On August 19, 2022, the FDIC issued cease and desist letters to five crypto companies, alleging they made false and misleading statements about FDIC deposit insurance and demanding immediate corrective action.
On July 29, 2022, the Federal Deposit Insurance Corporation (FDIC) issued an advisory and fact sheet, (collectively, the “FDIC Crypto Guidance”) to address concerns regarding consumer confusion arising from crypto assets offered by, through, or in connection with insured banks.
On Aug. 15, 2022, a federal court in the Central District of California authorized the Internal Revenue Service (IRS) to serve a John Doe summons on OX Labs Inc. d/b/a SFOX and its subsidiaries (collectively, SFOX).
We’ve previously written about the rise in NFT litigation in the United States. Not surprisingly, the global interest in this new genre of cryptographic assets has occasioned an inevitable increase in disputes involving NFTs in other parts of the world.
The New York Department of Financial Services (“NYDFS”) made clear last week that crypto companies can be held accountable for allegedly failing to comply with anti-money laundering (“AML”) / Bank Secrecy Act (“BSA”) regulations.
U.S. Senators Debbie Stabenow (D-Mich.) and John Boozman (R-Ark.) of the Senate Agricultural Committee have formally proposed a new bill to regulate the digital asset market
On July 21, 2022, the US Securities and Exchange Commission (SEC) filed a civil enforcement action alleging that from at least June 2021 to April 2022, the three named defendants orchestrated and perpetrated an insider trading scheme amassing over $1.1 million in illicit gains from crypto asset trading.
The hype surrounding NFTs appears to be gradually cooling down amid the slowdown in NFT markets and the recent crypto price dip.
On July 20, 2022, the Connecticut Department of Banking (the “Department”) issued a Consumer and Industry Advisory on Money Transmission (the “Advisory”).
On July 21, the U.S. Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission (SEC) announced insider trading allegations against three defendants related to the trading of crypto assets, in what U.S. Attorney Damian Williams heralded as the “first ever insider trading case involving cryptocurrency markets.”
The regulations implementing the CCPA require that a business verify the identity of a consumer that submits a specific-information access request to a “reasonably high degree of certainty.”
The Financial Industry Regulatory Authority (FINRA) in November 2022 released a targeted exam letter pertaining to communications for crypto products and services.
It has been a long and heated debate as to whether NFTs and certain cryptocurrencies can be deemed as securities under applicable laws and precedents.
In a prior post, we wrote about the importance of reviewing the terms governing the sale of an NFT to determine what rights, if any, are included in the sale in order to commercially exploit the asset associated with the NFT, and the confusion that emerges in interpreting such terms through the lens of copyright law.
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