On Feb. 23, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) (collectively
Continue Reading Federal Reserve, FDIC, and OCC Issue 2nd Joint Statement Highlighting Liquidity Risks to Banks Engaged in Crypto-Asset-Related Activities
On Dec. 14, 2022, the SEC announced charges against eight social media influencers in a $100 million securities fraud scheme in which they allegedly used social media platforms to tout
Continue Reading 8 Influencers Charged in $100 Million Securities Fraud Scheme
Since the early days of the launch of the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), several celebrities have promoted the NFTs. On Dec. 8, 2022, plaintiffs Adonis Real
Continue Reading NFT Endorsed by Celebrities Prompts Class Action
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
Continue Reading Proposed UCC Amendments to Article 12 Shed New Light on Transacting and Securing Interests in Digital Assets
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 July
Continue 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?![Bitcoin-gold-coins-with-wallet-close-up-Virtual-cryptocurrency-concept[1]](https://www.gtlaw-overheardontheblockchain.com/files/2022/02/Bitcoin-gold-coins-with-wallet-close-up-Virtual-cryptocurrency-concept1.jpg)
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
On June 2, 2022, Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology (the Regulation) was published in the Official Journal of the European
Continue Reading EU Adopts Pilot Regime for Market Infrastructures Based on Blockchain and Other DLTs
On June 7, 2022, U.S. Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the Lummis-Gillibrand Responsible Financial Innovation Act (RFIA), a bill that would create the first comprehensive regulatory
Continue Reading The Responsible Financial Innovation Act: A Comprehensive Proposal to Regulate Digital Assets
On June 7, 2022, California State Assembly Banking and Finance Committee Chair Timothy Grayson introduced legislation, Assembly Bill (AB) 2269, sponsored by the Consumer Federation of California, that will
Continue Reading California State Assembly Introduces Legislation to Establish Digital Financial Assets Law