Matthew Millber

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A showdown is underway between the New York Attorney General’s Office and the companies that own and operate the cryptocurrency exchange Bitfinex and issue the stablecoin tether.  In short, after months of investigation, the AG’s office has filed a lawsuit under New York’s Martin Act (the NY laws regulating securities and commodities fraud) against the Bitfinex and Tether companies alleging that they may have defrauded Bitfinex customers and tether owners.  At the commencement of the…
The wake of the SEC’s guidance on classification of digital assets (here) and no-action letter to digital token issuer TurnKey Jet, Inc. (here), many may have forgotten or ignored that the final arbiter of the definition of “security” under federal law is not the SEC; it is the federal judiciary.  On March 31, 2019, Judge Vernon Broderick of the United States District Court for the Southern District of New York weighed…
On April 3, 2019, the SEC’s Strategic Hub for Innovation and Financial Technology (“FinHub”) issued a long-awaited framework for analyzing whether a given digital asset constitutes a “security” under federal law and is thus subject to the vast complex of federal securities laws and regulations.  Simultaneously, the SEC’s Division of Corporate Finance issued its first “no-action” letter for a digital token offering, stating that it will not recommend enforcement action to the Commission based on…