Blockchain
Blog Post
Survey Finds Blockchain and Cryptocurrency Spending is on the Rise in Financial Sector
In the financial services sector, organizations are now spending an average of $176.4 million per year on their blockchain and cryptocurrency projects. According to a recent survey of industry decision makers that our team commissioned, investments are largely fueled by an overwhelming confidence in the success of blockchain and cryptocurrency projects and belief in the positive benefits they will bring to businesses, governments and consumers.
White Paper
Blockchain technology and the digital asset class, including cryptocurrencies, have experienced a rapid and accelerating evolution. Overall, the number of companies bringing services to market to support real-world blockchain and cryptocurrency applications through payments, loans, custody, investment and clearance and settlement is on a steady uptick, illustrating the technology’s momentum among financial institutions looking to establish an early position in the industry while awaiting regulatory clarity.
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The Block's Director of News Frank Chaparro and FTI Technology's Senior Managing Director, Head of the Blockchain and Cryptocurrency Practice, Steve McNew, take a look at the latest updates across M&A within the crypto space.
Blog Post
Cryptocurrency and the Rise of SPACs: A Match Made in Investor Heaven?
Investors are continuing to watch two of the market’s hottest trends today: special purpose acquisition companies (SPACs) and cryptocurrency. On the heels of Coinbase’s IPO in April, financial analysts have suggested a potential “watershed” for the crypto industry. At the same time, there have been more than 300 SPAC IPOs so far in 2021, far surpassing the 2020 record number of 248 for the entire year. Linking these two trends together makes for an interesting opportunity for investors to quickly buy into a hot, emerging market.
Blog Post
Technical Considerations Amid the Explosion of Crypto Acquisitions and Public Listings
In addition to IPO and M&A moves, digital asset research firm The Block reported that 2021 will see the most private funding in cryptocurrency to date.
Video
Demystifying Blockchain – A conversation with FTI’s Blockchain Leader Steve McNew
Achieving transparency in today’s B2B operational environment requires a new set of rules. From tighter budgets and timelines to the need for near real-time visibility into the supply chain all while meeting regulatory and compliance requirements - today’s technology and operations leaders are being asked to do more with less. To rise to the challenge, they need to be provided with the necessary tools and processes to mitigate risks, protect profitability, streamline processes and to work more effectively.
Blog Post
News Roundup: Blockchain and Cryptocurrency Activity and COVID-19 Pandemic
We are living in unprecedented times. Every industry, every profession, every nation has now felt the impacts of the global COVID-19 pandemic. Even though many of us have more time on our hands due to mandated or self-imposed isolation, there still aren’t enough hours in the day to keep up on all of the news. Our Blockchain Advisory and Cryptocurrency Disputes, Investigations and Litigation (CDI&L) team has been watching the news closely as it relates to cryptocurrency and blockchain opportunities and deployments. While not all encompassing, the round-up below highlights some of the most interesting industry news we’re seeing to date.
Blog Post
Like with all other disruptive technologies, in blockchain and cryptocurrency, the leapfrog game of new challenges, new advancements and new laws, will continue as the space matures.
Blog Post
The Most Interesting Cryptocurrency Stories to Close out 2019
Cryptocurrency news heated up at the end of 2019. The second half of the year also brought a wave of new litigations around cryptocurrency misuse, fraud and theft. I expect we’ll see even more of this in 2020, along with a surge of interesting news. Industry watchers can expect a range of cases, from the state level, all the way up to far-reaching cross-border matters, as criminals find new ways to leverage crypto markets to further their malicious interests.
Blog Post
Federal Cryptocurrency Regulation Introduced for 2020
As 2019 came to a close, and pundits looked back on the tumult of regulatory changes that shaped the last decade, lawmakers slipped in a few final bills. One, introduced in late December by U.S. Congressman Paul Gosar from Arizona, has the potential to make waves in the financial world. The Crypto-Currency Act of 2020 was drafted to add clarity to the cryptocurrency industry and provide a clear framework for crypto regulations in the U.S.
Blog Post
2020 Forecast: Expect Landmark Changes in E-Discovery, Data Privacy and Investigations
Across our practice areas, we asked our experts to share their predictions for what will shape legal, compliance and information governance in the coming year. Below is a roundup—across new laws, emerging technology and key industries—of what they expect will make the biggest impact to businesses worldwide.
Blog Post
Cryptocurrency Trends to Watch
Today, there are more than 2,200 types of cryptocurrency in the global markets. An estimated 34.6 million digital wallets are in use. Between new client matters and a gripping news cycle relating to cryptocurrency regulations, scams and investigations, our team has identified several key trends impacting the industry.
Blog Post
Hacking, Extortion and Stolen Coins: Unraveling a Major Cryptocurrency Breach
When one of the world’s largest cryptocurrency exchanges was breached in May of this year, few in the industry were surprised. Cryptocurrency exchanges have long been appealing targets of malicious actors looking to steal currency and personal information. But this recent breach, which will potentially impact tens of thousands of cryptocurrency investors around the world, is particularly unique. The series of events that has unfolded in its aftermath serves as a stark reminder that the criminals looking to profit from this industry are both sophisticated and highly motivated.
Blog Post
Questions Arise Amid IRS Crackdown on Cryptocurrency Investors
In July, more than 10,000 cryptocurrency investors received warning from the IRS that they may owe taxes on improperly reported income. Weeks later, another round of letters were sent to some, outlining the amount of taxes owed for cryptocurrency gains and demands for payment. These letters are likely the tip of the iceberg in a long-anticipated IRS crackdown on crypto income—the latest in a series of government activity in this arena.
Blog Post
Cryptocurrency Regulation Round Up
The regulation of digital currency markets in the U.S. and abroad remains foggy. Today, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have been vague regarding how tokens and crypto-based assets map to traditional securities. Clear guidance has not emerged. However, even in the absence of guidance, regulators are bringing forth enforcement actions against companies believed to have engaged in improper cryptocurrency operations.
Blog Post
SEC Weighs in on Crypto Project, Offers Limited Guidance
In early April, the Securities and Exchange Commission issued its first "no-action" letter regarding business use of blockchain-based digital assets. The letter was in response to a proposal from an air charter provider looking to launch a blockchain-based token platform to facilitate sales for air charter services. While the SEC’s response does offer some guidance, it outlines very restrictive conditions for the proposed program and is not particularly actionable for the broader business community.
Blog Post
Cryptocurrency Pyramid Scheme Investigations Continue Worldwide
In March, news broke of fraud and money laundering charges brought against the leaders of the global, multi-billion-dollar OneCoin cryptocurrency pyramid scheme. The story has continued to develop in months since, with arrests made and new information revealed about the extent of the damages that have followed in its wake.
Blog Post
Cryptocurrency Market Activity Signals Trends to Watch
On April 2, Bitcoin mysteriously spiked to $5,000, reaching nearly five-month highs in just a 60-minute period. Some experts think this jump may be the beginning of a renewed surge in cryptocurrency value.
Blog Post
Digital Asset Protection Gains Momentum: Considerations for Insurers
Insurance claims involving cryptocurrencies are on the rise. Today, the industry is not fully prepared for how to deal with them. These claims seem like familiar claims on the surface, but have incredible uniqueness due to the involvement of cryptocurrencies.