From IRS rulings that “virtual currency” is taxed as “property” to an SEC lawsuit claiming that digital assets are “securities” under federal law, meteoric growth of the largely unregulated crypto industry has raised numerous questions about whether crypto-related risks are covered by insurance.
Continue Reading California Holds Stolen Cryptocurrency Does Not Qualify as “Physical” Loss Under Homeowners’ Policy
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NFTs: For Many Retailers, the “N” Stands for Nostalgia
By Hunton Andrews Kurth LLP on
Posted in General
Non-fungible tokens (NFTs) are creating new economic opportunities in old, familiar spaces. To capitalize on the current popularity of NFTs, some retailers are turning to the timeless art of nostalgia: reworking old media or products into an NFT collection to advertise a brand in an online space or bring new attention (and customers) to a vintage product.
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Senators Dive Into the World of NFTs, Asking US Patent and Copyright Offices to Consider Questions Regarding Related IP Rights
By Hunton Andrews Kurth LLP on
Posted in Regulatory
June 9, 2022 letter to the Directors of the US Patent and Trademark Office (USPTO) and US Copyright Office, Senators Thom Tillis (R-NC) and Patrick Leahy (D-VT) requested that the agencies jointly undertake a study of intellectual property (IP) rights considerations with respect to non-fungible tokens (NFT or NFTs).
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House and Senate Release a Bipartisan U.S. Federal Privacy Bill
By Hunton Andrews Kurth LLP on
Posted in Regulatory
On June 3, 2022, House Energy and Commerce Chair Rep. Frank Pallone (D-NJ), Ranking Member Rep. Cathy McMorris Rodgers (R-WA) and Senate Commerce, Science and Transportation Committee Ranking Member Sen. Roger Wicker (R-MS) released a new comprehensive federal privacy bill, the American Data Privacy and Protection Act.
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US Issues Guidance to Companies Warning of Cybersecurity and Sanctions Risks Posed by IT Workers Directed by North Korea
By Hunton Andrews Kurth LLP on
Posted in Regulatory
What Happened:
On May 16, 2022, the US Department of State, US Department of Treasury, and the Federal Bureau of Investigation issued combined guidance (“IT Workers Advisory”) on efforts by North Korean nationals to secure freelance engagements as remote information technology (“IT”) workers by posing as non-North Korea nationals. The IT Workers Advisory provides employers with detailed information on how North Korean IT workers operate, highlights red flag indicators for companies hiring freelance developers and for freelance and payment platforms to identify these workers, and provides general mitigation measures for companies to better protect against inadvertently engaging these workers or facilitating the operations of the North Korean government in violation of US sanctions.…
Cryptocurrency As Compensation: Beware Of The Risks
By Hunton Andrews Kurth LLP on
Posted in Cryptocurrencies, Tax
A small but growing number of employees are asking for cryptocurrency as a form of compensation. Whether a substitute for wages or as part of an incentive package, offering cryptocurrency as compensation has become a way for some companies to differentiate themselves from others. In a competitive labor market, this desire to provide innovative forms of compensation is understandable. But any company thinking about cryptocurrency needs to be aware of the risks involved, including regulatory uncertainties and market volatility.
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Dubai Issues Its First Crypto Law Regulating Virtual Assets
By Hunton Andrews Kurth LLP on
Posted in Regulatory
On February 28, 2022, the Emirate of Dubai enacted Law No. 4 of 2022 on the Regulation of Virtual Assets and established the Dubai Virtual Assets Regulatory Authority. By establishing a legal framework for businesses related to virtual assets, including crypto assets and non-fungible tokens, this landmark law reflects Dubai’s vision to become one of the leading jurisdictions for entrepreneurs and investors of blockchain technology.
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Please Join Us! Cryptocurrency, NFTs, and Retail: Protecting Your Brand With Trademarks
By Hunton Andrews Kurth LLP on
Posted in Cryptocurrencies
Please join Hunton Andrews Kurth LLP for a webinar:
Intellectual Property and the Blockchain, Part 1
Cryptocurrency, NFTs, and Retail: Protecting Your Brand With Trademarks
Tuesday, April 26, 2022
12:30 pm ET
It is well-known that a trademark is a word, name, symbol, design, or phrase used to identify and distinguish a product…
Rising Trend in NFT Litigation Over Popular Brands
By Hunton Andrews Kurth LLP on
Posted in Retail
Two leading international brands have filed lawsuits in 2022 to prevent the sale of digital NFTs depicting their physical products, and both cases will test existing trademark law and impact online retailers of NFTs.
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President Biden Issues Executive Order on Digital Assets
By Hunton Andrews Kurth LLP on
Posted in Regulatory
On March 9, 2022, the Biden Administration released its much-anticipated “Executive Order on Ensuring Responsible Development of Digital Assets”. The White House describes the Executive Order as the “first whole-of-government strategy” on digital assets and attempts to strike a balance between encouraging innovation and US leadership in the digital asset space, while signaling an appetite to protect against a variety of stated risks through additional regulation and legislation. …
Continue Reading President Biden Issues Executive Order on Digital Assets