General Developments/Background

Blockchain Unconference – by the WTIA Cascadia Blockchain Council

Free to register: https://www.eventbrite.com/e/blockchain-unconference-tickets-114448921806

October 14, 2020 9:00 am – 1:30 pm

Valerie Dahiya and Lowell Ness present “Tokenized Securities” – which can be viewed below:

 

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

10/13 – 9:00 am Pacific/12:00 pm Eastern

Live stream panel titled Can Privacy-Preserving Cryptocurrencies and Regulation Co-exist?

Join Electric Coin Co and a panel of experts to learn more about the compatibility of privacy, cryptocurrencies and existing regulation.

Panelists:

Yusuf Hussain, Head of Risk, Gemini

Dana Syracuse, Partner, Perkins Coie

Jack Gavigan, Regulatory Relations,

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

Part of Future Industry Association’s (FIA) L&C Division Webinar Series

Join the FIA Law & Compliance Division on 22 October for a webinar regarding virtual currency transactions. The CFTC recently finalized its interpretive guidance on what qualifies as “actual delivery” of virtual currency for purposes of the Commodity Exchange Act’s retail commodity transaction definition. In

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

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

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 the application of the federal securities laws to digital assets. Beginning with the release of the DAO Investigative Report in July

Weekly Focus

  • Federal Reserve Publishes Observations From “FooWire” Project
  • Federal Reserve Governor Lael Brainard Announces Collaboration With MIT
  • SEC Appoints New Director of Enforcement
  • Companies Accepted to Hawaii Regulatory Sandbox Begin Providing Services
  • Prosecutors Unseal Charges Against Crypto Mining Ponzi Scheme
  • Monetary Authority of Singapore and Industry Groups Roll Out “Code of Practice” for Payment Service Provider Licensing
  • China Expanding its Digital Currency Testing Program


Continue Reading Blockchain Week in Review: Week of August 21, 2020