The Polsinelli Blockchain+ team took a break from the usual Bi-Weekly updates for the Thanksgiving holiday, but the Web3 legal developments did not. There was a significant ruling out of the 5th Circuit, which has major...more
In the last few weeks, decisions by regulatory agencies and courts overseeing cryptocurrency disputes have dominated the Web3 legal news. This can be expected to continue, even as Congress comes back from its August break, as...more
As the end of summer approaches, litigation in the digital asset industry has remained hot. In the SEC’s cases against various exchanges, ongoing discovery fights are starting to play out in court filings, and one can expect...more
8/15/2024
/ Bitcoin ,
Blockchain ,
Coinbase ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
FinTech ,
Non-Fungible Tokens (NFTs) ,
Ripple ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Token Sales
While the nation was preoccupied with the significant developments in the Presidential race, advocates and promoters of the blockchain ecosystem were particularly attentive to the news, given the perception that the current...more
7/25/2024
/ Blockchain ,
CFTC ,
Cryptocurrency ,
Decentralized Autonomous Organization (DAO) ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
ETFs ,
Ether ,
Financial Instruments ,
Financial Markets ,
Presidential Elections ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Virtual Currency ,
Wells Notice
On June 15, 2023, the Polsinelli Blockchain+ team put out our first Bi-Weekly rundown of some of the key stories in the Web3, blockchain, and crypto ecosystems curated by Polsinelli attorneys navigating the intersections of...more
6/27/2024
/ Bitcoin ,
Blockchain ,
Class Action ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Ethereum ,
Financial Services Industry ,
FinTech ,
Martin Shkreli ,
Ripple ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Litigation ,
Securities Violations
It was a busy week for digital assets with the Securities and Exchange Commission, as the agency was sued by a digital asset exchange hopeful and faces responses in its pending litigation against existing digital asset...more
3/14/2024
/ Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Decentralized Autonomous Organization (DAO) ,
Digital Assets ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
FinTech ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Smart Contracts
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
2/9/2024
/ Bitcoin ,
Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Cyber Crimes ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Digital Currency ,
ETFs ,
FinTech ,
Hackers ,
Investment Opportunities ,
Mining ,
Securities and Exchange Commission (SEC) ,
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
11/17/2023
/ Blockchain ,
Consumer Financial Protection Bureau (CFPB) ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Digital Wallets ,
Distributed Ledger Technology (DLT) ,
EFTs ,
Enforcement Actions ,
Financial Markets ,
Financial Services Industry ,
Investment Opportunities ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Fraud
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
11/2/2023
/ Blockchain ,
Coinbase ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
FinTech ,
Regulatory Requirements ,
Ripple ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Smart Contracts
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
10/19/2023
/ Blockchain ,
Coinbase ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Financial Fraud ,
Financial Markets ,
Financial Transactions ,
Ripple ,
Securities and Exchange Commission (SEC)
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)
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
With the world slowly coming out of the COVID-19 lock down and the economy hopefully on the path to recovery there have been many developments in the blockchain / crypto space over the last few weeks....more
5/19/2020
/ Bitcoin ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
FinTech ,
Fraudulent Investment ,
Initial Coin Offering (ICOs) ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Stock Exchange ,
Unregistered Securities ,
Virtual Currency
The SEC recently filed suit against Dropil, Inc. (“Dropil”), Jeremy McAlpine, Zachary Matar, and Patrick O’Hara, alleging the defendants had defrauded investors in an unregistered offerings of securities described by the...more
The SEC successfully landed another blow in its ongoing battle with Blockvest, LLC for alleged securities fraud and the sale of unregistered securities. ...more
While the world at large shelters in place due to COVID-19 legal and regulatory activity of digital asset and the blockchain world is hopping. ...more
4/23/2020
/ Best Interest Standard ,
Bitcoin ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Instruments ,
Form CRS ,
FSB ,
Initial Coin Offering (ICOs) ,
Investment Fraud ,
Regulation BI ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Virtual Currency
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
Judge P. Kevin Castel of the Southern District of New York struck his gavel and hung up on Telegram’s contentious $1.7 billion initial coin offering (“ICO”). Judge Castel ruled Telegram's planned distribution of Grams...more
When we started thinking about this update, less than two weeks ago, the proposal by the U.S. Securities Exchange Commission (“SEC”) to liberalize Reg A and Reg CF (as discussed below) was the biggest news on our minds…. How...more
3/19/2020
/ Bitcoin ,
Capital Raising ,
Coinbase ,
Commodities ,
Coronavirus/COVID-19 ,
Crisis Management ,
Digital Currency ,
FinTech ,
Initial Coin Offering (ICOs) ,
Investment ,
Relief Measures ,
Securities and Exchange Commission (SEC)
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
3/4/2020
/ Bitcoin ,
Bitcoin Mining ,
Celebrity Endorsements ,
CFTC ,
Chapter 11 ,
Commercial Bankruptcy ,
Commodities ,
Criminal Conspiracy ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
ETFs ,
Exchange-Traded Products ,
Financial Crimes ,
Financial Instruments ,
Financial Markets ,
Financial Transactions ,
GAO ,
Influencers ,
Initial Coin Offering (ICOs) ,
Money Laundering ,
Money Transfer ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Token Sales ,
Virtual Currency
Many crypto entrepreneurs are seeking to build decentralized networks in which a token serves as a means of exchange on, or provides access to a function of the network. In the course of building out the network, they need...more
2/14/2020
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
De Minimus Quantity Exemption ,
Digital Currency ,
Financial Instruments ,
Financial Markets ,
FinTech ,
Initial Coin Offering (ICOs) ,
Investment Opportunities ,
IRS ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Tax Liability ,
Tax Planning ,
Token Sales ,
Virtual Currency
Digital assets and Blockchain technologies which were once described as the tools of criminals, are now a key part of efforts by traditional financial services firms to transform their businesses and innovative firms looking...more
1/3/2020
/ Accredited Investors ,
Bitcoin ,
Blockchain ,
CFTC ,
Critical Infrastructure Sectors ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Facebook ,
Financial Services Industry ,
FinTech ,
Initial Coin Offering (ICOs) ,
Mark Zuckerberg ,
Martin Act ,
No-Action Letters ,
Offerings ,
Popular ,
Regulatory Requirements ,
Sanctions ,
Securities Act ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation ,
Simple Agreement for Future Tokens (SAFT) ,
Technology Sector ,
Token Sales ,
Transparency ,
Unregistered Securities ,
Virtual Currency
This BitBlog summary focuses on the continuing actions by the U.S. Securities and Exchange Commission (“SEC”) against the issuers of noncompliant initial coin offerings (“ICOs”) and other crypto related transactions including...more
10/29/2019
/ Bitcoin ,
CFTC ,
Commodities ,
Cryptocurrency ,
Default Judgment ,
Digital Currency ,
Enforcement Actions ,
ETFs ,
Ether ,
Exchange-Traded Products ,
Fund Managers ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Initial Coin Offering (ICOs) ,
Regulation A ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Settlement Agreements ,
Token Sales ,
Virtual Currency
Five years or so years ago, the Internal Revenue Service (“IRS”) provided its first, and until this week, only formal advice on the taxation of cryptocurrency transactions in Notice 2014-21. This guidance, while helpful in...more
10/22/2019
/ Bitcoin ,
Blockchain ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Transactions ,
Future Tax Treatment ,
Guidance Update ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency