The incoming Biden team will need to quickly address significant digital asset issues, including a major enforcement action and a significant proposed FinCEN rule initiated in the final days of the outgoing...more
1/25/2021
/ Bank Secrecy Act ,
Biden Administration ,
Digital Assets ,
Dodd-Frank ,
Enforcement Actions ,
FinCEN ,
Money Services Business ,
Notice of Proposed Rulemaking (NOPR) ,
Popular ,
Ripple ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Trump Administration ,
Virtual Currency
Simple Agreements for Future Tokens pose difficult and controversial legal questions under U.S. securities, commodities and tax laws.
SAFT holders face significant difficulties in securing liquidity, and regulatory issues...more
7/7/2020
/ Commodities ,
Commodity Exchange Act (CEA) ,
Eligible Contract Participant ,
Forward Contracts ,
Income Taxes ,
Investment Contract ,
Investors ,
IRS ,
Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Tokens ,
Simple Agreement for Future Tokens (SAFT) ,
Virtual Currency
On the newest episode of Industry Insights podcast, host Joel Simon and Daniel Budofsky discussed digital securities and virtual currencies. Joel Simon: While the world has been busy battling COVID-19, it has been making...more
New York DFS proposal: A step forward in treating digital coin assets in a manner commensurate with more traditional financial assets.
The New York State Department of Financial Services (DFS) proposed guidance that will...more
1/8/2020
/ Bitcoin ,
Comment Period ,
Corporate Governance ,
Digital Assets ,
Ether ,
Initial Coin Offering (ICOs) ,
Licenses ,
Licensing Rules ,
New Guidance ,
NYDFS ,
Virtual Currency
Federal regulators start to address some of the recent questions about digital assets such as tokens and virtual currencies, though many questions remain.
U.S. Regulators and Congress are grappling with how to manage the...more
9/12/2019
/ Anti-Money Laundering ,
Asset Tokens ,
Commodities ,
Cryptocurrency ,
Digital Assets ,
Financial Industry Regulatory Authority (FINRA) ,
Howey ,
Know Your Customers ,
Legislative Agendas ,
No-Action Letters ,
Regulatory Agencies ,
Regulatory Agenda ,
Securities ,
Securities and Exchange Commission (SEC) ,
Utility Tokens ,
Virtual Currency
Commodity Futures Trading Commission publishes its first-ever Enforcement Manual.
On May 8, 2019 the CFTC’s Division of Enforcement published its Enforcement Manual, providing market participants for the first time ever...more
Commission’s action shows the limited utility of the utility token-security token distinction.
Regulator finds that sellers of blockchain-based digital coins cannot dodge securities law by calling the coins “utility...more
1/3/2018
/ Blockchain ,
Cryptocurrency ,
Digital Currency ,
Howey ,
Initial Coin Offering (ICOs) ,
Investors ,
Regulation A ,
Rule 506 Offerings ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Tier 2 Offerings ,
Token Sales ,
Unregistered Securities ,
Virtual Currency