Blog
SEC Fails to Resolve Confusion Over Securities and Crypto Assets
On July 21, 2022, the Securities and Exchange Commission (the “SEC”) filed a complaint against a former employee of Coinbase, a trading platform for digital assets, and two of his friends, alleging insider trading of securities. The complaint therefore identifies certain digital investment contracts as securities, a position the SEC has taken for some time.... Read more »
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 »