An ambitious proposal could bring digital assets into the mainstream regulatory fold. During an eventful summer for the digital assets industry, it may have been easy to miss US Representative Don Beyer’s introduction of the...more
9/13/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Central Bank Digital Currency (CBDCs) ,
CFTC ,
Commodities ,
Cryptoassets ,
Digital Assets ,
Enforcement Authority ,
FDIC ,
Federal Reserve ,
Proposed Legislation ,
Regulatory Oversight ,
Reporting Requirements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
U.S. Treasury
Gary Gensler asserts the SEC’s broad powers over digital assets, and puts consumer protection at the forefront.
On August 3, 2021, Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), gave a speech on...more
8/13/2021
/ Bitcoin ,
Blockchain ,
Broker-Dealer ,
Consumer Financial Products ,
Consumer Protection Laws ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Enforcement ,
Exchange-Traded Products ,
Initial Coin Offering (ICOs) ,
Popular ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Token Sales
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
8/2/2021
/ Asia Pacific ,
Bank Secrecy Act ,
BitLicense ,
Copyright ,
Copyright Ownership ,
Digital Assets ,
Digital Media ,
Intellectual Property Protection ,
IP License ,
License Agreements ,
Money Transmitter ,
Non-Fungible Tokens (NFTs) ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
UK ,
Virtual Currency
SEC Commissioner Peirce has revived and refreshed her proposed three-year safe harbor for qualifying token projects, but some unresolved ambiguities remain.
US Securities and Exchange Commission (SEC) Commissioner Hester...more
The State of Wyoming is solidifying its position as the friendliest state in the US for digital asset innovation. Although comprehensive digital asset regulation at the federal level remains elusive, US states are angling to...more
For market participants pivoting toward ESG and digital assets, weighing the issues at the crossroads of these two megatrends is critical.
The huge rise in popularity of Bitcoin - and the growing interest by mainstream...more
4/13/2021
/ AML/CFT ,
Blockchain ,
Climate Change ,
Corporate Governance ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Environmental Social & Governance (ESG) ,
Paris Agreement ,
Popular ,
Risk Management
As the market for NFTs heats up, market participants should remain mindful of the regulatory implications of complex schemes.
As the current crypto boom has progressed, it seemed Decentralized Finance (DeFi) had cemented...more
3/15/2021
/ Blockchain ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Ethereum ,
Fine Art ,
FinTech ,
Insurance Industry ,
Market Participants ,
Marketing ,
Non-Fungible Tokens (NFTs) ,
Online Marketplace
Regulators once again offered piecemeal guidance, while focusing on risks and enforcement. Meanwhile, innovation and institutional adoption took off. Last year, Latham & Watkins sounded a hopeful note that 2020 would provide...more
1/22/2021
/ Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
CFTC ,
Digital Assets ,
Enforcement Actions ,
Federal Reserve ,
FinCEN ,
No-Action Letters ,
OCC ,
Popular ,
Regulatory Requirements ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securities Tokens ,
Token Sales
In a year-end change of course, the SEC identified the minimum steps that broker-dealers must take when acting as custodians of digital asset securities. On December 23, 2020, the US Securities and Exchange Commission (SEC)...more
1/13/2021
/ Asset Tokens ,
Blockchain ,
Broker-Dealer ,
Custody ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Enforcement ,
Financial Industry Regulatory Authority (FINRA) ,
Market Participants ,
New Guidance ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
SIFMA ,
Virtual Currency
US Department of Justice’s sprawling report reveals regulatory enforcement priorities for cryptocurrencies and highlights multi-agency cooperation.
On October 8, 2020, the US Attorney General’s Cyber-Digital Task Force of...more
10/20/2020
/ AML/CFT ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement ,
Financial Regulatory Agencies ,
Information Reports ,
Popular ,
Securities and Exchange Commission (SEC) ,
Strategic Enforcement Plan ,
Suspicious Activity Reports (SARs)
SEC relief streamlines noncustodial settlement of digital asset trades, but broker-dealer custody is still off-limits.
On September 25, 2020, the US Securities and Exchange Commission (SEC) issued a no-action letter (the...more
The milestone fund structure portends a reduced role for broker-dealers, who may be sidelined by innovators unwilling to wait for regulators.
On July 6, 2020, asset management firm Arca announced that the US Securities and...more
SEC Commissioner Peirce has proposed a three-year safe harbor for qualifying token projects, but regulatory clarity remains elusive.
SEC Commissioner Hester Peirce has been a perennial advocate of innovation in the...more
Recent SEC guidance on digital assets cleared a path for at least certain stable coins or payment tokens to avoid securities regulation. However, Latham & Watkins attorneys say there are still a number of open questions that...more
1/28/2020
/ Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
FinTech ,
Howey ,
Market Participants ,
New Guidance ,
No-Action Letters ,
Regulatory Standards ,
Securities ,
Securities and Exchange Commission (SEC) ,
Token Sales
It was a year filled with tantalizing tidbits and many loose ends.
2019 marked the 10th year since blockchain technology was released into the wild by its still unknown inventor, Satoshi Nakamoto, who mined the first bitcoin...more
1/9/2020
/ Bitcoin ,
Blockchain ,
Chain of Custody ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Enforcement ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Transactions ,
Initial Coin Offering (ICOs) ,
No-Action Letters ,
Popular ,
Regulatory Agenda ,
Regulatory Standards ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Tokens ,
Token Sales ,
Unregistered Securities
Developing a framework for consumer tokens -
With the rapid growth in the development of blockchain technology, virtual currencies and token sales (sometimes referred to as initial coin offerings, or ICOs), token...more
11/13/2019
/ Blockchain ,
CFTC ,
Commodities ,
Compliance ,
Cryptocurrency ,
Derivatives ,
Digital Assets ,
Enforcement Actions ,
Futures ,
Howey ,
Initial Coin Offering (ICOs) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Swaps ,
Token Sales
In line with its previous guidance, FINRA has granted broker-dealer (but not custodian) status to a digital asset platform.
In a follow-up to the July 2019 SEC and FINRA joint staff statement (Joint Statement) clarifying...more
Recent SEC guidance on digital assets cleared a path for at least certain stable coins or payment tokens to avoid securities regulation. However, Latham & Watkins attorneys say there are still a number of open questions that...more
The regulators attempt to clarify their position on the possible custody of digital assets by broker-dealers, but questions remain.
The SEC and FINRA recently released a joint staff statement (Joint Statement) addressing...more
SEC’s Hinman provides helpful guidance for analyzing digital assets under the US securities laws.
William Hinman, Director of the US Securities and Exchange Commission (SEC) Division of Corporation Finance, provided...more