Delaware Legislature Expected to Approve Amendments to Corporate Law

In April 2022, proposed amendments to the General Corporation Law of the State of Delaware (the “DGCL”) adopted by the Delaware bar, were introduced to the Delaware legislature and are expected to pass. The proposed amendments include, for example, allowing a corporation to adopt exculpatory provisions for breach of fiduciary duties of not only directors... Read more »

N.Y. Department of Financial Services Issues Stablecoin Guidance

On June 8, 2022, the N.Y. Department of Financial Services (the “DFS”) issued guidance on when it will approve issuance by entities it regulates, including those that receive the “BitLicense” to engage in virtual currency business, of stablecoins. Among other things, the DFS says that for approval of issuance, it will require: (i) that stablecoins... Read more »

UK Adopts Beneficial Ownership of Foreign Property Law

On March 15, 2022, the United Kingdom adopted the Economic Crime (Transparency and Enforcement) Act of 2022 (the “Act”). The Act is lengthy (and this summary is qualified by reference to the entire Act) and imposes a sea change in the disclosure of the ownership of foreign property in the United Kingdom. Among other things,... Read more »

DOJ Brings Charges in First NFT Fraud Case

The U.S. Department of Justice (the “DOJ’) has charged two individuals with a conspiracy to defraud investors in non-fungible tokens (“NFTs”) in which they abandoned the scheme and made off with the money invested (a “rug-pull”) shortly after it was invested. NFTs are digital assets recorded on a blockchain, a decentralized digital ledger. The advertised... Read more »