On Thursday, June 14th, the SEC Director of Corporation Finance, William Hinman, stated his view that current secondary market trades of Ether are not now securities transactions as part of a speech on the treatment of digital assets under the
Cleary FinTech Update
The Latest Insights Into Innovation in Financial Services
The Cleary FinTech Update, published by Cleary Gottlieb Steen & Hamilton LLP, focuses on legal developments and regulatory issues in the financial technology sector. It covers topics such as artificial intelligence and its impact on dispute resolution, quantum computing and cybersecurity in finance, fiduciary duties of cryptoasset software developers, regulatory actions related to digital assets, and enforcement trends involving cryptocurrency companies. The blog addresses emerging challenges at the intersection of technology, finance, and law, including data protection, intellectual property, financial regulation, and compliance matters relevant to fintech businesses and stakeholders.
Latest from Cleary FinTech Update - Page 6
NY Department of Financial Services Approves Expanded FinTech Activities for NY Trust Companies
This week the New York Department of Financial Services (“NYDFS”) announced approval of significant new activities for its two licensed FinTech-oriented state trust companies, Gemini Trust Company LLC and Paxos Trust Company LLC (formerly known as itBit Trust Company), engaged…
London FinTech Conference: Key Takeaways
On April 17, 2018, Cleary Gottlieb hosted a conference in the heart of the City of London to discuss key issues in the FinTech space. The conference was well attended, and a wide range of topics were discussed by industry…
U.S. Sanctions Venezuela’s “Petro” Cryptocurrency Amid Broader Trend of Sanctioned and Rogue Regimes Experimenting with Digital Assets
On March 19, 2018, President Trump issued an Executive Order prohibiting all U.S. persons and residents from transacting in digital currencies issued by the Government of Venezuela, including the country’s recently launched oil-backed cryptocurrency the “Petro” (PTR) or petromoneda. The…
London Event: Cleary Gottlieb FinTech Conference
Following the success of Cleary Gottlieb’s Blockchain and FinTech Opportunities events in New York and California, we will be hosting our first London-based FinTech conference on April 17, 2018.
Sessions will cover Digital Ledger Technology and its use beyond cryptocurrencies,…
Massachusetts Orders Five Companies to Halt ICOs as States Step Up Enforcement Efforts
On March 27, 2018, Massachusetts Secretary of State William Galvin announced that the state had ordered five firms to halt initial coin offerings (“ICOs”) on the grounds that the ICOs constituted unregistered offerings of securities but made no allegations of…
Around the World in ICOs: ICOs in the United States
Part 3: Developments in the United States and the Rising Tide of Enforcement
In 2017, the use of initial coin offerings (“ICOs”) as an alternative means to raise capital took off worldwide. By the end of the year, ICO…
Cleary Event: Upcoming London FinTech Conference
We are excited to announce that we are hosting our first FinTech Conference in London, following on from the success of our previous events in New York and San Francisco.
The event will take place on Tuesday, April 17, 2018…
Around the World in ICOs, Part 2: Catching up With Potatoes? The Regulatory Response to ICOs in the EU so Far
The Directive states that “in light of modern advances”, it is important “for reasons of clarity and rationality” to “apply uniform rules that are as strict as possible”. Indeed, the regulatory regime established by the Directive is of considerable rigour:…
U.S. Regulators Continue Scrutiny of Virtual Currencies and ICOs
This past week, we received further evidence that U.S. federal regulators will continue to scrutinize potential compliance issues in virtual currency trading and initial coin offerings (“ICOs”) under existing law. However, the key takeaway is that the U.S. regulators, so…