Lexology

SEC cautions investors about initial exchange offerings

USA - January 14 2020 In an Investor Alert issued on January 14, 2020, staff in the Securities and Exchange Commission’s Office of Investor Education and Advocacy warned…

Central Bankers Discuss Stablecoins

Global - January 9 2020 In a recent op-ed, Gita Gopinath, the IMF’s chief economist, posited that “digital currencies will not displace the dominant dollar.” In particular…

FinCEN Director Discusses Virtual Currency Reporting Trends

USA - December 18 2019 On December 10, 2019, FinCEN Director Kenneth Blanco delivered prepared remarks to a banking conference held in Washington, DC. Among topics he…

New York Proposes Virtual Currency Guidance

USA - December 16 2019 On December 11, 2019, the New York Department of Financial Services (DFS) published proposed guidance regarding adoption or listing of virtual…

Swiss Regulator Warns of Blockchain Risks

Switzerland - December 11 2019 On December 10, 2019, the Swiss Financial Market Supervisory Authority (FINMA) published its inaugural report on market risk in the Swiss economy…

Senior SEC Official Discusses Digital Asset Fund

USA - December 4 2019 At a mutual fund industry conference held on December 3, 2019, Dalia Blass, director of the Securities and Exchange Commission’s Division of…

CFTC Chairman Discusses Digital Assets

USA - November 21 2019 In a television interview on November 19, 2019, CFTC Chairman Heath Tarbert discussed digital assets and the importance of U.S. leadership in this…

Federal Reserve Discusses Global Stablecoins and Financial Stability

USA - November 20 2019 The Federal Reserve Board’s most recent semi-annual Financial Stability Report, issued November 15, 2019, includes a lengthy discussion of potential…

United Kingdom Issues Revised Guidance on Taxation of Cryptocurrency

United Kingdom - November 11 2019 The United Kingdom tax authority, HM Revenue & Customs (HMRC), has issued revised guidance regarding the tax treatment of cryptocurrency. Separate…

SEC Staff Supports Blockchain Clearance and Settlement Platform

USA - November 5 2019 On October 28, 2019, staff in the SEC’s Division of Trading and Markets provided a no-action letter to Paxos Trust Company, LLC permitting it to…