Also like in Circle, thus far, DOJ is not alleging any wrongdoing by Kraken or its customers. The tide of regulation of cryptocurrency and blockchain could be turning in the United States. On February 1, 2021, the U.S. Securities and Exchange Commission (SEC) announced that it had brought charges against several individuals involved in an alleged scheme to induce investors to transfer more than $11 million to buy into an unregistered initial coin offering (ICO) of B2G tokens, which the SEC claimed was merely an elaborate sham. (SEC v. Krstic, No. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services: Facebook, Twitter and other Social Network Cookies. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR. Our roots go back to 1875, when we were founded in New York City. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile. Given that many NFTs are selling for significant amounts of money (in both fiat and digital currencies), the idea of fractionalization is taking shape to allow smaller investors to pool resources to purchase fractional interests of a NFT. About Proskauer Rose LLP. JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations. Proskauer is a leading international law firm focused on creating value. 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Following comments by newly-confirmed Treasury Secretary (and former Federal Reserve Chair) Janet Yellen describing Bitcoin as “inefficient” and “extremely volatile,” the price of the coin dropped 10% in 24 hours. Read the full post on Proskauer’s Minding Your Business blog. Proskauer is a leading international law firm focused on creating value. About Proskauer Rose LLP. Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes. All Rights Reserved, DOJ Tax Division Shows Sustained Interest in Cryptocurrency, permitted the IRS to proceed with a John Doe summons, Read the full post on our Corporate Defense and Disputes blog, NFTs Are Interesting but Fractionalized Non-Fungible Tokens (F-NFTs) May Present Even More Challenging Legal Issues, A Warning to Cryptocurrency Users from the Justice Department’s Tax Division, Read the full blog post on Proskauer’s Corporate Defense blog, Antitrust Enforcers Preview Incoming Spotlight on Blockchain, Read the full post on Proskauer’s Minding Your Business blog, SEC Division of Examinations Releases Risk Alert for Digital Asset Securities, Three Critical Questions That Will (Hopefully) be Answered by the SEC’s Lawsuit against Ripple, SEC Brings Charges against Individuals Behind Allegedly Fraudulent Unregistered Digital Asset Securities Offering, unregistered digital asset securities offerings. Our roots go back to 1875, when we were founded in New York City. 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In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). Proskauerâs Blockchain Group leverages the Firmâs cross-industry expertise to help clients harness blockchainâs potential. Our roots go back to 1875, when we were founded in New York City. Jeffâs practice focuses on technology, media and intellectual property-related transactions, counseling and dispute resolution. Except for the extensive coverage surrounding Coinbase’s IPO last week and the volatility in the price of cryptocurrencies, much of the air in the crypto space in the last few months has been taken up by the meteoric rise of non-fungible tokens (NFTs). Proskauer is a leading international law firm focused on creating value. With 725+ lawyers active in virtually every major market worldwide, we are recognized not only for our legal excellence, but also our dedication to client service. Proskauer is a leading international law firm focused on creating value. You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at: Some browsers have incorporated a Do Not Track (DNT) feature. About Blog Law of the Ledger provides analysis in legal issues related ⦠Except for the extensive coverage surrounding Coinbase’s IPO last week and the volatility in the price of cryptocurrencies, much of the air in the crypto space in the last few months has been taken up by the meteoric rise of…, On February 26, 2020, the Security and Exchange Commission’s (“SEC”) Division of Examinations (the “Division”) published a Risk Alert, “The Division of Examinations’ Continued Focus on Digital Asset Securities.” In the Risk…, On February 1, 2021, the U.S. Securities and Exchange Commission (SEC) announced that it had brought charges against several individuals involved in an alleged scheme to induce investors to transfer more than $11 million to buy…, The U.S. Securities and Exchange Commission (“SEC”) issued a statement in response to the Wyoming Division of Banking’s No-Action Letter on Custody of Digital Assets and Qualified Custodian Status…, Before the onset of the COVID-19 pandemic, companies were already exploring the promise of blockchain to modernize certain aspects of their supply chains. Comply with our legal and regulatory responsibilities and to enforce our rights. Ripple opted not to file a motion to dismiss the complaint, and based on recent filings it appears that the parties do not believe a pre-trial settlement is likely. This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). For example, we place a session cookie on your computer each time you visit our Website. Blockchain and the Law is written by attorneys in the Blockchain Group of Proskauer Rose LLP, covering trending legal, regulatory and business topics that affect how companies and individuals can capitalize on the emergence of blockchain technology. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. This token is specific to a user's login session and requires a valid username and password to obtain. As you might expect during tax season, the Justice Department’s press releases seem particularly focused on tax-related issues these days. With 725+ lawyers active in virtually every major market worldwide, we are recognized not only for our legal excellence, but also our dedication to client service. If not, we suggest a review of this SNL skit, as it is actually a pretty good summary. We use the information and data we collect principally in order to provide our Website and Services. For example, the NFT trading platform Niftex states that it allows owners to break NFTs into shards for purchase at a fixed price, with the fractions able to be subsequently traded in the market. Our roots go back to 1875, when we were founded in New York City. Our roots go back to 1875, when we were founded in New York City. With 725+ lawyers active in virtually every major market worldwide, we are recognized not only for our legal excellence, but also our dedication to client service. For example, it was recently reported that a collection of fifty CryptoPunks, which are early, now valuable NFT pixel art collectibles, were fractionalized into millions of tokens. About Proskauer Rose LLP. Proskauer is a leading international law firm focused on creating value. SEC Responds to Wyoming’s Opinion on Custody of Digital Assets and Qualified Custodian Status, Traditional Supply Chain Challenges During COVID-19 Spur Innovation in Blockchain Applications, Employee Benefits and Executive Compensation Law Blog, Government Contractor Compliance & Regulations, Proskauer on Class and Collective Actions. Proskauer is a leading international law firm focused on creating value. We use these cookies to allow you to log-in to your subscriber account. These technologies automatically identify your browser whenever you interact with our Website and Services. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Proskauer is a leading international law firm focused on creating value. Our roots go back to 1875, when we were founded in New York City. I am pleased to announce that Proskauer has recently launched a new blog focused exclusively on the use of blockchain in business. This time, the Summons seeks information on customers of a San Francisco-headquartered digital currency exchange company called Payward Ventures Inc. and Subsidiaries, d/b/a Kraken. Improve the user experience on our Website and Services; Store the authorization token that users receive when they login to the private areas of our Website. Proskauer is a leading international law firm focused on creating value. Proskauer is a leading international law firm focused on creating value. Our roots go back to 1875, when we were founded in New York City. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly. With 725+ lawyers active in virtually every major market worldwide, we are recognized not only for our legal excellence, but also our dedication to client service. Our roots go back to 1875, when we were founded in New York City. This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. Interestingly, while Arizona enacted HB 2417 to encourage blockchain development, another law was signed this week by the Arizona governor (HB 2216) that restricts the use of blockchain as a tool for âelectronic firearm tracking technology.â Arizona is not the first state to expressly address blockchain in statutory law. Alerts, articles, and other publications by attorneys at Proskauer - Blockchain and the Law on JD Supra. NFTs Are Interesting but Fractionalized Non-Fungible Tokens (F-NFTs) May Present Even More Challenging Legal Issues, SEC Division of Examinations Releases Risk Alert for Digital Asset Securities, SEC Brings Charges against Individuals Behind Allegedly Fraudulent Unregistered Digital Asset Securities Offering, SEC Responds to Wyoming’s Opinion on Custody of Digital Assets and Qualified Custodian Status, Traditional Supply Chain Challenges During COVID-19 Spur Innovation in Blockchain Applications, Kraken Becomes First Digital Asset Company to Receive U.S. Bank Charter, New York Proposes Conditional BitLicense Framework, The Office of the Comptroller of the Currency Solicits Public Comments on the “Digital Activities” of Banks, Another Blockchain Supply Chain Shipping Consortium Files for Federal Antitrust Exemption, Issuers of Digital Securities May Benefit from Proposed Changes to Regulation A, Hawaii is Latest State to Implement a Regulatory Sandbox to Attract Cryptocurrency Business, Major Italian News Agency Uses Blockchain-Based Label to Verify the Origin of Its Articles, Digital Dollars: Amid the COVID-19 Crisis, Support for a U.S. Digital Currency Emerges, Court Sides with SEC in Ruling to Prevent Telegram from Distributing Grams, Department of Homeland Security Lists Blockchain Managers Among “Critical Services Workers” During COVID-19 Response. Read the full post on our Corporate Defense and Disputes blog. At this point, we will assume that readers have at least a basic familiarity with NFTs. Our roots go back to 1875, when we were founded in New York City. The operators of such other websites may collect information about you, including through cookies or other technologies. We use cookies and other tracking technologies to: There are different types of cookies and other technologies used our Website, notably: JD Supra Cookies. Readership information is provided to publishing law firms and companies and authors of content to give them insight into their readership and to help them to improve their content. It also raises some questions about the scope of the applicability of federal securities to digital assets that have yet to be explored. Analytics/Performance Cookies. Read the full blog post on Proskauer’s Corporate Defense blog. We also use cookies and other tracking technologies to collect this information. Filed Feb. 1, 2021)). About Proskauer Rose LLP. Our roots go back to 1875, when we were founded in New York City. Our roots go back to 1875, when we were founded in New York City. It is required to access the user's profile information, subscriptions, and analytics; Permit connectivity with social media networks to permit content sharing. 1602, bipartisan legislation which directs the CFTC and the SEC to “jointly establish a digital asset working group” to “provide regulatory clarity” and to “create a critical collaboration [between the two agencies to] create fair and transparent markets.” Notably absent from this proposed collaboration is any mention of antitrust enforcement or involvement of the DOJ antitrust division or the FTC. [HOT] Read Latest COVID-19 Guidance, All Aspects... [SCHEDULE] Upcoming COVID-19 Webinars & Online Programs, [GUIDANCE] COVID-19 and Force Majeure Considerations, [GUIDANCE] COVID-19 and Employer Liability Issues. The Division’s outline of the risks it has observed from recent examinations is, however, a useful roadmap, outlining the areas of focus for the Division’s future examinations and compelling firms to take another look at their relevant compliance practices. The blog will be wide ranging in nature, covering the legal issues associated with blockchain as applied to financial services, health ⦠By Jeffrey Neuburger on December 18, 2017 Posted in Blockchain, Regulatory, Welcome. Copyright © var today = new Date(); var yyyy = today.getFullYear();document.write(yyyy + " "); JD Supra, LLC. If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com. At only eight pages, the Alert is not an exhaustive compliance document for market participants and does not detail explicitly how firms might remain in compliance with securities laws and regulations. Crypto Asset Regulation: Is the US or UK Keeping Up Best With This Emerging Market? With 725+ lawyers active in virtually every major market worldwide, we are recognized not only for our legal excellence, but also our dedication to client service. The processes for controlling and deleting cookies vary depending on which browser you use. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). You should keep in mind that no Internet transmission is ever 100% secure or error-free. With 725+ lawyers active in virtually every major market worldwide, we are recognized not only for our legal excellence, but also our dedication to client service. We are not responsible for the data collection and use practices of such other sites. JD Supra's principal place of business is in the United States. As in the Circle case, the Summons only applies to customers who have engaged in a total of $20,000 or more in transactions with the company between 2016 and 2020. If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. It seems like new articles appear on a daily basis addressing some aspect of the legal issues associated with the NFT phenomenon. More specifically, we may use your personal information to: JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. Continue Reading. Now that the buying and trading of cryptocurrency has become mainstream, with major fintech platforms having begun to allow users to buy, sell or hold crypto and more and more decentralized finance (or DeFi) and decentralized applications (DApps) being developed to offer new digital solutions for various financial transactions, the continued fractionalization of NFTs is almost inevitable.
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