Tag: digital assets

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California Legislators Continue To Assess How To Regulate Digital Assets
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SEC v. Wahi: An Enforcement Action That Could Impact the Broader Crypto / Digital Assets Industry
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California’s Executive Order Embraces Crypto
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Taking Bitcoin to the Bank: FDIC Seeks Comments on Bank Services for Digital Assets

SEC v. Wahi: An Enforcement Action That Could Impact the Broader Crypto / Digital Assets Industry

By Andrew M. Hinkes and Josh Durham

The SEC has made a new crypto move. On July 21, the SEC filed a complaint in the U.S. District Court, Western District of WA against Wahi, a Coinbase employee, and two others alleging insider trading and charging them with securities fraud. The SEC alleged that nine of the crypto assets that Wahi and other defendants traded were “crypto asset securities”: AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX and KROM. This action is unique; unlike prior SEC enforcement actions brought against Poloniex, Coburn, TokenLot and others, which alleged the existence of digital asset securities being traded on various types of trading platforms, but failed to identify the specific alleged securities at issue or include any legal analysis of those alleged securities, here, the SEC “names names” and offers some analysis, but does not add the issuers of those 9 assets, or the platform upon which they are traded, as defendants.

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California’s Executive Order Embraces Crypto

By Jeremy McLaughlin and Christian A. Zazzali

On May 4, 2022, California Governor Gavin Newsom issued an executive order on digital assets largely echoing the positive sentiments of President Biden’s February executive order. The order looks to create transparent regulation around digital assets and drive innovation into the state. By directing state agencies to engage in a cooperative discussion with stakeholders and developers in web3, California seeks to create an informed supplement to the federal report on digital assets, which is due in September. 

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Taking Bitcoin to the Bank: FDIC Seeks Comments on Bank Services for Digital Assets

By: Judie Rinearson, Jeremy McLaughlin, and Daniel S. Cohen

The Federal Deposit Insurance Corporation (FDIC) has issued a “Request for Information and Comment on Digital Assets” (RFI) to learn more about the “novel and unique considerations related to digital assets….[g]iven that banks are increasingly exploring the emerging digital asset ecosystem.” A key theme of the RFI is the development of a framework to promote “responsible innovation.” Comments are due by July 16, 2021.

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