In over ten years since Bitcoin captured the public imagination with the idea of blockchain, we’ve seen no significant real world adoption of cryptocurrency as currency (and the few attempts to do so have ended in failure), no use of blockchain as a superior alternative to conventional databases and cryptographic signatures, no democratic revolution of the internet and big data.…
The expanded Crypto Assets and Cyber Unit will leverage the agency’s expertise to ensure investors are protected in the crypto markets, with a focus on investigating securities law violations related to: Crypto asset offerings; Crypto asset exchanges; Crypto asset lending and staking products; Decentralized finance (“DeFi”) platforms; Non-fungible tokens (“NFTs”); and Stablecoins. This Web3 regulatory awakening should come as no…
Some things simply don’t translate into the digital space. You might believe a sex club is one of them, but Daniel Saynt is on a mission to prove that’s just not true. When the COVID-19 pandemic ushered in an era of lockdowns and a national fear of close contact, he seamlessly took his members-only club, NSFW, digital, hosting online meetups…
These moments have led to lots of well-deserved mockery, especially amid the ongoing crypto winter, but they reveal a key failing that’s common among most of Web3’s prominent backers. After years of obsessing over consumer needs, Silicon Valley seems to have forgotten the crucial test that helped it become a dominant economic force. Instead, as McCormick acknowledged in a follow-up…
The Letter makes clear that the time is now for a fintech sea-change. For fintech lawyers, this is not just a matter of doing what is right, it may also be a matter of self-preservation. Reading between the lines, The Letter puts fintech lawyers on notice that when things go south, lawyers could become perfect targets for culpability, including for malpractice…
For so-called fintech professionals in particular, take heed. The U.S. Federal Deposit Insurance Corporation, U.S. Securities and Exchange Commission, U.S. Department of Labor and U.S. Comptroller of the Currency have officially kick-started a range of burdensome, weighty and powerful regulatory initiatives pertaining to digital assets — and cryptocurrency is not their only target. Financial regulators have also begun to set…
President Joe Biden signed an executive order Wednesday to develop a plan to regulate the cryptocurrency industry while still allowing for innovation. The news was cheered among many in the crypto world, who saw it as further proof that the industry would be accepted by mainstream institutions and no longer struggle with legal ambiguity. Stark, for his part, had a…
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