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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

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.
Continue Reading Blockchain Week in Review – December 22, 2017

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

SEC Suspends Trading of Four Bitcoin Firms and Warns About ICOs
The U.S. Securities and Exchange Commission (SEC) issued a press release this week warning investors about potential ICO scams, including ‘pump-and-dump’ and market manipulation schemes. This warning follows the SEC’s recent temporary trading suspensions of four publicly-listed technology companies. In its press release, the SEC identified certain circumstances that could lead to a suspension of trading, including lack of information resulting from a company’s failure to file periodic reports; doubts about the accuracy of public information including operational and financial information in a company’s press releases or reports; and questions about trading, including trading by insiders and potential market manipulation.
Continue Reading Blockchain Week in Review – September 1, 2017

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

IRS Tailors Request for Coinbase Transactions
After launching an investigation of Coinbase customer accounts, the IRS filed a Notice in California District Court on July 6, limiting the scope of the investigation to only the accounts that issued
Continue Reading Blockchain Week in Review – July 14, 2017

On November 14, 2016, the SEC convened four panels of individuals at the forefront of the FinTech industry to address the rapid growth of recent innovations in FinTech. Panelists addressed how these innovations impact four main areas: investment advisory services; trading, settlement, and clearance activities; capital formation; and investor protection. The over-arching theme of the