Highlights of the Last Two Weeks in Blockchain+
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...more
On February 9, 2023, the U.S. Securities and Exchange Commission (the “SEC”) charged Kraken with offering and selling Kraken’s Staking Program – its staking-as-a-service product – as an unregistered security. Kraken, more...more
2/16/2023
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Services Industry ,
Investment Opportunities ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Token Sales ,
Trading Platforms ,
Unregistered Securities
In July of 2022, the United States Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) each alleged insider trading violations against a former Coinbase employee Ishan Wahi (“Ishan”), his brother...more
2/14/2023
/ Coinbase ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Financial Services Industry ,
Insider Trading ,
Investment Contract ,
Securities and Exchange Commission (SEC) ,
Securities Violations
While the blockchain crypto community is processing the latest round of “crypto contagion,” potentially lost in the busy news week was a significant legal development regarding what digital assets qualify as securities under...more
11/17/2022
/ Blockchain ,
Digital Assets ,
Enforcement Actions ,
Financial Instruments ,
Howey ,
Investment Contract ,
Payment Tokens ,
Securities Act ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Summary Judgment ,
Token Sales ,
User-Generated Content
On August 9, 2022, the U.S. Securities and Exchange Commission (“SEC”) issued a Cease and Desist Order against Bloom Protocol, LLC (“Bloom”) and agreed to a related Offer of Settlement in respect of Bloom’s unregistered...more
On July 21, 2022, the Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) each alleged insider trading violations against a former Coinbase employee, his brother, and another alleged acquaintance...more
8/5/2022
/ Coinbase ,
Corporate Counsel ,
Criminal Investigations ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Financial Services Industry ,
Insider Trading ,
Investment ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Violations ,
Wire Fraud
In what may be the first of its kind, a New York state court has authorized service via token airdrop in a case regarding allegedly stolen cryptocurrency assets. This form of alternative service is novel but could become a...more
7/11/2022
/ Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Digital Wallets ,
Enforcement Actions ,
Financial Crimes ,
Financial Transactions ,
Hackers ,
Money Laundering ,
Service of Process
A former employee of OpenSea, the largest marketplace for the purchase and sale of non-fungible tokens (NFTs), has been indicted and charged with wire fraud and money laundering allegedly in connection with actions he took...more
6/10/2022
/ Art ,
Breach of Duty ,
Confidential Information ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Fiduciary Duty ,
Indictments ,
Insider Trading ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
Trading Platforms ,
White Collar Crimes ,
Wire Fraud