Regulatory and Legislative Developments

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Weekly Focus:

  • The nominee for chairman of the Securities and Exchange Commission, Gary Gensler, testifies before the Senate Banking Committee.
  • The NY attorney general issues industry alerts citing risks in cryptocurrency investments and emphasizing registration requirement for industry members.
  • IRS clarifies and limits virtual currency disclosure question on Form 1040.
  • Kentucky legislature advances crypto mining incentives bills.
  • Kings of Leon to release its next album as an NFT.

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Continue Reading Blockchain Week in Review: Week of March 5, 2021

Weekly Focus:

  • Tesla buys $1.5 billion in Bitcoin
  • BNY Mellon launches crypto custody unit
  • OCC welcomes new crypto company
  • Iowa introduces smart contracts bill
  • Rhode Island introduces blockchain act
  • BitMEX publishes data storage framework for FATF ‘Travel Rule’
  • Bank of Korea says CBDCs are fiat currency
  • Central Bank of Nigeria issues prohibition on crypto trading

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Continue Reading Blockchain Week in Review: Week of February 12, 2021

Weekly Focus:

  • Federal Regulation Actions Frozen Pending Review from New Administration
  • New Administration Appoints New Agency Leads
  • OCC Issues Ruling Permitting National Banks to Use Certain Blockchain Technologies
  • CFPB Finalizes Rule on the Role of Supervisory Guidance
  • Federal banking regulators issue FAQs on SAR filing obligations.
  • Dutch Gambling Regulator Fines Virtual Coin Gaming Company

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Continue Reading Blockchain Week in Review: Week of January 22, 2021

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,…

The Perkins Coie Digital Asset Timeline has been updated from this version, you can find the most up-to-date version, updated April 2021 here.

Perkins Coie LLP is pleased to bring you this updated Digital Asset SEC Timeline.

The Digital Asset SEC Timeline serves as an interactive compilation of select SEC guidance, enforcement actions,…

Weekly Focus:

  • CFTC Releases Digital Asset Primer
  • Coinbase Submits Form S-1 to the Securities and Exchange Commission
  • CME Announces Ethereum Futures Product Launch in February 2021
  • Paxos Conducts $142 Million Series C Raise
  • FinCEN Issues Notice of Proposed Rulemaking with New Recordkeeping and Reporting Requirements for Digital Asset Transactions
  • Figure Applies for OCC Charter
  • Compound Releases Whitepaper Describing Product to Add Interoperability Between Chains
  • Germany Legalizes Electronic Securities on the Blockchain

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Continue Reading Blockchain Week in Review: Week of December 18, 2020

Weekly Focus:

  • Members of Congress Request SEC Clarity On Digital Securities Custody
  • Digital Asset ‘Stacks’ Plans 2.0 Launch as Non-Security
  • Secretary Mnuchin Emphasizes G7 Coordination on Digital Currencies
  • CFTC and SEC Leaders to Step Down
  • DOJ Indicts ICO Promoter for Tax Fraud, SEC Files Civil Suit
  • France Strengthens Anti-Money Laundering (AML) Requirements for Digital Asset Companies
  • Thailand Plans to Incorporate Blockchain into Tax Revenue Collection Systems

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Continue Reading Blockchain Week in Review: Week of December 11, 2020

Weekly Focus:

  • Congress Members Introduce Stablecoin Legislation
  • FINRA Grants Securitize Green Light for Broker-Dealer/ATS Acquisition
  • SEC Establishes Transition of FinHub to Separate Office
  • SIFMA, PwC Publish White Paper on Interplay Between Digital Assets and the Securities Markets
  • Bitcoin Development Fund Launches Using Open-Source Funding Model
  • Ethereum 2.0 Milestone Reached
  • S&P Dow Jones Indices Announces Plan to Launch Cryptocurrency Indexes in 2021
  • China-Based Bank Halts Planned Digital Bond Sale Shortly Before Launch
  • Ukraine Crypto-Specific Bill Progresses Through Parliament
  • German Private Bank Announces Cryptocurrency Fund Launch

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Continue Reading Blockchain Week in Review: Week of December 4, 2020

Weekly Focus:

  • Jay Clayton to step down as Chairman of the Securities and Exchange Commission
  • Brian Brooks nominated to five-year term as Comptroller of Currency
  • Origin Protocol attacked, resulting in estimated loss of $7 million
  • SEC issues no-action letter for IMVU
  • Mitsubishi UFJ Financial Group plans launch of blockchain payments network in 2021
  • Texas State Securities Board files emergency cease-and-desist orders against ten digital asset investment platforms

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Continue Reading Blockchain Week in Review: Week of November 20, 2020

Perkins Coie is pleased to announce that it has obtained no-action relief from the Securities and Exchange Commission Staff that clears the way for its client IMVU Inc., to sell VCOIN, a blockchain-based digital asset, as a transferable non-security to its users worldwide.

IMVU is the world’s largest avatar-based social platform with a global network…