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SEC on Cryptocurrency Interest-Bearing Deposits

On February 14, 2022, the Securities and Exchange Commission (the “SEC”) issued an order In the Matter of BlockFi Lending LLC (“BlockFi”), ordering it to pay a $50 million civil penalty, to cease and desist its violative actions and to comply with certain other undertakings. The SEC determined that the BlockFi Interest Accounts, among other... Read more »

SEC Proposes New Private Fund Rules

On February 9, 2022, the Securities and Exchange Commission (the “SEC”) proposed new rules (see also fact sheet) for private fund managers, i.e., advisers to funds that are “private funds” under the Investment Company Act of 1940. Among other things, the proposals would: With respect to advisers to private funds required to be registered with... Read more »

FATF Issues Guidance on Virtual Assets Including Stablecoins

In October 2021, the U.S. Financial Action Task Force (the “FATF”) issed Updated Guidance for a Risk Based Approach to Virtual Assets and Virtual Asset Providers and a summary of the guidance. In addition to a number of other updates, Part Two, Box 1, deals with so-called stablecoins. Stablecoins purport to maintain a stable relationship... Read more »

N.Y. Attorney General Alleges Unregistered Dealers Selling Crypto Securities and Commodities

In a letter to five trading platforms, N.Y. Attoney General Letitia James notified them that certain crypto-assets are securities under the N.Y. law – the Martin Act – that requires sellers of securities within or from the state to register with the state. They are securities because they “promise a rate of return to investors,... Read more »

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