Following many months of discussion and review by a working group of traditional finance institutions and crypto-native exchanges and platforms led by the International Swaps and Derivatives Association, Inc. (“ISDA”), ISDA published the Digital Asset Derivatives Definitions (the “Definitions”) on
Crypto Digest
Insight and Commentary on Investing in Digital Assets
Crypto Digest, published by Crowell & Moring LLP, focuses on legal developments and regulatory issues related to cryptocurrencies and digital assets. The blog covers topics such as trademark protection for NFTs, regulatory stances on meme coins by the SEC, tax implications and enforcement actions concerning cryptocurrency transactions, and legal challenges involving cryptocurrency mixers and sanctions compliance. It addresses the intersection of blockchain technology with intellectual property, securities law, tax law, and criminal enforcement, providing updates on court rulings, government agency statements, and enforcement trends affecting the crypto industry.
Latest from Crypto Digest - Page 2
Crypto Trader’s “Profitable Trading Strategy” Appears to be Mere Market Manipulation
The fallout continued last week for embattled crypto trader Avraham Eisenberg, as Mango Labs filed litigation in the Southern District of New York to recover $47 million Eisenberg drained from decentralized crypto lending platform Mango Markets by manipulating the value…
Genesis’ Race to the Finish Line
Genesis Global’s Chapter 11 filing on January 20th was little surprise to those closely following the cryptocurrency markets and after its decision to “pause” withdrawals in mid-November. Digital Currency Group, Inc. (“DCG”), the parent of Genesis Global Holdco LLC (“Genesis”)…
Earn Accounts are Property of the Estate: Celsius Update
Earlier this month, the SDNY Bankruptcy Court answered one of the gating questions at the center of Celsius Network’s Chapter 11 bankruptcy regarding the ownership of the approximately $4.2 billion in crypto assets. Celsius account holders had been demanding the…
Federal Banking Regulators Start 2023 By Highlighting Crypto-Related Risks
On January 3, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the “Federal Banking Regulators” or “Agencies”) issued a Joint Statement (“Joint Statement”) highlighting…
Treasury, IRS provide transitional guidance for broker reporting on digital assets
While legal, regulatory and tax uncertainty continues to affect financial transactions in digital assets, we are seeing incremental guidance developing on US federal taxation issues. The Infrastructure Investment and Jobs Act (Infrastructure Act), enacted in 2021, amended provisions in sections…
U.S. House Committee on Financial Services to Hold Hearing on FTX; CEO John J. Ray’s Prepared Remarks Available Online.
John J. Ray, CEO of the FTX debtors will testify tomorrow before the U.S. House Committee on Financial Services at a hearing entitled “Investigating the Collapse of FTX, Part I.” Sam Bankman-Fried, the former CEO of the FTX Group, is…
FTX Contagion – BlockFi Follows FTX and Others Into Bankruptcy
BlockFi Inc. and eight of its affiliates followed the paths of crypto platforms Voyager, Celsius and FTX by filing for bankruptcy protection. The case, commenced in the District of New Jersey, on November 28, 2022, is off to a fast…
Crypto Commingling: Celsius Examiner files Initial Report
Shoba Pillay, the Examiner appointed in Celsius’ bankruptcy cases, filed her interim report on November 19, 2022. The Celsius Examiner’s report provides some important insight into a crypto-exchange’s operational and risk management failures which may provide investors and creditors some…
Legal Issues for Institutional Investors of FTX
FTX has warned its investors, customers and the crypto-world that they may have to file for bankruptcy protection without rescue financing to address its immediate liquidity crisis. Unlike the bankruptcy cases of Celsius and Voyager, FTX’s case, should it file,…