Non-Fungible Insights: Blockchain Decrypted
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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.
September 13, 2022
|4 min read
SEC Chair Gary Gensler Reiterates Stance on Tokens and Addresses Regulation of Intermediaries
On September 8, 2022, Securities and Exchange Commission (SEC) Chair Gary Gensler expounded his thoughts on cryptocurrency tokens (“Tokens”) and cryptocurrency intermediaries (“Intermediaries”) at the Practising Law Institute’s “SEC Speaks” program.
June 23, 2022
|5 min read
First Civil Litigation in the U.S. Brought in Response to the Crash of the Stablecoin TerraUSD
On June 13, 2022, a class-action lawsuit was filed in the Northern District of California against Binance U.S. (“Binance”), the United States-headquartered partner of one of the most prominent global digital asset exchange platforms. The named Plaintiff, who had purchased Terra USD (“UST”) through Binance since April 13, 2022, alleges, among other things, that Binance misrepresented UST as a “safe” asset to purchasers and violated U.S. federal and state securities laws.