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Fenwick & West LLP

Crypto Litigation & Enforcement: H1 2024  - Key Takeaways and Updates

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The beginning of this year brought several legal milestones in the world of crypto litigation and enforcement. In the first live installment of our quarterly update webinar, we discussed how...more

Mintz

SEC’s Enforcement Authority Over Crypto Asset Transactions Upheld (Again) in Case Against Coinbase

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On March 27, 2024, the SEC received a favorable—if at least somewhat split—decision when Judge Failla of the SDNY denied a motion by Defendants Coinbase, Inc. and Coinbase Global, Inc. (collectively, “Coinbase”) for judgment...more

Jones & Keller, P.C.

Crypto and Securities Law: Lessons from SEC v. Coinbase

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...A recent decision in an SEC enforcement action against Coinbase, the largest crypto-asset trading platform in the U.S., provides some long-awaited guidance on a topic that has been the subject of considerable debate in the...more

Jones Day

Second Circuit Rules U.S. Securities Laws Reach Certain Digital Asset Transactions

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The Second Circuit recently revived a securities class action against the crypto exchange Binance Holdings Ltd., holding that plaintiffs plausibly alleged their transactions on the exchange were "domestic," as required by the...more

Akin Gump Strauss Hauer & Feld LLP

Are Crypto Tokens Securities? Terraform Court Says ‘Yes’ in Extensive Decision

Key Points - In SEC v. Terraform, the court has granted summary judgment for the SEC on its claim that the defendants offered and sold unregistered securities in the form of “crypto assets.” This comes amidst the SEC...more

Ballard Spahr LLP

Second SEC NFT-Enforcement Action Finds Another NFT to Be a Security

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Summary - The SEC’s pursuit of the crypto industry continues with its second-ever settlement of a non-fungible token (NFT) enforcement action. The SEC settled with Stoner Cats 2 LLC (SC2), which sought to finance an...more

Jones Day

SEC Brings Its First Enforcement Action Against Non-Fungible Token Sellers

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Two SEC commissioners dissented and urged the Commission to provide further guidance on non-fungible tokens ("NFTs")....more

McDermott Will & Emery

SEC Cracks Down on NFTs With First-Of-Its-Kind Enforcement Action

On August 28, 2023, the US Securities and Exchange Commission (SEC) announced an enforcement action against Impact Theory, LLC, alleging that Impact Theory’s public sale of approximately $30 million in crypto assets violated...more

Mayer Brown Free Writings + Perspectives

For the First Time, the US SEC Sanctions an NFT Issuer for Selling Unregistered Securities in SEC v. Impact Theory

In a published settlement of the charges on August 28, 2023, the US Securities and Exchange Commission (“SEC”) stated that non-fungible tokens (“NFTs”) issued by Impact Theory, LLC (“Impact”) were “securities” under US...more

Ballard Spahr LLP

SEC Finds NFT to Be a Security in Landmark Action

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Summary - The SEC’s focus on the crypto industry expanded this week to include non-fungible tokens (NFTs). In its first NFT-enforcement action, the SEC settled with Impact Theory, a media and entertainment company, over...more

Jones Day

Ripple and Terraform Labs: Two New York District Courts Address the Status of Certain Crypto Assets as Securities

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In Short - The Situation: Recently, two judges in Southern District of New York were required to apply the Howey test in separate cases to decide whether sales of certain crypto assets were investment contracts, and thus...more

Paul Hastings LLP

Public Company Watch: August 2023

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In the August edition of our Public Company Watch, we cover key issues impacting public companies, including the SEC’s enhanced disclosure requirements regarding cybersecurity risk management, strategy, governance and...more

Mintz - Securities Litigation Viewpoints

Judge Rakoff puts the Ripple Party on Ice as the Crypto Community and SEC Ponder their Next Moves

Just barely two weeks ago, we wrote about the half-victory for Ripple Labs in its ongoing litigation with the Securities and Exchange Commission (“SEC”), in which Judge Analisa Torres granted partial summary judgment in favor...more

Proskauer Rose LLP

SEC Approach In Wahi Presents New Challenges For Crypto

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Government scrutiny of the crypto market has been sharply increasing in recent months on the criminal and civil enforcement fronts. In parallel proceedings that will be seen in other digital asset contexts — as in the...more

BakerHostetler

U.S. District Court Signals That In Certain Cases, NFTs May Qualify as Securities

BakerHostetler on

Dapper Labs was founded in 2018 shortly after the debut of its first NFT collection, “CryptoKitties,” which was so successful it created a bottleneck of transactions on the decentralized Ethereum Network. Seeking faster...more

Kaufman & Canoles

Before Endorsing, Celebrities Should Know: Are Cryptocurrencies Securities?

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Even before the collapse of Sam Bankman-Fried’s FTX empire, the Securities and Exchange Commission (SEC) was paying increasing attention to the market for cryptocurrencies. Back in June, the Chair of the SEC, Gary Gensler,...more

Morrison & Foerster LLP

Court Rules LBRY Token Is a Security in Another SEC Crypto Win

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On November 7, 2022, Judge Paul J. Barbadoro in the United States District Court for the District of New Hampshire granted summary judgment in favor of the Securities and Exchange Commission against the content sharing...more

Mintz

Keeping Up With Kim Kardashian’s Crypto – SEC Fines Kardashian $1.26 Million For Undisclosed Crypto Promotion

Mintz on

Kim Kardashian, the reality television personality, social media star, and entrepreneur has agreed to pay $1.26 million to settle the SEC’s claims that she improperly touted a crypto token without disclosing that she had been...more

Proskauer - Corporate Defense and Disputes

Cryptic Guidance? Despite Regulatory Ambiguity, New SEC Enforcement Could Drive Increase in Cryptocurrency-Related Shareholder...

In late-July, the U.S. Securities and Exchange Commission brought insider trading charges against a former manager at Coinbase—the largest crypto asset trading platform in the United States. The charges are the latest move in...more

BCLP

Decentralization... What is it good for?

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“Decentralization” refers to the movement of supervision and decision-making away from a single central actor, and toward a dispersed network of actors. Such networks are facilitated by the use of blockchain technology and...more

White and Williams LLP

Cryptocurrency Regulations and How They May Impact Private Investment Funds

Over the last five years, decentralized finance (DeFi), especially cryptocurrencies and other digital assets are a space that continues to grow at an exponential rate, not only for retail investors but also for private...more

Eversheds Sutherland (US) LLP

Expansion of SEC’s Crypto Assets and Cyber Unit portends more active enforcement

On May 3, 2022, the US Securities and Exchange Commission (SEC) announced the expansion of its newly styled Crypto Assets and Cyber Unit (Unit) (formerly known as the Cyber Unit), housed within its Division of...more

Manatt, Phelps & Phillips, LLP

Focus on Crypto and Blockchain: Regulatory Fog Begins to Lift, but Many Questions Remain

The cryptocurrency and blockchain industry has developed over the past decade with a large and increasingly glaring void: What regulations ultimately will apply and who will regulate the space? Much regulatory focus to date...more

Latham & Watkins LLP

INSIGHT: Crypto - The Pursuit of Sufficient Decentralization

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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

Katten Muchin Rosenman LLP

Bridging the Week - April 2019

(You Say Security, I Say Utility; Midtrial Acquittal) - The Securities and Exchange Commission’s FinHub group issued guidance last week, providing a checklist of characteristics to help determine whether a cryptoasset may...more

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