The International Swaps and Derivatives Association, Inc. (“ISDA”) continues to press forward with its digital asset working group, following the publication[1] in January this year of (i) the Digital Asset Derivatives Definitions (the “Definitions”) and (ii) the whitepaper
FinTalk
FinTalk, published by Crowell & Moring LLP, focuses on legal developments and regulatory issues in financial services and related sectors. The blog covers topics such as management service organizations (MSOs) in law firms, third-party litigation funding and its regulatory frameworks in the US and UK, transparency and disclosure requirements for limited liability companies, and regulatory actions by financial authorities including FinCEN. It also addresses emerging areas like crypto-asset disputes and fintech regulatory challenges. The content includes analysis of legislative changes, compliance obligations, and enforcement actions affecting financial institutions, law firms, and investors.
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Bittrex: Regulatory Enforcement and Macroeconomic Headwinds Lead to Another Crypto Bankruptcy
Bankruptcy filings in the digital asset space continue, as cryptocurrency exchange Bittrex filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on Monday, May 8, 2023. The Bankruptcy Docket can be found here. Desolation…
First Insider Trading Conviction Against NFT Insider
On May 3, 2023, Nathaniel Chastain, the former product manager of the NFT marketplace OpenSea, was convicted by a federal jury in the Southern District of New York for what is being called the first insider trading conviction in the…
NFTs as Securities?
Many of those active in the non-fungible token (NFT) market have been nervously anticipating action from the U.S. Securities and Exchange Commission (SEC) regarding whether or not they will categorize NFTs as securities and further regulate them. U.S. regulators have not…
Continued Pain in the Retail Sector: Coming Enforcement of Forced Labor Laws
After a pause in 2022, there has been much talk of the continuation, or resumption, of a wave of retail bankruptcy cases as we begin 2023. 2022 was highlighted by Revlon’s filing (discussed here: Revlon May Signal Another Wave of…
Cryptocurrency Account Security
Crypto-hacking and theft have been front and center in the news. Separate from the failures and alleged fraud of CeFi crypto-exchanges, estimates suggest that $3.8 billion worth of cryptocurrencies have been stolen in the past year. It’s become vital to…
ISDA Digital Asset Definitions
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 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…