The Commodity Futures Trading Commission (CFTC) Settlements Timeline serves as an interactive compilation of select CFTC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the Order filed in September, 2015 by the CFTC requiring Coinflip and its chief executive officer Francisco Riordan to cease

In this post, we provide an updated edition of Perkins Coie’s International Virtual Currency Tracker.

IVCT

Originally posted in 2014, we regularly update the tracker and post an updated version periodically. The chart should be fairly self-explanatory. Countries that have meaningfully weighed in on the topic are listed in alphabetical order along the left-hand side,

Weekly Focus:

  • DOJ Seizes More Than $1 Billion in Cryptocurrency from Silk Road Hacker
  • CFTC Announces Charges Against Digital Asset Ponzi Scheme
  • SEC’s Enforcement Division Collected $4.68 Billion in 2020
  • Vortex Blockchain Technologies Settles with the SEC
  • Blockchain Industry Speculates on Regulation in a Biden Administration
  • LabCFTC Announces Agenda for Empower Innovation 2020
  • Cred Inc. Files for Chapter 11 in Delaware
  • Deutsche Bank Publishes Report on CBDC
  • Reserve Bank of Australia Partners with Blockchain Company on CBDC Project
  • Lebanon’s Central Bank Progresses on Plans for CBDC
  • Russian Central Bank Issues CBDC Consultation Paper
  • Bank of Canada Is Working with G7 on Global Approach to Digital Currencies
  • The U.K. Treasury Announces Plans to Regulate Stablecoins
  • Germany Drafts Bill for Blockchain-Based Securities


Continue Reading Blockchain Week in Review: Week of November 13, 2020

U.S. Developments

The Federal Reserve Maintains Skepticism of Cryptocurrency Bitcoin

On the eve of the 10-year anniversary of Bitcoin’s Whitepaper, Chairman of the Federal Reserve Janet Yellen stated that she does not recognize cryptocurrencies as legitimate currencies to be used anywhere in the global economy. The Chairman used bitcoin as an example and said that the cryptocurrency does not represent a stable source of value or an efficient means of processing payments. She added that cryptocurrencies lack the requisite characteristics of fiat currency, like intrinsic value. Investing.com 11.1.18

New York DFS Approves Bitlicense for Bitcoin ATM Operator

On November 1, the New York Department of Financial Services (DFS) said it has approved Coinsource Inc. for a virtual currency license to operate 40 Bitcoin kiosks in New York City and neighboring counties. The Bitcoin kiosks are similar to ATMs in that users can insert cash to buy Bitcoin with their phones. Customers can also sell bitcoin for cash by scanning their mobile wallet at the station. To date, DFS has granted 12 Bitlicenses to virtual currency companies but Coinsource offers the first licensed cryptocurrency ATM. Reuters 11.1.18

Continue Reading Blockchain Week in Review: Week of October 29 – November 2

Below is a summary of some of the significant legal and regulatory actions that occurred over the past weeks. 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

Regulatory Updates

SEC Chairman Testifies Before the

Below is a summary of some of the significant legal and regulatory actions that occurred over the past weeks. 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.

International Developments

Bermuda Announces Proposed Regulation for ICOs and

Below is a summary of some of the significant legal and regulatory actions that occurred over the past weeks. 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.  Please visit our sister blog, FintechLegalReport, for the Fintech

Below is a summary of some of the significant legal and regulatory actions that occurred over the past weeks. 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

Regulatory Updates

House Financial Services Committee Holds Hearing on Cryptocurrencies and ICOs
On March 14, 2018, the House Financial Services Committee Subcommittee on Capital Markets, Securities, and Investment held a hearing entitled “Examining Cryptocurrencies and ICO Markets.” The one-panel hearing included the following witnesses: (1) Dr. Chris Brummer (Professor of Law, Georgetown University Law Center), (2) Mr. Mike Lempres (Chief Legal and Risk Officer, Coinbase), (3) Mr. Robert Rosenblum (Partner, Wilson Sonsini Goodrich & Rosati), and (4) Mr. Peter Van Valkenburgh (Director of Research, Coin Center). The subcommittee conducted an overview of the cryptocurrency and Initial Coin Offering (ICO) markets, which have been growing rapidly. The hearing was intended to examine the economic efficiencies and potential capital formation opportunities that cryptocurrencies and ICOs potentially offer to businesses and investors. In the hearing,
Continue Reading Blockchain in Review, February 19th – March 16th

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

Regulatory Updates

CFTC and SEC Chairmen Publish Joint Op-Ed
Following a joint meeting last month, SEC Chairman Jay Clayton and CFTC Chairman J. Christopher Giancarlo published a joint op-ed in the Wall Street Journal reaffirming both agencies’ mutual commitment to stricter enforcement in the distributed ledger and cryptocurrency industry.  Chairmen Clayton and Giancarlo wrote that they will continue to monitor initial coin offerings (ICOs) and continue to crackdown on unregistered sales of coins deemed to be securities, in addition to fraudulent and other criminal activities. See WSJ 1.24.18

In a sign of continued collaboration, SEC Chairman Clayton and CFTC Chairman Giancarlo will testify on the topic of cryptocurrency regulation before the Senate Committee on Banking, Housing, and Urban Affairs. The hearing is scheduled on February 6 at 10:00am ET.  The live cast of the hearing can be accessed here: Banking.Senate.gov  See Coindesk 1.31.18

Congress Holds Fintech Hearing
The U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Credit held a hearing this week to discuss consumer protection in the context of Fintech innovation.  The hearing focused on addressing
Continue Reading Blockchain Week in Review January 20th – February 2nd