Gemini Trust Company (“Gemini”) is a New York‑based cryptocurrency trust company founded by Tyler and Cameron Winklevoss. The associated cryptocurrency exchange is now known as Gemini Space Station. The Securities and Exchange Commission’s 2023 lawsuit against Gemini was one of the most closely watched legal battles to emerge from the turmoil of the 2022 crypto‑market collapses. On January 23, 2026, the lawsuit came to an end with a dismissal of the case. The Underlying Lawsuit…
Earlier this week, the Senate Banking Committee appeared poised to advance the Digital Asset Market CLARITY Act, a sweeping effort to establish a comprehensive federal framework for digital assets. The legislation passed the House during last summer’s “Crypto Week.” See our post here. The momentum evaporated after leading industry participants publicly withdrew support for the bill’s revised text. Within hours, on January 14, committee leadership delayed the markup, with no new date announced. The Senate’s sudden…
In a decision on December 30, 2025, Judge Roy Altman of the of the U.S. District Court for the Southern District of Florida dismissed a putative class action lawsuit against Mark Cuban and the Dallas Mavericks basketball team. Karnas v. Cuban, No. 22-cv-22538- Altman (S.D. Fla. Dec. 30, 2025). The suit alleged wrongdoing related to their marketing of a cryptocurrency platform. Background (from the Complaint) Voyager Digital, LLC (“Voyager”) launched the “Voyager Platform” in October…
On December 17, 2025, the Staff of the Division of Trading and Markets (the “Division”) of the U.S. Securities and Exchange Commission (“SEC”) issued a Statement explaining its views on the application of paragraph (b)(1) of SEC Rule 15c3-3 to broker-dealers seeking to establish custody of crypto asset securities. Rule 15c3‑3, commonly called the Customer Protection Rule, requires broker-dealers to maintain physical possession or control of all fully paid and excess margin securities held for customers. Historically,…
On December 4, 2025, the U.S. Commodity Futures Trading Commission (CFTC) announced that spot cryptocurrency products will begin trading for the first time on federally registered futures exchanges. This decision, announced by Acting Chair Caroline Pham, is part of a deliberate effort to bring the largely offshore and sometimes volatile spot crypto market under a U.S. regulatory umbrella, offering investors the robust customer protections and market integrity associated with century-old federal standards. Under this new framework,…
Three months ago, we wrote about a record $225 million cryptocurrency seizure by the U.S. Secret Service connected to a “pig butchering” scheme. That amount pales in comparison to the U.S. Department of Justice’s announcement on October 14, 2025 that it had filed a civil forfeiture complaint against approximately 127,271 Bitcoin (the cryptocurrency defendant in the case), which are presently in the custody of the U.S. government. Using the current Bitcoin price, the value is…
In a significant move that has the potential to reshape the global regulatory landscape for digital assets, the United Kingdom and the United States have jointly launched the Transatlantic Task Force for Markets of the Future. Announced during U.S. President Donald Trump’s state visit to the U.K. in September 2025, this initiative marks a significant step toward regulatory harmonization between two of the world’s most influential financial jurisdictions. The task force, co-chaired by officials from…
On September 2, 2025, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a landmark Joint Statement that could reshape the future of cryptocurrency trading in the United States. In a rare show of unity, the two agencies clarified that registered exchanges are not prohibited from listing and facilitating the trading of certain spot crypto asset products, including those involving leverage, margin, or financing. Depending on what happens next,…
The week of July 14 to 18, 2025 marked a historic moment for the U.S. cryptocurrency industry, as the U.S. House of Representatives officially designated it “Crypto Week.” This initiative signaled a profound shift in how Washington approaches the burgeoning digital asset landscape, moving from cautious observation to active legislative engagement. While much of the attention landed on the GENIUS Act, it is also important to understand the implications of the CLARITY Act and the…
On August 18, 2025, Illinois Governor JB Pritzker signed two bills that created, in his words, first-of-their-kind safeguards in the Midwest for cryptocurrency and other digital assets. The legislation was in part a response to an FBI report that Illinois consumers lost $272 million in fraud cases involving cryptocurrency in 2024, representing the most common type of financial fraud. And, not surprisingly for a person who reportedly sees himself as a future Democratic presidential candidate,…