On August 10, 2023, French securities regulator Autorité des marchés financiers (AMF) published a press release announcing amendments to Book VII of its General Regulation as it relates to digital assets service providers (DASPs) to be consistent with the enhanced registration requirements introduced by the DDADUE Law. On August 10, 2023, French securities regulator Autorité des marchés financiers (AMF) published a press release announcing amendments to Book VII of its General Regulation as it relates to digital assets service providers (DASPs) to be consistent with the enhanced registration r ..read more

On August 7, 2023, the Securities and Futures Commission of Hong Kong (SFC) issued a warning to virtual asset trading platforms (VATPs) engaging in “improper practices” under the SFC’s new regulatory regime for VATPs. In its statement, the SFC specifically called attention to the potential legal and regulatory consequences associated with false license application claims, established entity non-licensing, and the impacts of current VATP noncompliance on respective future license applications. On August 7, 2023, the Securities and Futures Commission of Hong Kong (SFC) issued a warning to virtua ..read more

The Securities and Futures Commission of Hong Kong (SFC) recently announced the new regulatory and licensing requirements for virtual asset trading platform operators, outlining the finalized regulatory requirements and proposed transitional arrangements under the new licensing regime for centralized virtual asset trading platforms (VATPs). The Securities and Futures Commission of Hong Kong (SFC) recently announced the new regulatory and licensing requirements for virtual asset trading platform operators, outlining the finalized regulatory requirements and proposed transitional arrangements un ..read more

On May 18, 2023, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam clarified his position on the CFTC’s authority over digital asset markets. Behnam’s comments are consistent with Securities and Exchange Commission Chair Gary Gensler’s recommendation of greater CFTC authority over cryptocurrency and pushes for increased regulation of digital asset markets generally. On May 18, 2023, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam clarified his position on the CFTC’s authority over digital asset markets. Behnam’s comments are consistent with Securities and Ex ..read more

On May 15, 2023, the Securities and Exchange Commission responded to Coinbase, Inc.’s request for writ of mandamus instructing the SEC to act on Coinbase’s previously filed rulemaking petition. In its response, the SEC argued that its regulatory regime is not egregiously delayed and that the SEC is not withholding any decisions already made. On May 15, 2023, the Securities and Exchange Commission (the SEC) responded to Coinbase, Inc.’s (Coinbase) request for writ of mandamus instructing the SEC to act on Coinbase’s previously filed rulemaking petition. In its response, the SEC argued that its ..read more

On February 17, 2023, the Securities and Exchange Commission charged former NBA star Paul Pierce—nicknamed “the Truth”—with violations of Section 17(b) of the Securities Act of 1933, as amended, which makes it unlawful for any person to promote a “security” without fully disclosing the receipt and amount of compensation received for such a promotion. Section 17(b) is known as the SEC’s “anti-touting rule.” On February 17, 2023, the Securities and Exchange Commission (SEC) charged former NBA star Paul Pierce—nicknamed “the Truth”—with violations of Section 17(b) of the Securities Act of 1933, a ..read more

On February 22, 2023, the Southern District of New York denied a motion to dismiss by blockchain company Dapper Labs and its CEO Roham Gharegozlou. Dapper Labs is behind the “NBA Top Shot Moments” Non-Fungible Token collection and also controls the private Flow blockchain network, on which the NFT transactions occur via the exclusive FLOW tokens. On February 22, 2023, the Southern District of New York denied a motion to dismiss (the Motion) by blockchain company Dapper Labs and its CEO Roham Gharegozlou. Dapper Labs is behind the “NBA Top Shot Moments” (Moments) Non-Fungible Token (NFT) collec ..read more

On February 13, 2023, Paxos Trust Company, LLC, a New York State-chartered trust company regulated by the New York State Department of Financial Services, confirmed via a statement that it received a Wells Notice from the Securities and Exchange Commission on February 3, 2023. On February 13, 2023, Paxos Trust Company, LLC (“Paxos”), a New York State-chartered trust company regulated by the New York State Department of Financial Services (the “Department”), confirmed via a statement that it received a Wells Notice from the Securities and Exchange Commission (SEC) on February 3, 2023 (the “Noti ..read more

On February 9, 2023, the U.S. Securities and Exchange Commission announced charges against Payward Ventures, Inc. and Payward Trading Ltd. for failing “to register the offer and sale of their crypto asset staking-as-a-service program.” On February 9, 2023, the U.S. Securities and Exchange Commission (SEC) announced charges against Payward Ventures, Inc. and Payward Trading Ltd. (collectively, Kraken) for failing “to register the offer and sale of their crypto asset staking-as-a-service program.” To settle the SEC’s charges, Kraken agreed to immediately cease offering or selling securities thro ..read more

On January 3, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a joint statement on crypto-asset risks to banking organizations. On January 3, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the “agencies”) issued a joint statement on crypto-asset risks to banking organizations. The initiative highlights a number of key risks associated with crypto-assets that partic ..read more