While a conclusion to the much-hyped case may be approaching, market participants should be wary of doomsday prognostications.
As a new year begins, the digital assets industry is still enduring a deep and widespread crypto...more
1/20/2023
/ Aiding and Abetting ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Howey ,
Investment Contract ,
Offerings ,
Popular ,
Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Violations ,
Statutory Interpretation ,
Unregistered Securities
In granting the SEC’s motion for summary judgment, a federal court ruled that sales of LBC tokens were securities transactions.
On November 7, 2022, the Securities and Exchange Commission (SEC) prevailed in a motion for...more
The comprehensive framework, which spans multiple reports, aims to spur risk mitigation efforts and potentially a US central bank digital currency.
On September 16, 2022, the White House published a fact sheet described...more
9/30/2022
/ Bank Secrecy Act ,
Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Financial Stability Board ,
Financial Transactions ,
FSOC ,
OECD
The plan directs the agency to develop a robust regulatory framework to prevent market misconduct, as SEC officials’ public comments keep advancements in technology high on the agenda.
On August 25, 2022, the Securities...more
9/16/2022
/ CFTC ,
Digital Assets ,
Disclosure Requirements ,
Enforcement ,
Howey ,
Popular ,
Retail Investors ,
Reves Test ,
Securities and Exchange Commission (SEC) ,
Strategic Planning ,
Technology Sector
Ethereum’s transition to proof of stake presents opportunities and pitfalls for certain digital assets and tokens built on the network.
After years of development, the Ethereum blockchain appears poised to make its...more
The global central bank cooperative body would bring stablecoins within the international standards for payment, clearing, and settlement systems....more
8/2/2022
/ AML/CFT ,
Bureau of Industry and Security (BIS) ,
Committee on Payments and Market Infrastructure (CPMI) ,
EU ,
Final Guidance ,
Financial Markets ,
Financial Stability Board ,
Hong Kong ,
Information Reports ,
IOSCO ,
Japan ,
Payment Systems ,
Regulatory Agenda ,
Risk Management ,
Stablecoins ,
UK
Changes include switching from paper to electronic filing requirement for confidential treatment requests. On June 23, 2022, the Securities and Exchange Commission (SEC) adopted certain amendments to Form 13F (the Adopting...more
Securities issues are covered in Title III (Responsible Securities Innovation) of the Responsible Financial Innovation Act (RFIA). The RFIA would add a new Section 41 to the Securities Exchange Act of 1934 (Securities...more
A complaint filed in federal court will test the boundaries of protection from liability for individuals behind decentralized autonomous organizations.
On May 2, 2022, a putative class action was filed in the US District...more
5/11/2022
/ Blockchain ,
Corporate Counsel ,
Corporate Liability ,
Corporate Veil ,
General Partnerships ,
Hackers ,
Jurisdiction ,
Limited Liability Company (LLC) ,
Negligence ,
Partnerships ,
Phishing Scams ,
Piercing the Corporate Veil ,
Putative Class Actions ,
Respondeat Superior ,
Securities Tokens
On March 28, 2022, the US Securities and Exchange Commission (SEC) proposed rules (Proposing Release) that would require securities market participants that engage in dealer-like activities - such as a proprietary trading...more
Guidance clarifies assessment of liability under Rule 3110, including designation as supervisor, application of reasonableness standard, and factors for and against charging compliance officials.
On March 17, 2022, the...more
On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets (Order). In the face of rapid advancement in blockchain technology and its applications, the Order asserts that...more
The amended definition could provide a new means for the SEC to regulate crypto platforms.
We previously published a blog post on the set of proposed amendments (Proposal) issued on January 26, 2022, by the Securities...more
The proposal would require certain systems and platforms currently not subject to any registration requirements to register as broker-dealers and ATSs.
On January 26, 2022, the Securities and Exchange Commission (SEC)...more
Popular and institutional interest in digital assets, decentralized applications, NFTs, and blockchain technology skyrocketed, and regulators sprinted to catch up.
For the digital asset markets, 2021 was a banner year....more
1/25/2022
/ Bitcoin ,
Blockchain ,
Capital Raising ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Enforcement ,
Entrepreneurs ,
Environmental Social & Governance (ESG) ,
Federal Reserve ,
Financial Regulatory Agencies ,
FinCEN ,
Non-Fungible Tokens (NFTs) ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Startups ,
Unicorns ,
Venture Capital
The Proposal would have a significant impact on current practices surrounding the use of Rule 10b5-1 plans by public companies and insiders.
On December 15, 2021, the Securities and Exchange Commission (SEC) issued a set...more
1/10/2022
/ 10b5-1 Plans ,
Affirmative Defenses ,
Comment Period ,
Corporate Governance ,
Disclosure Requirements ,
Insider Trading ,
Material Nonpublic Information ,
Proposed Amendments ,
Publicly-Traded Companies ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation
The industry will have two years to learn the new requirements and develop systems to ensure compliance.
On November 15, 2021, President Biden signed the US$1.2 trillion Infrastructure Investment and Jobs Act into law...more
The report addresses the market risks and regulatory challenges presented by stablecoins and urges Congress to act quickly.
On November 1, 2021, the President’s Working Group on Financial Markets (PWG) in conjunction...more
11/11/2021
/ Biden Administration ,
CFTC ,
Digital Assets ,
Digital Currency ,
FDIC ,
Financial Markets ,
Financial Services Industry ,
FSB ,
FSOC ,
Information Reports ,
IOSCO ,
OCC ,
Prudential Standards ,
Regulatory Agenda ,
Regulatory Oversight ,
Risk Factors ,
Securities and Exchange Commission (SEC) ,
Stablecoins
The global central bank cooperative body envisions stablecoins within the context of international standards for payment, clearing, and settlement systems.
Among the different types of digital assets, global authorities...more
10/20/2021
/ Bureau of Industry and Security (BIS) ,
Committee on Payments and Market Infrastructure (CPMI) ,
Consultation ,
Digital Assets ,
Financial Stability Board ,
Information Reports ,
IOSCO ,
Risk Management ,
Security Risk Assessments ,
Stablecoins ,
U.S. Treasury
The Clarity for Digital Tokens Act of 2021 would give token issuers the guardrails they need to innovate with far less regulatory anxiety.
US Securities and Exchange Commission (SEC) Commissioner Hester Peirce has always...more
An ambitious proposal could bring digital assets into the mainstream regulatory fold. During an eventful summer for the digital assets industry, it may have been easy to miss US Representative Don Beyer’s introduction of the...more
9/13/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Central Bank Digital Currency (CBDCs) ,
CFTC ,
Commodities ,
Cryptoassets ,
Digital Assets ,
Enforcement Authority ,
FDIC ,
Federal Reserve ,
Proposed Legislation ,
Regulatory Oversight ,
Reporting Requirements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
U.S. Treasury
Gary Gensler asserts the SEC’s broad powers over digital assets, and puts consumer protection at the forefront.
On August 3, 2021, Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), gave a speech on...more
8/13/2021
/ Bitcoin ,
Blockchain ,
Broker-Dealer ,
Consumer Financial Products ,
Consumer Protection Laws ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Enforcement ,
Exchange-Traded Products ,
Initial Coin Offering (ICOs) ,
Popular ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Token Sales
Latham & Watkins lawyers discuss the emerging technology of non-fungible tokens (NFTs), including how they function and their various legal implications in the US, UK, and APAC.
Topics:
• Understanding NFTs and their...more
8/2/2021
/ Asia Pacific ,
Bank Secrecy Act ,
BitLicense ,
Copyright ,
Copyright Ownership ,
Digital Assets ,
Digital Media ,
Intellectual Property Protection ,
IP License ,
License Agreements ,
Money Transmitter ,
Non-Fungible Tokens (NFTs) ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
UK ,
Virtual Currency
A sovereign nation’s decision to adopt Bitcoin as legal tender raises interesting questions — and legal ramifications.
On June 8, 2021, El Salvador’s Legislative Assembly voted to establish Bitcoin as unrestricted legal...more
6/25/2021
/ Article 9 ,
Banking Sector ,
Bitcoin ,
CFTC ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
El Salvador ,
Exchange-Traded Products ,
Financial Action Task Force ,
Foreign Currency ,
IRS ,
Money Transfer ,
Multinationals ,
New Legislation ,
Securities and Exchange Commission (SEC) ,
Uniform Commercial Code (UCC)
SEC Commissioner Peirce has revived and refreshed her proposed three-year safe harbor for qualifying token projects, but some unresolved ambiguities remain.
US Securities and Exchange Commission (SEC) Commissioner Hester...more