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On May 24, 2019, New Zealand-based online asset exchange, Cryptopia Limited, filed a petition under Chapter 15 of the United States Bankruptcy Code seeking recognition of its New Zealand liquidation proceeding in the United States. On the same day, the United States Bankruptcy Court for the Southern District of New York granted provisional relief to Cryptopia, including extending the benefits of the automatic stay to prevent creditors or other parties in interest from taking actions to interfere with Cryptopia’s assets. The court will conduct a hearing on Cryptopia’s petition to recognize its New Zealand liquidation proceeding on June 25, 2019, in New York.…
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On May 9, 2019, FinCEN, the U.S. federal agency charged with combating money laundering, issued two new interpretive documents of interest to the crypto community. The first is interpretive guidance titled “Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies”. The second document is an “Advisory on Illicit Activity Involving Convertible Virtual Currency”.…
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As this short video explains, the “initial exchange offering,” or IEO, is the latest innovation in the offer and sale of cryptocurrencies. By partnering with a crypto exchange to aid in marketing and listing efforts, issuers engaging in an IEO hope to obtain better visibility and liquidity for their products. But like the ICOs they seek to replace, IEOs raise a host of potential issues under the US federal securities laws.…
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On April 25, 2019, the New York Attorney General announced that it had obtained a court order enjoining iFinex Inc. (operator of the Bitfinex digital asset trading platform), Tether Limited (issuer of the “tether” stablecoin) and their affiliated entities from further violations of New York law in connection with ongoing activities that the Attorney General alleges may have defrauded New York investors that trade in virtual currencies. …
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On November 8, 2018, the SEC announced settled charges against an unlicensed digital token exchange. It represents the SEC’s first enforcement action based on findings that such a platform operated as an unregistered national securities exchange. This action follows first-of-their kind enforcement actions that the SEC brought in September against an unregistered broker-dealer and an unregistered investment company that each transacted in digital securities.…
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On October 11, 2018, the Senate Banking Committee held a wide-ranging hearing entitled “Exploring the Cryptocurrency and Blockchain Ecosystem.” The hearing featured testimony from Dr. Nouriel Roubini, an NYU professor who famously predicted the 2007-2008 financial crisis, as well as a counterpoint from Mr. Peter Van Valkenburgh, the Director of Research from Coin Center.…
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On October 2, 2018, Venezuelan President Nicolas Maduro appeared on national television and announced the official launch of the Venezuelan Petro cryptocurrency. While the official website and wallet for the Petro appear to have launched and be fully operational, and it appears to be presently trading in various cryptocurrency exchanges, United States persons should be extremely wary of trading or investing in the Petro.…
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