Virtual Currency Report, published by Perkins Coie LLP, focuses on legal and regulatory developments affecting virtual currencies, digital assets, and blockchain technology. The blog covers topics such as regulatory approvals and enforcement actions related to cryptocurrency products, including exchange-traded funds and digital asset securities. It also addresses updates from financial regulators like the SEC, NYDFS, and the Federal Reserve concerning compliance, risk management, and supervisory programs for banks and fintech firms involved in crypto activities. The blog provides insights on policy changes, self-certification processes for digital assets, and legal implications of emerging financial technologies and partnerships in the crypto space.
U.S. Developments
The Fed Chairman Comments on Potential for a US-backed Digital Currency
Jerome Powell, Chairman of the Federal Reserve, wrote to Congress this week discussing the merits of implementing a central bank digital currency (CBDC) in the U.S. The…
U.S. Developments
Telegram Submits Answer to SEC Complaint Regarding TON Blockchain Network
On November 12, Telegram Group Inc. (Telegram) submitted its answer and affirmative defenses to a complaint filed against it by the U.S. Securities and Exchange Commission (SEC) in…
U.S. Developments
Litigation
New York Resident Indicted for Duping Investors with Fake ICO Scam
On November 6, the United States Attorney for the Southern District of New York announced a wire fraud charge against Asa Saint Clair, the operator of…
U.S. Developments
Mastercard and Food Co-Op Work Together on Food Visibility Blockchain Solution
Envisible, a company that is dedicated to supply-chain visibility in food systems, has teamed up with Mastercard’s blockchain-based Provenance Solution to offer a food tracking system. The…
U.S. Developments
Mark Zuckerberg Testifies Before U.S. House of Representatives Regarding Libra
On October 23, Facebook, Inc. CEO, Mark Zuckerberg, testified before the House Committee on Financial Services regarding Facebook’s efforts to launch Libra, a blockchain-based payments system. Mr. Zuckerberg’s…
U.S. Developments
U.S. Federal Regulatory Developments
CFTC, FinCEN, and SEC Leaders Release a Join Statement on Digital Assets
On October 11, 2019, the heads of the Commodity Futures Trading Commission (“CFTC”), Securities and Exchange Commission (“SEC”) and Financial Crimes Enforcement…
U.S. Developments
REGULATORY
House Passes Bill to Review How Blockchain Technology Can Improve FinCEN
The U.S. House of Representatives passed a bill sponsored by Anthony Gonzalez (R-OH) that requires the Director of the Financial Crimes Enforcement Network (“FinCEN”) to carry…
U.S. Developments
Regulatory
VanEck/SolidX Bitcoin ETF Proposal Withdrawn.
Facing an October 18 deadline for the Securities and Exchange Commission (“SEC”) to approve or disapprove, Cboe BZX Exchange withdrew the proposed rule change to list and trade SolidX Bitcoin Shares issued…
U.S. Developments
VanEck and SolidX to Offer Bitcoin ETF to Qualified Institutional Buyers
On September 3, 2019, VanEck Securities Corp. and SolidX Management LLC announced that they are seeking to use Rule 144A of the Securities Act to issue shares…
U.S. Developments
Enforcement and Litigation Developments
Craig Wright Faces Sanctions
Craig Wright, the self-proclaimed inventor of Bitcoin, has been tied up in litigation since February 2018 related to his partnership with the late David Kleiman. The case alleged that Wright…
