News & Analysis as of November 15, 2024

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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

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

“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

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

SEC’s First Action Against Unregistered Crypto “Exchange”

Burr & Forman on 11/19/2018

On November 8, the SEC filed its first settled enforcement action against cryptocurrency trading platform for operating as an unregistered exchange trading securities, in violation of the Securities Exchange Act of 1934....more

Continued SEC Enforcement in Digital Token Industry Likely Foretells Increase in Private Claims

Polsinelli on 11/19/2018

On November 8, 2018, the SEC announced it had settled charges against Zachary Coburn, the founder of EtherDelta, a digital “token” trading platform. ...more

¿Vale la pena el riesgo de la Moneda Virtual?

Foodman CPAs & Advisors on 11/5/2018

Hemos leído que la Moneda Virtual (MV) es un "activo especulativo" que, en determinadas circunstancias, puede utilizarse para pagar bienes o servicios o ser retenido para inversiones; y que su intercambio o uso de intercambio...more

Is Virtual Currency worth the Risk?

Foodman CPAs & Advisors on 11/5/2018

We have read that Virtual Currency (VC) is a “speculative asset” that under certain circumstances may be used to pay for goods or services or be held for investment; and that its sale, exchange or use has tax consequences...more

SEC Sues Blockvest for False Claims of SEC Endorsement of ICO

Burr & Forman on 10/16/2018

On October 3, 2018, the Securities and Exchange Commission sued Blockvest LLC and its founder Reginald Buddy Ringgold, III for falsely claiming that its initial coin offering had been approved by the SEC. ...more

SEC Takes Its Initial Aim at Crypto Funds

Kramer Levin Naftalis & Frankel LLP on 10/1/2018

In a regulatory first, the Securities and Exchange Commission (SEC) has issued a cease and desist order and imposed a $200,000 fine against a hedge fund that invested in digital assets and its founder. ...more

In the Matter of Tomahawk Exploration LLC: No Such Thing as a Free Launch

Orrick, Herrington & Sutcliffe LLP on 9/7/2018

The issuance of digital tokens in exchange for services rather than money still can constitute an offering of securities, according to findings recently made by the Securities and Exchange Commission in a settled enforcement...more

SEC Sidelines Funds Focused on Cryptocurrencies

Carlton Fields on 4/11/2018

In a January 18 letter to two of the fund industry’s leading advocacy groups, the staff of the SEC’s Division of Investment Management advised fund sponsors not to initiate registration of funds that intend to invest...more

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