On March 9, 2021, a bipartisan bill was reintroduced that would, among other things, exclude digital tokens from the definition of a security under federal securities laws.
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Digital Tokens
Digital Dollar Project Releases White Paper on US CBDC
By Scott H. Kimpel on
Posted in Cryptocurrencies
On May 29, 2020, the Digital Dollar Project, an organization seeking to advance the development of a United States central bank digital currency, published a detailed white paper entitled “Exploring a US CBDC.” …
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The Venezuelan Petro: A Blocked and Chained Cryptocurrency in the United States
Posted in Crypto Exchanges, Cryptocurrencies
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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Members of Congress Request SEC Guidance on Crypto Assets
By Scott H. Kimpel on
Posted in Cryptocurrencies, Regulatory
A recent bipartisan letter from Members of Congress seeks clarification from SEC Chairman Jay Clayton as to the status of digital tokens and cryptocurrencies under the federal securities laws. The signatories expressed their view that not all digital tokens should be deemed securities, and voiced their concern that the SEC should not use its enforcement mechanism alone to craft policy on this issue.
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SEC’s Chief Accountant Discusses Digital Assets
By Scott H. Kimpel on
Posted in Initial Coin Offerings
Recently, in a wide-ranging speech, the SEC’s Chief Accountant, Wes Bricker, provided his thoughts on how the SEC accounting staff analyzes accounting issues surrounding digital assets and distributed ledger technology.
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A Day of Firsts
By Scott H. Kimpel on
On September 11, 2018, capital markets regulators announced a series of cases that are the first of their kind in the digital assets space.
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Lloyd’s Jumps Into the Cryptocurrency Market, Insuring Part of Kingdom Trust’s $12 Billion Assets
By Hunton Andrews Kurth LLP on
Posted in Cryptocurrencies
On August 28, 2018, Lloyd’s of London underwriters have agreed to insure digital currency storage company, Kingdom Trust Co., against theft and destruction of cryptocurrency assets.
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SEC Brings Enforcement Case Involving “Airdrop” of Securities
By Scott H. Kimpel & Mayme Beth Donohue on
A recent settled SEC enforcement action against an ICO issuer and its promoter calls into question the viability of the “airdrop” model of distributing digital tokens to investors. Whether such a distribution model runs afoul of the federal securities laws has been the subject of much debate in recent months, and the SEC’s case provides additional insight into their analysis of the issue. …
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National Bank Regulator Announces FinTech Charter
By Scott H. Kimpel & Carleton Goss on
Posted in Regulatory
Recently, the federal Office of the Comptroller of the Currency announced that it is now accepting applications for national bank charters from nondepository banking institutions. Continue reading for a link to our detailed client alert on the parameters of the charter.
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CFTC Issues Advisory on Digital Tokens
By Scott H. Kimpel & Mayme Beth Donohue on
Posted in Cryptocurrencies, Initial Coin Offerings
On July 16, 2018, the Commodity Futures Trading Commission issued a customer advisory on digital tokens.
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