News & Analysis as of November 19, 2024

Virtual Currency › Investment Opportunities

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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 - February 2024

Polsinelli on 2/9/2024

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

Bank Regulators Issue Joint Statement on Crypto-Asset Risks

Cadwalader, Wickersham & Taft LLP on 1/5/2023

On the first business day of the year, January 3, 2023, the Board of Governors of the Federal Reserve System (“the Fed”), the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency...more

DOJ Targeting Crypto Industry for Enforcement

The Volkov Law Group on 8/15/2022

A basic truism — you do not want to become the subject of a Justice Department investigation. The wheels of justice — prosecutors and law enforcement — can cause real harm to organizations and individuals that violate the...more

SEC Reported to Add Another Dimension to its Cryptocurrency Enforcement Push: Insider Trading

Dechert LLP on 7/6/2022

Key Takeaways - According to sources with firsthand knowledge, the SEC is conducting an industry-wide inquiry into alleged insider trading activities of cryptocurrency exchanges. Insider trading occurs when a corporate...more

The Crypto Industry Is Talking Tax, and the Senate Is Listening

Cadwalader, Wickersham & Taft LLP on 6/23/2022

On June 7, 2022, U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Lummis-Gillibrand Responsible Financial Innovation Act (the “Act”), a comprehensive legislative scheme for the regulation of...more

Privacy Tip #334 – Crypto Scams Continue to Top the List of Scams Reported to the FTC

Robinson+Cole Data Privacy + Security Insider on 6/9/2022

It is tempting to get into the world of cryptocurrency investments. News items of early investors banking millions of dollars fuel the temptation. But it is an investment strategy that is fraught with fraud, so investors...more

Not So Stable: Stablecoin Volatility Causing Turmoil in Crypto Markets

Dechert LLP on 5/26/2022

Introduction - Cryptocurrencies have surged in popularity in recent years. As we have reported in recent OnPoints, the swift growth and adoption of cryptocurrencies raise legal questions about everything from their...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

NYSBA Tax Section’s Crypto Recommendations

Cadwalader, Wickersham & Taft LLP on 4/25/2022

On April 18, 2022, the New York State Bar Association (“NYSBA”) Tax Section published its second report on cryptocurrency and digital assets (“the Report”). The Report recommends...more

The UK’s Plan to Become a Global Crypto Hub

Cadwalader, Wickersham & Taft LLP on 4/12/2022

On April 4, 2022, the UK government announced plans to become a “global hub” for the cryptoasset industry with proposals for the regulation of stablecoins, development of an NFT (non-fungible token) issued by the Royal Mint,...more

Bitcoin fraud: the English Court grants extensive interim remedies to protect investors

Dechert LLP on 3/10/2022

The English High Court has granted a combination of powerful remedies including worldwide freezing orders in favour of a UK resident who fell victim to persons unknown operating a suspected cryptocurrency investment scam....more

UK Financial Conduct Authority Consults on Its Financial Promotion Rules for Cryptoassets and Other High-Risk Investments

Proskauer - Blockchain and the Law on 1/25/2022

On 19 January 2022, the UK Financial Conduct Authority (“FCA”) published a consultation paper (CP22/2) (the “Consultation”) setting out its proposals to strengthen its financial promotion rules for high-risk investments...more

Regulators Gallop To Cryptocurrency's "Wild West"

Bilzin Sumberg on 12/16/2021

Even enthusiastic participants in the booming cryptocurrency sector have at times described it as having a distinctly “Wild West” feel at this relatively early stage of its development. Lately, though, there has been no...more

The Tangled Web of Proposed Crypto Regulation

Foodman CPAs & Advisors on 12/14/2021

Don’t Expect Coherent Rules to Align Any Time Soon - Multiple enforcement agencies within the US government agree that the $2.5 trillion crypto industry needs regulation. And heads of the largest crypto companies have told...more

Bitcoin’s Limited Supply Increases Its Value. Should You Invest in Cryptocurrency?

Foodman CPAs & Advisors on 12/14/2021

Macroeconomic concepts tell us that when supply of a valuable commodity is limited, demand for it will rise, and so will its price. Fiat currencies are backed by governments and central banks and more can be printed at will. ...more

Why Are Crypto Investors Still Buying?

Foodman CPAs & Advisors on 12/14/2021

Danger signs abound - Despite its volatile and speculative nature, a single bitcoin is trading at around $61,134 (11/5/21.) Demand is growing exponentially, despite multiple danger signs. ...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

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

Debunking Five Myths About Cryptocurrency

Foodman CPAs & Advisors on 8/19/2021

A surge in cryptocurrency prices this year created many crypto paper millionaires and brought millions into the game. But the digital currency market is a rollercoaster ride. As a result, many of those fortunes have already...more

Modern Times - SEC Moves to Freeze Assets of Alleged $12M Crypto Investment Scam

Polsinelli on 6/16/2020

The U.S. Securities Exchange Commission (SEC) is asking a court to freeze the assets of a cryptocurrency mining and multilevel marketing scheme that allegedly defrauded investors of $12 million. The SEC's complaint alleges...more

Blockchain Litigation Year in Review (Part 1): Lessons From 2019 And What’s Ahead For 2020

Polsinelli on 2/20/2020

When is a digital asset a security or a commodity? Are SAFTs safe? Does hyping blockchain create an expectation of profit? Is blockchain a trademark, trade secret or neither? Are free tokens tax-free? Who is Satoshi Nakamoto?...more

Power of the Peirce: SEC Commissioner Spends Some of Her Influence on Trying to Help Crypto Network Developers

Orrick - On the Chain on 2/19/2020

SEC Commissioner Hester Peirce continues to be one of the most vocal persons in leadership positions at federal regulators who are promoting innovation in digital currency and the blockchain....more

BitBlog Bi-Weekly Update - February 2020

Polsinelli on 2/14/2020

Many crypto entrepreneurs are seeking to build decentralized networks in which a token serves as a means of exchange on, or provides access to a function of the network. In the course of building out the network, they need...more

Michigan man sentenced to prison and ordered to repay $210,000 in crypto scam

Hogan Lovells on 2/10/2020

A man from Michigan has been ordered to repay about $210,000 for his role in a cryptocurrency scam. The fraudster solicited investments from two people, promising them large returns, but he used the investment proceeds to buy...more

Financial Daily Dose 12.12.2019 | Top Story: Fed Holds Rates Steady And Looks to Stay There

Robins Kaplan LLP on 12/12/2019

As expected, the Fed kept interest rates unchanged on Wednesday while also signaling that “they would wait to see how the economy fared before making another move”....more

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Virtual Currency › Investment Opportunities

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