Category: Industry Developments

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SEC and U.S. Attorney’s Office Bring Action Against Promoter of Bitcoin Store, Inc.

On June 30, 2017, the SEC and the U.S. Attorney brought parallel civil and criminal fraud charges against Renwick Haddow, the owner of an unregistered broker-dealer entity named InCrowd Equity Inc., and two corporate entities named Bitcoin Store, Inc. and Bar Works, Inc. (SEC Litigation Release, US Attorney Press Release)} In addition to filing the civil … Continue Reading

Blockchain Week in Review – June 16, 2017

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments Regulatory Updates Illinois Regulators Determine that Digital … Continue Reading

Two New White Papers Exploring Use Cases and Legal Issues of Distributed Ledger Technology-Based Smart Contracts and Self-Sovereign Identity Systems

We are pleased to release two in-depth white papers discussing cutting-edge legal and technology issues applicable to smart contracts and self-sovereign identity systems. In the smart contracts white paper, Dax Hansen, Partner and Chair of the Blockchain and Digital Currency Industry Group, and Carla Reyes, Visiting Assistant Professor of Law at the Stetson University College of … Continue Reading

Governor Signs Into Law Amendments to Washington’s Uniform Money Services Act

On April 18 the governor of Washington signed into law amendments proposed by the Washington Department of Financial Institutions (“DFI”) in December of last year, to the state’s Uniform Money Services Act, including provisions specific to digital currency.  The changes take effect on July 23, 2017. Aligning with Washington’s Interim Regulatory Guidance on Virtual Currency … Continue Reading

New Whitepaper Published: Treatment of Bitcoin Under U.S. Property Law

In this recently published Perkins Coie whitepaper, the authors analyze the treatment of bitcoin under applicable U.S. property law.  The authors conclude that property interests should exist in bitcoin under such law, and that multiple sources of persuasive authority provide additional support for that conclusion. The paper is divided into 5 parts: Treatment of bitcoin … Continue Reading

Dana Syracuse Speaks at The DC Blockchain Summit 2017

Through our longstanding relationship with The Chamber of Digital Commerce, Dana Syracuse presented a blockchain legal and regulatory update at the DC Blockchain Summit held in Washington DC,  March 15-16, 2017. Please find a video of Dana’s presentation here and a copy of the presentation slides here. The Chamber of Digital Commerce, along with Georgetown University’s Center for Financial … Continue Reading

As Fintech Platforms Grow Up, Investment Management Firms Face the ‘Problems of Tomorrow’

Read our new article in The Investment Lawyer to learn more about the legal and regulatory implications of emerging technologies, including blockchain and digital ledger technology, investing in fintech companies, robo-advisers and algorithms, and cybersecurity.… Continue Reading

SEC Denies Proposed Rule Change

The Securities and Exchange Commission announced today that it would deny a proposed rule change that would have permitted the first exchange traded fund to track digital currency.  If granted it would have permitted the Bats BZX Exchange, Inc. (“Exchange”) to list and trade shares issued by the Winklevoss Bitcoin Trust on the Exchange.  The SEC … Continue Reading

Blockchain Week in Review – February 17, 2017

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments California and New York Take Divergent Approaches … Continue Reading

Blockchain Week in Review – February 3, 2017

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments The Saga of Coinbase and its IRS … Continue Reading

NYDFS Issues Revised Proposed Cybersecurity Regulation

On December 28, 2016, the New York State Department of Financial Services (NYDFS) issued a revised proposed cybersecurity regulation, Cybersecurity Requirements for Financial Services Companies.  The revised proposed regulation reflects several substantive changes made in response to over 150 public comments received by NYDFS in response to the original proposed regulation published this past September. … Continue Reading

Blockchain Syndicated Loans as Uncertificated Securities

Blockchain Loans as Uncertificated Securities In a previous post, I examined the risk that efforts to employ distributed ledger technology to trade syndicated loans could result in their reclassification as “securities” for purposes of federal securities laws. I will now explain why such a system may need to treat blockchain syndicated loans as “securities” for … Continue Reading

Could Blockchain Push Syndicated Loans Over the Regulatory Edge

Some banks are hard at work applying distributed ledger technology to trading syndicated loan transactions. Their system would make it easier than ever to invest in syndicated bank loans. At some point, the combination of widespread holdings and a major default could force a reassessment of whether syndicated loans traded over the new system are … Continue Reading

OCC Moves Forward With Plans to Develop Bank Charters for Fintech Firms

On December 2, 2016, the Office of the Comptroller of the Currency (“OCC”) announced its intention to move forward with considering applications from financial technology (“FinTech”) companies to become special purpose national banks. In his prepared remarks at the Georgetown University Law Center announcing the release of a new white paper entitled, “Exploring Special Purpose … Continue Reading

Blockchain Week In Review – December 2, 2016

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments OCC Moves Forward with Plans to Develop … Continue Reading

SEC Hosts First Ever FinTech Forum

On November 14, 2016, the SEC convened four panels of individuals at the forefront of the FinTech industry to address the rapid growth of recent innovations in FinTech. Panelists addressed how these innovations impact four main areas: investment advisory services; trading, settlement, and clearance activities; capital formation; and investor protection. The over-arching theme of the … Continue Reading

Could Blockchain Push Syndicated Loans over the Regulatory Edge?

Banks are exploring using blockchain to increase the efficiency of trading syndicated loans. The hope is to increase the liquidity and transparency of the secondary market for loans. The risk is that their efforts will be so successful that the loans may lose their historical exemption from the registration and anti-fraud provisions of the Securities … Continue Reading

Cryptocurrency Platform Provider Seeks No-Action Relief from CFTC: Two Observations

On October 18th, a cryptocurrency platform provider (Poloniex, Inc.) issued a press release announcing that it filed a request for no-action relief with the Commodity Futures Trading Commission (the “CFTC”) seeking request with respect to the CFTC’s laws as they relate to margin and lending transactions. To our knowledge, this is first time that a … Continue Reading

Blockchain Week in Review – October 14, 2016

Below is a summary of some of the significant legal, regulatory and industry actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments Regulatory Developments CFPB Declines to Make … Continue Reading
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