The bankruptcy court in the Voyager case issued an order authorizing that funds held in two specific accounts (FBO accounts) at Metropolitan Commercial Bank, which are administered by Voyager, are held for the benefit of and belong to Voyager’s customers. As a result of this order, the bank and Voyager may honor customer requests for withdrawals of such cash as of the date Voyager filed for bankruptcy.
Customers and creditors of Voyager Digital Holdings face a deadline to file official “proofs of claim” setting forth the amounts they assert that Voyager owes them. The deadline is 5:00 p.m. ET on October 3, 2022. Information regarding the deadline, filing requirements, and procedures is available in the bankruptcy court’s order that established the deadline.…
The Voyager Digital Holdings bankruptcy cases, along with the Celsius Network cases, provide a unique opportunity for parties to acquire assets and/or operations of each company. The bankruptcy court approved bidding procedures in an order issued in the Voyager cases that outlines the entire process and steps to be followed by anyone interested in submitting a bid.
In the Celsius Network case, the bankruptcy court hearing on August 8 will consider the Celsius motion to establish a very similar process that will trail Voyager’s sale process by approximately one month.…
Non-fungible tokens have been widely adopted across a variety of industries. The fast-developing NFT ecosystem of technical and commercial innovation is aimed at the promise of bridging physical world concepts of uniqueness and scarcity with the digital world. As with all forms of technical innovation, NFTs pose unique legal challenges to participants in this ecosystem.
Weekly Blockchain Focus
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- SEC Rejects Spot Bitcoin ETF Proposals From NYDIG, Global X
- Bipartisan Praise for Biden’s Executive Order on Crypto
- Crypto Apps break 100M Downloads in Fourth Quarter
- EU Parliament Committee Votes Against Proof-of-Work Ban and Supports Alternative Amendment on Crypto Assets
- Andreessen Horowitz Hires Michele Korver, Former FinCEN Chief Currency Advisor
- CNBC: Senate Banking Committee holds hearing on crypto and illicit finance
- The Block: ConsenSys raises $450 million Series D at $7 billion valuation
- The Washington Post: Sarah Bloom Raskin withdraws nomination for Fed vice chair for supervision
Weekly Fintech Focus
- Treasury Releases National Risk Assessments
- SEC Probing NFT Market
- Russia/Ukraine Sanctions Overview
- Summary of Industry Responses
- BitConnect Founder Flees India After Being Indicted In $2B Ponzi Scheme
- UK Government to Crackdown on Illegal Cryptocurrency Activity
- Swiss City of Lugano to Make Bitcoin and Tether ‘De Facto’ Legal Tender
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…
Perkins Coie LLP, and Flourish, a platform which provides innovative access to financial products that help Registered Investment Advisers (RIAs) secure their clients’ financial futures, announce the release of a white paper that highlights key regulatory and compliance considerations for RIAs looking to engage with cryptocurrencies.
Flourish engaged Perkins Coie to author a…
On October 15, 2021, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) released guidance on sanctions compliance for the digital currency industry, the agency’s most detailed statement to date on its expectations for participants in this rapidly growing industry. This guidance expands on the five pillars of OFAC’s 2019 Framework by…
Agency’s Focus on Cryptocurrency and Blockchain Continues
On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an updated advisory to “highlight the sanctions risks associated with ransomware payments”—almost one year after issuing the first such guidance—and simultaneously imposed sanctions on SUEX, a virtual currency exchange accused…