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Recent media reports, including in State-connected media, suggest that China is about to block access to all cryptocurrency trading platforms, including those operating overseas.  In September 2017, the People’s Bank of China (“PBOC”) and six other government agencies jointly issued guidance  immediately banning fundraising through offerings of tokens, such as initial coin offerings (“ICOs”), and requiring the closure of cryptocurrency exchanges in China by the end of September 2017. …
Following the December 2017 listing of futures contracts based on Bitcoin by two exchanges regulated by the Commodity Futures Trading Commission (CFTC), several fund sponsors and securities exchanges applied to the Securities and Exchange Commission (SEC) to list exchange-traded funds (ETFs) that would invest in those futures contracts.[1]  By investing in futures contracts regulated by the CFTC, instead of Bitcoin itself, these ETFs seemed designed to address concerns that had previously led the…
On January 4, 2018, the North American Securities Administrators Association (NASAA) released an investor reminder regarding the risks associated with cryptocurrencies, initial coin offerings (ICOs), and cryptocurrency-related investment products.  In the warning, the NASAA described factors that investors should consider before making investments in cryptocurrencies and cryptocurrency-related investment products, as well as common red flags of investment fraud.…
On December 12, 2017, the U.S. District Court for the Southern District of New York dismissed the New York Department of Financial Services’ (NYDFS) suit against the Office of the Comptroller of the Currency (“OCC”) challenging the proposed special purpose national bank for financial technology companies (“OCC FinTech Charter”).  The OCC FinTech Charter would apply a bank regulatory framework to financial technology companies to help ensure that they operate in a safe and sound manner.…