On July 13, 2023, the Federal District Court for the Southern District of New York issued the hotly anticipated ruling in the SEC’s case against Ripple Labs, Inc. On cross-motions for summary judgment, the court found that only Ripple’s sale of its XRP tokens to institutional buyers pursuant to sales contracts constituted unregistered sales of
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FTC Updates Endorsement Guides: Highlights Online Reviews, Social Media Tags, and Clear Disclosures
Last week, the FTC announced its long-awaited finalization of updated Endorsement Guides. These guidelines come after the FTC initially voted to publish revised guidelines in May 2022.…
Interagency Guidance for Bank Risk Management of Third-Party Relationships
As reported in a Hunton Client Alert last week, on June 6, 2023, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency issued final guidance on managing risks associated with third-party relationships, including relationships with fintechs.…
CFTC Wins Default Judgment Against Ooki DAO
On June 8, 2023, Judge William H. Orrick of the U.S. District Court for the Northern District of California granted a default judgment in favor of the CFTC against Ooki DAO, a cryptocurrency decentralized autonomous exchange.…
CFTC Staff Issues Alert on Risks of Clearing Digital Assets
On May 30, 2023, the Commodity Futures Trading Commission Division of Clearing and Risk issued a staff advisory on the risks associated with the Derivatives Clearing Organization clearing of digital assets.…
FTC Secures First Monetary Settlement Against Celebrity Endorsers
On May 22, 2023, the Federal Trade Commission announced its first monetary settlement with celebrity endorsers for a combined $1.7 million.…
New York Attorney General Proposes Sweeping Crypto Legislation
On May 5, 2023, New York Attorney General Letitia James released proposed legislation that seeks to regulate all facets of the cryptocurrency industry. Entitled the “Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act,” if enacted the draft bill would substantially expand New York’s oversight of crypto enterprises conducting business in the Empire State.…
SEC Steps up Oversight of Crypto Exchanges
On April 14, 2023, by a 3-2 party-line vote the US Securities and Exchange Commission reopened the public comment period and provided supplemental information on amendments proposed in January 2022 to the definition of “exchange” under Rule 3b-16.…
NFT Service Brings Litigation Into the Metaverse!
As reported on the Hunton Insurance Recovery Blog, blockchain technology has been touted as inherently reliable for years. More recently, collectors of NFTs have explored expanded uses for that novel technology. Some courts have bought in and, in doing so, recently authorized a use that perhaps no one had imagined when NFTs first entered the…
US Bureau of Economic Analysis Conducts Survey of US Businesses Having Foreign Ownership of Voting Interests of 10% or More
The US Bureau of Economic Analysis has announced that it is conducting a survey of all US businesses whose voting interests are 10% or more owned, directly or indirectly, by a foreign person. …