News & Analysis as of October 12, 2024

Financial Industry Regulatory Authority (FINRA)

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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 -

FINRA Unveils Key Insights on Member Firms’ Digital Asset Activities

Katten Muchin Rosenman LLP on 8/16/2024

The Financial Industry Regulatory Authority (FINRA) released a comprehensive update on its insights into its member firms’ involvement in crypto asset activities, revealing significant trends and compliance challenges in the...more

Crypto is Here to Stay in 2024, So Be Careful How You Talk About It

Faegre Drinker Biddle & Reath LLP on 2/2/2024

More than ever before, financial services regulators must increasingly adapt to technological advances. Perhaps no other technological advancement is more important right now than crypto currency. Crypto currency is defined...more

FINRA Is Conducting a Targeted Exam of “Crypto Assets”

Faegre Drinker Biddle & Reath LLP on 12/6/2022

Riding the coattails of recent news, FINRA announced on November 14th that it is conducting a targeted exam of firm practices regarding retail communications concerning “Crypto Asset” products and services....more

FINRA Exam Targets Broker Crypto Asset Communications

Goodwin on 11/22/2022

FINRA recently announced targeted exams of its members focused on certain retail communications concerning “crypto asset” products and services between July 1, 2022 and September 30, 2022. For purposes of the exams, FINRA...more

FINRA Issues Guidance Encouraging Firms To Prepare for Forthcoming Anti-Money Laundering Rules

Skadden, Arps, Slate, Meagher & Flom LLP on 10/19/2021

On October 8, 2021, the Financial Industry Regulatory Authority (FINRA) issued a Regulatory Notice urging its member firms (i.e., broker-dealers) to consider how they will incorporate the U.S. Treasury Department’s...more

All Eyes Are on Regulation of Digital Assets as Federal Agencies and Lawmakers Seek to Bring Clarity: Part 1—The SEC, Utility...

Pillsbury Winthrop Shaw Pittman LLP on 9/12/2019

Federal regulators start to address some of the recent questions about digital assets such as tokens and virtual currencies, though many questions remain. U.S. Regulators and Congress are grappling with how to manage the...more

Bridging The Week - August 2019 #2

Katten Muchin Rosenman LLP on 8/13/2019

Last week a Canada-based social media company answered charges filed against it by the Securities and Exchange Commission in June 2019 that alleged its 2017 initial sale of digital tokens constituted an unlawful securities...more

Why Is FINRA So Interested In Your Non-Securities Business?

UB Greensfelder LLP on 7/24/2019

Rightly or wrongly, I don’t know much about cryptocurrencies or digital coins. But that’s ok. What is worrisome, on the other hand, is that I am increasingly concerned that FINRA doesn’t either. And while my own ignorance...more

Corporate & Financial Weekly Digest, Featuring Articles on New FINRA Guidance on Public Offering Review Process, Final Results of...

Katten Muchin Rosenman LLP on 7/22/2019

BROKER-DEALER - FINRA Publishes Notice to Members Encouraging Continued Disclosure of Digital Assets Activities – On July 18, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 19-24...more

Corporate & Financial Weekly Digest, Featuring Articles on the Latest Guidance From FINRA and the CFTC, and an FCA Paper...

Katten Muchin Rosenman LLP on 7/15/2019

BROKER-DEALER - Division of Trading and Markets and FINRA Staffs Issue Joint Statement on Broker-Dealer Custody of Digital Asset Securities - On July 8, in response to questions raised by market participants regarding...more

Bridging the Weeks - July 2019 #2

Katten Muchin Rosenman LLP on 7/9/2019

The United Kingdom’s Financial Conduct Authority proposed to ban the marketing and sale in or from the UK to retail persons of derivatives and exchange-traded notes based on cryptocurrencies and utility digital tokens,...more

Bridging the Weeks - June 2019

Katten Muchin Rosenman LLP on 6/11/2019

Last week, a Canada-based social media company was sued by the Securities and Exchange Commission for purportedly conducting an unregistered securities offering to United States persons in connection with an initial coin...more

Bridging the Week - May 2019 #2

Katten Muchin Rosenman LLP on 5/14/2019

Last week may not have been the best of times or the worst of times (to borrow from Charles Dickens), but it was undoubtedly a time that three United States financial services regulators issued important guidance on disparate...more

Blockchain Week in Review - April 2019 #4

Perkins Coie on 5/7/2019

U.S. Developments - New York Attorney General Announces Filing in Connection with Tether, Bitfinex Investigation - On April 25, 2019, New York Attorney General Letitia James announced that her office obtained a court...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

Blockchain Week in Review - January 2019 #4

Perkins Coie on 2/5/2019

Cboe Withdraws and Then Submits a Proposed Rulemaking for a Bitcoin ETF - On January 22, 2019, Cboe BZX Exchange (Cboe) withdrew its proposed rulemaking with the U.S. Securities and Exchange Commission (SEC). Had the...more

Blockchain Week in Review - October 2018

Perkins Coie on 10/9/2018

U.S. Developments - Federal Bank Regulators Issue Joint Statement on Collaborative BSA/AML Compliance - On October 3, 2018, a group of federal bank regulators and the Financial Crimes Enforcement Network (“FinCEN”)...more

Increased SEC Enforcement Action and Litigation In the Cryptocurrency Space

Akin Gump Strauss Hauer & Feld LLP on 9/19/2018

As the U.S. Securities and Exchange Commission (SEC) stated previously, it is continuing to scrutinize and commence enforcement actions against companies, advisors and investors involved in the offering of cryptocurrencies...more

A Big Week on the Blockchain: Recent Enforcement and Regulatory Developments

Orrick, Herrington & Sutcliffe LLP on 9/19/2018

Technology evolves and events unfold at a dizzying pace in the blockchain world, but even by those standards this past week was tough to keep up with. Every day seemed to bring a new first for the industry...more

Enforcing the Regulatory Landscape for Virtual Currencies: Recent Developments

McDermott Will & Emery on 9/19/2018

US regulators have stepped up their activity in terms of enforcing the regulation of virtual currencies and on September 11, 2018, issued four relevant decisions: FINRA’s first disciplinary action involving cryptocurrencies;...more

FINRA’s First Crypto Enforcement Action

Burr & Forman on 9/13/2018

On September 11, FINRA announced its filing of an enforcement action accusing a Massachusetts broker of fraud and registration violations arising from his sale of an unregistered cryptocurrency, “HempCoin.” It is FINRA’s...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 9/12/2018

The SEC has taken its first enforcement action against a hedge fund over its cryptocurrency investments—namely, falsely holding itself out as the “first regulated fund in the U.S. focused on crypto assets.” It also targeted a...more

Crypto Exchanges Join Virtual Commodity Association Seeking to Establish Industry Standards

Proskauer - Blockchain and the Law on 9/4/2018

Despite the recent setback of having their Bitcoin ETF rejected by the SEC for the second time, the Winklevoss brothers remain undeterred in their efforts to bring cryptocurrency into the investment mainstream. Their...more

Investment Services Regulatory Update - August 2018

Vedder Price on 8/21/2018

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS – OCIE Publishes Risk Alert on Compliance Issues Relating to Best Execution – On July 11, 2018, the Office of Compliance Inspections and...more

Blockchain Week in Review - July 2018

Perkins Coie on 7/16/2018

The following update is on our Fintech Legal Report: FINRA Issues a Regulatory Notice for Firms to Let FINRA Know About Digital Asset Activities - U.S. Developments - Regulatory Updates - Vermont Enacts...more

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