Proceeds from blockchain token sales (popularly known as initial coin offerings or “ICOs”) reportedly topped $5 billion in 2017, with approximately $1 billion of such offerings originating in the United States (EY research: initial coin offerings [ICOs] [Dec. 2017]). Blockchain technology has a variety of potential applications,
Today marked a landmark event for the cryptocurrency industry – the first mention of bitcoin in a US Supreme Court case. The cryptocurrency nod came in the dissenting opinion of Justice Stephen Breyer in the case Wisconsin Central Ltd v. United States.
US state and federal regulators recently offered carrots to guide market actors toward better behavior and are using the stick of enforcement actions to discourage fraud in ICOs and other cryptocurrency-related offerings.
The US Commodity Futures Trading Commission (CFTC) recently issued guidance for the listing of virtual currency derivative products to registered exchanges and clearinghouses in Staff Advisory No.
Last summer, the Securities and Exchange Commission (SEC) issued its 21(a) report concluding that, according to the Supreme Court’s decision in SEC v. W.J. Howey Co., the DAO token qualified as a “security” under the federal securities laws and its offering had to either be registered with the SEC or subject to an exemption from registration.
United States and Canadian securities regulators have launched an investigation into at least 70 companies engaging in initial coin offerings (ICO), according to a Washington Post report.
The news came from members of the North American Securities Administrators Association, who said that nore than 40 state and provincial watchdogs are participating in “Operation Crypto-Sweep.”
At least two cryptocurrency exchanges have held discussions with US regulators about obtaining federal banking licenses, according to a report in the Wall Street Journal. If successful in obtaining the licenses, the exchanges would be able to expand their services and potentially create new pathways in the market.
Former Prosecutor Laurel Rimon On Money Laundering: “What’s Identified Is A Fraction of What Goes On.”
Banks and financial institutions are long accustomed to new and changing regulations aimed at preventing money laundering and terrorist financing. Now, a new set of Customer Due Diligence Requirements issued by FinCEN have taken effect.
But for emerging “money services business” (MSB) – especially those engaged in cryptocurrency,
Cryptocurrencies – the original, and most famous of which, bitcoin, was “designed” in 2009 by Satoshi Nakamoto (a pseudonym) – give rise to a number of tax issues, three of which we discuss in this article: (1) the effect of using bitcoin to buy a good or service,
A US federal judge has ruled that the cryptocurrency Alibabacoin can continue using the name, despite the objection of the Chinese e-commerce giant Alibaba.
In his ruling, Judge Paul Oetken of the Southern District of New York denied Alibaba’s motion on jurisdictional grounds.
Initial coin offerings, or ICOs, have become a ubiquitous and much-discussed way for companies in the blockchain and digital currency space to fund themselves. To date, by some estimates, more than $3 billion has been raised in ICOs, outpacing all venture capital raised in the United States in 2017.