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Commercial Bankruptcy Cryptocurrency Financial Services Industry

Troutman Pepper Locke

GENIUS Act: A Game-Changer for Crypto Bankruptcy Priorities

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The GENIUS Act represents a significant shift in U.S. bankruptcy law, particularly affecting stablecoin holders. In recent bankruptcy cases, crypto holders have been treated as general unsecured creditors, but this new...more

Stinson LLP

FTX Fallout: How Sponsorship Partners are Moving Forward

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Prior to its collapse, cryptocurrency exchange FTX spent millions in sponsorship dollars securing the naming and promotional rights to National Basketball Association stadiums, Formula 1 organizations, esports teams and...more

Jones Day

New York Department of Financial Services Issues Guidance on Virtual Currency Custodial Services

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In Short - The Situation: Following a string of bankruptcies among virtual currency firms, the New York Department of Financial Services has issued guidance on the practices and procedures it expects from certain...more

Orrick, Herrington & Sutcliffe LLP

CFTC commissioner discusses crypto exchange’s collapse

On January 18, CFTC Commissioner Christy Goldsmith Romero spoke before the Wharton School and the University of Pennsylvania Carey Law School on lessons learned from the recent bankruptcy of a cryptocurrency exchange, calling...more

Farrell Fritz, P.C.

FTX, Sam Bankman-Fried and the Risk of Unchecked Founder Control

Farrell Fritz, P.C. on

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here”.  Such was the lament of John Ray, the legendary restructuring...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: Issue 12, December 2022

US Senators Ask SoFi About Its Banking Law Compliance = “Four U.S. senators have signed a letter to SoFi Technologies CEO Anthony Noto expressing concerns about the online personal finance company and online bank’s digital...more

Sullivan & Worcester

Zero Degrees Celsius: The Effects of a "Crypto Winter" and Celsius’ Bankruptcy on Crypto Customers

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Part 1 – Celsius Bankruptcy - The Celsius Network was conceptualized as an alternative to conventional banking, offering its customers return rates of up to 20% on deposits of digital assets, and providing digital...more

WilmerHale

FTX Bankruptcy - What Could Be Next for the Industry?

WilmerHale on

One of the world’s largest cryptocurrency exchanges - FTX Trading Ltd. - and many of its affiliates filed for bankruptcy earlier this month. While the full impact of the FTX bankruptcy is not yet clear, various responses from...more

Polsinelli

Celsius Bankruptcy Case Update: November 18, 2022

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As Celsius Network LLC, et al., Case Number: 22-10964 (MG), proceeds in the Bankruptcy Court for the Southern District of New York (the “Court”), the following summarizes two important case updates as of November 18, 2022: ...more

Proskauer Rose LLP

The Other Side of The Coin: Cryptocurrency Assets in Bankruptcy

Proskauer Rose LLP on

On July 5, 2022, cryptocurrency brokerage Voyager Digital filed for chapter 11 in the Southern District of New York Bankruptcy Court, citing a short-term “run on the bank” due to the “crypto winter” in the cryptocurrency...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Volume 2, Issue 1

5 Banking Trends to Watch in 2022 - "Some of the narratives Banking Dive sees taking shape for 2022 — crypto, for example — are carryovers from last year, reaching a logical conclusion or forward motion. Others, such as...more

Carlton Fields

The Coming Storm: DeFi and Bankruptcy Courts

Carlton Fields on

DeFi or “decentralized finance” is an emerging branch of the cryptocurrency and blockchain movement that attempts to use smart contracts and blockchains to provide financial services typically only available from centralized...more

Robins Kaplan LLP

Financial Daily Dose 11.13.2019 | Top Story: Buffeted by Changing Consumer Demands, Dean Foods Declares Bankruptcy

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Dean Foods, the largest milk company in the U.S., has filed for bankruptcy protection, a “fresh setback to a U.S. dairy industry struggling against declining U.S. milk consumption and rising competition.”  Industry experts...more

Robins Kaplan LLP

Financial Daily Dose 10.11.2019 | Top Story: France’s Renault Cans CEO Over Ties to ex-Nissan Chief Carlos Ghosn

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Because the Nissan leadership scandal is about as well-contained as Chernobyl in the early days [thanks, HBO], French automaker Renault has voted this morning to remove Chief Executive Thierry Bolloré amid concerns over the...more

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