Global Fintech & Digital Assets Blog

Category Archives: Cryptoassets

Subscribe to Cryptoassets RSS Feed

LBRY Ruling: A Nice Read for the SEC

In granting the SEC’s motion for summary judgment, a federal court ruled that sales of LBC tokens were securities transactions. By Stephen P. Wink, Douglas K. Yatter, Jack McNeily, Benjamin Naftalis, Adam Zuckerman, and Deric Behar On November 7, 2022, the Securities and Exchange Commission (SEC) prevailed in a motion for summary judgment against blockchain-based streaming and … Continue Reading

Dubai Financial Services Authority Issues New Regime to Regulate Crypto Tokens

The regime introduces rules on various crypto tokens, including cryptocurrencies and stablecoins, in the Dubai International Financial Centre. By Brian A. Meenagh, Matthew Rodwell, and Ksenia Koroleva On November 1, 2022, the Dubai Financial Services Authority (DFSA) crypto token regulatory regime came into effect. The rules expand upon the DFSA framework for regulating investment tokens … Continue Reading

The Law Commission of England and Wales Proposes to Classify NFTs as Data Objects

NFT creators and consumers should evaluate the legal and commercial considerations of NFTs that are linked to copyright work. By Andrew Moyle, Christian McDermott, and Avinash Balendran The Law Commission of England and Wales (the Commission) is a statutory independent body that keeps the law of England and Wales under review and recommends reform where … Continue Reading

Hong Kong Continues Developing Its Virtual Asset Framework

The latest statements from the government and regulators indicate that Hong Kong is moving forward with enhancing its virtual asset regulatory and legal regime. By Simon Hawkins and Adrian Fong The Hong Kong government and the Securities and Futures Commission (SFC) announced their policy stances and further measures to support the development of virtual assets (VA) in … Continue Reading

Antitrust Matters: What Digital Asset Innovators Need to Know

Unpacking three key competition issues for digital asset innovators and investors: M&A, interlocking directorates, and interoperability. By Kelly Fayne, Anna Rathbun, and Evan Omi In a sea of regulatory hurdles and issues, antitrust and competition laws may be low on the list of concerns of digital asset innovators and investors. But competition in the digital … Continue Reading

White House Issues Digital Asset Framework

The comprehensive framework, which spans multiple reports, aims to spur risk mitigation efforts and potentially a US central bank digital currency. By Alan W. Avery, Arthur S. Long, Yvette D. Valdez, Stephen P. Wink, Douglas K. Yatter, Pia Naib, Adam Bruce Fovent, and Deric Behar On September 16, 2022, the White House published a fact … Continue Reading

The Book of Jargon® — Blockchain, Crypto & Web3 Now Available

Mobile and desktop reference tool defines nearly 600 industry terms. Latham & Watkins has published the second edition of The Book of Jargon® — Blockchain, Crypto & Web3, a comprehensive digital glossary developed for the business, academic, and legal communities. The resource renders the often complex vocabulary, acronyms, and slang of the blockchain, cryptocurrency, and … Continue Reading

SEC Unveils Strategic Plan With Renewed Focus on Technology

The plan directs the agency to develop a robust regulatory framework to prevent market misconduct, as SEC officials’ public comments keep advancements in technology high on the agenda. By Marlon Q. Paz, Stephen P. Wink, Donald Thompson, and Deric Behar On August 25, 2022, the Securities and Exchange Commission (SEC) published a draft Strategic Plan (the … Continue Reading

Webcast: Navigating the Impact of Counterparty Insolvency and Negative Market Conditions in the Crypto Space

Latham lawyers discuss the state of the crypto industry and the challenges for companies. Turbulent market conditions are presenting novel challenges for companies in the cryptocurrency space. What are the factors contributing to the downturn, the implications for companies, and the legal rights and remedies that companies may have? Restructuring & Special Situations Practice partners … Continue Reading

Legal Implications of the Ethereum Merge and Potential Ethereum Proof-of-Work Fork

Ethereum’s transition to proof of stake presents opportunities and pitfalls for certain digital assets and tokens built on the network. By Jenny Cieplak, Ghaith Mahmood, Yvette D. Valdez, Stephen P. Wink, Adam Fovent, and Justin Tzeng After years of development, the Ethereum blockchain appears poised to make its much-anticipated transition from a proof-of-work (PoW) consensus … Continue Reading

Federal Reserve Issues Cryptoasset Engagement “Rules of the Road” for Its Supervised Banking Organizations

The Federal Reserve is taking measured steps to better understand the types of cryptoasset-related activities contemplated by its supervised banking organizations. By Alan W. Avery, Pia Naib, and Deric Behar On August 16, 2022, the Board of Governors of the Federal Reserve System (FRB) issued a Supervision and Regulation Letter outlining its expectations for FRB-supervised … Continue Reading

Blockchain Networks Beginning to Allow Enforcement of Court Orders

Bitcoin Association for BSV will release software to facilitate court orders to freeze stolen or lost coins, while some courts recently authorised service proceedings by tokenised airdrop. By Christian F. McDermott, Andrew C. Moyle, and Nara Yoo Earlier this year, in Tulip Trading Ltd (TTL) v. Bitcoin Association for BSV (Bitcoin Association) and others, the … Continue Reading

UK’s “Smarter Contracts” Landscape Offers Robust Foundation for Commercial Use

The latest analysis of “smarter contracts” provides helpful guidance on the opportunities and potential legal and practical risks in adopting these technologies. By Christian F. McDermott, Andrew C. Moyle, and Nara Yoo LawtechUK’s latest analysis of so-called smarter contracts in the UK, set out in its Smarter Contracts Report (the Report), seeks to identify how … Continue Reading

Digital Commodities Consumer Protection Act Seeks to Empower CFTC

The latest bipartisan crypto bill would give the CFTC new tools and authorities to regulate digital commodities, with a focus on market integrity and consumer protection. By Yvette D. Valdez, Adam Fovent, and Deric Behar On August 3, 2022, a bipartisan group of US senators[1] introduced the Digital Commodities Consumer Protection Act of 2022 (the … Continue Reading

OFAC Sanctions Decentralized Virtual Currency “Mixer”

The US Treasury opens a Pandora’s box of legal issues as it targets a decentralized finance protocol used for both licit and illicit means. By Eric Volkman and Deric Behar On August 8, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against decentralized virtual currency “mixer” Tornado Cash (and … Continue Reading

The UCC Gets a Digital Asset Refresh

A new Article 12 and amendments to Article 9 regarding “controllable electronic records” would govern transactions and security interests in digital assets. By Lawrence Safran and Deric Behar On July 13, 2022, the Uniform Law Commission (in partnership with the American Law Institute) approved amendments intended to modernize the Uniform Commercial Code (UCC). The amendments … Continue Reading

BIS Issues Final Guidance on Stablecoin Regulation

The global central bank cooperative body would bring stablecoins within the international standards for payment, clearing, and settlement systems.  By Alan W. Avery, Stuart Davis, Simon Hawkins, Yvette D. Valdez, Stephen P. Wink, Pia Naib, and Deric Behar On July 13, 2022, the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) … Continue Reading

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets — Taxation

The RFIA could ease tax compliance burdens for parties transacting in digital assets and defer or eliminate tax on some transactions.  By Jiyeon Lee-Lim, Elena Romanova, Ted Gkoo, and Jacob Nagelberg Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was introduced in the US Senate on June 10, 2022, to create a … Continue Reading

Hong Kong Formalises Legal Framework to Regulate Virtual Asset Exchanges

Hong Kong’s licensing regime for virtual asset service providers to take effect in March 2023. By Simon Hawkins, Adrian Fong, and Shirley Wong On 24 June 2022, the Hong Kong government gazetted the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (Amendment Bill). The Amendment Bill proposes changes to the Anti-Money Laundering and Counter-Terrorist Financing … Continue Reading

Webcast: Insurtech Insights

Latham lawyers explore the latest insurtech trends and regulatory developments impacting the sector in Europe and Asia. Disruptive technology is revolutionizing insurance, enabling insurers to achieve growth by leveraging big data and creating innovative solutions to enhance customers’ digital experience. We are pleased to launch Insurtech Insights, a series of webcasts to discuss the most … Continue Reading

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets — Banking and Payment Stablecoins

The RFIA could make it easier for fintechs dealing in digital assets and stablecoins to access Federal Reserve bank services.  By Alan W. Avery, Pia Naib, and Deric Behar Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was introduced in the US Senate on June 10, 2022, to create a framework for digital assets, … Continue Reading

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets — CFTC and Commodities

The CFTC would take center stage in the regulation of spot digital asset markets under Title IV of the RFIA.  By Yvette D. Valdez, Adam Bruce Fovent, and Emily Viola Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was introduced in the US Senate on June 10, 2022, to create a … Continue Reading

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets — Consumer Protection and State Money Transmission Laws

The RFIA would define consumer protection standards for digital assets and introduce new requirements regarding digital asset use in interstate money transfers. By Jenny Cieplak, Parag Patel, Barrie VanBrackle, and Deric Behar Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was introduced in the US Senate on June 10, 2022, to create … Continue Reading

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets — SEC and Securities

The RFIA would enact a rebuttable presumption that an ancillary asset in connection with an investment contract is a commodity. By Marlon Q. Paz, Stephen P. Wink, Jenny Cieplak, and Deric Behar Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was introduced in the US Senate on June 10, 2022, … Continue Reading
LexBlog