On May 18, 2023, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam clarified his position on the CFTC’s authority over digital asset markets. Behnam’s comments are consistent with Securities and Exchange Commission Chair Gary Gensler’s recommendation of greater CFTC authority over cryptocurrency and pushes for increased regulation of digital asset markets generally.On May 18, 2023,
Blockchain
SEC Responds to Coinbase Petition for Regulation of Digital Assets
On May 15, 2023, the Securities and Exchange Commission responded to Coinbase, Inc.’s request for writ of mandamus instructing the SEC to act on Coinbase’s previously filed rulemaking petition. In its response, the SEC argued that its regulatory regime is not egregiously delayed and that the SEC is not withholding any decisions already made.On May…
Add Filecoin to the List of Tokens the US SEC has Formally Designated as a Security
By Phugger
As we have discussed often in this space, Chairman Gary Gensler of the United States Securities and Exchange Commission has repeatedly expressed his view that most cryptocurrency tokens are unregistered securities and that, in his view, existing securities laws are clear enough for cryptocurrency firms to comply with them. The crypto industry has a different…
UK HMRC Takes Positive Steps on DeFi by Opening Consultation on the Taxation of Decentralised Finance
By Phugger
On 27 April 2023, HM Revenue & Customs (HMRC) released a second consultation regarding the taxation of transactions in the Decentralised Finance (DeFi) market. In short, HMRC proposes to legislate to ensure that the use of cryptoassets in certain DeFi transactions would no longer give rise to a taxable disposal, but instead would trigger taxation…
The Sun Sets On CBDCs – Florida Ban On CBDCs
Central bank digital currencies (CBDCs) were thrust into the national conversation recently when both chambers of the Florida legislature passed legislation effectively prohibiting use of the instrument.Central bank digital currencies (CBDCs) were thrust into the national conversation recently when both chambers of the Florida legislature passed legislation effectively prohibiting use of the instrument. Florida’s action…
AI Acceptable Usage Policy: Employee Handbook for Responsible AI Usage.
Because of the rapid adoption of AI and especially OpenAI‘s chatGPT tools, companies are finding themselves on the wrong end of inadvertently disclosing proprietary information. Employees are so enamored by chatGPT that they engage with the free version or even chatGPT Plus without enabling data privacy options. You can watch this video about…
Court Authorizes Service of Process by Twitter on Crypto-Influencer
By Phugger
There has been much publicity over the lawsuit brought against celebrities such as Tom Brady and Larry David for their endorsement of FTX. In that case, the judge refused a request to serve Shaquille O’Neal through social media platforms, including Twitter, based on O’Neal’s allegedly taking steps to avoid service.
But there is a similar…
ChatGPT Power Tips for Lawyers & Law Firms
I’m a tech lawyer specializing in tech company representation. And yes, I also represent AI companies. I understand the technology. I don’t know many lawyers using AI more aggressively in their legal practice than I am today. I may be the only lawyer who has developed and launched innovative AI tools for our clients.
AI…
SEC Settles Charges With Coinme Over Improper ICO
By Phugger
Coinme is a company that started by making cryptocurrency transactions available through ATM machines. It originally used its own ATMs but, in January 2019, abandoned that business model and used, instead, the kiosks of the coin counting company, Coinstar. On April 28, 2023, the U.S. Securities and Exchange Commission announced settled charges with Coinme, its…
Bored Apes Earns Victory in Trademark Suit
On April 21, 2023, United States District Judge John F. Walter ruled for Yuga Labs, Inc. (Yuga) and its Bored Apes Yacht Club (BAYC) NFT collection in its trademark infringement suit against conceptual artists Ryder Ripps and Jeremy Cahen (collectively, the “Artists”).On April 21, 2023, United States District Judge John F. Walter ruled for Yuga…