The Financial Industry Regulatory Authority (FINRA) in November 2022 released a targeted exam letter pertaining to communications for crypto products and services. The relevant period for this exam is JulyContinue Reading FINRA Targeting Crypto Asset Retail Communications
Are customers’ digital assets held by exchange platforms in so-called “Custodial” and “Withhold” accounts property of the bankruptcy estate? This may be coined the golden question in the recent crypto…Continue Reading Celsius Bankruptcy Court Tees Up Tentative Briefing Schedule to Hear Issue of First Impression: Are Keys and Digital Assets Property of the Estate?
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.…Continue Reading SEC v. LBRY, Inc.: The SEC’s Latest Crypto Victory
Continue Reading 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…
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…Continue Reading Crypto Exchange Bittrex Settles $53 Million in Fines with Treasury Department for Sanctions, Anti-Money-Laundering Violations
To Kim Kardashian’s fans and followers, her endorsement of a product signals the product is on trend. However, when a simple post endorsing cryptocurrency goes out to the world, it…Continue Reading SEC Charges Kim Kardashian with Violating Anti-Touting Law, Signals to Celebrities that Payments for Endorsements Must Be Disclosed
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…Continue Reading Digital Assets: Financial Stability Oversight Council Risk Report Assesses Regulatory Gaps; Offers Recommendations
House Stablecoin Legislation
In late July the House Financial Services Committee made tentative plans to consider legislation to regulate stablecoins and require the Federal Reserve to study development of a…
Continue Reading Will Cryptocurrency Legislation Gain Momentum in September?
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…
Continue Reading Regulatory Scrutiny on the Rise of Bank and Crypto Company Dealings
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…
Continue Reading IRS Targets Customers of Cryptocurrency Prime Dealer SFOX in Latest John Doe Summons