Renegade Pandas, Competitive Regulation and a Token Safe-Harbor?
In a July 30 speech in Singapore, SEC Commissioner Hester Peirce compared renegade red pandas’ penchant for life “outside the fence” to the Fin-Tech innovation…
Blockchain & E-Transactions Law
POQ No-Action Letter: DLT “Arcade Tokens” Aren’t Securities
Last week, the SEC’s Corporate Finance division issued its second no-action letter supporting a digital token issue. On July 25, 2019, the Staff agreed it…
IRS Sends Out 10,000 Cryptocurrency Tax Letters
The IRS announced this week that it is in the process of sending out 10,000 letters during the next month, reminding taxpayers with cryptocurrency accounts…
State Law Fintech Roundup
As fintech and blockchain transactions continue to grow in popularity, they are receiving increased attention at the state level, whether through fintech sandboxes, crypto-friendly legislation,…
U.S. House of Representatives Launches FinTech and Artificial Intelligence Task Forces
On May 9, 2019, the House Financial Services Committee voted to establish two task forces dedicated to studying technological innovations that impact the financial services…
SEC Investor Alert on Crypto Trading Websites
The SEC recently issued an investor alert warning about crypto advisory and trading websites. The alert cautions investors to be especially wary of web-based cryptocurrency…
FinCEN Announces Civil Monetary Penalty for Virtual Currency Exchanger
On April 18, 2019, the Financial Crimes Enforcement Network ("FinCEN") announced its first enforcement action against a peer-to-peer virtual currency exchanger. See FinCEN Penalizes Peer-to-Peer…
Congress Seeks to Add Formal Definitions to “Blockchain” and “Digital Token”
As the 116th Congress continues its work in the first session, several new and revived bills have been introduced concerning blockchain and cryptocurrencies. Two of…
FSB Releases G20 Crypto-Regulators Directory
The Financial Stability Board ("FSB") recently released a Crypto-assets Regulators Directory providing background and mandate information for the principal regulatory agencies touching upon digital-asset issues…
Old Is New: SEC Issues TurnKey Jet No-Action Letter
Late last week, the SEC issued a no-action letter widely hailed as its first on a blockchain-based digital token for private jet services. In its…