Popular, Commodities, Cryptocurrency

House Passes Cryptocurrency Bill Promising Regulatory Clarity

Manatt, Phelps & Phillips, LLP on 6/4/2024

After many iterations over the years attempting to regulate the cryptocurrency space, the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, or FIT21 Act, on May 22, 20241. The...more

Groundbreaking and Informative – CFTC’s KuCoin Complaint

Cadwalader, Wickersham & Taft LLP on 4/8/2024

On March 26, 2024, the U.S. Commodity Futures Trading Commission (“CFTC”) filed a complaint (the “Complaint”) in the U.S. District Court for the Southern District of New York (“SDNY”) for injunctive and other relief against...more

Financial Frauds 101 Overview: What’s a Security? What’s a Commodity? Which Whistleblower Program Applies?

Pollock Cohen LLP on 10/10/2023

There should be a short answer to the question of which whistleblower program applies in which situation. And sometimes there is; but not always. Securities (like stocks) are regulated by the SEC (Securities and Exchange...more

U.S. Exchange Closes, Swiss Bank Expands Crypto Offerings; NFA Issues Digital Asset Commodities Rule; Crypto Enforcement...

BakerHostetler on 4/10/2023

Crypto Exchange Ends U.S. Operations, Swiss Bank to Expand Crypto Offerings - Late last month, Bittrex, a leading cryptocurrency exchange founded in Seattle, announced it was closing U.S. operations effective April 30,...more

Fundamentals of Non-Fungible Tokens

Perkins Coie on 6/15/2022

Non-fungible tokens (NFTs) have been widely adopted by the sports, arts, music, gaming, fashion, and other industries. Behind the hype is a fast-developing ecosystem of technical and commercial innovation that is embracing...more

CFTC Steps up Activity in the Cryptocurrency Space with Latest Action for Violations of the Commodity Exchange Act and CFTC...

McDermott Will & Emery on 8/12/2021

On August 10, 2021, the Commodity Futures Trading Commission (CFTC) announced that the US District Court for the Southern District of New York entered a consent order against HDR Global Trading Limited, 100x Holding Limited,...more

First Department Upholds NY AG's Authority to Investigate Virtual Currency Under the Martin Act

Jones Day on 9/4/2020

The Development: The First Department held that the New York Attorney General ("NYAG") has broad authority to investigate virtual currency companies, while narrowing the scope of jurisdictional challenges that can be made to...more

BitBlog Bi-Weekly Update - March 2020

Polsinelli on 3/4/2020

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

Blockchain Litigation Year in Review (Part 1): Lessons From 2019 And What’s Ahead For 2020

Polsinelli on 2/20/2020

When is a digital asset a security or a commodity? Are SAFTs safe? Does hyping blockchain create an expectation of profit? Is blockchain a trademark, trade secret or neither? Are free tokens tax-free? Who is Satoshi Nakamoto?...more

IRS Hints at Form 8938 Requirements for Reporting Crypto Assets Held at a Foreign Exchange

Orrick - On the Chain on 1/8/2020

With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more

US Blockchain Enforcement and Litigation Update

Dechert LLP on 2/1/2019

Over the past two years, prices for cryptocurrencies and other digital assets have experienced extreme gains and declines, while billions of dollars have been raised through Initial Coin Offerings (“ICOs”). In this dynamic...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts

Skadden, Arps, Slate, Meagher & Flom LLP on 10/16/2018

This is the inaugural issue of The Distributed Ledger, a periodic publication covering the latest trends and developments in blockchain technology, digital assets and smart contracts. In this edition, we examine a federal...more

CFTC Cryptocurrency Enforcement Receives Further Judicial Support

Sheppard Mullin Richter & Hampton LLP on 10/11/2018

The Commodity Futures Trading Commission (“CFTC”) obtained an important court win and boost to its regulatory authority over Cryptocurrencies this month. A federal district court in Massachusetts recently issued a decision in...more

Virtual currencies as commodities - CFTC wins battle in the fight to define cryptocurrencies as commodities but has it won the...

Eversheds Sutherland (US) LLP on 10/3/2018

Recently, a United States District Court in Massachusetts ruled in favor of the US Commodity Futures Trading Commission’s (CFTC) argument that a virtual currency (My Big Coin or MBC) is a “commodity” within the meaning of the...more

Developments in Cryptocurrency in 2018

Akin Gump Strauss Hauer & Feld LLP on 9/24/2018

• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security • The SEC continued to bring actions related to cryptocurrency offerings against...more

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 7: The CFTC’s Proposed Cryptocurrency Interpretation.

Burr & Forman on 9/19/2018

After Bitfinex, the CFTC issued its Proposed Interpretation on “Retail Commodity Transactions Involving Virtual Currency.” Proposed Interpretation, 82 Fed. Reg. 60335 (CFTC Dec. 20, 2017). Although the comment period closed...more

The yellow brick road for consumer tokens: The path to SEC and CFTC compliance

Latham & Watkins LLP on 9/19/2018

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) in 2017 and...more

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 5: Commodities Forwards: Dodd-Frank & Hunter Wise.

Burr & Forman on 9/17/2018

The 2011 Dodd-Frank Act amended the CFTC’s jurisdiction to authorize regulation of “retail commodity transactions offered ‘on a leveraged or margined basis, or financed by the offeror, the counterparty, or a person acting in...more

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 3: Regulation of Cryptocurrencies.

Burr & Forman on 9/12/2018

This is Part 3 of a seven-part series of posts looking at some broad legal issues affecting crypto-currencies. ...more

New Disclosure Rules Enhance Crypto Investor Protection

Kramer Levin Naftalis & Frankel LLP on 9/5/2018

Amid concerns that many investors may not fully understand the risks associated with virtual currencies, or the limits of regulatory oversight, the National Futures Association (NFA) recently issued an interpretive notice...more

Court Rules Cryptocurrencies Can Be Regulated By The CFTC As Commodities

Sheppard Mullin Richter & Hampton LLP on 8/27/2018

The regulatory landscape surrounding cryptocurrency continues to evolve. Most of the activity to date has involved regulatory enforcement actions brought by the Securities and Exchange Commission (“SEC”) and Commodity Futures...more

US Blockchain Enforcement and Litigation Update: Government enforcement and private litigation drive important developments in...

Dechert LLP on 6/28/2018

With soaring cryptocurrency prices attracting significant new investment in late 2017, U.S. regulators sought to fill the statutory void by exercising jurisdiction over a variety of digital assets. That trend continued in the...more

The Ever-Evolving Cryptocurrency Legal Landscape

Skadden, Arps, Slate, Meagher & Flom LLP on 6/20/2018

The market for cryptocurrencies and the current wave of initial coin offerings (ICOs) that seek to raise capital for blockchain-based projects have enjoyed a swell of popularity in recent years. U.S. regulatory agencies and...more

When Do Virtual Currency Transactions Qualify for the 'Actual Delivery' Exception from the CFTC's Jurisdiction?

Law Matters on 4/26/2018

Commentary on the CFTC's proposed interpretation of the 'actual delivery' exception to cryptocurrencies, from two CFTC attorneys in their personal capacity....more

Regulators…Mount Up! Federal District Court Formally Recognizes Cryptocurrencies as Commodities and Designates the CFTC as a...

Locke Lord LLP on 3/15/2018

At least for now, the Commodities Futures Trading Commission (“CFTC”) will be the leading fraud regulator for cryptocurrency and virtual currency transactions. On Tuesday, March 6, 2018, Judge Jack B. Weinstein of the United...more

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