Global Fintech & Digital Assets Blog

Tag Archives: decentralized finance

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

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

Decentralized Autonomous Organizations: Piercing the Digital Veil

A complaint filed in federal court will test the boundaries of protection from liability for individuals behind decentralized autonomous organizations. By Stephen P. Wink, Nima H. Mohebbi, Adam Zuckerman, and Deric Behar On May 2, 2022, a putative class action was filed in the US District Court for the Southern District of California against the bZx protocol … Continue Reading

The Limits of Applying Reves v. Ernst & Young to DeFi and the Perils of Regulating Web3 by Enforcement

The SEC’s reliance on a nebulous US Supreme Court decision raises important questions for the future of decentralized finance. By Benjamin Naftalis, Douglas K. Yatter, and Peter E. Davis Reves v. Ernst & Young,[1] a 30-year-old US Supreme Court decision on farmers’ co-ops, is garnering attention in the Web3[2] world, specifically in the context of … Continue Reading

PWG Issues Clarion Call for US Legislation on Stablecoins

The report addresses the market risks and regulatory challenges presented by stablecoins and urges Congress to act quickly. By Alan W. Avery, Yvette D. Valdez, Stephen P. Wink, Pia Naib, and Deric Behar On November 1, 2021, the President’s Working Group on Financial Markets (PWG) in conjunction with the Federal Deposit Insurance Corporation (FDIC) and … Continue Reading
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