Part I: The Basics
Everyone is talking about “ICOs” or “initial coin offerings.” Celebrities are tweeting about them. You cannot open the Wall Street Journal or Financial Times on any given day without at least one story about ICOs. Prominent
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.
Part I: The Basics
Everyone is talking about “ICOs” or “initial coin offerings.” Celebrities are tweeting about them. You cannot open the Wall Street Journal or Financial Times on any given day without at least one story about ICOs. Prominent…
The SEC has recently signaled an increased concern with the offerings and marketing of Initial Coin Offerings (“ICOs”),[1] which should be of interest to companies and institutions involved with ICOs. On November 1, 2017, the SEC Division of Enforcement…
On Monday, December 4, 2017, the U.S. Securities and Exchange Commission (SEC) obtained an emergency order from a U.S. District Court in New York to enjoin an allegedly fraudulent initial coin offering scheme. The SEC’s complaint alleges that Dominic Lacroix,…
Last Friday, December 1, 2017, the U.S. Commodity Futures Trading Commission (CFTC) announced that three futures exchanges—the Chicago Mercantile Exchange Inc. (CME), the CBOE Futures Exchange (CBOE) and the Cantor Exchange (Cantor)—self-certified that they will be listing futures contracts (CME…
We were happy to see many of you at our “Blockchain and FinTech Opportunities” conference on Thursday, July 13.
If you were unable to attend or would like to review a recap of the event, key takeaways from the day’s…
The Securities and Exchange Commission (the “SEC”) recently sent a warning to the burgeoning market for initial coin offerings (“ICOs”): assets that exist only on the blockchain may be securities subject to registration, anti-fraud and other requirements under the U.S.…
On December 2, 2016, Comptroller Thomas J. Curry of the Office of the Comptroller of the Currency (“OCC”) announced that the OCC will move forward with chartering financial technology (“FinTech”) companies that offer bank products and services and meet the…
Overstock.com, Inc. (“Overstock”) recently filed a shelf registration statement with the Securities and Exchange Commission (the “SEC”) allowing for the issuance of “digital securities.”[1] The SEC declared that registration statement effective on December 9, 2015. The digital securities…