The Proposed Guidance would require enhanced criteria for coin-listing and delisting procedures for New York-licensed virtual currency entities.
By Jenny Cieplak, Arthur S. Long, Yvette D. Valdez, Stephen P. Wink, Ian Irlander, and Deric Behar
On September 18, 2023, the New York Department of Financial Services (DFS) issued Proposed Updates
The new standard aims to improve accounting treatment of certain digital assets under GAAP and may pave the way for increased institutional adoption.
By Jack Barber, Robert J. Malionek, Marlon Q. Paz, Heather Waller, and Deric Behar
On September 6, 2023, the Financial Accounting Standards Board (FASB)[1] voted to approve
In its second action involving NFTs, the SEC targets an offering tied to fundraising and promises of future value.
By Ghaith Mahmood, Nima H. Mohebbi, Stephen P. Wink, Douglas K. Yatter, Adam Zuckerman, Luca Marquard, and Deric Behar
On September 13, 2023, the Securities and Exchange Commission (SEC) issued
On September 18, 2023, the New York Department of Financial Services (“DFS”) announced new proposed guidance for BitLicense holders and certain limited-purpose trust companies (“VC entities”) seeking to list virtual currencies on their platforms. The proposed guidance would replace existing DFS procedures and establish new protocols for listing virtual currencies that are not subject to
An appeals court panel rules that the SEC rejection of a proposed spot bitcoin ETP was arbitrary and capricious, opening the door for the potential launch of numerous ETPs in the near future.
By Jack Barber, Aaron Gilbride, Marlon Paz, Stephen P. Wink, and Deric Behar
On August 29, 2023, a
A new publication from the UK’s financial regulator signals to firms that they should take steps to manage risks in the use of AI.
By Stuart Davis, Fiona M. Maclean, Gabriel Lakeman, and Imaan Nazir
The UK’s Financial Conduct Authority (FCA) has published its latest board minutes highlighting its increasing focus on
On September 1, 2023, the Financial Conduct Authority (“FCA”) set out its expectations for cryptoasset businesses in the UK’s compliance with the “Travel Rule”, introduced by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (the “Amended MLRs”). The Travel Rule requires cryptoasset businesses to gather, authenticate, and share information concerning cryptoasset transfers.
A federal court’s dismissal of claims against a decentralized cryptocurrency platform and its investors for the actions of scam token issuers is a case of first impression with wider significance.
By Jenny Cieplak, Benjamin A. Naftalis, Stephen P. Wink, Douglas K. Yatter, Gregory Mortenson, and Deric Behar
On August 29,
After months of anticipation, a federal judge has finally ruled in the closely watched case of Joseph Van Loon, et al. v. Department of Treasury, et al. This important case addressed challenges to the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) decision to impose sanctions on Tornado Cash as a Specially
In its first enforcement action involving NFTs, the SEC focused on issuer marketing that promised outsized returns on investment and platform building.
By Ghaith Mahmood, Nima H. Mohebbi, Stephen P. Wink, Douglas K. Yatter, Adam Zuckerman, and Deric Behar
On August 28, 2023, the Securities and Exchange Commission (SEC) issued