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EtherDelta Founder Sanctioned for Operating an Unregistered Securities Exchange

In this post we discuss how on November 8, the SEC

The French data protection authority, Commission Nationale de l’Informatique et des Libertés (CNIL), became the first European data protection authority to issue written guidance on the intersection of the use of blockchain technology and the General Data Protection Regulation (GDPR). The CNIL guidance provides welcome clarification on how to tackle some of the inherent tensions between GDPR and blockchain, although the CNIL left open certain important issues that will require deeper analysis and explanation in the future.
Continue Reading French Data Protection Authority Issues Guidance on Application of Blockchain to the GDPR

The following summaries are available in our sister blog, The Fintech Report.

OCC Begins Accepting National Bank Charter Applications from Financial Technology Companies

New York Department of Financial Services Voices Opposition to Regulatory “Sandboxes” and OCC Charters for Fintech Companies
Continue Reading Blockchain in Review – Week of July 30 – August 3, 2018

The following update is on our Fintech Legal Report:

FINRA Issues a Regulatory Notice for Firms to Let FINRA Know About Digital Asset Activities

Blockchain Week in Review: Week of July 9, 2018

U.S. Developments

Regulatory Updates

Vermont Enacts Blockchain Business Development Bill

On May 30, Vermont Governor Phil Scott signed SB 269 (thereby becoming

Just like the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) is actively policing the virtual currency market.  On January 24, 2018, the CFTC announced an enforcement action against two individuals and a company, My Big Coin Pay, Inc., for fraudulently offering the sale of a “fully functioning” virtual currency. Press Release, CFTC Charges Randall Crater, Mark Gillespie, and My Big Coin Pay, Inc. with Fraud and Misappropriation in Ongoing Virtual Currency Scam (Jan. 24, 2018), http://www.cftc.gov/PressRoom/PressReleases/pr7678-18
Continue Reading CFTC Flexes Its Regulatory Muscle in a Case Involving a Virtual Currency

On January 19, 2018, the U.S. Office of Foreign Assets Control (OFAC), in response to a question, warned that a U.S. person’s acquisition of, or dealing in, a cryptocurrency that Venezuela intends to issue in the future may violate OFAC sanctions.  In an effort to refinance the country’s soaring debt, the President of Venezuela, Nicolás

The SEC is targeting ICOs once again, but it is now adding more focus through its new Enforcement Division Cyber Unit.

  • In its enforcement settlement with Munchee, Inc., the SEC looked past the utility of a “utility token” in its “securities” analysis and instead focused on aspects such as marketing and the existence of a

On Friday, December 1, 2017, the SEC filed an emergency action in federal district court in Brooklyn alleging that Dominic Lacroix and Sabrina Paradis-Roger, both from Quebec, Canada, raised approximately $15 million in a purported fraudulent unregistered Initial Coin Offering (ICO) involving PlexCoin.  In its complaint, the SEC alleged that a recidivist Quebec securities law

On September 21st, the Commodity Futures Trading Commission (CFTC) announced the filing of charges against Nicholas Gelfman and Gelfman Blueprint, Inc. (the “Defendants”) for fraud, misappropriation, and issuing false account statements in connection with solicited investments in Bitcoin.  According to the allegations asserted by the CFTC, the Defendants operated a Ponzi scheme, misappropriated funds from