On Aug. 25, 2023, the Internal Revenue Service (IRS) and the Treasury Department issued proposed regulations (the Proposed Regulations) regarding the sales or exchanges of digital assets, including
Continue Reading Treasury and IRS Issue New Proposed Regulations on Digital Assets
Digital assets are an increasingly important part of modern society. That was the conclusion the UK Law Commission reached in its final report on digital assets that was published recently
Continue Reading UK Court Grapples with Cryptocurrency Preservation and Enforcement Issues
This practice note covers recent market trends in distributed ledger/Blockchain capital funding and regulation. It focuses on the legal framework for capital formation using distributed ledger/Blockchain technology to enable offerings
Continue Reading Market Trends 2019/20: Blockchain Security Token Offerings (STOs) – Regulations, Risks, Opportunities, and Potential for Riches
Gibraltar-based INX Ltd. (the Company) launched its U.S. initial public offering of INX security tokens (INX Tokens) on August 20, 2020, over two years after the July 2018 confidential filing with the Securities and Exchange Commission of its initial draft registration statement on Form F-1. The INX registration marks the first registered offering of security tokens declared effective by the Commission. Prior to INX, at least two other issuers successfully qualified security token offerings with the Commission under the Regulation A, Tier 2 offering exemption. The 130,000,000 INX Tokens are being offered directly to the public in a self-underwritten offering by officers and directors of the Company, with minimum investment requirements to participate.
Continue Reading Gibraltar-Based INX Ltd. Launches SEC-Registered Security Token IPO
SEC Commissioner Hester Peirce on Feb. 6, 2020, delivered a thought-provoking speech entitled Running on Empty: A Proposal to Fill the Gap Between Regulation and Decentralization, accompanied by a
Continue Reading Where Do We Go from Here? Filling the Gap Between Telegram and the Proposed Rule 195 Token Safe Harbor
In 2015, the New York Department of Financial Services (NYDFS) finalized rules creating the BitLicense for virtual currency exchanges operating in New York state. New York is currently the only
Continue Reading New York State Department of Financial Services Proposes Framework for a Conditional BitLicense
As another sign of the times, but arguably quite apt given the subject matter, the Consensus Blockchain Conference convened virtually in 2020, with Financial Crimes Enforcement Network (FinCEN) Director Ken
Continue Reading FinCEN Director Confirms Enforcement Focus on Virtual Currency AML Compliance
In response to an increasing number of private and public initiatives to implement global stablecoins, on April 14, 2020, the G20’s Financial Stability Board (FSB) issued a Consultative Document, “Addressing
Continue Reading G20 Financial Stability Board Seeks Comments on Global Stablecoin Consultation Paper
New York Superintendent of Financial Services Linda A. Lacewell announced on Sept. 5, 2019 that the New York State Department of Financial Services (DFS) has authorized Paxos Trust Company LLC
Continue Reading First Gold-Backed Virtual Currency in New York Approved