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Steve Gannon, James Goldfarb, and Matthew Comstock of our FinTech & Blockchain Practice authored an article about digital asset regulation in the United States for the US-Israel Legal Review 2021. Read the full article here.
About this Site:
This site is a resource for those interested in legal and regulatory developments in the application of blockchain technology, provided by Murphy & McGonigle. We regularly work with financial services companies that have a stake in legal and regulatory developments impacting blockchain technology. We created this site to provide periodic updates on important developments in the law surrounding blockchain technology.
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GAO Releases Report on Use of Virtual Currencies to Facilitate Trafficking
by: Thomas P. DeFranco | Blockchain Law Center | (01/11/2022)
On January 10, 2022, the U.S. Government Accountability Office (“GAO”) released a report to the public summarizing its findings on the use of virtual currencies to facilitate human and drug trafficking. These findings were based on a review of federal agency records and interviews with federal officials from a number of agencies.
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Annual Banking Report Predicts Increased Crypto Services in 2022
by: Margaret Haggerty | Blockchain Law Center | (12/20/2021)
American Banker published its annual banking predictions based on survey results from 175 leaders and staff at banks and fintechs, including C-suite and senior business unit executives. Regarding cryptocurrency, nearly 40% of survey participants reported that they will be “likely/somewhat likely” to offer cryptocurrency services next year.
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Recent House Financial Services Committee Hearing: "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States"
by: Lisa Weingarten Richards, Margaret Haggerty | Blockchain Law Center | (12/10/2021)
The House Financial Services Committee conducted an almost-five-hour hearing December 8, entitled "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States"
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Client Alert: "Jury Diverges from SEC in Finding That Digital Assets are Not Securities"
by: Katherine Cooper, Thomas P. DeFranco, Daniel M. Payne
The verdict is remarkable for its break with the Securities and Exchange Commission’s position that Hashlets are investment contracts in the action it brought against Mr. Garza in 2015. This difference is demonstrative of the uncertainty which currently characterizes much of the regulatory landscape facing individuals and entities operating in the cryptocurrency space.
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DOJ’s New Crypto Task Force – Ten Risks to Look Out For
by: Steven D. Feldman, Joseph P. Facciponti, Elizabeth Lan Davis, Robertson Park, Stephen T. Gannon
On October 6, 2021, Deputy Attorney General Lisa O. Monaco announced the creation of a National Cryptocurrency Enforcement Team ("NCET"), designed to lead complex investigations and prosecutions of criminal misuses of cryptocurrency, including crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors. The NCET will be a central part of a nationwide enforcement effort to combat the use of cryptocurrency for illicit activities, including identifying areas for increased investigative and prosecutorial focus, such as financial institutions working with cryptocurrency.
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Matthew Comstock of the firm’s FinTech & Blockchain Practice authored an article regarding Securities and Exchange Commission jurisdiction over crypto assets in the Expert Analysis section of Law360 (8/26/21). In the article, Mr. Comstock analyzes the SEC’s stance on cryptocurrency and provides expert insight as to why the SEC believes it is uniquely qualified to protect the investing public.
Blockchain Litigation Database
The Blockchain Litigation Database tracks blockchain and cryptocurrency-related litigation using a data-based, analytical approach to enable subscribers to follow the development of the case law, analyze legal risks, perform due diligence on counterparties, and more.