-
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 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.
-
SEC Announces Charges in Cryptomining and Trading Scheme
by: Rebecca D. Kerley | Blockchain Law Center | (05/06/2022)
The SEC has announced fraud charges stemming from unregistered offerings and sales of investment plans called mining packages, which promised investors signficant returns.
-
SEC Nearly Doubles Size of Enforcement’s Crypto Assets and Cyber Unit
by: Rebecca D. Kerley | Blockchain Law Center | (05/04/2022)
The SEC announces an additional 20 positions dedicated to the unit responsible for bringing enforcement actions related to crypto markets and cyber-related threats.
-
Comptroller of the Currency Advocates for Uniform Standards for Stablecoins
by: Michael P. McDonald | Blockchain Law Center | (04/28/2022)
On April 27, 2022 the Acting Comptroller of the Currency, Michael Hsu issued a statement suggesting that the government should work together with the cryptocurrency industry and academics to develop uniform standards for stablecoins.
-
President Biden Issues Executive Order on Ensuring Responsible Development of Digital Assets
by: Thomas P. DeFranco
President Biden issued the Executive Order on Ensuring Responsible Development of Digital Assets (the "Order").
-
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.
-
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.
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.