In an earlier post we discussed the bankruptcy filing of Compute North Holdings, Inc., a bitcoin miner felled by high electricity costs and falling cryptocurrency prices (see here). It may be followed shortly by another miner, Core Scientific, Inc.,
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.
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Digital Asset Collateral
By Scott Lessne
Secured lenders who include personal property assets as collateral in lending transaction structures have long relied upon the regularity and clarity of the Uniform Commercial Code (“UCC”) provisions which provide a roadmap for creation, perfection and enforcement of security interests…
Another Victim of the Crypto Winter
On September 22, 2022, Compute North Holdings, Inc. and certain affiliates filed bankruptcy in the Southern District of Texas in Houston. The company describes itself as “a leader in data centers, focused on delivering sustainable, cost-effective infrastructure for customers in…
Interview with Kayvan Ghaffari of MakersPlace
Crowell’s Crypto Digest Blog sat down with MakersPlace’s Head of Legal and Trust and Safety, Kayvan Ghaffari, to learn about the NFT marketplace and the current legal landscape regarding NFTs.
What does it mean to be the Head of “Trust…
UK’s Competition Law Based Collective Action in the Crypto Space
The UK has seen the launch of a competition-law based collective action – the equivalent of a class action in other countries – on behalf of an estimated 240,000 investors in the digital assets space. The claim is brought against…
Celsius Update
In the short time since we last provided an update regarding the bankruptcy cases of Celsius Networks LLC and its affiliates (here), there have been a number of material developments to report.
- As ordered by the court, the
…
Treasury Sanctions Tornado Cash and Turns Up Heat on Mixers
On August 8, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) sanctioned virtual currency mixing service Tornado Cash, which OFAC said has been used to launder billions of dollars in virtual currency, including $455 million…
Voyager’s Bankruptcy Case is Picking Up Steam
There is much to report since our last update on Voyager Digital’s bankruptcy case discussed here.
- Importantly, the court set a “bar date” with respect to claims arising prior to the petition date. Proofs of claim, including those with
…
Celsius Networks’ Bankruptcy Case Update: It’s Still Early Days
Now that their bankruptcy filing is a few weeks behind us, we provide below an update on certain matters of interest in the case of Celsius Networks and its affiliates. Of course, it’s still very early in the bankruptcy case —…
Voyager Digital’s Bankruptcy Case: The First 3 Weeks
There is heightened public interest in what may be an increasing trend of digital asset bankruptcy filings and in the resulting legal and business issues which are both novel and complex. It’s in that vein, we provide this update on…