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Notable litigation filed during January 2024 includes: (1) Bajuri v. Shiba Prop, LLC, et al. and (2) SEC v. Lee, et al....more
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
...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 THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...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
Origins of Cryptocurrency Prohibition - Introduction - This is Part II of a series of articles that addresses the Securities and Exchange Commission (“SEC”)’s suppression of cryptocurrency, or what we call private digital...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
U.S. Developments - SEC Commissioner Proposes Safe Harbor for Token Offerings - In a speech on February 6th at the International Blockchain Congress in Chicago, Securities and Exchange Commission (“SEC”) Commissioner...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
Just like the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) is actively policing the virtual currency market. On January 24, 2018, the CFTC announced an enforcement action against...more
Last week we reported on a flurry of enforcement activity by the Commodities Futures Trading Commission’s “Virtual Currency Task Force” with respect to virtual current fraud schemes. On Thursday, January 18, the CFTC filed...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
Ending months of speculation about when regulators would wade into the world of Bitcoin and other digital currencies, the U.S. Securities and Exchange Commission (“SEC”) recently brought its first enforcement actions against...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
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
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
On July 23, 2013, the SEC ventured into the electronic currency world by filing a civil complaint against virtual currency “trader” Trendon Shavers and his company, Bitcoin Savings and Trust, in the U.S. District Court for...more