Tag Archives: Digital Assets

Top 5 Digital Asset Litigation and Investigation Trends of 2022

Photo of George StamboulidisPhoto of Christina GotsisBy George Stamboulidis and Christina Gotsis on Posted in Cryptocurrency
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

Photo of Carlos OrtizPhoto of Robert A. MusialaPhoto of Teresa Goody GuillénPhoto of John J. CarneyPhoto of Christina GotsisPhoto of Veronica ReynoldsPhoto of Kayley SullivanBy Carlos Ortiz, Robert A. Musiala, Teresa Goody Guillén, John J. Carney, Christina Gotsis, Veronica Reynolds and Kayley Sullivan on Posted in Blockchain
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

Photo of Teresa Goody GuillénPhoto of Kevin EdgarPhoto of Veronica ReynoldsPhoto of Nicholas C. MowbrayPhoto of Michelle TanneyBy Teresa Goody Guillén, Kevin Edgar, Veronica Reynolds, Nicholas C. Mowbray, Michelle Tanney and Alex Karambelas on 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

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

Photo of Robert A. MusialaPhoto of Lauren BassPhoto of Veronica ReynoldsPhoto of Keith R. MurphyPhoto of Teresa Goody GuillénBy Robert A. Musiala, Lauren Bass, Veronica Reynolds, Keith R. Murphy and Teresa Goody Guillén on Posted in Blockchain
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

Photo of Robert A. MusialaPhoto of Teresa Goody GuillénPhoto of Joanna F. WasickPhoto of Veronica ReynoldsPhoto of Kevin EdgarPhoto of Jonathan A. FormanPhoto of Adam GaleBy Robert A. Musiala, Teresa Goody Guillén, Joanna F. Wasick, Veronica Reynolds, Kevin Edgar, Jonathan A. Forman and Adam Gale on 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

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

Photo of Jeewon SerratoPhoto of Robert A. MusialaBy Jeewon Serrato and Robert A. Musiala on Posted in 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

Photo of Teresa Goody GuillénPhoto of Jonathan A. FormanPhoto of Madison GaudreauBy Teresa Goody Guillén, Jonathan A. Forman and Madison Gaudreau on Posted in FinTech, Securities & Exchange Commission
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

Photo of Robert A. MusialaPhoto of Veronica ReynoldsPhoto of Lauren BassPhoto of Teresa Goody GuillénPhoto of Keith R. MurphyPhoto of Joanna F. WasickBy Robert A. Musiala, Veronica Reynolds, Lauren Bass, Teresa Goody Guillén, Keith R. Murphy and Joanna F. Wasick on Posted in Banking, Bitcoin, Blockchain, Cryptocurrency, Cybersecurity, Enforcement, Global, NFT, Securities & Exchange Commission
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

Photo of Robert A. MusialaBy Robert A. Musiala on Posted in Blockchain, Cryptocurrency, Enforcement
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

Photo of Robert A. MusialaPhoto of John HarringtonPhoto of Teresa Goody GuillénPhoto of Adam GalePhoto of Jonathan A. FormanPhoto of Veronica ReynoldsBy Robert A. Musiala, John Harrington, Teresa Goody Guillén, Adam Gale, Jonathan A. Forman and Veronica Reynolds on Posted in Blockchain
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

Photo of Jordan R. SilversmithPhoto of Teresa Goody GuillénPhoto of Robert A. MusialaPhoto of Joanna F. WasickBy Jordan R. Silversmith, Teresa Goody Guillén, Robert A. Musiala and Joanna F. Wasick on Posted in Bitcoin, Blockchain, Cryptocurrency
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

Photo of Adam GalePhoto of Teresa Goody GuillénPhoto of Robert A. MusialaPhoto of Jonathan A. FormanBy Adam Gale, Teresa Goody Guillén, Robert A. Musiala and Jonathan A. Forman on Posted in Securities & Exchange Commission
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

Photo of Teresa Goody GuillénPhoto of Jordan R. SilversmithPhoto of Joanna F. WasickBy Teresa Goody Guillén, Marc Powers, Jordan R. Silversmith and Joanna F. Wasick on Posted in Cryptocurrency, Platforms
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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