Blockchain Resources
Federal Cryptocurrency Regulation Introduced for 2020 1/15/2020
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.
2020 Forecast: Expect Landmark Changes in E-Discovery, Data Privacy and Investigations 12/23/2019
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.
Cryptocurrency Trends to Watch 10/21/2019
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.
Hacking, Extortion and Stolen Coins: Unraveling a Major Cryptocurrency Breach 9/30/2019
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.
Questions Arise Amid IRS Crackdown on Cryptocurrency Investors 9/23/2019
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.
Cryptocurrency Regulation Round Up 6/18/2019
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.
SEC Weighs in on Crypto Project, Offers Limited Guidance 6/9/2019
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.
Cryptocurrency Pyramid Scheme Investigations Continue Worldwide 6/6/2019
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.
Cryptocurrency Market Activity Signals Trends to Watch 5/28/2019
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.
Digital Asset Protection Gains Momentum: Considerations for Insurers 5/24/2019
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.