Topic: FinTech

FINRA Extends Information Request Period for Digital Assets (Virtual Coins and Tokens)‎

On July 18, 2019, the Financial Industry Regulatory Authority (“FINRA”) issued Regulatory Notice 19-24[1], which extended the deadline of FINRA’s previously issued notice that asked members to keep their Regulatory Coordinator informed if the firm, or its associates or affiliates, engaged, or intended to engage, in activities related to digital assets.

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Joint SEC/FINRA Staff Statement Offers Guidance Relating to Broker-Dealer Custody of ‎Digital Asset Securities

On July 8, 2019, the staffs of the Division of Trading and Markets, U.S. Securities and Exchange ‎Commission (“SEC”) and the Office of General Counsel, Financial Industry Regulatory ‎Authority (“FINRA”) released a joint statement ‎ (the “Joint Statement”) providing guidance ‎with respect to applicable regulations relating to broker-dealer custody of digital asset securities.‎

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Locke Lord QuickStudy: Exchangers Beware: FinCEN Issues First Fine Against a P2P Virtual Currency Exchanger

On April 18, 2019, the Financial Crimes Enforcement Network (“FinCEN”) announced1 a civil monetary penalty against an individual for operating a peer-to-peer virtual currency exchanger. FinCEN assessed a $35,350 civil monetary penalty against Eric Powers of Kern County, California for willfully violating registration and reporting requirements under the Bank Secrecy Act (“BSA”).

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Locke Lord QuickStudy: Token Taxonomy Act – Exempting Digital Tokens from U.S. Securities Laws

On April 10, 2019, U.S. Representatives Warren Davidson (R-OH) and Darren Soto (D-FL) ‎reintroduced the Token Taxonomy Act1‎ (“TTA”) in the effort to amend the Securities Act of ‎‎1933 and the Securities Exchange Act of 1934 to exclude “digital tokens” from the definition of ‎a security and provide tax certainty on such assets.

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SEC Clarifies How to Tell When a Token is a Security – A New Framework

On April 3, 2019, the Securities and Exchange Commission’s (the “SEC”) Division of Corporation Finance ‎‎(“Division”) issued a Statement ‎ with a “Framework for ‘Investment Contract’ Analysis of Digital ‎Assets” (the “Framework”) for the application of U.S. federal securities laws to blockchain and ‎distributed ledger technologies.‎

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Locke Lord QuickStudy: Staking its Claim: SEC Provides Comprehensive Guide for Blockchain, Digital Asset Securities

Yesterday at the Consensus: Invest Conference in New York City, Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (the “Commission”), strongly reaffirmed the guidance put forth by his agency in the last several weeks on cryptocurrencies, blockchain, and “digital asset securities”.

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SEC Speaks: Digital Asset Securities Issuance and Trading

On November 16, 2018, the SEC’s Division of Corporation Finance, Division of Investment Management, and Division of Trading and Markets (the “Divisions”) issued a statement on “Digital Asset Securities Issuance and Trading.” The statement highlights several recent SEC enforcement actions involving the intersection of the U.S. securities laws and new technologies.

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