As discussed in Part I of this series, Ordinals are a pioneering new method of utilizing the Bitcoin blockchain that will usher in new and innovative use cases on Bitcoin. As promised, in Part II we will discuss the implications
Blockchain and the Law
The "Blockchain and the Law" blog, published by Proskauer Rose LLP, focuses on legal developments and regulatory issues related to blockchain technology, cryptocurrencies, and digital assets. It covers topics such as tokenized securities, stablecoin regulation, strategic Bitcoin reserves, and the evolving legal landscape for digital finance in the United States. The blog discusses federal and state legislative initiatives, regulatory proposals by agencies like the SEC, and the implications of new laws such as the GENIUS Act. It also addresses the intersection of blockchain with financial markets, compliance, and government policy, providing insights into how legal frameworks adapt to innovations in blockchain and crypto assets.
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Part I: When You Jump Chains, Do NFTs Stay the Same? Ordinals on the Bitcoin Blockchain
By Jason Finger
Law360 Expert Analysis: SEC Approach In Wahi Presents New Challenges For Crypto
A recent guilty plea in U.S. v. Wahi in the U.S. District Court for the Southern District of New York, a crypto insider trading case, sets up an interesting situation where the defendants — who have already pled guilty to wire…
Regulation in the Post-FTX Environment: SEC’s Proposed Enhanced Custody Rule and Its Effects on Crypto
When it rains, it pours. On January 23, 2023, the New York Department of Financial Services announced that it had issued certain Guidance on Custodial Structures for Customer Protection in the Event of Insolvency in which it emphasized the importance…
Fraud Claims Against Token Issuer Dismissed Based on Disclosures to Accredited Investor
The organizers of an initial coin offering (ICO) recently won dismissal of an investor’s fraud claims by establishing that their public risk disclosures negated the investor’s claims of reliance on alleged misstatements. The project, a video service provider’s ICO, was…
New York Department of Financial Services Issues Guidance on Cryptoasset Custody in Wake of Recent High-Profile Bankruptcies
Demand for virtual currency services, including custody services, has soared in the past several years. Like their counterparts in traditional finance, these custodians are stewards of retail and institutional customer funds and serve an important and valuable function. However, as…
Crypto Exchange Obtains Favorable Ruling in Arbitration of Claims over Alleged Trading Losses
This past month, a California district court granted a motion to compel arbitration of various claims by customers of cryptocurrency exchange platform, Coinbase Global, Inc. (“Coinbase”), finding that Coinbase’s User Agreement, which contains a broad arbitration provision, including a delegation…
Consumer Law Claims against French Crypto Asset Wallet Provider May Proceed in California Court
Customer lists held by providers and the personal information users enter to obtain digital wallets or set up crypto exchange accounts are enviable targets for hackers. Such data can be used to launch targeted phishing schemes and related scams to…
New York Department of Financial Services Issues Cryptocurrency-Related Guidance to Banks, Increases Regulatory Scope
By Jason Finger
At a time when states are jockeying for position to become digital asset and cryptocurrency hubs and we’ve witnessed turmoil and regulatory uncertainty within the cryptoasset industry, the New York Department of Financial Services (“NYDFS”) on December 15, 2022 released…
European Central Bank Director General Proclaims ‘Bitcoin’s Last Stand’
On November 30, 2022, amidst the tumult roiling the cryptocurrency industry following the latest collapse of a major crypto exchange and its reverberations throughout the crypto economy, European Central Bank (ECB) Director General Ulrich Bindseil and Adviser Jürgen Schaaf published…