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
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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. …
DOJ Announcements on Corporate Compliance Programs, Compensation Clawbacks and National Security
The US Department of Justice made several recent announcements expanding on its expectations for corporate compliance programs and unveiling new guidance on executive compensation structures, consequence management and business communications and ephemeral messaging.…
Bank Turmoil Brings Increased Risk of Litigation and Investigations
Hunton Andrews Kurth LLP continues to assist clients and monitor developments in the financial markets arising from the liquidity challenges and market volatility currently facing the banking industry. Late Tuesday brought the first inevitable wave of lawsuits and government investigations. There will be many more in the days ahead.…
Bank Term Funding Program: Understanding Borrowing from the Federal Reserve Bank
In its ongoing efforts to stabilize the banking system, the Federal Reserve announced the creation of the new Bank Term Fund Program (“BTFP”). The Federal Reserve established the BTFP to make available additional funding to eligible depository institutions in order to help ensure that banks have the ability to meet the needs of all their…
What You Need to Know: Historically Large Bank Closures Resulting in Unprecedented Actions Taken by Regulators
We have linked three client alerts that highlight the key events that occurred over this past weekend in the wake of the failure of Silicon Valley Bank.…
Nine Legal Questions You Might Encounter While Doing Business in the Metaverse
The metaverse is brimming with multifaceted, thought-provoking legal issues. What is the connection among blockchain, cryptocurrency, NFTs, and the metaverse? We consider these questions and others in this nine-part series.…
Proposed SEC Custody Rules for Crypto Assets
On February 15, 2023, by a 4-1 vote, the SEC proposed new rules regarding an investment adviser’s obligation to custody assets. Unlike the existing rules, if adopted, the new rules would apply to all crypto assets.…
First Ever Trial On NFT Trademark Infringement Finds Against The NFT Creator
On February 8, 2023, a jury in the Southern District of New York reached a verdict finding Mason Rothschild liable for trademark infringement of the Hermes BIRKIN mark when Rothschild advertised and sold a series of “MetaBirkin” non-fungible tokens. The verdict required Mr. Rothschild pay $110,000 for trademark infringement and dilution, as well as $23,000…
You’ve Been Served… By NFT?
LCX AG, a cryptocurrency exchange based in Liechtenstein, recently lost nearly $8 million in digital assets from a cyberattack. The perpetrator’s identity was unknown. Through the public ledger, LCX found the blockchain address that received the stolen assets, and quickly filed a complaint in New York to freeze certain of those assets. Without any other…