The Commodity Futures Trading Commission (CFTC) Settlements Timeline serves as an interactive compilation of select CFTC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the Order filed in September, 2015 by the CFTC requiring Coinflip and its chief executive officer Francisco Riordan to cease and desist from further violations of the Commodity Exchange Act (CEA) and CFTC Regulations, specifically, by operating a facility for the trading or processing of commodity options without complying with the CEA or CFTC Regulations otherwise applicable to swaps or conducting the activity pursuant to the CFTC’s exemption for trade options.

This Timeline is meant to be a resource for those following CFTC actions and guidance related to digital assets and to assist experienced counsel in assessing the applicability of the CFTC Regulations.

The Timeline is for informational purposes only and does not constitute legal advice. If you are, or are planning to engage in transactions involving digital assets, you may want to contact experienced securities counsel.

Information in the Timeline is provided “as-is,” and may not reflect the latest guidance from the CFTC and/or other federal or state regulatory authorities. The Timeline contains links to third-party websites. Such links are only for the convenience of the reader or user. Use of and access to the Timeline, including the links contained within the Timeline, do not create an attorney-client relationship with Perkins Coie LLP.

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 2017, the Timeline includes relevant information for analyzing the offering, issuance, and trading of certain digital assets in the context of the federal securities laws.

This Timeline is meant to be a resource for those following SEC actions and guidance related to digital assets and to assist experienced securities counsel in assessing the applicability of the federal securities laws. The Timeline is for informational purposes only and does not constitute legal advice. If you are, or are planning to engage in transactions involving digital assets, you may want to contact experienced securities counsel.

Information in the Timeline is provided “as-is,” and may not reflect the latest guidance from the SEC and/or other federal or state regulatory authorities. The Timeline contains links to third-party websites. Such links are only for the convenience of the reader or user. Use of and access to the Timeline, including the links contained within the Timeline, do not create an attorney-client relationship with Perkins Coie LLP.

The AMLA 2020 includes sweeping reforms updating and modernizing U.S. anti-money laundering laws, many of which have implications beyond financial institutions regulated under the Bank Secrecy Act.

This multipart series will discuss key takeaways, including (1) new corporate beneficial ownership disclosure requirements; (2) enhanced whistleblower program; (3) expanded subpoena authority over foreign financial institutions accessing the U.S. market; (4) new criminal penalties for concealing the involvement of foreign officials in transactions; (5) expansion of AML law to codify jurisdiction over virtual currency activities; and (6) development of regulatory solutions with a greater focus on emerging technologies.

Weekly Focus:

  • The Regulation Process for FinCEN’s New Beneficial Ownership Reporting Requirement Launches
  • The Department of Treasury Sanctions Individuals for Laundering Cryptocurrency for Lazarus Group
  • Guilty Plea in DeepDotWeb Criminal Proceedings
  • Japan Announces Plans to Adopt FATF Travel Rule for Crypto
  • Canadian Securities Organizations Unveil Guidance on Treatment of Cryptocurrencies

Continue Reading Blockchain Week in Review: Week of April 2, 2021

Weekly Focus:

  • Securities Fraud on the Dark Web Using Bitcoin
  • Germany Securities Settlement Bridge
  • South Korea Implements AML Regulations
  • India’s New Crypto Reporting Regulations
  • Bank of Jamaica Announces Central Bank Digital Current Pilot Program

Continue Reading Blockchain Week in Review: Week of March 26, 2021

Weekly Focus:

  • BitMEX CEO to Surrender on AML Charges
  • Twitter Scammer Agrees to Three Years’ Jail Time
  • Irish Central Bank Expanding AML Enforcement to Cryptocurrency Companies
  • European Regulators Warn Investors of “High Risk,” Non-Regulated Crypto Assets
  • UK Watchdog ASA Banned Advertisement for Cryptocurrency Company
  • Visa to Allow Merchants to Accept Bitcoin as Payment

Continue Reading Blockchain Week in Review: Week of March 19, 2021

Weekly Focus:

  • Congress Members Propose Legislation Aimed at Better Clarifying Digital Asset Regulation
  • SEC Division of Examinations Risk Alert Signal Continued Focus on Digital Assets
  • Federal Reserve Publishes White Paper on Central Bank Digital Currency
  • BitPay, Inc. Reaches Settlement with OFAC
  • Coinbase Announces Filing of Registration Statement
  • Wisdom Tree Files Bitcoin ETF Proposal

Continue Reading Blockchain Week in Review: Week of March 12, 2021

Weekly Focus:

  • The nominee for chairman of the Securities and Exchange Commission, Gary Gensler, testifies before the Senate Banking Committee.
  • The NY attorney general issues industry alerts citing risks in cryptocurrency investments and emphasizing registration requirement for industry members.
  • IRS clarifies and limits virtual currency disclosure question on Form 1040.
  • Kentucky legislature advances crypto mining incentives bills.
  • Kings of Leon to release its next album as an NFT.

Continue Reading Blockchain Week in Review: Week of March 5, 2021

We wanted to share this great podcast series that features our Investment Management Group – several episodes, if not all, might be of interest to you!

Please see the list of episodes below:

02.23.2021 – Institutional Investment in Crypto Derivatives: Bitcoin Futures and Similar Products – Episode 4

Todd Zerega and Andrew Cross discuss the use of derivatives on cryptocurrencies by institutional investors. Specific attention is given to regulatory and product development considerations for registered investment advisors and fund sponsors, as well as technical considerations related to exchange-traded futures on bitcoin and other similar listed products.

Need more? View our recent blog post about the CFTC’s publication of weekly data about the volume of bitcoin futures trading and types of market participants that are entering into these trades.

01.22.2021 – An Overview of Investment Company Act Rule 18f-4 (The New “Derivatives” Rule): Nothing Exceeds Like Exceedance – Episode ‪3

Steve Keen joins Todd Zerega and Andrew Cross to discuss the requirements of Rule 18f-4, the new “derivatives rule”. Particular attention is given to the rule’s limits on the use of derivatives by registered investment companies and what happens when those limits are exceeded.

12.15.2020 – Digesting the Recent LIBOR Extension, Rule 4.5 Changes & 4210 Status – Episode ‪2‬

Todd Zerega and Andrew Cross discuss three timely topics:

  1. Recent market developments that may result in an effective 18-month deferral of the transition from LIBOR to a replacement reference rate;
  2. Changes to CFTC Regulation 4.5 related to the designation of a registered investment company’s commodity pool operator; and
  3. Margining of delayed delivery mortgage-backed securities under FINRA Rule 4210.

11.05.2020 – New ISDA LIBOR Fallback Protocol and FCMs Holding Virtual Currency – Episode ‪1‬

Andrew Cross discusses the ISDA’s new LIBOR fallback protocol and guidance for FCMs holding virtual currencies and single security futures.

 

 

Weekly Focus:

  • Tesla buys $1.5 billion in Bitcoin
  • BNY Mellon launches crypto custody unit
  • OCC welcomes new crypto company
  • Iowa introduces smart contracts bill
  • Rhode Island introduces blockchain act
  • BitMEX publishes data storage framework for FATF ‘Travel Rule’
  • Bank of Korea says CBDCs are fiat currency
  • Central Bank of Nigeria issues prohibition on crypto trading

Continue Reading Blockchain Week in Review: Week of February 12, 2021