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Part 2: CFTC Finalizes Guidance on Digital Assets in the Context of Retail Commodity Transactions

This is the second part of a three-part update series in order to provide the industry with a critical analysis of the U.S. Commodity Futures Trading Commission (CFTC) finalized long-awaited interpretive guidance regarding what constitutes the “actual delivery” of a…

On April 28, 2020, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint against a company and its chief executive officer (“CEO”) for alleged fraud in connection with the company’s stated response to the COVID-19 pandemic. In its complaint, the SEC alleged that the company issued two press releases containing false or misleading statements in which the company purported to be negotiating the sale of N95 masks and then made claims that it was in possession of N95 masks. After regulators inquired about these claims, the SEC alleged that the company issued a third press release a month later that it did not have any N95 masks on hand. The complaint asserts that the company’s stock trading volume and stock price increased significantly as a result of the initial press releases.…
Continue Reading SEC Alleges COVID-19 Related Fraud by a Company after Suspending Trading

Part 1: Commentary on the Significance of the Guidance for the Industry

On March 24, 2020, the U.S. Commodity Futures Trading Commission (CFTC) finalized long-awaited interpretive guidance regarding what constitutes the “actual delivery” of a digital asset in the context of a retail commodity transaction under the Commodity Exchange Act.

This interpretive guidance is noteworthy…

Perkins Coie LLP is pleased to bring you this updated Digital Asset SEC Timeline. This update includes the newest edition posted on March 24, 2020 which highlights the Second Circuit Grants Injunctive Relief to the SEC Preventing Telegram Coin Offering (SEC v. Telegram Group Inc.)

The Digital Asset SEC Timeline serves as an interactive…

Weekly Focus:

  • Money Laundering in Bitcoin . . . is Still Money Laundering
  • CFTC Designates Sixth Bitcoin Contract Market
  • Terminating Sanctions Ordered Against Blockvest LLC Founder
  • China’s Central Bank Starts CBDC Pilot Program
  • Dutch National Bank Wants to Test CBDCs for the Eurosystem
  • Coinbase Launches Price Oracle for DeFi
  • Ant Financial Launches SME Consortium Blockchain

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

On Tuesday, April 21, LabCFTC, the FinTech hub of the U.S. Commodity Futures Trading Commission (CFTC), announced it launched Project Streetlamp, a prize competition that leverages emerging technologies to identify non-U.S. entities that are soliciting U.S. investors in CFTC-regulated investment products but are not registered with the CFTC.

The contest ends on September 4,…

Weekly Focus:

  • Libra Association updates white paper with plans to release multiple stablecoins
  • New Wyoming law allows insurance companies to invest in crypto
  • CFTC proposes updates to Part 190
  • Andreessen Horowitz to raise $450 million for second crypto fund
  • ATBCoin settles class action lawsuit for $250k
  • Financial Stability Board releases document on global stablecoins
  • Chinese tech companies file most blockchain patents in 2019
  • China to launch blockchain platform this week

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

Weekly Focus:

  • Preliminary Injunction Against Telegram Covers Distribution of Grams Outside of the United States
  • SEC Postpones Decision on Approval of Boston Security Token Exchange
  • Binance Acquires CoinMarketCap
  • Blox and Sovos Crypto Tax Report 2020
  • Financial Action Task Force Finds that U.S. is “Largely Compliant”
  • FINMA 2019 ANNUAL REPORT
  • Russia Delays Adoption of Crypto Law

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Continue Reading Blockchain Week in Review: Week of April 3, 2020

Weekly Focus

  • Congress Circulates Draft Legislations Calling For a “Digital Dollar” Payment System
  • CFTC Issues a Final Interpretive Guidance on Actual Delivery of Digital Assets
  • Digital Dollar Foundation Adds Several Former Government Officials to its Board
  • DHS and Several States Deem Certain Blockchain Managers as Essential
  • CFTC issues an Advisory Warning of Increased Fraudulent Schemes During COVID-19
  • SEC Obtains Injunctive Relief Against Telegram, Telegram Appeals
  • SEC Charges Former State Senator with Fraudulent Digital Asset Offering
  • KIK and SEC Seek Summary Judgement in SEC v. Kik Interactive Inc.
  • IOSCO Issues its Public Report on Global Stablecoin Initiatives

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Continue Reading Blockchain Week in Review: Week of March 27, 2020

Weekly Focus:

  • Hawaii Launches Digital Currency Sandbox
  • Coinbase CLO appointed to Office of the Comptroller of the Currency
  • DHS Critical Infrastructure Memo Includes Blockchain Managers
  • Bank of Russia Reluctant to Legalize Cryptocurrencies
  • Approved Smart Contract Certification for Argentinian Gas Distributor
  • Thai Remittance Platform Uses Ripple
  • Bakkt Launches Partnership with Starbucks
  • Huobi Exchange Implements Liquidation Halt

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Continue Reading Blockchain Week in Review: Week of March 20, 2020