Tag Archives: Digital Assets

Top 5 Digital Asset Litigation and Investigation Trends of 2022

Digital assets have pushed courts to adapt traditional litigation procedures to provide relief to defrauded plaintiffs.  Government agencies have also ramped up enforcement efforts while increasing agency coordination, broadening investigative scopes and using special tools to root out digital asset fraud.  Cryptocurrency and digital assets have kept the courts and regulators busy as digital assets … Continue Reading

DOJ Calls on International Partners to Improve Investigative Efficiency in Response to President Biden’s Executive Order on Risks Involving Digital Assets

In June 2022, the Department of Justice (DOJ) issued a report (Report) recommending increased cooperation among international law enforcement agencies to combat threats and crime related to the use and proliferation of digital assets and to address obstacles unique to the asset class. Specific actions recommended by the Report include expanding U.S. relationships with international … Continue Reading

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

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

Crypto Payment Initiatives Launch; Report Cites Evolving Crypto Views; G7, ECB, BIS Address Crypto Risks; DOJ, CFTC Target NFT Insider Trading, Crypto Fraud

In this issue: • New Cryptocurrency Payments Systems, Tokens and Trade Associations Launch• Cryptocurrency Industry Report Notes Change in Consumer and Insider Views• Digital Asset and Blockchain Risks and Opportunities Addressed by G7, ECB, BIS• DOJ Brings First NFT Insider Trading Case, CFTC Action Targets Crypto Fraud New Cryptocurrency Payments Systems, Tokens and Trade Associations … Continue Reading

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

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

The Four Areas Online Merchants and E-Commerce Companies Must Know About Cryptocurrency

Partner Jeewon Serrato and Counsel Rob Musiala discuss what online merchants and e-commerce companies should know about cryptocurrency. Questions & Comments: jserrato@bakerlaw.com, rmusiala@bakerlaw.com Listen to the episode. Subscribe to BakerHosts Apple Podcast | Google Podcast | iHeartRadio | Spotify | Stitcher | TuneIn Download Episode Transcript… Continue Reading

SEC Scrutinizes Use of Fintech by Broker-Dealers and Investment Advisers

The Securities and Exchange Commission (“SEC”) recently issued a request for information and public comment on the use of new and emerging technologies by investment advisers and broker-dealers that suggests potential regulatory action to come.[1] According to its release, the SEC is seeking to understand how registrants — whether online brokerages, robo-advisers, internet investment advisers, … Continue Reading

Cryptocurrency and NFT Market Growth Continues, Regulators Across Globe Target Crypto Industry as Threats Continue, Global Blockchain Survey Published

In this issue: •Crypto Market Develops in DeFi, Payments, Compliance and Consumer Adoption • Market Navigation, Fashion Metaverse, Online Tutorials: NFT Adoption Continues • Crypto Compliance Addressed by CFTC, Thai SEC, South Korea and UK FCA • SEC, DOJ and Ontario Securities Commission Bring Crypto Enforcement Actions • Reports Released on Crypto Scams and Malware, … Continue Reading

FinCEN Proposes New Crypto Record-Keeping Rules; SEC and CFTC Issue Digital Asset Guidance; SEC Closes 2020 With Multiple Enforcement Actions Against Blockchain Firms

In this issue: • FinCEN Proposed Rule Creates New Cryptocurrency Record-Keeping Requirements • SEC Issues Statement on Digital Asset Custody, CFTC Issues Digital Assets Primer • SEC Closes 2020 With Multiple Blockchain Industry Enforcement Actions FinCEN Proposed Rule Creates New Cryptocurrency Record-Keeping Requirements By: Robert A. Musiala Jr. On Dec. 18, 2020, the Financial Crimes … Continue Reading

Telegram: Deconstructing One of the Biggest Blockchain Cases of 2020

The Telegram case is arguably the most important case of 2020 involving the legal classification of blockchain-based digital assets. Because it is often cost-prohibitive for companies to challenge the government in court, the Telegram litigation offered a unique opportunity for the parties to present arguments on several complex legal issues. Given the lack of judicial … Continue Reading

US Credit Card Company to Integrate USDC, SEC No-Action Letter Addresses ERC20 Token, Tax Bodies Address Crypto, US and State Enforcement Continues

In this issue: • Credit Card Company to Integrate USDC Payments, 401(k) Advisor Integrates Bitcoin • SEC Issues No-Action Letter on Digital Assets, Second Addresses ERC20 Token • FinHub Role Expands, Foreign IPO and Lending Service Integrates Crypto • Tax Bodies Address Cryptocurrencies, Exchanges React to Evolving Landscape • US and State Enforcement Agencies Take … Continue Reading

SEC Wins Case Against Kik and Adds Precedent for Digital Assets

On Sept. 30, the United States District Court for the Southern District of New York granted the U.S. Securities and Exchange Commission’s (SEC) motion for sum mary judgment against Kik Interactive Inc. (Kik) and denied Kik’s cross-motion for summary judgment. As we previously reported, the SEC challenged Kik’s compliance with the federal securities laws in … Continue Reading

Digital Asset Platforms Evolve, Token Models Confront Complexities, WEF Issues Blockchain Toolkit, Foreign Crypto Crimes Uncovered, AML Solution Launched

In this issue: • Digital Asset Marketplaces Evolve in US, Japan and Switzerland • Blockchain Token Models Confront Legal Complexities in US Filings and Court Cases • WEF Issues Blockchain Toolkit, New Enterprise Solutions Announced • Foreign Police Uncover Crypto Crimes, Analytics Firm Launches AML Solution for Banks • Tether Mints 160 Million USDT as … Continue Reading
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