The Supreme Court’s decision in Murphy v. National Collegiate Athletic Association (“Murphy”), which removed the barrier to legalized sports betting, has not only opened the door to traditional sports betting in casinos, but in certain states, has allowed for the expansion of sports betting to online and mobile platforms.
Investigation and enforcement actions related to Initial Coin Offerings (ICOs) and cryptocurrencies more generally has primarily been the domain of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the U.S. Department of Justice (DOJ).
For its part,
In an important ruling for crypto and blockchain firms, the Securities and Exchange Commission has adopted final rules to allow reporting companies to rely on the Regulation A exemption from registration for their securities offerings.
“Regulation A provides an exemption from registration under the Securities Act for offerings of securities up to $50 million in a 12-month period,”
Many practitioners are familiar with best practices for know your customer (KYC) and anti-money laundering (AML) checks, as well as accredited investor verification as part of a security token offering.
However, compliance responsibilities for broker dealers and issuers do not end with the issuance of tokens.
November 25th marks the six month anniversary of General Data Protection Regulations (GDPR) officially coming into effect.
Although it adopts the same principle-based approach as the preceding Data Protection Act 1998, GDPR has significantly increased the ability of regulators to impose fines –
Artificial intelligence is fashionable. It is mentioned in the board meetings of marketing companies, logistics, the financial industry, health and many others. This technology brings a level of autonomy to digital systems. But, on several occasions, the digital services collided and even came into conflict with the application of the law.
On September 11, 2018, US financial regulatory authorities and a New York Federal District Court were busy enforcing the federal securities laws against virtual currency companies. On that day, four important virtual currency-related enforcement decisions were delivered:
- The Financial Industry Regulatory Authority (FINRA) issued its first disciplinary action involving cryptocurrencies.
US securities laws cover some initial coin offerings (ICO), a federal judge has ruled, opening the door for increased government regulation of domestic ICOs.
In US V. Zaslavskiy, 17-cr-0647, U.S. District Court for the Eastern District of New York (Brooklyn), a man was charged with promoting digital currencies backed by investments in real estate and diamonds.
Lex Machina, a LexisNexis company and creator of the Legal Analytics® platform, has released its 2018 Securities Litigation Report. The document showcases the recent trends and insights from its database of over 15,000 securities cases litigated in federal district court since 2009.
William Hinman, Director of the Division of Corporate Finance of the U.S. Securities and Exchange Commission (SEC), recently made comments foreshadowing the SEC’s inevitable treatment of cryptocurrencies, indicating that a certain degree of decentralization among a coin or token’s management and promoters could cause it to fall outside of the definition of a security.