The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more
10/5/2023
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Decentralized Autonomous Organization (DAO) ,
Digital Assets ,
ETFs ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Investment Contract ,
Legislative Agendas ,
Proposed Legislation ,
Regulatory Agenda ,
Securities Regulation ,
Smart Contracts ,
Token Sales
The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more
9/21/2023
/ Blockchain ,
Central Bank Digital Currency (CBDCs) ,
CFTC ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Ethereum ,
IOSCO ,
Listing Rules ,
Non-Fungible Tokens (NFTs) ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more
9/8/2023
/ Bitcoin ,
Blockchain ,
Coinbase ,
Criminal Prosecution ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Exchange-Traded Products ,
Financial Services Industry ,
First Amendment ,
Fourth Amendment ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Pump and Dump ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Smart Contracts ,
Tax Liability ,
Unregistered Securities
The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more
8/24/2023
/ Bitcoin ,
Blockchain ,
Coinbase ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
Investment ,
PayPal ,
Ripple ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Token Sales ,
Virtual Currency
The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more
8/10/2023
/ Blockchain ,
Coinbase ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Smart Contracts ,
Stablecoins
The long battle between the U.S. Securities and Exchange Commission (“SEC”) and Ripple reached a partial resolution with the Court ruling the digital asset at issue (“XRP”) is not itself a security and certain sales of the...more
On February 9, 2023, the U.S. Securities and Exchange Commission (the “SEC”) charged Kraken with offering and selling Kraken’s Staking Program – its staking-as-a-service product – as an unregistered security. Kraken, more...more
2/16/2023
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Services Industry ,
Investment Opportunities ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Token Sales ,
Trading Platforms ,
Unregistered Securities
In July of 2022, the United States Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) each alleged insider trading violations against a former Coinbase employee Ishan Wahi (“Ishan”), his brother...more
2/14/2023
/ Coinbase ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Financial Services Industry ,
Insider Trading ,
Investment Contract ,
Securities and Exchange Commission (SEC) ,
Securities Violations
Court rules that Earn Account Cryptocurrency is owned by Debtors and will not be returned -
In our latest Bitblog update regarding the Celsius Network LLC, et al. (the “Debtors”) bankruptcy proceeding (Case No. Number:...more
1/18/2023
/ Commercial Bankruptcy ,
Contract Terms ,
Crypto Exchanges ,
Cryptocurrency ,
Deposit Accounts ,
Digital Assets ,
Digital Currency ,
Interest Payments ,
Ownership Rules ,
Terms of Use ,
Uniform Commercial Code (UCC)
As Celsius Network LLC, et al., Case Number: 22-10964 (MG), proceeds in the Bankruptcy Court for the Southern District of New York (the “Court”), recent case updates relating to the approaching claims bar date...more
As Celsius Network LLC, et al., Case Number: 22-10964 (MG), proceeds in the Bankruptcy Court for the Southern District of New York (the “Court”), the following summarizes two important case updates as of November 18, 2022: ...more
The Internal Revenue Service (IRS) was one of the first United States regulators to provide guidance on the tax treatment of virtual currencies such as Bitcoin. Starting back in 2014 with its release of Internal Revenue...more
On July 21, 2022, the Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) each alleged insider trading violations against a former Coinbase employee, his brother, and another alleged acquaintance...more
8/5/2022
/ Coinbase ,
Corporate Counsel ,
Criminal Investigations ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Financial Services Industry ,
Insider Trading ,
Investment ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Violations ,
Wire Fraud
In the generally opaque emerging world of “DAOs”, a rare public dispute recently played out between the Web3 investment group Yield Guild Games (“YGG”) and Merit Circle DAO, a decentralized autonomous organization, or “DAO”,...more
Thoughts on Recent SEC statements and Action on Enforcement Related to Decentralized Autonomous Organizations (DAO) -
On November 10, 2021 the US Securities and Exchange Commission (the SEC) announced that it had halted...more
An interesting and thoughtful whitepaper called “A Legal Framework for Decentralized Autonomous Organizations” was co-authored by a general counsel of one of the major venture investors in the blockchain space suggesting a...more
On October 28, 2021, The Financial Action Task Force (FATF), an inter-governmental body that sets international standards with an aim to prevent global money laundering and terrorist financing, released updated guidance...more
As the United States Senate considered H.R. 3684, the “Investing in a New Vision for the Environment and Surface Transportation In America Act (INVEST in America Act)”, an attempt to modify legislative language concerning...more
8/18/2021
/ Biden Administration ,
Bipartisan Budget ,
Blockchain ,
Brokers ,
Critical Infrastructure Sectors ,
Cryptocurrency ,
Digital Assets ,
Financial Transactions ,
Legislative Agendas ,
Popular ,
Proposed Legislation ,
Regulatory Agenda ,
Reporting Requirements
On April 14, 2021, the U.S. Senate confirmed Gary Gensler as the new Chair of the U.S. Securities and Exchange Commission. Over the last few years the SEC has taken an assertive position in considering many digital assets to...more
4/26/2021
/ Administrative Agencies ,
Administrative Appointments ,
Biden Administration ,
Bitcoin ,
Cryptocurrency ,
Digital Currency ,
ETFs ,
Regulatory Agenda ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Senate Confirmation Hearings
Late last month, SoluTech, Inc. and Nathan Pitruzello consented to a cease-and-desist order with the U.S. Securities and Exchange Commission (“SEC”). From April 2018 through March 2019, SoluTech, a technology start-up...more
10/9/2020
/ Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Financial Transactions ,
Initial Coin Offering (ICOs) ,
Investment Opportunities ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Token Sales ,
Unregistered Securities
The U.S. Securities and Exchange Commission (“SEC”) Division of Trading and Markets recently issued a no action letter to FINRA that may help to streamline the settlement of digital asset securities transactions by...more
The U.S. Department of Justice (“DOJ”) filed a civil forfeiture complaint detailing two hacks of virtual currency exchanges by North Korean actors. These actors stole millions of dollars’ worth of cryptocurrency or other...more
9/16/2020
/ Blockchain ,
Civil Forfeiture ,
Cryptocurrency ,
Data Breach ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Crimes ,
Financial Services Industry ,
FinTech ,
Foreign Exchanges ,
Hackers ,
Money Laundering ,
North Korea ,
Virtual Currency
John Louis Anthony Bigatton will not be providing financial services in Australia and likely not anywhere else, anytime soon. On Thursday, September 3, 2020, the Australian Securities and Investments Commission (“ASIC”)...more
9/11/2020
/ ASIC ,
Australia ,
Bitcoin ,
Cease and Desist Orders ,
Cryptocurrency ,
Enforcement Actions ,
Financial Crimes ,
Financial Services Industry ,
Interest Payments ,
Investment Fraud ,
Investment Schemes ,
Money Laundering ,
Ponzi Scheme ,
Startups ,
Trading Platforms ,
White Collar Crimes
The U.S. Securities and Exchange Commission (SEC) recently charged two Maryland companies and their executives in a scheme that allegedly defrauded approximately 1,200 investors of more than $27 million. ...more
9/1/2020
/ Blockchain ,
Cryptocurrency ,
Enforcement Actions ,
Financial Transactions ,
Investment ,
Investment Fraud ,
Misappropriation ,
Ponzi Scheme ,
Rule 10(b) ,
Rule 10b-5 ,
Section 17(a) ,
Securities and Exchange Commission (SEC) ,
Securities Fraud
Historically, the ability for investment fund managers to take profits in the form of carried interest has allowed those managers to pay the lower long-term capital gains tax rate (compared to income) so long as the...more