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Goodwin Releases Publication Covering Recent U.S. Regulatory and Legal Developments in Digital Currency + Blockchain

2019 was a year of significant regulatory and legal developments in digital currency + blockchain. The SEC issued its most comprehensive guidance to date with its Framework for “Investment Contract” Analysis of Digital Assets, followed that up with three “no action” letters for projects that in its view complied with…

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Securities and Exchange Commission v. Eyal and UnitedData, Inc. d/b/a “SHOPIN,” No. 1:19-cv-11325

On December 11, 2019, the SEC filed an enforcement action in the United States District Court for the Southern District of New York against UnitedData, Inc. d/b/a Shopin (“Shopin”) and its CEO (Eran Eyal) for violations of Sections 5(a) and 5(c) of the Securities Act for the sale of unregistered…

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Leibowitz v. iFinex Inc., No. 1:19-cv-09236 (S.D.N.Y. filed Oct. 6, 2019)

On October 6, 2019, alleged cryptocurrency investors filed a putative class action complaint in the U. S. District Court for the Southern District of New York, alleging that Bitfinex, Tether, and other defendants coordinated to manipulate the price of Bitcoin and disrupted the cryptocurrency market. The complaint brought claims for…

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Securities and Exchange Commission v. Bitqyck, Inc., Bruce E. Bise, and Samuel J. Mendez, No. 3:19-cv-2059-N (N.D. TX)

On August 29, 2019, the SEC issued a final judgment as to Bitqyck Inc. (“Bitqyck”) and its founders (Bruce Bise and Sam Mendez) concerning the defendants’ conduct with respect to the sale of digital tokens and the failure to register as a national securities exchange. The order was part of…

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Bittrex, Inc. License to Engage in Virtual Currency Business Activity

Bittrex, Inc. (“Bittrex”) is a US-based company that owns and operates one of the world’s largest cryptocurrency exchanges. Bittrex’s digital asset exchange platform allows approximately 1.67 million global users to trade over 200 cryptocurrencies. Bittrex offers two separate platforms, Bittrex and Bittrex International. The former is designed for use by…

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