Tag Archives: cryptocurrency

May 2022 Crypto Enforcement Actions and Regulatory Guidance Roundup

Photo of Michael GilbertPhoto of Gabriel KhouryPhoto of Zachary GoldaBy Michael Gilbert, Gabriel Khoury, Zachary Golda and Brandon Mohamad* on Posted in Cryptocurrency
In May, we saw a slower month for crypto enforcement actions by state and federal regulators. See our March 2022 Crypto Enforcement Actions Roundup blog here where we discuss the regulatory guidance and jurisdiction of federal and state agencies to enforce these matters. Federal and State Updates Securities and Enforcement Commission (SEC) On May 3, … Continue Reading

The Crypto Enthusiast and The Regulator: What OFAC is, Could Be, and Should Be Doing to Regulate CryptoCurrencies

Photo of Reid WhittenPhoto of Gabriel KhouryPhoto of Fatema MerchantBy Reid Whitten, Gabriel Khoury and Fatema Merchant on Posted in Sanctions
On May 6, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated a cryptocurrency mixer, Blender.io, as a Specially Designated National (SDN). That sanction follows a series of enforcements and sanctions which we have previously discussed here and here.… Continue Reading

Governor Newsom Signs Blockchain Executive Order

Photo of James GattoPhoto of Moorari ShahPhoto of Sarah AbergPhoto of A.J. DhaliwalPhoto of Gabriel KhouryBy James Gatto, Moorari Shah, Sarah Aberg, A.J. Dhaliwal and Gabriel Khoury on Posted in Cryptocurrency
In an apparent follow up to President Biden’s March Executive Order on Digital Assets (which we previously discussed here), this week, California Governor Gavin Newsom signed a similar executive order aiming to foster responsible innovation, bolster California’s innovation economy, and strengthen consumer protection through creating a transparent regulatory and business environment for Web3 companies.  Newsom’s … Continue Reading

New York’s Superintendent of Financial Services Addresses BitLicense Delays

Photo of Sarah AbergPhoto of Gabriel KhouryBy Sarah Aberg and Gabriel Khoury on Posted in Cryptocurrency, Regulatory
This January, Adrienne A. Harris was confirmed as superintendent of New York’s Department of Financial Services, which administers New York’s BitLicense program, among others.  In a March 28 interview, Harris discussed the BitLicense program in detail and addressed some of its longstanding issues, including its slow response times to applicants and updating some of the … Continue Reading

A September to Remember: Coinbase Avoids SEC Clash by Dropping Crypto Lend Product

Photo of Christopher BoschBy Christopher Bosch on Posted in Cryptocurrency
Last week, Coinbase Global Inc. (“Coinbase”) headed off confrontation with the Securities and Exchange Commission (“SEC”) by announcing it was shelving a much ballyhooed digital asset lending product, Lend.  The announcement came two weeks after Coinbase revealed that it had received a Wells notice from the SEC warning the company of its plans to sue over Coinbase’s planned October … Continue Reading

The United States-Mexico-Canada Agreement – Paving the Way for a Cross-Border Fintech Sandbox

Photo of Emilio CazaresPhoto of Curtis DombekBy Emilio Cazares and Curtis Dombek on Posted in Bitcoin, Cryptocurrency, FinCEN, Regulatory, Virtual Currency
Key Takeaways The United States-Mexico-Canada Agreement (USMCA) provides for financial and digital trade regulations that harmonize the treatment of fintech companies. North American companies leveraging digital assets for payments should consider strategic regional opportunities available under the new USMCA fintech Framework. The USMCA Parties (member countries) continue to license fintech companies using cryptocurrency and create … Continue Reading

Cryptocurrency Miners I“rate” At Energy Rate Decision

Photo of James GattoBy James Gatto on Posted in Cryptocurrency
A Washington state federal court recently addressed claims relating to rates that cryptocurrency mining companies pay for electricity in Grant County, Washington. The court rejected all of the miner’s legal claims. The dispute focused on the rate classification that this utility applied to crypto miners as explained below.  Due to various risks, the electric utility … Continue Reading

Security Tokens — A Superior Platform for Securities Holding and Trading

Photo of James MercerPhoto of James ThompsonBy James Mercer and James Thompson on Posted in Blockchain, CryptoAssets, Cryptocurrency, SEC
The use of digital securities or security tokens has coincided with the explosion of crypto-currencies and efforts to establish Internet-traded coins or tokens with utility as a form of currency. Lost amidst the enthusiasm over the revolutionary implications of crypto-currencies is the simple fact that security tokens which use block-chain technology and smart contracts have … Continue Reading

Is there a Unicorn Among ICO Issuers?

Photo of James GattoBy James Gatto on Posted in Blockchain Games, Cryptocurrency, Initial Coin Offerings
The United States Securities and Exchange Commission (“SEC”) has indicated that nearly all initial coin offering (“ICO”) filings they have seen are securities offerings. Based on this expansive view, it may be more likely to find a Unicorn than an ICO that is not a securities offering. Ironically, a recent lawsuit was filed against Unikrn, … Continue Reading
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