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U.S. Crypto Regulation: Less Conversation, More Action (International Financial Law Review)

The plethora of public statements and draft legislation published over the past few months in the US as part of the effort to define a regulatory framework for digital assets have all but failed to bring market participants the clarity they need. Just last week, the White House published a…

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‘Our Rules Have To Evolve’: The Crypto Industry Is Trapped In Regulatory Purgatory (Fortune)

Many in the crypto industry have been calling for clear guidance from government regulators, especially as new sectors like DeFi evolve and high-profile companies collapse. Jonathan Shapiro, Complex Litigation & Dispute Resolution partner, said that SEC registration creates new challenges for companies and investors, especially because they haven’t been issued explicit guidance. “There’s…

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White House Crypto Framework Should Inform SEC Approach (Law360)

The White House recently published a “Framework for Responsible Development of Digital Assets,” following up on President Joe Biden’s executive order on digital assets earlier this year, which set forth six principal policy objectives in furtherance of U.S. initiatives in the crypto and digital asset space. The framework directs financial…

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SEC Alleges "Crypto Asset Securities" Insider Trading; Case Has Significant Implications for the Digital Asset Industry

On July 21, 2022, the SEC charged three individuals with insider trading of digital assets via a scheme to trade ahead of multiple announcements regarding crypto assets being made available on a United States-based digital asset exchange at which one individual was a former product manager. In the complaint, the SEC identifies…

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Is the SEC's Expansion of the "Exchange" and "Dealer" Definitions Part of the Agency's Crypto and DeFi Strategy?

In March 2022, the U.S. Securities and Exchange Commission proposed rules that would greatly expand the Exchange Act definition of “dealer” and essentially kill the distinction between dealers and traders long-recognized by the SEC. The likely outcome is that most proprietary trading firms will need to register with the SEC as…

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SEC Publishes Spring Rulemaking Agenda: Torrid Pace Continues; Crypto Framework Noticeably Absent

Goodwin’s Nicholas Losurdo and Christopher Grobbel shared a client alert about the SEC’s recently released Spring 2022 “Reg Flex” agenda, which provides a glimpse into how the agency will prioritize its resources over the coming six months from a policy and rulemaking standpoint. Notably absent from the agenda is any…

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tZERO ATS Settlement with SEC: Square Peg/Round Hole or Simple Failure to Follow Existing Rules?

On January 10, 2022, tZERO’s ATS settled a matter with the SEC in which it agreed to an $800,000 fine.  Given the size of the penalty and substantial attention on the SEC’s approach to regulating digital asset securities, readers may have thought that this would present a blockbuster set of…

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