BlockchainLawCenter.com
  • Disclaimers
  • Events
  • Regulatory Developments
  • Resources
    • Blockchain Litigation Database
  • Contact Us
    • Our Team
Articles
Events
Blog
Murphy & McGonigle
  • FinCEN: Peer-to-Peer “Exchanger” of Virtual Currency is an Unregistered Money Transmitter
    by: Katherine Cooper | Blockchain Law Center | (04/18/2019)

    Eric Powers of Kern County, California, entered into a consent order today, April 18, 2019, with the Financial Crimes Enforcement Network for acting as an unregistered money transmitter.  FinCEN determined that Powers’ purchase and sale of Bitcoin for U.S. Dollars in over 1,700 “peer-to-peer” transactions from 2012 through 2014 made him an “exchanger” of convertible virtual currency. 

     

     

  • The SEC’s Division of Corporation Finance Issues Guidance on Security Status Analysis and Consumptive Tokens
    by: Matthew B. Comstock | Blockchain Law Center | (04/05/2019)

    The SEC's Division of Corporation Finance issued both a "Framework for 'Investment Contract' Analysis of Digital Assets" and a no-action letter relating to a blockchain-based consumptive token on April 3, 2019.  The Framework is intended to be a plain English description of how the SEC staff applies the so-called Howey test to determine if a digital asset is a security under the federal securities laws.  It also adddresses the concept of mutability of a digital asset whereby a digital asset initially issued as a security later converts to a digital asset that is not a security because of the digital asset's use on a fully-functional platform, among other things.

    The Division also issued a no-action letter to an air charter services company, TurnKey Jet, Inc.  The no-action letter permits TurnKey to issue a consumptive/utility token, subject to the criteria set out in the letter.

  • AirFox Files Form 10 With the SEC On the Path to Compliance
    by: Daniel M. Payne | Blockchain Law Center | (03/25/2019)

    AirFox has taken the next step on the Path to Compliance laid out in its settlement with the SEC last year over allegations relating to the company's 2017 ICO.

  • Reversal of Fortune: Court Reverses Itself and Grants the SEC a Preliminary Injunction against Blockvest
    by: Katherine Cooper | Blockchain Law Center | (02/20/2019)

    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.          

  • Blockchain Litigation Update: Federal Court Applies Web Precedents to Arbitration Row in Crypto Exchange Lawsuit
    by: Daniel M. Payne | Blockchain Law Center | (02/05/2019)

    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.

  • New Year, New Guidance: the Lone Star State Addresses Regulation of Stablecoins and Bitcoin ATMs
    by: Katherine Cooper | Blockchain Law Center | (01/07/2019)

    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. 

     

     

  • «
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • »

Other Recent Items

  • OCC Approves First Crypto Bank
    Blockchain Law Center | (01/14/2021)
  • The SEC Permits Some Broker-Dealers to Custody Customers’ Digital Asset Securities
    Blockchain Law Center | (01/04/2021)
  • CFTC Digital Assets Primer Overview
    Blockchain Law Center | (12/23/2020)
  • FinCEN Proposes New Digital Asset Rules to Target Money Laundering
    Blockchain Law Center | (12/21/2020)
  • CryptoLex 2021
    01/12/2021 | (12/21/2020)

Cookies on our website:

We use necessary cookies to make our site work. We'd also like to set optional analytics cookies to help us improve it. We won't set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences.

Necessary cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytics cookies

We'd like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. For more information on how these cookies work please see our Cookie Policy. The cookies collect information in an anonymous form.

For more detailed information about the cookies we use, see our Cookie Policy.

Analytic Cookies off on Save
  • Home|
  • Regulatory Developments|
  • Resources|
  • Contact Us|
  • Murphy & McGonigle|
  • Sitemap|
  • Disclaimers|
  • Privacy Policy|
  • Terms of Use

Murphy & McGonigle | Copyright 2021. All Rights Reserved.