On February 15, 2023, by a 4-1 vote, the SEC proposed new rules regarding an investment adviser’s obligation to custody assets. Unlike the existing rules, if adopted, the new rules would apply to all crypto assets.
Continue Reading Proposed SEC Custody Rules for Crypto AssetsFirst Ever Trial On NFT Trademark Infringement Finds Against The NFT Creator
By Armin Ghiam on
Posted in Regulatory
On February 8, 2023, a jury in the Southern District of New York reached a verdict finding Mason Rothschild liable for trademark infringement of the Hermes BIRKIN mark when Rothschild advertised and sold a series of “MetaBirkin” non-fungible tokens (NFT or NFTs).1 The verdict required Mr. Rothschild pay $110,000 for trademark infringement and dilution, as well as $23,000 for cybersquatting on the MetaBirkins domain name.2
Continue Reading First Ever Trial On NFT Trademark Infringement Finds Against The NFT CreatorCIPL Publishes Discussion Paper on Digital Assets and Privacy
By Hunton Andrews Kurth LLP on
Posted in Regulatory
On January 20, 2023, The Centre for Information Policy Leadership (“CIPL”) at Hunton Andrews Kurth published “Digital Assets and Privacy,” a discussion paper compiling insights from workshops with CIPL member companies that explored the intersection of privacy and digital assets, with a particular focus on blockchain technology. The paper includes recommendations for developing coherent, tech-friendly, future-focused, and pragmatic regulations and policies.
Continue Reading CIPL Publishes Discussion Paper on Digital Assets and PrivacyTerms of Use, A Deciding Factor In Asset Ownership: Why Some Cryptocurrency Holders Don’t Own Their Assets
By Andrew D. Kasnevich & Daniel A. Schultz on
Posted in Cryptocurrencies
When investors are considering investments in cryptocurrency, it is critical to understand the terms of asset ownership and transfer. Current and potential cryptocurrency investors should be aware that the Southern District of New York (SDNY) recently ruled that holders of cryptocurrency investments with the now-bankrupt cryptocurrency lending company Celsius Network LLC are not the true owners of these assets.
Continue Reading Terms of Use, A Deciding Factor In Asset Ownership: Why Some Cryptocurrency Holders Don’t Own Their AssetsTop Posts of 2022
By Scott H. Kimpel on
Posted in General
As we begin the new year and reflect on what we learned last year, the Hunton Andrews Kurth Blockchain team would like to provide you with a recap of the top posts we shared throughout 2022. Please visit the links below for these highlights.
Our goal is to continue to provide our readers with relevant, real-time information on legal and regulatory developments in the blockchain space. If you would like to receive email alerts when new posts are published to this blog, please enter your email address in the ‘Subscribe’ field. Thank you for your readership!
Continue Reading Top Posts of 2022FSOC Annual Report Discusses Digital Assets
By Scott H. Kimpel on
On December 16, 2022, the Financial Stability Oversight Council (Council) published its 2022 annual report. The report highlights a number of key policy recommendations for federal financial regulators, including four recommendations for further legislation or regulation in the digital asset space.
Continue Reading FSOC Annual Report Discusses Digital AssetsCFPB Investigates Crypto Lender
By Scott H. Kimpel on
Posted in Cryptocurrencies, Regulatory
On December 1, 2022, the Consumer Financial Protection Bureau (Bureau) made public an administrative order denying Nexo Financial LLC’s (Nexo) petition to modify the Bureau’s civil investigative demand. The order represents the first publicly known Bureau investigation of a digital asset company, in this case, over Nexo’s “Earn Interest” crypto lending product.
Continue Reading CFPB Investigates Crypto LenderNew York Enacts Crypto Mining Moratorium
By Scott H. Kimpel on
Posted in Crypto Exchanges, Cryptocurrencies
On November 22, 2022, New York Governor Kathy Hochul signed into law a two-year moratorium against granting permits to crypto mining operations that “are operated through electric generating facilities that use a carbon-based fuel.” Renewable sources of energy are not impacted.
Continue Reading New York Enacts Crypto Mining MoratoriumWebinar: From Stormy Seas to Safe Harbors: Crypto and New UCC Article 12
By Hunton Andrews Kurth LLP on
Posted in Cryptocurrencies
Thursday, December 1, 2022
1:30–2:30 pm ET
Feeling at sea about crypto and NFTs? Well, no wonder: existing laws that govern the transfer and financing of assets were last updated just before Captain Jack Sparrow first appeared on the big screen. An innocent time, when we knew how to transfer and finance not only gold doubloons, but many other assets. But nobody envisioned wanting to transfer and finance intangible digital assets such as crypto. The proliferation of cryptocurrencies and other digital assets, and the related new financing and investment structures, have caused thorny issues and concerns, including bankruptcy concerns. During this program your crew, er, panel will guide you into safe channels, explaining new Article 12 of the UCC, which was created to facilitate holding, transferring and financing emerging technologies.
Speakers:
• Greg Hesse, Partner
• Scott Kimpel, Partner
• Amy McDaniel Williams, Partner
• Mayme Donohue, Counsel
• Bryon Mulligan, Counsel
CLE: Hunton Andrews Kurth LLP will seek CLE credit for this program in CA, FL, GA, NC, NY, TX and VA only. Credit hours are not guaranteed and are subject to each state’s approval rules. Please be aware that due to various state bar closures, CLE accreditation will be delayed for the foreseeable future.
Questions? Please contact Julia Sherertz at jsherertz@HuntonAK.com.
CFPB Publishes Bulletin Analyzing Crypto Complaints
By Hunton Andrews Kurth LLP on
Posted in Crypto Exchanges, Cryptocurrencies
On November 10, 2022, the Consumer Financial Protection Bureau (“CFPB”) announced the publication of a “complaint bulletin” analyzing consumer complaints relating to crypto assets. The CFPB periodically releases a “complaint bulletin” to summarize key trends among the financial products and services complaints it receives. By devoting an entire bulletin to crypto assets, the CFPB may be foreshadowing greater scrutiny of the asset class and increased enforcement activity in the space.
Continue Reading CFPB Publishes Bulletin Analyzing Crypto Complaints