Laurie Rosini, an attorney in the Technology Transactions & Privacy practice, focuses her practice on electronic financial services, blockchain technology and digital currencies, and privacy and data security. Laurie has experience reviewing clients’ products and services to ensure sound privacy policies, data security practices and transaction processing. Laurie also counsels clients regarding the regulatory compliance issues facing electronic financial services businesses and virtual currency firms.

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.

U.S. Developments

Bitcoin Investment Trust and SecondMarket, Inc. Settle

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.

U.S. Developments

South Carolina Legislature Proposes Bill to Enact Anti-Money Laundering Act

South Carolina Representative Alan Clemmons introduced a bill proposing state regulation of money transmission services business.  Titled the “South Carolina Anti-Money Laundering Act,” the proposed act is based on the Uniform Money Services Act.  Under the proposed bill, virtual currencies are included in the definition of money transmission, requiring state licensure.  Presently, South Carolina does not regulate money transmission services businesses.
Continue Reading Blockchain Week in Review – January 15, 2016

On December 1st the Securities and Exchange Commission (SEC) filed charges against bitcoin mining companies GAW Miners and ZenMiner, and their founder Homero Joshua Garza.  The complaint alleges Garza and his companies fraudulently sold $19 million worth of unregistered securities, called Hashlets, to over 10,000 investors in the latter half of 2014.  The SEC believes Hashlets constitute “investment contracts, and thus ‘securities’” under the Exchange Act and the Securities Act.
Continue Reading Are Mining Pool Interests Securities?