SEC Sues Blockvest for False Claims of SEC Endorsement of ICO
On October 3, 2018, the Securities and Exchange Commission sued Blockvest LLC and its founder Reginald Buddy Ringgold, III for falsely claiming that its initial…
Blockchain & E-Transactions Law
Massachusetts District Court Finds Virtual Currencies Are Commodities
In Commodity Futures Trading Commission v. My Big Coin Pay, Inc., --- F. Supp. 3d ---, 2018 WL 4621727 (D. Mass. Sept. 26, 2018), the…
Some Legal Issues Surrounding Blockchain and Cryptocurrency
Part 7: The CFTC’s Proposed Cryptocurrency Interpretation.
After Bitfinex, the CFTC issued its Proposed Interpretation on "Retail Commodity Transactions Involving Virtual Currency." Proposed Interpretation, 82 Fed. Reg. 60335 (CFTC Dec. 20, 2017).…
Some Legal Issues Surrounding Blockchain and Cryptocurrency
Part 6: The CFTC’s Bitfinex Order.
In a series of 2015 decisions, the CFTC determined that virtual currency is a commodity subject to its jurisdiction. In a 2016 settled enforcement action,…
Some Legal Issues Surrounding Blockchain and Cryptocurrency
Part 5: Commodities Forwards: Dodd-Frank & Hunter Wise.
The 2011 Dodd-Frank Act amended the CFTC's jurisdiction to authorize regulation of "retail commodity transactions offered 'on a leveraged or margined basis, or financed by…
Some Legal Issues Surrounding Blockchain and Cryptocurrency
Part 4: Commodities Forwards Before Dodd-Frank: Zelener & Erskine.
Prior to Dodd-Frank, the CFTC and Courts recognized a distinction between traded futures contracts subject to CFTC jurisdiction and individualized non-exchange-traded contracts for the present…
FINRA’s First Crypto Enforcement Action
On September 11, FINRA announced its filing of an enforcement action accusing a Massachusetts broker of fraud and registration violations arising from his sale of…
The SEC’s Pair of Settled Cryptocurrency Enforcement Actions
On September 11, the SEC announced a pair of settled cryptocurrency enforcement actions. The first was against an unregistered digital-asset hedge fund. The second shut…
Some Legal Issues Surrounding Blockchain and Cryptocurrency
Part 3: Regulation of Cryptocurrencies.
This is Part 3 of a seven-part series of posts looking at some broad legal issues affecting crypto-currencies. A. Regulatory Catch-Up. As is often true…
Legislative Update: Uniform Regulation of Virtual-Currency Business Act
Last October, the Uniform Law Commission released the Uniform Regulation of Virtual-Currency Business Act (VCBA), which sets forth extensive requirements applicable to persons or entities…