Blockchain technology utilizes a distributed digital ledger to record and track information, and can be leveraged to gain transparency and certainty in transactions ranging from cryptocurrency to supply chain tracking. This blog provides information on the legal developments surrounding implementation of blockchain technology, with an initial focus on the financial services sector.
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SEC Settles Enforcement Action Against Crypto Exchange for Operating as an Unregistered National Securities Exchange
by: Matthew B. Comstock | (August 13, 2021)
The SEC recently settled an enforcement action against Poloniex, LLC for operating as an unregistered national securities exchange. Poloniex operated a digital asset trading platform.
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Crypto Tax Enforcement Update: The New Broker Definition in the Information Reporting Requirement Provision of the Infrastructure Bill Aims to Exclude Node Operators, Miners and Validators
by: Ella Markina | (August 03, 2021)
INVEST in America Act (the “Infrastructure Bill”), a major bipartisan infrastructure proposal, includes provisions requiring enhanced cryptocurrency transaction reporting to the IRS. The enhanced reporting is intended to generate increased tax revenue to help pay for infrastructure projects. The reporting requirement would apply to a “broker” involved in cryptocurrency transactions. The latest draft has a new definition of "broker" that is a step in the right direction, but not as far as we wish. Clarity in the defintion will be crucial for effective enforcement.
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Senator Warren's Letter to SEC Chair Gensler is a Wake-Up Call
by: Stephen T. Gannon | (July 15, 2021)
Senator Elizabeth Warren sent a letter to SEC Chair Gary Gensler expressing concern that cryptocurrency exchanges pose risks to investors and consumers that are not being appropriately addressed by federal regulation. The letter suggests potential deeper regulation of the digital asset markets by the SEC, including with respet to decentralized finance.
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Cornerstone Research Report Shows SEC Brought 75 Crypto-Related Actions in 7.5 Years
by: Macauley B. Venora | (May 17, 2021)
A research report issued by Cornerstone Research breaks down the SEC’s enforcement activity in the cryptocurrency industry since 2013.
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Crypto Investors Withdraw Class Action Suits Against Cryptocurrency Companies
by: Macauley B. Venora , Larry E. Bergmann | (May 10, 2021)
Investors have voluntarily dismissed five proposed class actions against separate cryptocurrency companies in New York federal courts.
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The Ripple Defendants have secured two discovery rulings in their favor in the past week, altering the playing field for the case going forward.
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