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.
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.
This article discusses the statement of the SEC's Divsions of Corporation Finance, Investment Managementa and Trading and Markets relating regulatory approaches to digital assets. We discuss in particular the path to compliance for entities that issued securities in a manner that did not comply with the registration requirements of the federal securities laws.
Murphy & McGonigle’s leading FinTech & Blockchain Practice is pleased to publish a new edition of “Who’s On the Block,” a roundup of blockchain conferences, trends and upcoming events.
A California federal district court has reversed its own order denying a preliminary injunction against a token issuer and its founder in an action arising from the offer and sale of alleged security tokens. In a November 2018 order on the Securities Exchange Commission’s motion for a preliminary injunction, the court held that the SEC had failed to establish that the tokens were securities under the Howey test in what was seen as a setback to the agency’s claim of jurisdiction over initial coin offerings under the securities laws. In last Thursday’s ruling, however, the court agreed with the SEC’s alternative theory that the defendants had engaged in the offer of securities in violation of Section 17(a) of the Securities Act because of false statements in the Defendant’s promotional material. Accordingly, the court granted the SEC’s motion for reconsideration, in part, and entered a preliminary injunction.
A federal district court in New York granted Coinbase's motion to compel arbitration by applying Second Circuit precedents from cases involving Amazon and Uber.
On January 2, 2019, the Texas Department of Banking issued revised guidance on the application of the Texas Money Services Act to virtual currency transactions. Updating the Department’s 2014 guidance, the revised guidance offers new perspectives on the application of Texas law and regulations to certain stablecoins and Bitcoin ATMs.
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.