Perkins Coie LLP is pleased to bring you this updated Digital Asset SEC Timeline. This latest update includes recent settlement from the SEC In the Matter of BitClave PTE Ltd.

The Digital Asset SEC Timeline serves as an interactive compilation of select SEC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the release of the DAO Investigative Report in July 2017, the Timeline includes relevant information for analyzing the offering, issuance, and trading of certain digital assets in the context of the federal securities laws.

This Timeline is meant to be a resource for those following SEC actions and guidance related to digital assets and to assist experienced securities counsel in assessing the applicability of the federal securities laws. The Timeline is for informational purposes only and does not constitute legal advice. If you are, or are planning to engage in transactions involving digital assets, you may want to contact experienced securities counsel.

Information in the Timeline is provided “as-is,” and may not reflect the latest guidance from the SEC and/or other federal or state regulatory authorities. The Timeline contains links to third-party websites. Such links are only for the convenience of the reader or user. Use of and access to the Timeline, including the links contained within the Timeline, do not create an attorney-client relationship with Perkins Coie LLP.

Weekly Focus:

  • OCC Announces a New Acting Comptroller of the Currency
  • House Bill Would Require a Study on the Regulation and Use of Blockchain Technology in the United States
  • IRS Reportedly Seeking Private Contractors in Connection with Virtual Currency-Related Tax Returns
  • US Senate Subcommittee Raises Blockchain as Option for Senate Voting During Times of Crisis
  • Private Party Brings Suit against Crypto-Products Trading Platform for Alleged Violations of RICO and the CEA
  • Bank of France Provides Update on Central Bank Digital Currency Experimentation
  • FATF Issues Report on COVID-19-Related Money Laundering and Terrorist Financing Risks and Policy Responses
  • Brazilian Agency Re-opens Investigation into Banks’ Treatment of Virtual Currency Firms
  • Reports: Iran Takes Several Actions Related to the Regulation of Virtual Currencies

Continue Reading Blockchain Week in Review: Week of May 22, 2020

Weekly Focus:

  • Ripple Faces New Litigation Related to XRP Token Sale
  • In Wake of Injunction, Telegram Discontinues Involvement with TON Blockchain
  • Blockvest Founder Seeks to Challenge Sanctions Granted in SEC Suit Related to ICO
  • Ohio State Lawmakers Contemplate Using Blockchain for Future Election Cycles
  • Square’s CashApp Q1 Earnings Show Surge in Bitcoin-Related Earnings
  • Turkey-Based Company iMiner Successfully Attains License to Operate in Iran
  • Dutch Central Bank Imposes Registration Requirement for Crypto Service Providers Under Newest Iteration of AML Legislation

Continue Reading Blockchain Week in Review: Week of May 8, 2020

Part 3: An Overview of the Guidance

In the final part of our three-part update series covering the U.S. Commodity Futures Trading Commission (CFTC) guidance on what constitutes the “actual delivery” of a digital asset in the context of a retail commodity transaction, we offer a detailed overview of the Guidance with our analysis.

Part 1: Commentary on the Significance of the Guidance for the Industry can be viewed here.

Part 2: CFTC Finalizes Guidance on Digital Assets in the Context of Retail Commodity Transactions can be viewed here.

Weekly Focus:

  • Commissioner Brian D. Quintenz Ending His Term at the CFTC
  • U.S. Clears Security Token Trading System to Launch
  • Bank of China Will Expand Regulatory Pilot Project to Six More Cities and Districts
  • Zhejiang-based Ebang International Holdings Inc. Filed IPO

Continue Reading Blockchain Week in Review: Week of May 1, 2020

Part 2: CFTC Finalizes Guidance on Digital Assets in the Context of Retail Commodity Transactions

This is the second part of a three-part update series in order to provide the industry with a critical analysis of the U.S. Commodity Futures Trading Commission (CFTC) finalized long-awaited interpretive guidance regarding what constitutes the “actual delivery” of a digital asset in the context of a retail commodity transaction under the Commodity Exchange Act, published on March 24, 2020.

Part 1: Commentary on the Significance of the Guidance for the Industry can be viewed here.

On April 28, 2020, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint against a company and its chief executive officer (“CEO”) for alleged fraud in connection with the company’s stated response to the COVID-19 pandemic. In its complaint, the SEC alleged that the company issued two press releases containing false or misleading statements in which the company purported to be negotiating the sale of N95 masks and then made claims that it was in possession of N95 masks. After regulators inquired about these claims, the SEC alleged that the company issued a third press release a month later that it did not have any N95 masks on hand. The complaint asserts that the company’s stock trading volume and stock price increased significantly as a result of the initial press releases. Continue Reading SEC Alleges COVID-19 Related Fraud by a Company after Suspending Trading

Part 1: Commentary on the Significance of the Guidance for the Industry

On March 24, 2020, the U.S. Commodity Futures Trading Commission (CFTC) finalized long-awaited interpretive guidance regarding what constitutes the “actual delivery” of a digital asset in the context of a retail commodity transaction under the Commodity Exchange Act.

This interpretive guidance is noteworthy because it is likely to guide the commercial development—and regulatory oversight—of the marketplace for leveraged, margined, and financed transactions that involve digital assets, including virtual currencies.

We have prepared a three-part update series in order to provide the industry with a critical analysis of this significant regulatory event, beginning with the CFTC’s actual delivery guidance with commentary on the significance of this guidance for emerging digital currency industry.

Please find the link to Part 1 here. The two subsequent parts will follow next week.

Perkins Coie LLP is pleased to bring you this updated Digital Asset SEC Timeline. This update includes the newest edition posted on March 24, 2020 which highlights the Second Circuit Grants Injunctive Relief to the SEC Preventing Telegram Coin Offering (SEC v. Telegram Group Inc.)

The Digital Asset SEC Timeline serves as an interactive compilation of select SEC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the release of the DAO Investigative Report in July 2017, the Timeline includes relevant information for analyzing the offering, issuance, and trading of certain digital assets in the context of the federal securities laws.

This Timeline is meant to be a resource for those following SEC actions and guidance related to digital assets and to assist experienced securities counsel in assessing the applicability of the federal securities laws. The Timeline is for informational purposes only and does not constitute legal advice. If you are, or are planning to engage in transactions involving digital assets, you may want to contact experienced securities counsel.

Information in the Timeline is provided “as-is,” and may not reflect the latest guidance from the SEC and/or other federal or state regulatory authorities. The Timeline contains links to third-party websites. Such links are only for the convenience of the reader or user. Use of and access to the Timeline, including the links contained within the Timeline, do not create an attorney-client relationship with Perkins Coie LLP.

 

Weekly Focus:

  • Money Laundering in Bitcoin . . . is Still Money Laundering
  • CFTC Designates Sixth Bitcoin Contract Market
  • Terminating Sanctions Ordered Against Blockvest LLC Founder
  • China’s Central Bank Starts CBDC Pilot Program
  • Dutch National Bank Wants to Test CBDCs for the Eurosystem
  • Coinbase Launches Price Oracle for DeFi
  • Ant Financial Launches SME Consortium Blockchain

Continue Reading Blockchain Week in Review: Week of April 24, 2020