Regulatory and Legislative Developments

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Counsel Sarah Shtylman will be a part of the The Block Presents: DeFi and The Law – A round table discussion with crypto’s leading lawyers

Link to register: https://app.livestorm.co/the-block/the-block-presents-defi-and-the-law-a-round-table-discussion-with-cryptos-leading-lawyers

Weekly Focus

  • CFTC and DOJ Actions Involving BitMEX
  • SEC Settlement with Salt Lending
  • CFTC Action Against PaxForex
  • Summary Judgment Granted in SEC Action Against Kik
  • FinCEN and OFAC Issue Advisories on Ransomware
  • FinCEN Director Blanco Speech at ACAMS AML Conference
  • French Authorities Investigate Use of Virtual Currency to Fund Terrorism

Continue Reading Blockchain Week in Review: Week of October 2, 2020

The staff (“Staff”) of the Division of Trading and Markets of the U.S. Securities and Exchange Commission (SEC) issued a no-action letter (NAL) at the request of the Financial Industry Regulatory Authority (FINRA) on September 25, 2020, which built upon a joint statement (“Joint Statement”) issued by the staffs of the SEC and FINRA in 2019 (please see our prior client update for additional discussion of this 2019 guidance). As part of its guidance, the Joint Statement provided an example of a noncustodial business model for broker-dealers that involved the operation of an alternative trading system (ATS). Upon a request by FINRA on behalf of its broker-dealer members, the NAL provides modified relief for ATSs that meet certain conditions, enabling them to settle digital asset security trades under a slightly modified structure designed to reduce operational and settlement risks.
Continue Reading SEC Staff Provides Relief on the Role of ATSs in the Settlement of Digital Asset Security Trades

Weekly Focus

  • S. Department of Homeland Security Issues Challenge for Development of Trusted User Interface for Digital Wallets
  • Kraken Announces Approval From Wyoming Division of Banking for a Special Purpose Depository Institution Charter
  • CFTC Provides Temporary No-Action Relief to Tassat From SEF Reinstatement Requirements
  • FinCEN Seeks Public Comments on AML Program Requirements
  • CSBS Announces “One Company, One Exam” for Licensed Payment Firms
  • CFTC Files Complaint in Alleged Fraudulent Digital Asset Scheme
  • SEC Brings Charges against T.I. for Violations of Securities Laws
  • SEC Brings a Complaint Against Individuals and Two Companies Relating to Token Offerings
  • FAFT Issues Report on Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing
  • Gibraltar Issues Updated Guidance Notes for DLT
  • Report: New Zealand Updates Tax Guidance for Crypto Assets
  • Report: Bahamas Planning to Formally Launch Its CBDC as Soon as October 2020
  • Report: India Considering a New Law Banning Cryptocurrency Trading
  • Nigeria Issues Statement on Digital Assets and Their Classification and Treatment
  • EU Committee Legislative Proposal on the Regulation of Crypto-Assets

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

Privacy-enabling cryptocurrencies, commonly known as privacy coins, are enhanced versions of early cryptocurrencies that were developed to protect the financial privacy of individuals and businesses alike. Each privacy coin leverages innovative mechanisms that provide privacy, encryption, and security to its users. Alongside their positive effects, however, these mechanisms have raised an important compliance question:…

Weekly Focus

  • CFTC approves LedgerX to clear fully-collateralized futures and options.
  • Square launches the Cryptocurrency Open Patent Alliance to spur cryptocurrency adoption and protect against trolls.
  • Mastercard launches testing platform for central bank digital currencies.
  • California’s Consumer Financial Regulator to get a new name and new powers.
  • Blockpit and CryptoTax complete merger.

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

The Perkins Coie Digital Asset Timeline has been updated from this version, you can find the most up-to-date version 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, and speeches relating to…

Weekly Focus

  • California Appellate Court Upholds Coinbase Summary Judgement
  • California Issues Opinion on Crypto Escrow Services under the Money Transmission Act
  • The Federal Reserve Is Testing a Digital Dollar and Distributed Ledgers
  • New York Updates Cryptocurrency Greenlist
  • SEC Charges Issuer with Fraudulent ICO
  • Wealthsimple Receives Approval for Canadian Regulatory Sandbox
  • Russian Monitoring Service Planning to Create Cryptocurrency Tracking System
  • MicroStrategy Adopts Bitcoin as Treasury Reserve Asset
  • Coinbase Announces Crypto-Backed Loans
  • Grayscale Ethereum Trust Files Registration Statement

Continue Reading Blockchain Week in Review: Week of August 14, 2020

Weekly Focus

  • The OCC clarifies that banks can provide crypto custody services.
  • The FDIC seeks comments on developing a certification process for new technologies to be used by banks.
  • The UK looks at restricting crypto promotions.
  • A group of crypto exchanges is working together to comply with FATF travel rule standards.

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

Weekly Focus:

  • CFTC and SEC Settle Charges with Abra
  • Louisiana Enacts Virtual Currency Company Law
  • Twitter ‘Hack’ of Prominent Accounts Requests Bitcoin
  • New York Department of Financial Services Superintendent Addresses Initial Feedback on proposed BitLicense Changes
  • New York Man Charged with Wire Fraud Relating to a Cryptocurrency-Related Investment Scheme
  • China to Test Digital Yuan on Food Delivery Platform; Beijing Local Government Releases Blockchain Plan
  • Japan Considering Issuance of a Digital Yen

Continue Reading Blockchain Week in Review: Week of July 17, 2020