News & Analysis as of

Blockchain Securities Exchange Act Broker-Dealer

Lowenstein Sandler LLP

A Step Forward for Broker-Dealers and Transfer Agents Engaged in Crypto Asset Businesses

Lowenstein Sandler LLP on

The Staff noted that Securities Exchange Act (SEA) Rule 15c3-3(b) only applies to securities carried by a broker-dealer. Accordingly, if a broker-dealer carries non-security crypto assets (e.g., Bitcoin or Ether), a...more

Lowenstein Sandler LLP

Federal District Court Vacates the Security and Exchange Commission’s Expanded Dealer Rule

Lowenstein Sandler LLP on

On Nov. 21, Judge Reed O’Connor of the Northern District of Texas vacated the Security and Exchange Commission’s (SEC) newly enacted Rules 3a5-4 and 3a44-2 (collectively, the Dealer Rule), which expanded the scope of who...more

WilmerHale

Binance Ruling Spotlights Muddled Post-Morrison Landscape

WilmerHale on

The March decision in Williams v. Binance from the U.S. Court of Appeals for the Second Circuit marks the latest chapter in the judiciary's struggle to apply the U.S. Supreme Court's 2010 decision in Morrison v. National...more

WilmerHale

“Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A)

WilmerHale on

Decentralized Finance (DeFi) is an umbrella term used to describe financial services provided outside of the traditional markets, that rely on blockchain technologies to create innovative products instead of relying on...more

Seward & Kissel LLP

Leash the Kraken: SEC Sues Kraken

Seward & Kissel LLP on

On November 20, 2023, the SEC filed a complaint in the United States District Court for the Northern District of California against Payward, Inc. and Payward Ventures, Inc. which, together, do business as Kraken. The...more

Eversheds Sutherland (US) LLP

New FINRA sweep targets crypto marketing

As might be expected, FINRA appears to be aligning itself with the SEC in its assertion of jurisdiction over investments that may not, at the end of the day, be deemed securities. ...more

Eversheds Sutherland (US) LLP

Digital asset securities: broker-dealer custody issues

As 2020 came to a close, the issue of how digital asset securities can be custodied by US broker-dealers became clearer, at least from a regulatory standpoint. In a release issued pursuant to the Securities Exchange Act of...more

Latham & Watkins LLP

SEC Issues Guidance for Broker-Dealer Custody of Digital Assets

Latham & Watkins LLP on

In a year-end change of course, the SEC identified the minimum steps that broker-dealers must take when acting as custodians of digital asset securities. On December 23, 2020, the US Securities and Exchange Commission (SEC)...more

Proskauer - Blockchain and the Law

A Taxonomy of the Proposed Token Taxonomy Act

On December 20, 2018, a bipartisan pair of Congressmen, Warren Davidson (R-OH) and Darren Soto (D-FL), introduced bill H.R. 7356 to enact the Token Taxonomy Act (the “Act”). The Act proposes several amendments to federal...more

Perkins Coie

The SEC and Digital Assets—A Busy Year End

Perkins Coie on

The end of the year has been a very busy time for the SEC in the digital asset space. From speeches to the issuance of joint statements to enforcement actions, there are many things to highlight, discuss and consider. This...more

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