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On the one hand, the year ended where it began. The legislation on stabelecoins and market structure that would provide a regulatory framework for digital assets has still not been enacted into law. And Securities and...more
Key Takeaways - ..A court approved the issuance of a John Doe summons by the IRS to a bank aimed at identifying individuals who are potentially avoiding their income tax obligations relating to cryptocurrency...more
...Treasury Releases National Risk Assessments - The U.S. Department of the Treasury (Treasury) issued the 2022 National Risk Assessments (NRAs) on (1) money laundering, (2) terrorist financing, and (3) proliferation...more
In September 2021, the market capitalization for digital assets, such as cryptocurrencies and NFTs, was valued at $2.14 trillion. The cryptocurrency market has attracted a variety of fraudulent activities in which the...more
US Bank and Trust Companies Move Forward with Cryptocurrency Services - This week Avanti Bank & Trust was granted a bank charter from the Wyoming State Banking Board. ...more
The U.S. Securities Exchange Commission (SEC) is asking a court to freeze the assets of a cryptocurrency mining and multilevel marketing scheme that allegedly defrauded investors of $12 million. The SEC's complaint alleges...more
Ethereum Fork Implemented, Exchanges Expand Services, New Bitcoin Network Data - The Ethereum network’s Istanbul hard fork went forward late last week with the support of node operators, miners and cryptocurrency exchanges. ...more
You’ve heard this before, but it still holds true – cryptocurrency regulations are coming. Everyone knows they’re inevitable, and there has been some trepidation amongst investors that regulations will disrupt innovation and...more
Week of October 15-19, 2018 - SEC Launches FinHub to Facilitate Public Engagement on FinTech Issues - On October 18, the SEC launched FinHub, a new “Strategic Hub for Innovation and Financial Technology.” The SEC...more
In what can only be deemed a major reversal, the White House has reportedly ordered its economic adviser and trade representative to study rejoining the Trans Pacific Partnership, just a year after yanking the US out of deal...more
When you read and learn about cryptocurrencies (e.g. Bitcoin, Ripple, Ethereum), there are some commentators, politicians and others who characterize cryptocurrencies as a “Ponzi” scheme....more
A look at Amazon’s newest concept—Amazon Go—a convenience store that opens in Seattle today complete with “shelves of food” found at other stores (including Whole Foods) but with nary a cashier in sight....more
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more
Even as the administration is mulling over withdrawing from the Paris Climate Accord, Exxon Mobil’s shareholders have voted to demand a more detailed accounting of the climate change policy risks facing the company—an...more
Testifying before the Senate Banking Committee yesterday, Wells Fargo CEO John Stumpf admitted that the illegal sham-account-creation activity at the heart of its recent SEC fine may have begun earlier than first reported....more
EU financial watchdog ESMA has fined rating agency Fitch Ratings Ltd. $1.5 million for reportedly violating the EU’s rules for rating agencies relating to the 12-hour requirement, internal controls, and unauthorized...more
A witness testifying under oath before the SEC recently refused to answer any questions directed to him, not because of any privilege, but rather — as he said, sixty-eight different times – because he was “scared” and...more
In recent months, US federal and state regulators have continued to focus on Bitcoin and the adoption of a regulatory framework for it and other "virtual currencies," as well as the enforcement of existing securities laws to...more
State and Federal Lawmakers, Chair of Fed Weigh in on Regulation of Virtual Currency - The New York Department of Financial Services issued an order on Wednesday that it will immediately start accepting applications...more
Riding the coattails of an August 6, 2013 federal court ruling that alleged Ponzi-schemer Trendon Shavers’ Bitcoin-based investment scheme constituted an investment contract, and therefore a “security” under the federal...more
On July 23, 2013 the Securities and Exchange Commission ("SEC") announced it was bringing charges in a Texas federal court against Trendon Shavers for allegedly using a Bitcoin Ponzi scheme to defraud investors between...more
In response to the SEC’s first civil complaint arising from online virtual currency trading, alleged Bitcoin Ponzi schemer Trendon Shavers recently challenged the district court’s authority to hear the case. ...more
A weekly wrap up of interesting news about virtual worlds, virtual goods and other social media. In This Issue: - Surprise: Facebook Is The Tech Company That Reports The Blowout Quarter - SEC Says Texas...more