That’s Gonna Kill You

Polsinelli on 4/15/2020

Like Butch Cassidy and the Sundance Kid gloriously diving off a cliff, Telegram is about to take the fall and is trying to take the SEC with it. However, Telegram and supporters are making a number of important arguments in...more

BitBlog Bi-Weekly Update - March 2020

Polsinelli on 3/4/2020

Strikeout for Bitcoin ETF - Another ETF bites the dust. On February 26th the SEC rejected the application of NYSE Acre for the approval of an exchange traded fund sponsored by the New York firm of Wilshire Phoenix to...more

Blockchain Litigation Year In Review (Part 2): Lessons From 2019 And What’s Ahead For 2020

Polsinelli on 2/20/2020

It began as an obscure experiment in unregulated virtual currency. Initially undistinguished from Bitcoin, blockchain evolved to become one of the pillars of web 3.0, enabling new means of trust, transparency, security and...more

Blockchain Litigation Year in Review (Part 1): Lessons From 2019 And What’s Ahead For 2020

Polsinelli on 2/20/2020

When is a digital asset a security or a commodity? Are SAFTs safe? Does hyping blockchain create an expectation of profit? Is blockchain a trademark, trade secret or neither? Are free tokens tax-free? Who is Satoshi Nakamoto?...more

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Virtual Currency › Securities Regulation

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