News & Analysis as of October 12, 2024

Token Sales

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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 -

Commissioner Comments on Tokenization

Mayer Brown Free Writings + Perspectives on 6/17/2024

Commissioner Uyeda spoke at the Securities and Exchange Commission’s 30th Annual Institute for Securities Market Growth and Development. Commissioner Uyeda focused on the need to root out bad actors and promote transparent...more

Hot Topics in International Trade - February 2024 - Assessing the Benefits and Challenges of Tokenizing Real World Assets

Braumiller Law Group, PLLC on 2/7/2024

The world of cryptocurrencies on blockchains and the world of traditional assets in markets have often stood in stark contrast to one another since Bitcoin’s creation in 2008. The lack of a reliable bridge between these two...more

Blockchain+ Bi-Weekly - June 2023 #2

Polsinelli on 6/30/2023

The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

The Payments Newsletter including Digital Assets & Blockchain, May/June 2023

Hogan Lovells on 6/19/2023

Key developments of interest over the last two months include: the UK PSR publishing a policy statement on its new reimbursement requirement to fight APP fraud; the Australian government confirming its strategic plan for 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

Privacy Tip #316 – Dabbling in Crypto? Be Wary of Rug Pulls

Robinson+Cole Data Privacy + Security Insider on 1/28/2022

It’s very hard to keep up with digital and crypto lingo. But if you are dabbling in crypto, you need to know about rug pulls. What is a rug pull you ask? According to blogger Migi Delfin, “A rug pull is a fraud scheme that...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

China Bans Crypto Currencies and Related Services

Burr & Forman on 9/24/2021

The People’s Bank of China (“PBOC”) announced this morning that it is banning crypto currencies and related services, including “trading, order matching, token issuance and derivatives for virtual currencies are strictly...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

Virtual Currency Legal Report - July 2021 #2

Perkins Coie on 8/3/2021

U.S. Developments - Legislation - Congress Members Reintroduce Bill to Define Digital Assets - U.S. Representative Tom Emmer (MN-06) re-introduced legislation aimed at defining how regulators should classify and...more

SEC’s Coinschedule Settlement Offers Mere “Clue-By-Enforcement” Into Whether Cryptocurrencies are Securities

Proskauer - Corporate Defense and Disputes on 7/22/2021

On July 14, 2021 the SEC issued a consented-to Cease and Desist Order against U.K.-based cryptocurrency review website owner Blotics Ltd. (formerly doing business as Coinschedule Ltd.) for violating Section 17(a) of the...more

Reports Address CBDCs, Security Tokens; NFT Sales Continue; Blockchain Initiatives Announced; Regulators Address Crypto; SEC...

BakerHostetler on 6/21/2021

Reports Address CBDCs and Security Tokens, Banks Launch Crypto Initiatives - A recent report released by the Bank for International Settlements (BIS) analyzes results from a survey of 50 central banks in the first quarter of...more

Traditional and Crypto Firms Across Globe Launch New Initiatives, UN Designs Blockchain Land Registry, Privacy Wallets Spark...

BakerHostetler on 12/14/2020

Cryptocurrency Firms and Legacy Financial Institutions Worldwide Make Crypto Moves - Two cryptocurrency firms filed applications this week with the Office of the Comptroller of the Currency to become federally regulated banks...more

The SEC Gets its Kiks out of a Successful Application of the Howey Test

Orrick - On the Chain on 10/6/2020

In a closely-watched cryptocurrency case, on September 30, the Southern District of New York ruled in favor of the SEC in SEC v. Kik Interactive, Inc., holding that the Kin tokens Kik had offered and sold through a pre-sale...more

Has the SAFT Been KIKed to the Curb?

Cozen O'Connor on 10/5/2020

On September 30, 2020, SDNY Judge Alvin Hellerstein issued a decision of major significance for the digital token industry in Securities and Exchange Commission v. Kik Interactive, Inc. This is only the second federal court...more

SEC Mike Drop on Rapper and Film Producer Charged With Illegal ICOs

Polsinelli on 10/2/2020

The U.S. Securities and Exchange Commission (SEC) recently announced charges against rapper and actor Clifford Harris, Jr., known as T.I. or Tip, film producer Ryan Felton, and three others who promoted Felton’s unregistered...more

Ring of Fire - SEC Hangs Up on Telegram

Polsinelli on 7/1/2020

After an extended fight with the U.S. Securities and Exchange Commission ("SEC"), Telegram has agreed to resolve charges the company's unregistered offering of digital tokens called "Grams" violated the United States federal...more

BitBlog Bi-Weekly Update - April 2020

Polsinelli on 4/23/2020

While the world at large shelters in place due to COVID-19 legal and regulatory activity of digital asset and the blockchain world is hopping. ...more

It’s the Fall That’s Gonna Kill You

Polsinelli on 4/15/2020

Like Butch Cassidy and the Sundance Kid gloriously diving off a cliff, Telegram is about to take the fall and is trying to take the SEC with it. However, Telegram and supporters are making a number of important arguments in...more

Hanging on the Telephone: Judge Enters Order Blocking Telegram ICO

Polsinelli on 4/15/2020

Judge P. Kevin Castel of the Southern District of New York struck his gavel and hung up on Telegram’s contentious $1.7 billion initial coin offering (“ICO”). Judge Castel ruled Telegram's planned distribution of Grams...more

France calls for applications for CBDC experimentations

Hogan Lovells on 4/3/2020

The French central bank (Banque de France (BdF)) aims to identify concrete cases integrating central bank digital currencies (CBDCs) in innovative procedures for the clearing and settlement of tokenised financial assets...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

Under Siege - Zen Master Steven Seagal Loses to the SEC

Polsinelli on 2/28/2020

The SEC has settled charges against action star Steven Seagal for failing to disclose payments he received for promoting an investment in an initial coin offering (ICO) conducted by Bitcoiin2Gen (B2G)....more

Making Sense of the Telegram Case: Multiple Parties Weigh In as the Courts Consider Whether a Blockchain Token Is a Security

BakerHostetler on 2/28/2020

Overview of the Telegram Case - Telegram, a global messaging platform, was founded by Russian brothers Nikolai and Pavel Durov in 2013....more

Blockchain Litigation Year In Review (Part 2): Lessons From 2019 And What’s Ahead For 2020

Polsinelli on 2/20/2020

It began as an obscure experiment in unregulated virtual currency. Initially undistinguished from Bitcoin, blockchain evolved to become one of the pillars of web 3.0, enabling new means of trust, transparency, security and...more

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