On February 8, 2019, the U.S. District Court for the Southern District of Florida granted in part and denied in part the plaintiffs’ motion for summary judgment dismissing a putative class action complaint alleging (among other things) that Monkey Capital, LLC and Monkey Capital Inc. (collectively “Monkey Capital”) violated Sections…
Basis, one of the most well-funded crypto-startups, had plans to create an algorithmic central bank that aimed to create a price-stable cryptocurrency within a decentralized monetary system. In its April 2018 fundraising efforts, Basis had secured $133 million in funding from large institutional investors. However, citing regulatory constraints, Basis announced…
On September 26, 2018, a federal judge in Massachusetts agreed with the Commodity Futures Trading Commission’s (“CFTC”) view that virtual currencies are commodities under the Commodity Exchange Act (“CEA”) and subject to federal regulation. See CFTC v. My Big Coin Pay, Inc., No. CV 18-10077-RWZ, 2018 WL 4621727 (D. Mass….
The National Law Journal named partners Grant Fondo and Mitzi Chang to its 2018 Cryptocurrency, Blockchain and Fintech Trailblazers list. This inaugural award recognizes lawyers who are making great strides as finance and technology grow more and more entwined. Please click here to read The National Law Journal’s profile on Fondo and Chang.
On August 9, 2018, Kenneth A. Blanco, Director of the Financial Crimes Enforcement Network (FinCEN), delivered remarks at the 2018 (Legal) Tech Conference at Chicago-Kent College of Law at Illinois Institute of Technology. Director Blanco’s remarks focused on FinCEN’s approach with respect to digital currency and financial innovation. Several days…
On Monday, August 6, 2018 Goodwin will host an hour-long webinar on crypto considerations for regulated entities in Vermont. Michael Pieciak, Commissioner of the Vermont Department of Financial Regulation, will join Goodwin Partner Bill Stern and Counsel David Solander for a discussion of relevant topics for investment advisers, broker-dealers and banking institutions….
This past week was a busy one for state securities regulators, the CFTC and the SEC as they continue their focus on rooting out fraud from the digital currency space and crypto- and blockchain-based ventures. Noteworthy developments included (1) the North American Securities Administrators Association (NASAA) announcing a “cryptosweep” –…
This writer received three cold emails in two weeks asking for legal help around operating a Bitcoin ATM (BTM).[1] Each groundbreaker asked: “What are the legal requirements for an operator putting a BTM in, say, a coffee shop?” Lawyers and businessmen and women work on the assumption that for every one person who…
On February 7, 2018, the New York State Department of Financial Services (NY DFS) issued guidance to all virtual currency businesses that maintain a “BitLicense” or that are chartered as a limited purpose trust company under New York Banking Law (collectively, VC Entities), including those that maintain a money transmitter…
On February 7, 2018, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its 2018 Examination Priorities. In what comes as no surprise, the exam priorities include initial coin offerings (ICOs) and cryptocurrency, stating the following: “The cryptocurrency and ICO markets have grown rapidly and present a number of…