News & Analysis as of September 17, 2024

Blockchain

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

“Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A)

WilmerHale on 2/9/2024

Decentralized Finance (DeFi) is an umbrella term used to describe financial services provided outside of the traditional markets, that rely on blockchain technologies to create innovative products instead of relying on...more

New FINRA sweep targets crypto marketing

Eversheds Sutherland (US) LLP on 11/16/2022

As might be expected, FINRA appears to be aligning itself with the SEC in its assertion of jurisdiction over investments that may not, at the end of the day, be deemed securities. ...more

Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit

Goodwin on 3/9/2022

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

SEC Commissioner Peirce Proposes Safe Harbor for Blockchain Developers

Goodwin on 2/19/2020

Speaking at the International Blockchain Congress in Chicago on February 6, 2020, SEC Commissioner Hester Peirce proposed a safe harbor from U.S. securities laws so that developers of blockchain protocols could offer and sell...more

Blockchain Week in Review - January 2020 #3

Perkins Coie on 1/29/2020

U.S. Developments - Federal and State Regulatory Developments - Bill in Hawaii State Senate Addresses Digital Assets Including Authorization for Banks to Serve as Qualified Custodians - SB 2594 before the Hawaii...more

Blockchain Trends and Enforcement Surrounding the New Technology

Skadden, Arps, Slate, Meagher & Flom LLP on 1/21/2020

In 2019, regulators continued to consider whether and how to regulate blockchain technology. After the two previous years that included a high number of initial coin offerings (ICOs), many of which involved allegedly...more

2019 Digital Asset Regulatory Look Back (US Edition)

Latham & Watkins LLP on 1/9/2020

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

SEC Settles with BCOT on Alleged Violations of the Securities Act

Orrick - On the Chain on 1/8/2020

On December 18, 2019, the Securities and Exchange Commission announced settled charges against blockchain technology company Blockchain of Things Inc. (BCOT) for conducting an unregistered initial coin offering (ICO) of...more

Blockchain Week in Review - December 2019

Perkins Coie on 12/23/2019

U.S. Legislation - U.S. House Bill Seeks Classification of “Managed Stablecoins” as “Securities” - Texas Representative Sylvia Garcia introduced legislation in the U.S. House of Representatives that would amend the...more

A Question To The SEC After The Block.One Settlement: Has The Sec Decided To Be Less Aggressive In Sanctioning Violations By...

Wilson Sonsini Goodrich & Rosati on 10/18/2019

Until September 30, 2019, Securities and Exchange Commission (“SEC”) enforcement actions in the crypto industry conveyed a consistent message: most crypto is a security, and if a token issuer does not follow the registration...more

SEC Division of Corporate Finance Issues Second No-Action Letter for a Blockchain Token Issuance

McDermott Will & Emery on 8/12/2019

The SEC Division of Corporate Finance recently issued a no-action letter to Pocketful of Quarters, confirming that the Division will not recommend any enforcement action if the company sells its blockchain-based tokens...more

Token Taxonomy Act – Exempting Digital Tokens from U.S. Securities Laws

Locke Lord LLP on 4/25/2019

On April 10, 2019, U.S. Representatives Warren Davidson (R-OH) and Darren Soto (D-FL) reintroduced the Token Taxonomy Act (“TTA”) in the effort to amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to...more

ICOs – The Developing Regulatory Environment

Womble Bond Dickinson on 3/12/2019

Initial Coin Offerings, or ICOs, have emerged at the intersection of cryptocurrencies and blockchain. Compared to a traditional equity offering in the United States where a company issues stock to investors in exchange for...more

A Taxonomy of the Proposed Token Taxonomy Act

Proskauer - Blockchain and the Law on 3/1/2019

On December 20, 2018, a bipartisan pair of Congressmen, Warren Davidson (R-OH) and Darren Soto (D-FL), introduced bill H.R. 7356 to enact the Token Taxonomy Act (the “Act”). The Act proposes several amendments to federal...more

SEC files its first enforcement action against alleged sponsors of initial coin offerings

A&O Shearman on 10/5/2017

On September 29, 2017 the U.S. Securities and Exchange Commission (the SEC) filed a civil complaint in the U.S. District Court for the Eastern District of New York against the sponsors of two “initial coin offerings” (ICOs)...more

SEC to ICO Players: Our Game, Our Rules

Schwabe, Williamson & Wyatt PC on 9/13/2017

On July 25, 2017, the U.S. Securities and Exchange Commission (the “SEC”) published an investigative report (the “Report”) cautioning market participants that the offer and sale of digital assets such as “coins” or “tokens,”...more

SEC Confirms Certain ICOs Are Securities Offerings; Regulators Renew Focus on Cryptocurrencies

WilmerHale on 8/7/2017

What Is an ICO? An ICO, or initial coin offering, is the sale of virtual coins or tokens, often as a means of capital raising by startup companies that are involved in blockchain technology. Depending on the terms of the...more

DAO and the Art of Securities Regulation: SEC Clarifies that Digital Tokens May Be “Securities”

K&L Gates LLP on 8/3/2017

The rapid rise of distributed ledger technology and the spate of recent initial coin offerings (“ICOs”) have focused attention on whether, and in what circumstances, virtual currencies and digital tokens may be securities...more

SEC Finds ICOs May Be Subject to Registration Requirements

BCLP on 7/31/2017

Initial Coin Offerings (ICOs) and other digital currency financing events have enjoyed explosive growth in 2017, with hundreds of millions of dollars invested with little to no regulation or government oversight. That era...more

Goodwin Alert: SEC Issues Long-Awaited Guidance

Goodwin on 7/28/2017

The Securities and Exchange Commission (SEC) announced on Tuesday, July 25, 2017, that Initial Coin Offerings (ICOs) and other market participants offering digital assets by “virtual” organizations may be subject to the...more

SEC: Certain Initial Coin Offerings Are Securities Offerings

Latham & Watkins LLP on 7/28/2017

SEC’s investigative report sends clear message that virtual transactions using innovative technologies are subject to the application of securities laws. Introduction - On July 25, 2017, the US Securities and Exchange...more

SEC Determines That Certain Virtual Tokens Are Securities

Wilson Sonsini Goodrich & Rosati on 7/27/2017

On July 26, 2017, the Securities and Exchange Commission (SEC) issued an investigative report concluding that certain tokens (or coins) offered and sold by The DAO, a virtual organization, were securities under the Securities...more

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