Kevin Edgar

New Congressional Subcommittees Foreshadow Pending Digital Asset Legislation

By Kevin Edgar, Teresa Goody Guillén, Michelle Tanney and Veronica Reynolds on February 13, 2023 Posted in Alert

Takeaways OverviewTwo congressional committees of the U.S. House of Representatives commenced the new year by announcing the creation of new subcommittees for the 118th Congress that are expected to analyze issues concerning cryptocurrency and digital assets. The creation of these subcommittees signals the potential for legislative action in the wake of jurisdictional uncertainty regarding federal … Continue Reading

US District Court Finds LBRY Tokens Are Securities

By Teresa Goody Guillén, Joanna F. Wasick, Adam Gale, Kevin Edgar, Robert A. Musiala, Veronica Reynolds and Sydney Park on November 11, 2022 Posted in Alert

In 2016, crypto startup LBRY launched the LBRY network and the LBRY protocol, described by LBRY as a decentralized content sharing and publishing protocol that supports the creation of community-run digital marketplaces. The same year, LBRY offered and sold native LBC tokens to the public for the purported purpose of allowing LBRY users to compensate … Continue Reading

The U.S. Department of the Treasury Provides a Glimpse into the Future of Money and Payments

By Joanna F. Wasick, Robert A. Musiala, Kevin Edgar and J'Naia Boyd on October 12, 2022 Posted in Alert

The Report responds to Section 4(b) of the EO and evaluates the U.S. system of money and payments, developments in stablecoins and instant payment systems, and a potential CBDC, using the following policy objectives as a guide: (1) provide benefits and mitigate risks for consumers, investors, and businesses; (2) promote economic growth and financial stability … Continue Reading

White House Outlines Key Action Items Based on EO Reports Addressing Digital Assets

By Kevin Edgar, Jonathan A. Forman, Adam Gale and Robert A. Musiala on September 29, 2022 Posted in Blockchain

On Sept. 16, 2022, the White House released a Fact Sheet providing key findings and action items arising from the nine reports addressing digital assets that have been submitted to the president to date consistent with the EO. The Fact Sheet provides a list of various directives and initiatives that the Administration plans to take … Continue Reading

SEC Chair Stands Firm: ‘Vast Majority’ of Cryptocurrency Tokens Are Securities

By Teresa Goody Guillén, Joanna F. Wasick, Kevin Edgar, Robert A. Musiala, Michelle Tanney, Veronica Reynolds, Alex Karambelas and Jonathan A. Forman on September 9, 2022 Posted in Blockchain, White Collar

In prepared remarks delivered at the Practising Law Institute’s “SEC Speaks” program on Sept. 8, Chair Gensler emphasized and reiterated his long-standing position that the vast majority of cryptocurrency tokens are securities, and he noted that “only a small number of tokens, even though they may represent a significant portion of the crypto market’s aggregate … Continue Reading

SEC and DOJ Bring Parallel Crypto Insider Trading Cases; SEC Alleges Nine Tokens Are Securities

By John J. Carney, Kevin Edgar, Jonathan A. Forman, Adam Gale, Teresa Goody Guillén, Robert A. Musiala, Veronica Reynolds and Michelle Tanney on July 25, 2022 Posted in Blockchain

Significant parallel actions commenced this week by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) bring crypto fraud enforcement into the spotlight, with the SEC alleging that multiple tokens listed on Coinbase are securities. In its first insider trading case of “crypto asset securities,” the SEC charged a former Coinbase product manager, his … Continue Reading

Proposed Federal Crypto Legislation Supported by Digital Asset Ecosystem; Consumer Advocacy Groups Balk

By Teresa Goody Guillén, Kevin Edgar, Veronica Reynolds, Nicholas C. Mowbray, Michelle Tanney and Alex Karambelas on June 15, 2022 Posted in Cryptocurrency

On June 7, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced S. 4356, the Responsible Financial Innovation Act (Lummis-Gillibrand Bill). If enacted, the legislation would create a regulatory framework for federal oversight of digital assets. In a jointly authored blog post published in conjunction with the introduced bill, Senators Lummis and Gillibrand warned that … Continue Reading

Executive Order Launches Comprehensive US Policy and Action Plan for Digital Assets

By Robert A. Musiala, Teresa Goody Guillén, Joanna F. Wasick, Veronica Reynolds, Kevin Edgar, Jonathan A. Forman and Adam Gale on March 17, 2022 Posted in Blockchain, Cryptocurrency

On March 9, 2022, President Joe Biden signed the Executive Order on Ensuring Responsible Development of Digital Assets (EO) and the White House released a corresponding fact sheet summarizing related key policy objectives. As discussed in more detail here, this is a landmark moment for the U.S. cryptocurrency market. … Continue Reading