Digital currency is an exciting, dynamic and growing technology changing the financial and legal landscapes. To keep pace, corporate counsel must stay abreast of new rules, new regulations, and new applications of blockchain technology. Recognizing this need, Digital Currency + Blockchain Perspectives chronicles industry news, including regulatory developments and other issues affecting our clients and the digital currency industry.

Villanova University is Sending Blockchain into Space

Please note, this is a summary to the article originally published in Coindesk. Villanova’s engineering school is sending a private Ethereum blockchain into space on a Firefly Aerospace rocket (slated to launch November 20th) to test whether distributed ledger technology (DLT) can help satellites exchange data. The rocket will carry…

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So You Want to be a Bank?

Goodwin’s recent webinar explored why a fintech company might consider forming or acquiring a depository institution, detailed how depository institutions and their holding companies are regulated, and addressed considerations relevant for fintechs and their investors when considering potential depository institution charters. To watch the panel we held by our Banking…

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FTC Announces $30 Million Settlement with Operator of For-Profit Post-Secondary Schools

On August 27, 2019, the Federal Trade Commission (FTC) announced it had reached a $30 million settlement with an Illinois-based operator of for-profit post-secondary schools and related subsidiaries resolving allegations that the company used lead generators who engaged in deceptive conduct to market its schools in violation of Section 5(a) of the Federal Trade Commission…

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Department of Justice Announces “Cryptocurrency: An Enforcement Framework"

On October 8, 2020, the Attorney General’s Cyber Digital Task Force announced the release of a publication entitled Cryptocurrency: An Enforcement Framework (the “Enforcement Framework”).  The Enforcement Framework describes the DOJ’s three areas of focus for illicit activity involving cryptocurrency:  (1) financial transactions associated with the commission of crimes; (2)…

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SEC Announces Settlement with Unikrn, Peirce Issues Statement in Opposition

On September 15, 2020, the SEC announced a settlement with Unikrn, Inc. (“Unikrn”)—an online eSports gaming and gambling platform based in Washington State—in connection with the SEC’s finding that Unikrn had conducted an unregistered offering of securities in violation of Sections 5(a) and 5(c) of the Securities Act.  According to…

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New York Department of Financial Services Announces New Virtual Currency Initiatives

On June 24, 2020, New York’s Department of Financial Services (“DFS”) announced a series of steps it is taking to promote development and opportunities in the virtual currency space.  These actions would build upon New York’s “BitLicense,” a virtual currency licensing regime implemented in 2015 that establishes minimum standards for…

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