US

Bitcoin Dealer Sentenced to Two Years in Prison and Ordered to Forfeit Ill-Gotten Gains

On April 8, 2019, Jacob Burrell Campos of Rosarito, Mexico, was sentenced to two years in prison and to forfeit USD 823,357 in illicit profits for operating an unlicensed money

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AML, Criminal, KYC, Money Transmitter, US

SEC Issues its First Cryptocurrency No-Action Letter

In a first, on April 3, 2019, the US Securities and Exchange Commission issued its first cryptocurrency No-Action Letter.  The Letter was issued to TurnKey Jet Inc. (“TKJ”), a jet-leasing

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Cryptocurrency, No-Action Letter, SEC, US

Foreign Trading Platform and Its CEO to Pay $990,000 for Illegal Bitcoin-Related Transactions with U.S. Customers

On March 11, 2019, the U.S. Commodity Futures Trading Commission (CFTC) announced that it had entered into a Consent Order resolving a CFTC action against 1pool Ltd., located in the

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AML, CFTC, FCM, SEC, US

U.S. SEC Encourages Self-Reporting in ICO Registration Violation Case

On February 20, 2019 the U.S. Securities and Exchange Commission (“SEC”) reached a settlement with Gladius Network LLC for conducting an unregistered initial coin offering (“ICO”), which the company self-reported

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Enforcement, ICO, SEC, US

US Congress Inches Forward on Laws for Cryptocurrencies

House bills with bipartisan support would direct regulators to examine new ways to oversee digital assets and protect them from

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CFTC, Legislation, US

SEC’s Supposed Setback on Token Issue Now Reversed

In November 2018, a U.S. District Court declined to accept the SEC’s argument that an ICO token was a “security.” 

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ICO, SEC, US

What To Expect When Litigating Smart Contract Disputes

The blockchain phenomenon has brought an ever increasing use of smart contracts.  Those contracts raise numerous issue for disputes lawyers. 

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DAO, Smart Contracts, US

A Series Of 1st-Time Crypto Actions For The SEC

On December 17 we published an article in Law360 describing the SEC’s busy November in which it secured three “firsts”

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Enforcement, ICO, SEC, US

US District Court Judge Holds Plaintiffs Made Sufficient Showing That Token Is Security to Survive a Motion to Dismiss

Recent posts have discussed proceedings brought by the SEC in connection with ICOs that violated the securities laws.  But private

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ICO, ICO Litigation, Litigation, US

SEC’S First Cases for Improperly Touting ICOs are Brought Against Celebrities DJ Khaled and Floyd Mayweather

The U.S. SEC has shown it seriousness in cracking down on noncompliant ICOs by pursuing enforcement in a number of

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ICO, SEC, Touting, US
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