Non-Fungible Insights: Blockchain Decrypted
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July 26, 2024
|2 min read
FSTB and HKMA Unveil Stablecoin Legislative Proposal
On July 17, 2024, the Financial Services and Treasury Bureau (FSTB) and Hong Kong Monetary Authority (HKMA) jointly issued a legislative proposal on stablecoin regulation in response to a two-month public consultation period with industry stakeholders. The consultation—which began earlier this year—generated 108 responses from market participants, industry associations, business organizations, and individuals, many of whom expressed support for a “well-regulated environment” as “a prerequisite for sustainable and responsible development of the stablecoin ecosystem in Hong Kong.”
February 23, 2024
|1 min read
Cabinet of Japan Approves Bill Encouraging Venture Capital Investment in Blockchain Startups
On February 16, 2024, the Cabinet of Japan approved a bill to amend, among three other laws, the Limited Partnership Act for Investment (the Act). The proposed amendment provides for crypto assets to be added to the list of assets that investment limited partnerships (LPs) can acquire or hold.
February 16, 2024
|6 min read
On February 7, 2024, the Securities and Exchange Commission (SEC) announced charges against TradeStation Crypto, Inc. for “failing to register the offer and sale of a crypto lending product” that it offered to U.S. investors from approximately August 2020 to June 2022.
January 17, 2024
|1 min read
Lexis+ NFT Litigation and Regulatory Proceedings Tracker
Winston’s “NFT Litigation and Regulatory Proceedings Tracker” on Lexis+ provides timely updates on significant litigation and administration proceedings involving NFTs brought by U.S. regulatory agencies and private litigants.
January 11, 2024
|6 min read
Road to Bitcoin Investment Cleared with SEC’s Approval of 11 Spot Bitcoin ETFs
Yesterday marked a historic milestone in the history of bitcoin. On January 10, 2024, the U.S. Securities and Exchange Commission declared effective the applications to list shares of the following 11 spot bitcoin exchange-traded products and greenlighted the commencement of trading shares of the spot bitcoin ETPs beginning today.
August 30, 2023
|2 min read
Appeals Court Reverses the SEC’s Rejection of Grayscale’s Spot Bitcoin ETF Proposal
Although the U.S. Securities and Exchange Commission in 2022 approved two exchange-traded funds (ETF) holding bitcoin futures, the Commission has rejected several efforts to list bitcoin spot ETFs.
August 18, 2023
|1 min read
Autorité des Marchés Financiers Announces Enhanced Framework for Digital Assets Services Providers
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.
August 14, 2023
|3 min read
Securities and Futures Commission Issues Warning to Virtual Asset Trading Platforms
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.
July 11, 2023
|2 min read
Financial Conduct Authority Issues New Guidance on Crypto Asset Marketing
On July 4, 2023, the United Kingdom’s Financial Conduct Authority (FCA) issued a letter regarding crypto-asset financial promotion rules effective as of October 8, 2023. The new guidance supplements the FCA’s previously issued policy statement applying the U.K.’s financial promotions regime “to all firms marketing cryptoassets to UK consumers r,egardless [sic] of whether the firm is based overseas or what technology is used to make the promotion.”
June 15, 2023
|4 min read
Securities Clarities Act Seeks Direction in Muddy Waters of Digital Asset Regulation
On May 18, 2023, House Majority Whip Tom Emmer (R-MN) and Representative Darren Soto (D-FL) proposed the bipartisan Securities Clarities Act (the “Act”). The purpose of the Act is to “clarify and codify that an asset sold pursuant to an investment contract….including an asset in digital form…, that is not otherwise a security…does not become a security as a result of being sold or otherwise transferred pursuant to an investment contract.”
May 31, 2023
|3 min read
SEC’s Settlement in Wahi Brings an End to Its Extended Securities Claim
On May 30, 2023, the U.S. Securities and Exchange Commission (SEC) settled its case against a former Coinbase employee and his brother for alleged “insider trading” of digital assets. At the heart of the dispute was whether several digital assets trading on the platform were properly regarded as “securities” under U.S. law.
May 26, 2023
|2 min read
CFTC Chairman Clarifies Position on Regulation of Digital Assets
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.
May 25, 2023
|2 min read
SEC Responds to Coinbase Petition for Regulation of Digital Assets
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.
May 1, 2023
|6 min read
Bored Apes Earn Victory in Trademark Suit
On April 21, 2023, United States District Judge John F. Walter ruled for Yuga Labs, Inc. (Yuga) and its Bored Apes Yacht Club (BAYC) NFT collection in its trademark infringement suit against conceptual artists Ryder Ripps and Jeremy Cahen (collectively, the “Artists”).
April 26, 2023
|4 min read
European Parliament Endorses the New Markets in Crypto-Assets Regulation (MiCA)
On April 20, 2023, the European Parliament greenlighted the first, harmonized European Union (EU) framework governing crypto-assets, known as the Markets in Crypto-Assets Regulation (MiCA), with 517 votes in favor, 38 votes against, and 18 abstentions.
March 10, 2023
|2 min read
On February 23, 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 their second joint statement of the year regarding crypto-asset market vulnerabilities.
In this more recent joint statement, the agencies have drawn their attention to the liquidity risks created by funding from crypto-asset-related entities, and the methods to mitigate such risks.
February 27, 2023
|2 min read
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.”
February 24, 2023
|2 min read
Judge Dismisses Dapper Labs Motion, Allows NFT Class Action to Proceed
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.
February 21, 2023
|2 min read
SEC and the NYDFS Take Aim at Paxos
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.
February 15, 2023
|3 min read
SEC Settles With Kraken Over Its Failure to Register Its Staking-as-a-Service Program
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.”