The Securities and Exchange Commission (the “SEC”) on July 21, 2022, filed a complaint (the “SEC Complaint”) alleging insider trading violations against an insider, his brother, and a friend, claiming that the trio engaged in...more
8/15/2022
/ Coinbase ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Services Industry ,
Insider Trading ,
Misappropriation ,
Non-Public Information ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Violations
The Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (Board of Governors) issued a joint letter (Joint Letter) on July 28, 2022, to Voyager Digital, LLC and its related entities...more
8/5/2022
/ Consumer Financial Products ,
Cryptocurrency ,
Deposit Insurance ,
Depository Institutions ,
Enforcement Actions ,
False Statements ,
FDI Act ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Misleading Statements ,
Misrepresentation
Key Takeaways -
According to sources with firsthand knowledge, the SEC is conducting an industry-wide inquiry into alleged insider trading activities of cryptocurrency exchanges.
Insider trading occurs when a corporate...more
7/6/2022
/ Bitcoin ,
Capital Markets ,
Cryptoassets ,
Cryptocurrency ,
Enforcement Actions ,
Enforcement Priorities ,
Financial Instruments ,
Financial Regulatory Agencies ,
Insider Trading ,
Investment Opportunities ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Trading Platforms ,
Virtual Currency
Key Takeaways-
The United States Securities and Exchange Commission announced a settlement against chip manufacturing company Nvidia Corporation, on May 6, 2022, for inadequate disclosures concerning the impact of...more
5/19/2022
/ Bitcoin Mining ,
Corporate Counsel ,
Cryptocurrency ,
Enforcement Actions ,
Failure To Disclose ,
Gaming ,
Gaming Revenues ,
Microchip Technology ,
NVIDIA ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Settlement Agreements
Key Takeaways - The federal government has the cryptocurrency market in its crosshairs. Specifically, the DOJ, SEC and CFTC have all continued to make announcements and show interest in regulating cryptocurrency and enforcing...more
The Attorney General’s Cyber-Digital Task Force (Task Force) issued a report on October 8, 2020, which outlines the Task Force’s proposed Cryptocurrency Enforcement Framework (Framework). The comprehensive Framework—which...more
The Staff of the Securities and Exchange Commission’s Division of Trading and Markets (Staff) issued a no-action letter to the Financial Industry Regulatory Authority on September 25, 2020 (Letter), in which the Staff stated...more
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued guidance on May 9, 2019, underscoring the application of the Bank Secrecy Act (BSA) and its implementing regulations relating to money...more
5/22/2019
/ Anti-Money Laundering ,
ATMs ,
Bank Secrecy Act ,
Casinos ,
Compliance ,
Convertible Virtual Currencies (CVCs) ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Exemptions ,
Financial Institutions ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Money Laundering ,
Money Services Business ,
Money Transfer ,
New Guidance ,
Payment Processors ,
Peer-to-Peer ,
Risk Assessment ,
Terrorism Funding ,
Trading Platforms ,
Virtual Currency
The U.S. Securities and Exchange Commission announced two settled enforcement actions on November 16, 2018, imposing registration requirements and civil penalties against issuers of initial coin offerings (ICOs) for failing...more
12/6/2018
/ Broker-Dealer ,
Civil Monetary Penalty ,
Compliance ,
Digital Assets ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Howey ,
Initial Coin Offering (ICOs) ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Settlement ,
Unregistered Securities
The staff of the Divisions of Enforcement and Trading and Markets (collectively, Staff) of the U.S. Securities and Exchange Commission (SEC) on March 7, 2018 jointly issued a statement on digital asset trading platforms...more
3/28/2018
/ Alternative Trading System (ATS) ,
Broker-Dealer ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Initial Coin Offering (ICOs) ,
Investor Protection ,
Investors ,
Market Participants ,
Personal Liability ,
Registration Requirement ,
Securities ,
Securities and Exchange Commission (SEC) ,
Token Sales