News & Analysis as of October 12, 2024

Commodities Futures Trading Commission

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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+ Bi-Weekly; Highlights of the Last Two Weeks in Web3 Law: September 2024

Polsinelli on 9/13/2024

In the last few weeks, decisions by regulatory agencies and courts overseeing cryptocurrency disputes have dominated the Web3 legal news. This can be expected to continue, even as Congress comes back from its August break, as...more

Blockchain+ Bi-Weekly: July 2024 #2

Polsinelli on 7/25/2024

While the nation was preoccupied with the significant developments in the Presidential race, advocates and promoters of the blockchain ecosystem were particularly attentive to the news, given the perception that the current...more

Crypto and Carbon and Governance…Oh My! (Was There Ever Really a Kansas for Digital Assets and Environmental Commodities?)

Blank Rome LLP on 11/17/2023

On November 13, 2023, Commodity Futures Trading Commission (“CFTC”) Commissioner Kristin Johnson delivered a keynote address to the Atlanta Economics Club titled “Policing the (Token) Economy: Introducing Corporate Governance...more

Key Takeaways – Digital Assets (Cryptocurrencies, Stablecoins, Tokenization, and CBDCs)

Kilpatrick on 5/9/2023

With the rapid expansion and adoption of digital assets (cryptocurrencies, stablecoins, tokenized assets, and central banks digital currencies), companies of all types are being asked to address and interact with this growing...more

New York AG sues crypto trading platform for failing to register

Orrick, Herrington & Sutcliffe LLP on 3/3/2023

On February 22, the New York attorney general filed a petition in state court against a virtual currency trading platform (respondent) for allegedly failing to register as a securities and commodities broker-dealer and...more

The State of Digital Assets Regulation and Foundational Terminology (Crypto, Stablecoin, and CBDC)

Kilpatrick on 1/3/2023

The last twelve months have seen unprecedented adoption, evolution, and turbulence across the digital assets sphere. Whether cryptocurrencies, stablecoins, or central bank digital currencies (CBDCs), all of which qualify as...more

A DAO Is No Defense: CFTC Says Decentralization Does Not Immunize DeFi from Regulation

Jones Day on 10/10/2022

In Short - The Situation: Under the existing legal regimes, decentralized autonomous organizations ("DAO" or "DAOs") have been viewed as a way to hedge against regulatory action by way of a decentralized structure. The...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

Proposed Stabenow-Boozman Bill Falls Short in Bringing Regulatory Certainty to Digital Assets Space

Jones Day on 8/22/2022

In Short - The Situation: Following the release of the Responsible Financial Innovation Act (the "Lummis-Gillibrand Bill"), four senators on the Senate Committee on Agriculture, Nutrition, and Forestry released their own...more

New Bill Proposes CFTC Should Regulate Spot Digital Currency Markets

Ballard Spahr LLP on 8/11/2022

Summary - U.S. Senators Debbie Stabenow (D-Mich.) and John Boozman (R-Ark.) of the Senate Agricultural Committee have formally proposed a new bill to regulate the digital asset market. The Digital Commodities Consumer...more

Digital Assets Defined: How Lummis-Gillibrand Will Shape the Coming Fintech Debate

Jones Day on 8/3/2022

On June 7, 2022, U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (the "Bill"), which proposes a regulatory framework for digital assets across nine titles...more

New Crypto Products Launch, Draft Digital Assets Bill Released, Regulators Address Stablecoins, DOJ Publishes Crypto Report, Hacks...

BakerHostetler on 6/10/2022

Fintech and Crypto Firms Announce Myriad New Crypto Product Launches - This week, a major global payments firm announced the launch of a stablecoin settlement solution that leverages technology by Fireblocks, a digital...more

Crypto Payment Initiatives Launch; Report Cites Evolving Crypto Views; G7, ECB, BIS Address Crypto Risks; DOJ, CFTC Target NFT...

BakerHostetler on 6/6/2022

New Cryptocurrency Payments Systems, Tokens and Trade Associations Launch - A leading global cryptocurrency platform has reportedly announced a partnership with a global e-commerce platform that would allow e-commerce...more

[Podcast] Blockchain University: Relationship Drama: Cryptocurrencies, Blockchain and the Law

BakerHostetler on 3/30/2022

Our fifth episode provides an overview of the key legal issues facing cryptocurrencies and blockchain in the U.S....more

Congressional and Federal Agency Action Following Executive Order on Digital Assets Policy and Regulation

Kilpatrick on 3/14/2022

Last week, President Biden signed an Executive Order on Ensuring Responsible Development of Digital Assets. Digital assets, in this context, cover various types of assets, including cryptocurrency, stablecoin, and central...more

NFT Initiatives Launch, Congress Writes to CFTC on Crypto, SEC Charges ICO Fraud Scheme, GAO Addresses Crypto ATMs, Reports...

BakerHostetler on 1/19/2022

From Music to Marketplaces: NFT Use Cases Continue to Expand - According to recent reports, a Philadelphia rapper has announced that the final installment of his mixtape series will drop as a non-fungible token (NFT). Details...more

The Cryptocurrency Market – Prepare for an Uptick in Enforcement Activity

Dechert LLP on 10/20/2021

Key Takeaways - The federal government has the cryptocurrency market in its crosshairs. Specifically, the DOJ, SEC and CFTC have all continued to make announcements and show interest in regulating cryptocurrency and enforcing...more

Market Updates in CBDCs, Crypto Funds, BD-ATS Platforms and Stablecoins; DOJ and CFTC Enforcement Continues; DeFi Error Releases...

BakerHostetler on 10/4/2021

CBDCs Explored by the U.K., New Zealand and Major Payments Network - This week, the Bank of England and Her Majesty’s Treasury announced the members appointed to its central bank digital currency (CBDC) Engagement and...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

Cryptocurrency and NFT Market Growth Continues, Regulators Across Globe Target Crypto Industry as Threats Continue, Global...

BakerHostetler on 8/30/2021

Crypto Market Develops in DeFi, Payments, Compliance and Consumer Adoption - A large institutional financial and media conglomerate recently announced a partnership with a major financial services and investment management...more

Crypto Initiatives Announced in Exchanges, ETFs, Payments; NFT Initiatives Continue; Bitcoin Mining Difficulty Adjusts; Global...

BakerHostetler on 7/19/2021

Cryptocurrency Exchanges, ETFs and Payment Initiatives Announced - Cryptocurrency firm Bullish announced its intention to go public on the New York Stock Exchange as it prepares to launch a cryptocurrency exchange, according...more

Blockchain Week in Review - April 2021 #4

Perkins Coie on 5/7/2021

U.S. Developments - Bipartisan crypto bill passes House of Representatives - Last week, the U.S. House of Representatives passed H.R. 1602, titled “Eliminate Barriers to Innovation Act of 2021.” The bill was first...more

State Regulations on Virtual Currency and Blockchain Technologies (Updated March 2021)

Carlton Fields on 4/19/2021

Introduction: There exists no uniformity with respect to how businesses that deal in virtual currencies (also known as "cryptocurrencies") such as Bitcoin are treated among the states. For these proprietors, often the first...more

Financial Firms Launch New Crypto Products, NFTs Trending, Crypto Exchange Acquires Broker-Dealer, SEC, DOJ, IRS and CFTC Actions...

BakerHostetler on 4/5/2021

US Institutional Financial Firms, and Fintech Startups, Launch Crypto Products - A major U.S. financial services corporation announced this week that it would begin to settle transactions over the Ethereum Network in USD Coin...more

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