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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SEC Staff Issues Second Utility Token No-Action Letter
by: Larry E. Bergmann , Matthew B. Comstock , Macauley B. Venora | (08/15/2019)
The staff of the Division of Corporation Finance issued the second no-action letter permitting an unregistered token offering and sale for use on a functional platform.
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Blockstack Examined: What the First Reg A+ Token Offering Looks Like
by: Daniel M. Payne | (08/12/2019)
An examination of the first SEC-qualified offering of digital securities issued pursuant to Regulation A (Tier 2) under the Securities Act of 1933 (the “Securities Act”).
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Six Trends Emerge in Murphy & McGonigle’s Newly Published “Blockchain Litigation: 2018 Year in Review Report”
by: Daniel M. Payne | (02/07/2019)
Murphy & McGonigle, the financial services and regulatory law firm, today released its Blockchain Litigation: 2018 Year in Review Report. Based on proprietary data the firm has collected from its Blockchain Litigation Database, the Report identifies six trends that have clearly emerged as blockchain and cryptocurrencies move closer to the mainstream.
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Surprise: SEC Opens the Sandbox
by: Larry E. Bergmann , Matthew B. Comstock | Blockchain Law Center | (10/31/2019)
The staff of the SEC’s Division of Trading and Markets has issued a no-action letter that permits Paxos Trust Company, LLC (“Paxos”) to operate a limited type of blockchain-based clearing agency. Although the no-action letter places tight limits on who and what can clear and settle securities transactions through the Paxos system, and how that settlement has to occur, this is the first time the SEC has allowed market participants to operate in regulatory sandbox.
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Leaders of SEC, FinCEN and CFTC Release a Joint Statement on Digital Asset Compliance and Regulation
by: Macauley B. Venora | Blockchain Law Center | (10/15/2019)
Jay Clayton, Kenneth Blanco and Heath Tarbert, the leaders of the SEC, FinCEN and the CFTC, released a joint statement highlighting compliance issues relating to digital assets and anti-money laundering requirements.
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NY DFS Approves Gold-Backed Digital Asset
by: Macauley B. Venora | Blockchain Law Center | (09/11/2019)
New York’s Department of Financial Services approves the issuance and offering of the first digital asset backed by physical gold.
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.