In what appears to be a case of first impression, a federal district court has held that a decentralized autonomous organization (DAO) is a person subject to the provisions of
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NFA Expands its Authority over Cryptocurrencies
National Futures Association (NFA) is the self-regulatory organization for the U.S. futures and derivatives industry and derives its authority as a registered futures association by designation from the Commodity Futures
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Proposed UCC Amendments to Article 12 Shed New Light on Transacting and Securing Interests in Digital Assets
A proposed new Article 12 of the UCC provides rules for transactions involving certain new types of digital assets, including cryptocurrency and non-fungible tokens. Under the proposed new Article 12
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SEC v. LBRY, Inc.: The SEC’s Latest Crypto Victory
On Nov. 7, 2022, the U.S. District Court for the District of New Hampshire granted the Securities and Exchange Commission’s motion for summary judgment in SEC v. LBRY, Inc.
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Crypto Showdown: SEC’s Lawsuit Against Ripple Labs Reaches Critical Juncture
On Dec. 12, 2020, the U.S. Securities and Exchange Commission brought what crypto followers consider one of the most consequential enforcement actions related to the sale of cryptocurrency since the
Crypto Exchange Bittrex Settles $53 Million in Fines with Treasury Department for Sanctions, Anti-Money-Laundering Violations
On Oct. 11, 2022, the U.S. Treasury Department announced that cryptocurrency exchange Bittrex Inc. had agreed to settle $53 million total in fines over allegations it violated sanctions and anti-money-laundering
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Digital Assets: Financial Stability Oversight Council Risk Report Assesses Regulatory Gaps; Offers Recommendations
On Oct. 3, the Financial Stability Oversight Council (FSOC) took another step in identifying, assessing, and responding to the risks various types of digital assets pose to the financial system
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Regulatory Scrutiny on the Rise of Bank and Crypto Company Dealings
Federal regulatory agencies are closely monitoring crypto-asset developments and banking organizations’ participation in the crypto-asset industry. This GT Alert covers the guidance issued by the FDIC, CFPB, and the Federal
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IRS Targets Customers of Cryptocurrency Prime Dealer SFOX in Latest John Doe Summons
On Aug. 15, 2022, a federal court in the Central District of California authorized the Internal Revenue Service (IRS) to serve a John Doe summons on OX Labs Inc. d/b/a
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OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Facilitating Money Laundering
On Aug. 8, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed economic sanctions on Tornado Cash, a popular cryptocurrency mixing service that allows customers to
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