As the first state to follow New York’s lead in issuing a crypto-specific license, Louisiana began accepting Louisiana Virtual Currency Business Activity (VCBA) license applications as of January 1, 2023. All entities engaged...more
On March 9, 2022, US President Joe Biden signed an unprecedented executive order directing federal agencies to coordinate their approach to clarifying cryptocurrency regulations. Sighs of relief were heard across the industry...more
3/11/2022
/ Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Consumers ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
Financial Services Industry ,
Investors ,
New Legislation ,
Regulatory Agenda ,
Technology ,
Virtual Currency
On October 15, 2021, the US Department of the Treasury’s Office of Foreign Asset Control (OFAC) announced updated guidance for virtual currency companies in meeting their obligations under US sanctions laws. On the same day,...more
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
6/13/2019
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Howey ,
Initial Coin Offering (ICOs) ,
Investment Contract ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Token Sales ,
Unregistered Securities ,
Virtual Currency
In its long-awaited guidance, the Staff of the Securities and Exchange Commission recently provided a lengthy list of factors to consider when determining whether an initial coin offering (ICO) is a security. While the...more
4/10/2019
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Howey ,
Initial Coin Offering (ICOs) ,
Intellectual Property Protection ,
Internet Retailers ,
Investment Contract ,
Investors ,
New Guidance ,
Popular ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Virtual Currency
Following a three-day bench trial, US District Judge Jack B. Weinstein found in favor of the CFTC and ordered a permanent injunction banning Patrick K. McDonnell from dealing in virtual currency and ordering a judgment for...more
On August 14, 2018, the SEC announced a $30,000 fine and trading ban against a company and its founder, finding that the defendants carried out a fraudulent ICO to fund a speculative oil-drilling venture, and that such...more
The Office of Foreign Asset Control of the Department of Treasury (OFAC) forecasted that it “may include as identifiers on the SDN List specific digital currency addresses associated with blocked persons.”
SDN stands for...more
As US regulators have been active in terms of virtual currency regulation, there are three important updates to which attention should be paid. The New York State DFS guidance, the FinCEN letter to Senator Wyden and the...more
3/27/2018
/ Anti-Money Laundering ,
Blockchain ,
CFTC ,
Commodities ,
Department of Financial Services ,
FinCEN ,
Fraud ,
Fraud Prevention ,
Initial Coin Offering (ICOs) ,
Market Participants ,
Money Transmitter ,
New Guidance ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury ,
Virtual Currency
On February 7, 2018, the New York Department of Financial Services issued “Guidance on Prevention of Market Manipulation and Other Wrongful Activity” imposing stringent reporting requirements of which virtual currency...more