News & Analysis as of November 15, 2024

Financial Markets

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

Blockchain Analysis and Related Expert Testimony Admissible In Criminal Trial

Ballard Spahr LLP on 3/19/2024

It is challenging for law enforcement to track down and trace illicit activities conducted through digital currencies. The process can be very time- and resource-intensive. Further, securing charges and arrests, and...more

Navigating the Uncharted Legal Territory of NFTs

Skadden, Arps, Slate, Meagher & Flom LLP on 9/29/2022

Takeaways Many businesses are exploring NFTs as a way to capitalize on intellectual property and reinforce relationships with fans and customers. Those weighing whether to “mint” NFTs need to look closely at existing...more

Crypto Contagion

Greenberg Glusker LLP on 9/12/2022

Cryptocurrency had a market cap of $10 million in early 2011; it rocketed to nearly $3 trillion in February 2022 and is now down to about $1.1 trillion today. Some of this year's more notable gyrations in crypto's fall from...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts

Skadden, Arps, Slate, Meagher & Flom LLP on 8/25/2022

A flurry of legal and enforcement activity has arisen over the last two weeks across a wide range of areas in the Web3 space, including actions by the Securities and Exchange Commission, the Office of Foreign Assets Control,...more

Breaking Down the New Bitcoin Bill: An Overview of the Lummis-Gillibrand Responsible Financial Innovation Act

Shumaker, Loop & Kendrick, LLP on 6/9/2022

On January 3, 2009, the pseudonymous “Satoshi Nakamoto” mined the first bitcoin. In the years following bitcoin’s creation, the price of a single bitcoin has increased exponentially, from essentially zero to an all-time high...more

California Governor Orders Agencies to Create Transparent Regulatory Framework for Blockchain and Digital Assets

Jones Day on 5/11/2022

California's governor issued an executive order requiring state agencies, led by the Department of Financial Protection and Innovation, to create a "transparent" regulatory framework for blockchain technologies and digital...more

Today In Tax: Uncertainties Surrounding Cryptocurrencies, Mining, NFTs, and More

Miller Nash LLP on 4/8/2022

While the number of cryptocurrencies and other blockchain-based assets continue to grow, the IRS’s published guidance is inadequate in addressing how to tax these new digital assets and transactions involving them....more

Video Game NFTs: Top Legal Considerations for Developers

Wilson Sonsini Goodrich & Rosati on 2/11/2022

The qualities of non-fungible tokens (NFTs), including digital scarcity, immutable persistence, and transferability on a blockchain, make NFTs an attractive technology to integrate into video games. NFTs have been implemented...more

New Lawsuits Target Cryptocurrency Companies and Their Celebrity Endorsers

Bilzin Sumberg on 1/14/2022

We highlighted in a recent post regulators’ clear intentions to bring greater order to the cryptocurrency industry this year. The last three weeks have demonstrated that private litigants are not waiting on regulators to rein...more

Regulating Crypto: Cryptocurrency Executives Head to Capitol Hill

Kohrman Jackson & Krantz LLP on 1/11/2022

A recent study found that 16 percent of Americans have invested in, traded or used cryptocurrencies such as Bitcoin and Ether. This widespread use, coupled with the cryptocurrency industry having limited to no regulatory...more

Banks to Use Blockchain for FX; Avalanche Adds USDC; NFT Boom Continues; Regulators Address Crypto Ads, Derivatives; Reports...

BakerHostetler on 12/21/2021

Banks to Use Blockchain for FX Settlement, Avalanche Network Adds USDC - In a recent press release, two major banks announced an agreement to implement a new blockchain-based solution for the netting and settlement of matched...more

Pre-Enforcement Challenges—A Vital Tool for Regulated Parties in the United States

Jones Day on 12/13/2021

The digital asset industry has now met the regulatory state. Those interested in building digital asset businesses that operate in the United States thus need to be aware of a vital tool for resisting regulatory overreach by...more

US Financial Services Firms Announce Crypto Initiatives; Crypto Firms Pursue LATAM Market; Products Launch in DAOs, NFTs; Exchange...

BakerHostetler on 12/13/2021

Multiple US Financial Services Firms Announce Cryptocurrency Initiatives - This week a major U.S. financial services firm announced the launch of a “Crypto Advisory Practice” that will leverage the firm’s work “with more than...more

“Hashing” It Out: Federal Jury Decides Some Cryptocurrency Products are not Securities

Dechert LLP on 11/19/2021

Whether a cryptocurrency product is a security is an issue with serious regulatory consequences. In recent years, the Securities and Exchange Commission (“SEC”) has taken a broad position that various crypto assets are...more

Recent Developments in the Regulation of Cryptocurrencies and Other Virtual Assets

Skadden, Arps, Slate, Meagher & Flom LLP on 11/12/2021

In a series of articles, we discuss recent efforts by U.S. regulators and other bodies to set expectations and standards with respect to cryptocurrencies and other virtual assets and the impact of these efforts on businesses...more

SEC Commissioner to DeFi: Follow the Law or Face Enforcement

Manatt, Phelps & Phillips, LLP on 11/12/2021

In a recent article, SEC Commissioner Caroline A. Crenshaw encouraged decentralized finance (DeFi) participants to voluntarily comply with securities law regulations, in particular those governing risk disclosure, warning...more

What to Know About the DOJ’s National Cryptocurrency Enforcement Team

The Volkov Law Group on 11/12/2021

In early October, U.S. Department of Justice (“DOJ”) Deputy Attorney General Lisa Monaco announced the creation of the National Cryptocurrency Enforcement Team (“NCET”). The NCET will handle the Department’s investigations...more

Financial Firms Integrate Crypto, NFT Market Expands, Blockchain Pilots Launch, FATF Publishes New Crypto Guidance, Crypto...

BakerHostetler on 11/1/2021

Financial Firms Integrate Crypto Products, New Bitcoin Network Data Published - This week, a large financial services corporation and a digital wallet app company announced a partnership to reduce friction among merchants,...more

DFPI Issues Cryptic Cryptocurrency Warning

Allen Matkins on 10/26/2021

The California Department of Financial Protection is warning consumers that "companies that may be engaging in unlicensed activity and/or falsely advertising cryptocurrency products and services"...more

Crypto Financial Products Launch; G7 Addresses CBDCs; SEC Commissioners and Foreign Regulators Address Crypto; ICO Founders Plead...

BakerHostetler on 10/18/2021

Crypto Products Launch in Payments, ETFs, DeFi; Bitcoin Mining Data Published - This week, a digital asset marketplace announced a partnership with a major multinational technology company specializing in Internet and...more

SEC Chair Gensler Signals Greater Regulation of Cryptocurrency Under Existing Authorities

Brownstein Hyatt Farber Schreck on 9/22/2021

On Sept. 14, Gary Gensler, chair of the Securities and Exchange Commission, testified before the Senate Banking Committee that the agency has authority using the existing, “broad” definition of a “security” to regulate the...more

Market Initiatives Announced in Crypto Compliance, Digital Asset Exchange, Blockchain Enterprise Solutions and NFTs; SEC Chairman...

BakerHostetler on 9/20/2021

US Firm Acquires Crypto Co., Swiss Digital Asset Exchange Gains License - In a recent press release, a major U.S. financial services firm announced its acquisition of CipherTrace, a blockchain analytics and cryptocurrency...more

Are Crypto Lending, DeFi and Stablecoins the New "Lions and Tigers and Bears, Oh My!"? A Review of Recent Crypto Legal and...

Katten Muchin Rosenman LLP on 9/14/2021

Developments continue at a frenetic pace in the crypto industry. Issues barely on the radar screen 18 months ago have come front and center in today’s headlines. Areas with relatively small market capitalizations a year ago...more

CBDC Initiatives Announced, NFTs Expand Across Markets, Token and Wallet Applications Evolve, SEC and DOJ Target Crypto Fraud,...

BakerHostetler on 9/7/2021

CBDC Initiatives Announced, Blockchain Trade Finance Platform Launches - This week, the Bank for International Settlements (BIS) announced Project Dunbar, an initiative in which BIS will collaborate with the Reserve Bank of...more

To Catch a (Bitcoin) Thief: Cross-Practice Team Recovers $6 Million in Short Order

McDermott Will & Emery on 8/26/2021

THE CHALLENGE: In the emerging cryptocurrency space, most investors store their assets in digital wallets, where—unlike traditional bank accounts—they earn no interest. In the last few years, cryptocurrency investors have...more

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