Tagged: legal

June 30, 2024 @ 11:50 am By Omar Faridi  |  

Consensys claims that it fully expected the US Securities and Exchange Commission (SEC) to follow through on its threat to claim their MetaMask software interface must register as a securities broker. Consensys further noted via social media that the SEC has been pursuing an “anti-crypto… Read More

April 30, 2024 @ 3:46 pm By JD Alois  |  

Roger Ver, aka Bitcoin Jesus, has been charged with tax fraud. According to a statement by the US Department of Justice, Ver was arrested this weekend in Spain. He has been charged with mail fraud, tax evasion and filing false tax returns. Ver had acquired… Read More

April 30, 2024 @ 3:39 pm By JD Alois  |  

Binance founder and former CEO Changpeng Zhao (CZ) was sentenced to four months in prison last November after pleading guilty. Zhao was also required to pay a $50 million penalty. According to WSJ.com, Zhao told the court he was sorry for his behavior and regretted… Read More

March 8, 2024 @ 1:51 pm By Omar Faridi  |  

PPRO, the local payments platform, has announced the appointment of three new senior leaders across legal and compliance: Selene Brett as Chief Legal, Risk and Compliance Officer, Marc Kuzak as Legal Director, and Massimiliano Conte as Compliance Director. Through these new appointments, PPRO is bolstering… Read More

January 9, 2023 @ 4:37 pm By Omar Faridi  |  

The Federal bank regulatory agencies released a joint statement on crypto-asset risks to banking organizations, which is “a move that has been long anticipated by the community.” Upon this news, Fireblocks’ Chief Legal & Compliance Officer Jason Allegrante feels confident that 2023 will “see an… Read More

August 12, 2021 @ 10:30 am By JD Alois  |  

The enforcement drums are pounding at the Securities and Exchange Commission (SEC) when it comes to digital assets. At the top of the list are trading platforms that may be skirting established securities laws, especially when the Commission believes they are enabling the buying and… Read More

June 22, 2021 @ 4:14 pm By JD Alois  |  

Brian  Korn has been a regular suspect on the Fintech trail for years. From the early days of online lending and securities crowdfunding, to the more recent rise of digital assets, Korn has provided counsel to emerging firms seeking to benefit from the Fintech revolution…. Read More

April 28, 2021 @ 11:00 am By Andrew L. Lee and Daniel Bernard  |  

The sudden prevalence of Non-Fungible Tokens has raised important legal considerations for issuers and purchasers alike. While intellectual property rights remain essential, securities laws should not be overlooked. Non-Fungible Tokens, or “NFTs”, are digital assets with unique identifying characteristics that distinguish one from another.  Unlike… Read More

April 22, 2021 @ 11:30 am By Alonzo Llorens and Olivia Daly  |  

  In an effort to address an issue that has frustrated the business community for years, including startups, tech companies, and “finders,” the U.S. Securities and Exchange Commission (SEC) published a proposed conditional exemption for finders on October 7, 2020. Under the proposal, people (i.e.,… Read More

April 15, 2021 @ 4:55 pm By JD Alois  |  

In a blog post today, Robinhood responded to an attempt by the State of Massachusetts Securities Division to revoke Robinhood’s broker-dealer license in the state thus blocking its ability to operate. Robinhood said they have filed in Massachusetts State Court a complaint and motion for… Read More

April 6, 2021 @ 12:00 pm By Patrick Daugherty, John Lanza and Catherine Zhu  |  

Non-fungible tokens (NFTs) were minted and sold under the radar until a relatively obscure artist sold an NFT for an immense sum. That seminal event invigorated interest in NFTs by artists, sales platforms, and collectors. In this column, we undertake to identify and answer, in… Read More

March 30, 2021 @ 11:00 am By Ariel Glasner and Amit Roitman  |  

President Joe Biden’s young administration is poised to deliver heightened – and perhaps unprecedented – regulatory scrutiny of the exploding Fintech industry.  The groundwork for a more active regulatory regime has been set over the course of the past decade.  Prior administrations harnessed existing enforcement… Read More

March 15, 2021 @ 3:00 pm By Lee Schneider  |  

Once the Coinbase registration statement becomes effective and Coinbase shares trade publicly, a sea change will have occurred in the US without most people recognizing it.  Part of that unacknowledged difference will be the broader awareness of blockchain and cryptoasset trading it brings. It is… Read More

February 23, 2021 @ 3:51 pm By JD Alois  |  

A New York judge has tossed a lawsuit filed against Bancor, or BProtocol Foundation, that claimed the sale of unregistered securities, according to an Order Granting Motion to Dismiss received by CI. Judge Alvin Hellerstein dismissed the case and the Plaintiff’s offer to re-plead was… Read More

November 27, 2020 @ 11:43 am By Gautam Gujral  |  

On November 2, 2020, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) voted to amend its rules to harmonize, simplify, and improve the exempt offering framework. These amendments will, in general, be effective 60 days after publication in the Federal Register. Bigger is Better An… Read More

October 22, 2020 @ 11:57 am By JD Alois  |  

The law firm of Ellenoff, Grossman, and Schole (EGS) has long been a leading Manhattan firm in the SPAC sector (Special Purpose Acquisition Company). This year, SPACs have boomed, including multiple high profile issuers as well as several Fintech focused SPACs. So how did SPACs… Read More

October 20, 2020 @ 9:16 pm By JD Alois  |  

The long saga of Kik Interactive’s battle with the Securities and Exchange Commission appears to finally be at an end. A document filed in US District Court today indicates that both sides have come to an agreement on a settlement with a $5 million penalty…. Read More

October 7, 2020 @ 8:28 pm By JD Alois  |  

Yieldstreet, a crowdfunding platform for accredited investors, has won a significant victory in the British High Court pertaining to allegations of fraud associated with loans issued via the platform. Yieldstreet called the decision a “huge win for our investors” as it appeared to vindicate, in… Read More

October 3, 2020 @ 8:12 am By JD Alois  |  

This past week, Kik, a company that raised over $100 million in an initial coin offering (ICO), lost a long legal battle with the Securities and Exchange Commission (SEC). The courts determined that Kik had raised capital in an unregistered securities offering thus transgressing securities… Read More

September 3, 2020 @ 10:01 pm By Anthony Zeoli  |  

Its official, the “accredited investor” definition, which has not changed significantly since its enactment almost 40 years ago, has been massively upgraded. On August 26, 2020, the Securities and Exchange Commission (“SEC”) adopted final amendments to the “accredited investor” definition which fundamentally change and broaden… Read More