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William de Sierra-Pambley is an associate in the Finance & Bankruptcy Practice Group in the firm's New York office.

On August 28, 2023, the Securities and Exchange Commission (“SEC”) instituted cease-and-desist proceedings under Section 8A of the Securities Act against Impact Theory, a Los Angeles media and entertainment company, alleging that the company’s sale of non-fungible tokens (“NFTs”) violated the registration requirements under the Securities Act of 1933 (the “Act”). Continue Reading The SEC’s Sudden Impact on NFTs!

On January 26, 2022, the SEC released a rulemaking proposal intended to enhance investor protections and cybersecurity for alternative trading systems that trade treasuries and other government securities.[1]  The 650 page proposal contains over 220 separate requests for comments (with many requests containing multiple sub-parts).  The comment requests address wide-ranging issues which affect trading venues of all types.  Most relevant for the blockchain industry is that the SEC proposal seeks to regulate “communication protocol systems.”[2]
Continue Reading Recent SEC Proposed Rulemaking Could Impact Blockchain Trading Platforms

Tokenization

Tokenization limits the exposure of sensitive information and makes digital transactions more secure.  Whether people realize it or not, millions of Americans already use tokenization technology on a daily basis.  Recent developments in blockchain systems and decentralized finance create new uses for tokenization, raising legal questions as to how existing regulatory frameworks will apply or adapt.Continue Reading Tokenization: Opportunity and Regulation, Finding a Balance

It is called the Cowboy state for a reason. With varied terrain and a hearty population Wyoming has long been a haven for independent thinkers and doers – pioneers.  The Wyoming legislature recently underscored that truth with the first state law addressing governance issues for decentralized autonomous organizations or “DAO(s).”  We are not talking self-driving vehicles here.  Those will not work on Teton mountain road switch backs.  This is all about future vision of decentralized digital finance.  A new gold rush for the west for those states who embrace it and Wyoming is doing just that.  This March it passed senate bill SF0038 which provides for additional protections similar to those offered to members of limited liability companies for members of a DAO.[1]
Continue Reading Wyoming Takes the Lead With Decentralized Autonomous Organizations