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Publications
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12.04.2023CFPB Proposes Federal Oversight of Digital Wallet and Payment App ProvidersUpdatesThe Consumer Financial Protection Bureau (CFPB) published a proposed rule on November 7, 2023, that, if finalized, would subject to its supervisory authority certain Big Tech firms and other nonbank companies operating in the payments sphere.
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06.2022Fundamentals of Non-Fungible Tokens
White Papers
Non-fungible tokens have been widely adopted across a variety of industries. The fast-developing NFT ecosystem of technical and commercial innovation is aimed at the promise of bridging physical world concepts of uniqueness and scarcity with the digital world. -
09.14.2021Regenerative Agriculture: Sustainability in FarmingUpdatesIn this issue of the Perkins Coie Summer Sustainability Series, we discuss how regenerative agriculture practices affect the farming and food distribution industries, as well as some of the novel legal issues that may arise.
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LAST UPDATED: JANUARY 2021
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07.17.2019SEC and FINRA Staffs Issue Joint Statement on Broker-Dealer Custody of Digital Asset SecuritiesUpdatesThe staffs of the Division of Trading and Markets of the SEC and FINRA published a joint statement on July 8, 2019, articulating primary regulatory concerns regarding broker-dealers’ ability to comply with financial responsibility rules in the context of digital asset securities.
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04.10.2019SEC’s FinHub Publishes Framework for Digital Assets and SEC’s Division of Corporation Finance Grants First No-Action Relief to Token SponsorUpdatesThe U.S. Securities and Exchange Commission (SEC) Strategic Hub for Innovation and Financial Technology (FinHub) published a framework on April 3, 2019, for analyzing whether a digital asset is offered and sold as a security under the federal securities laws.
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09.2018Self-Sovereign Identity and Distributed Ledger Technology: Framing the Legal Issues
White Papers
In this first-of-its-kind white paper, the authors describe the development of DLT as a means for creating a decentralized, portable, secure, privacy-respecting, and entirely user-controlled online identity system, often referred to as self-sovereign identity (SSI), and outlines the high-level legal issues and technological challenges that must be addressed ahead of mass adoption. -
09.2018Treatment of Bitcoin Under U.S. Property Law
White Papers
In this white paper , the authors analyze the treatment of bitcoin under applicable U.S. property law. The authors conclude that property interests should exist in bitcoin under such law, and that multiple sources of persuasive authority provide additional support for that conclusion. -
08.09.2018Understanding Digital Tokens: Market Overviews and Proposed Guidelines for Policymakers and PractitionersArticlesThe last 24 months has seen incredible development in the blockchain industry. We saw two of the world’s largest exchanges introduce bitcoin futures contracts, market capitalization for digital tokens grew over 3000 percent, and over a dozen central banks and many major financial institutions around the world announced their interest in blockchain-based technologies.
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06.22.2018Senior SEC Official Provides Regulatory Clarity for Digital AssetsUpdatesDuring a speech in San Francisco last week at the Yahoo Finance All Markets Summit, William Hinman, Director of the Division of Corporation Finance of the Securities and Exchange Commission (SEC), provided some welcome clarity regarding the applicability of the federal securities laws to digital assets and tokens projects.
This update was published in ABA Business Law Today "Ether Is Not A Security: Summary of SEC Division of Corporation Finance Director Hinman’s Remarks," on 06.2018. -
03.2018More Legal Aspects of Smart Contract Applications
White Papers
Smart contracts have received significant attention from legal academics and attorneys for the impact they may have on contract law and the role of lawyers. Some have also identified and described a series of use cases for smart contracts. However, the literature currently lacks a comprehensive discussion of the legal implications of use cases that are unrelated to contract law. -
01.29.2018CFTC Flexes Its Regulatory Muscle in a Case Involving a Virtual CurrencyBlogsJust like the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) is actively policing the virtual currency market. On January 24, 2018, the CFTC announced an enforcement action against two individuals and a company, My Big Coin Pay, Inc., for fraudulently offering the sale of a “fully functioning” virtual currency.
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01.11.2018SEC Takes Aim at Initial Coin Offerings AgainUpdatesIn its most significant action since issuing the DAO Report in July 2017, the SEC again took aim at initial coin offerings on December 11, 2017, when, through its new Enforcement Cyber Unit, the SEC entered into an administrative settlement with Munchee, Inc., for conducting unregistered offers and sales of securities.
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05.2017Legal Aspects of Smart Contract Applications
White Paper
In this white paper, the authors cover topics such as: Digital Asset Sales and Capital Markets, Supply Chain Management, Land Registries, Government Records and Smart Cities, and Self-Sovereign Identity -
06.09.2014Admin Rulings: FinCEN Clarifies Money Transmitter Exemptions for Virtual Currency and Payment-Related ServicesUpdatesOn April 29, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a series of administrative rulings determining whether five different companies constitute money services businesses under FinCEN regulations.
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04.02.2014A Close Look At The IRS' Bitcoin GuidanceArticles
Law360
In this Law360 article, Perkins Coie attorneys discuss the recent notice issued by the IRS on how it will apply U.S. tax principles to transactions involving virtual currency. The U.S. Government Accountability Office had previously issued a report on virtual economies and currencies, calling for additional IRS guidance on the basic tax reporting requirements applicable to virtual currencies. -
02.11.2014New FinCEN Guidance on Virtual Currency TransactionsUpdatesOn January 30, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued two administrative letter rulings that clarify the application of FinCEN’s regulations to certain participants in the virtual currency ecosystem.
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10.03.2013Government Brings Important Case Against Illegal Marketplace “Silk Road;” Government Acknowledges Lawful Uses of BitcoinUpdatesThe virtual currency industry is in the news once again following the October 1, 2013, Federal Bureau of Investigation’s shutdown of the “Silk Road” website.
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09.06.2013Federal Election Commission Seeks Public Comment on the Use of Bitcoins as Political ContributionsUpdatesA political action committee has sought an advisory opinion from the Federal Election Commission as to whether bitcoins can be accepted as political contributions and, if so, how bitcoins should be characterized and valued by recipients.
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08.20.2013Virtual Currency: Government Scrutiny Continues to GrowUpdatesRiding the coattails of an August 6, 2013 federal court ruling that alleged Ponzi-schemer Trendon Shavers’ Bitcoin-based investment scheme constituted an investment contract, and therefore is a “security” under the federal securities laws, various federal and state lawmakers have aligned their attention to issues affecting the virtual currency market.
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08.09.2013Court Maintains Bitcoin-Related Investment Scheme Is a Security Under the Federal Securities LawsUpdatesIn response to the SEC’s first civil complaint arising from online virtual currency trading, alleged Bitcoin Ponzi schemer Trendon Shavers recently challenged the district court’s authority to hear the case.
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07.29.2013Bitcoin Under SEC Scrutiny: First Civil Prosecution Brought Against Alleged Virtual Currency Ponzi Scheme CompanyUpdatesOn July 23, 2013, the SEC ventured into the electronic currency world by filing a civil complaint against virtual currency “trader” Trendon Shavers and his company, Bitcoin Savings and Trust, in the U.S. District Court for the Eastern District of Texas.
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05.30.2013Federal Government Crackdown on Virtual Currency Heats UpUpdatesFederal authorities have initiated several recent enforcement actions that are indicative of continuing regulatory changes in the virtual currency industry.
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03.22.2013New FinCEN Guidance Changes Regulatory Landscape for Virtual Currencies and Some Prepaid ProgramsUpdatesTo address a perceived gap in regulatory treatment of increasingly popular virtual currencies, including Bitcoin, the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) released new guidance on March 18, 2013.
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12.20.2012The Retail Point of Sale Goes MobileUpdatesMobile point-of-sale payment terminals have experienced explosive growth over the past year. Unlike a traditional point-of-sale terminal, a mobile terminal communicates wirelessly when processing payment cards. There are different types of solutions in the market, but one popular type is an application within a mobile device, like a smartphone or tablet, that uses a hardware attachment to swipe payment cards.
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06.07.2012Proposed Regulation Of Reloadable Prepaid Cards By CFPBUpdatesThe Consumer Financial Protection Bureau's ("CFPB") recently issued Advance Notice of Proposed Rulemaking ("ANPR") announced its intention to extend Regulation E ("Reg E") protections to certain general purpose reloadable prepaid cards ("GPR cards"), which protections do not currently apply to GPR cards. CFPB's stated goals are to (1) insure consistent minimum standards across similar financial products, (2) allow consumers to easily compare products by insuring disclosure transparency and (3) appropriately allocate fraud and loss risks. CFPB is soliciting public comments on this topic until July 23, 2012.
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01.31.2012Third Circuit Affirms District Court Decision on New Jersey Unclaimed Property Requirements Relating to Third Priority Rule and Data CollectionUpdatesOn January 5, 2012, the U.S. Court of Appeals for the Third Circuit affirmed the decision of the U.S. District Court of the District of New Jersey with respect to 2010 N.J. Laws Chapter 25, which amended New Jersey's unclaimed property statute.
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12.05.2011FinCEN Answers Frequently Asked Questions about Regulatory Requirements for Gift Cards, Gift Certificates and Similar Stored-Value CardsUpdatesOn July 26, 2011, FinCEN issued the Final Rule. The Final Rule applies regulations regarding money service businesses ("MSBs") to “providers” and “sellers” of "prepaid access." The Final Rule became effective on September 27, 2011.
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08.02.2011FinCEN Issues Final Rule Regarding Prepaid AccessUpdatesOn July 26, 2011, the Financial Crimes Enforcement Network of the Department of the Treasury ("FinCEN") issued a final rule amending the Bank Secrecy Act's regulations and establishing comprehensive regulatory requirements for prepaid access ("Final Rule").
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02.01.2011Third Circuit Issues Temporary Injunction on New Jersey Zip-code Collection RequirementUpdatesOn June 29, 2010, New Jersey enacted Assembly Bill 3002, which substantially revised the state’s unclaimed property laws.[1] Many of these revisions directly impact issuers of “stored value cards,” which broadly includes paper gift certificates, gift cards, rebate cards, and other products.[2] This white paper discusses AB 3002’s requirement to collect consumer names, addresses and zip codes and the abandonment period for stored value cards.
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01.26.2011Overview of the Restore Online Shoppers' Confidence ActUpdates
In late 2010, the Restore Online Shoppers' Confidence Act, (ROSCA), passed in both chambers of Congress and, on December 29, 2010, was signed by the President. ROSCA will become law once final administrative actions are complete. The Act contains two primary prohibitions: (1) it prohibits and prevents Internet-based post-transaction third party sales and (2) it imposes specific requirements on negative option features. The relevant terms and provisions are summarized in more detail below.
Presentations
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04.04.2024Cutting Edge Business and Legal Issues in Blockchain GamingSpeaking EngagementsNFT.NYC / New York City, NY
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04.27.2023Crypto’s Environmental Conundrum: How Can Blockchain Accelerate ESG and Protect the Planet?Speaking EngagementsConsensus @Consensus WorkShop / Austin, TX
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04.26.2023Second Annual Regenerative Agriculture Crypto Acceleration RoundtableSpeaking EngagementsConsensus / Austin, TX
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06.21.2022
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06.10.2022Regenerative Agriculture Crypto Acceleration Luncheon RoundtableSpeaking Engagements
Consensus 2022 Roundtable Sessions / Austin, TX
Dax Hansen presented "Regenerative Agriculture Crypto Acceleration Luncheon Roundtable" during the Consensus 2022 Roundtable Sessions in the Austin office.
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05.12.2022Sports Digital & Blockchain Roundup: Mobile Sports Betting, Tradeable Digital Products, and CryptocurrencySpeaking EngagementsPanelist
Sports Lawyers Association Annual Conference / Atlanta, GADax Hansen presented "Sports Digital & Blockchain Roundup: Mobile Sports Betting, Tradeable Digital Products, and Cryptocurrency" during the Sports Lawyers Association Annual Conference. -
01.18.2022Saving the Family Farm with Bitcoin and Building a Regenerative Food Brand with Dax Hansen, Founder of Oatman FarmsSpeaking EngagementsThe Modern Acre Podcast / VirtualDax Hansen spoke about leveraging his blockchain expertise to bring transparency to the food supply chain on The Modern Acre podcast.
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12.02.20212017 vs 2021 - NFT Landscape a Legal PerspectiveSpeaking Engagements
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03.30.2021
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11.18.2020BlockchainSpeaking EngagementsNational Association of Corporate Directors Meeting / Virtual
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11.14.2019Regulation, Tax, and ComplianceSpeaking Engagements
Economics & Technology of Blockchain and Bitcoin
TF4 Block Chain Conference / Seattle, WA -
11.07.2019Moving Beyond Paper - How Technology (and Blockchain) Will Improve Wealth Transfer Security and EfficiencySpeaking EngagementsHawaii Tax Institute / Honolulu, HI
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10.27.2019Stablecoins, The Transformation of Payments and the Evolution of the Global Monetary SystemSpeaking EngagementsMoney 20/20 / Las Vegas, NV
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10.07.2019Cypto RoundtableSpeaking Engagements
TechGC / Atlanta
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06.28.2019Commentary on the Intersection of Regulation and TechnologiesSpeaking EngagementsPanelist
2nd Annual Innovation and Technology Law Conference / Seattle, WA -
06.03.2019Dear Enterprise, Have You Developed a Sound Strategy?Speaking EngagementsConsensus 2019 / New York, NYPerkins Coie held a panel at Consensus 2019 to discuss the factors that can help shape the outcome of successful blockchain consortia engagements.
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05.13.2019Dear Enterprise, Have You Developed a Sound Blockchain Consortia Engagement Strategy?Speaking EngagementsConsensus 2019 / New York, NY
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05.10.2019
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02.15.2019Blockchain Technology: Why the hype?Speaking EngagementsJ. Reuben Clark Law Society Annual Conference / Seattle, WA
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02.13.2019Making "Cents" of Blockchain and CryptocurrencySpeaking EngagementsRotary Club Luncheon / The Grand Hyatt
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12.03.2018 - 12.04.2018Building the Business Case for BlockchainSpeaking Engagements
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11.08.2018The Future Is Here: Dealing with Bitcoins and Crypto Currencies in Your Wealth Transfer StrategiesSpeaking EngagementsHawaii Tax Institute / Honolulu, HI
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10.02.2018
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09.10.2018Smart Contracts: Why States Don’t Need New LawsSpeaking EngagementsBlockchain Seattle / Bellevue, WA
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07.24.2018Non-Fungible Tokens: The Evolution of Collectibles from Physical to DigitalSpeaking EngagementsNifty / Hong Kong
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05.11.2018Alternative Uses of Blockchain TechnologySpeaking Engagements1st Annual Innovation & Technology Law Symposium - Blockchain and FinTech: Innovation and Regulation / Seattle, WA
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04.04.2018 - 04.06.2018Cryptocurrency and ICOs – A Legal PrimerSpeaking EngagementsVCGC Crypto Panel
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03.2018Legal Aspects of BlockchainSpeaking EngagementsPartner Dax Hansen gives a keynote on the legal aspects of blockchain at Polycon 2018. View video of the presentation.
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03.08.2018Legal Aspects of Smart Contract ApplicationsSpeaking EngagementsD.C. Blockchain Summit / Washington D.C.
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11.09.2017Block Chain and Cryptocurrency Technology, Virtual Currency and Tokenized Digital Assets; Innovation and Technology that Will Affect Every Wealth Transfer Advisor’s Practice and Clients, Yet They Don’t Even Know It’s ComingSpeaking EngagementsHawaii Tax Institute / Honolulu, HI
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10.28.2017 - 10.31.2017COALA Workshop Stetson EditionSpeaking Engagements
COALA Workshop Stetson Edition / Florida
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10.22.2017 - 10.25.2017
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09.27.2017
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09.15.2017The Token Sale SummitSpeaking EngagementsWebinar
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06.13.2017What Does an OCC Fintech Charter Mean for Fintech?Speaking Engagements
American Banker - Blockchains + Digital Currencies / New York, NY
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04.19.2017 - 04.21.2017ACI Payment Systems and FinTech Regulatory & Compliance SuperConferenceSpeaking Engagements
ACIs Payment Systems and FinTech Regulatory & Compliance SuperConference / New York, NY
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12.16.2016COALA African Blockchain Workshop: Law, Regulation and Operational RiskSpeaking Engagements
Panelist
COALA African Blockchain Workshop / Nairobi, KenyaWhat are the relevant laws and regulations for blockchain technologies? What opportunities and challenges might regulators face when building new regulatory frameworks for crypto-currencies and other blockchain-based applications? -
12.05.2016Code is Law?Speaking Engagements
Digital Chamber of Commerce – Smart Contracts Symposium / New York, NY
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10.23.2016Blockchain Opportunities: Securities, Back Office Settlement & Global Trade FinanceSpeaking EngagementsModerator
Money 20/20 / Las Vegas, NV -
10.17.2016Blockchain and the Financial IndustrySpeaking EngagementsPanelist
IoT Security Summit & Blockchain Day 2016 / Boston, MA -
10.17.2016Blockchain Roundtable DiscussionsSpeaking EngagementsIoT Security Summit & Blockchain Day 2016 / Boston, MA
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09.22.2016Fintech Office HoursSpeaking EngagementsPlug and Play Sunnyvale
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08.16.2016Blockchain and the LawSpeaking EngagementsDiscover Blockchain – Washington Department of Commerce / Seattle, WA
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07.28.2016Shaping Regulation of a Young TechnologySpeaking EngagementsPanelist
American Banker - Blockchains + Digital Currencies / New York, NY -
06.20.2016
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04.13.2016 - 04.14.2016What’s Wall Street Doing With Blockchains? From NASDAQ to the R3 Consortium: Exploring the Latest Activity of These Big Players and How They Are Trying to Work Together Towards Mainstream Blockchain ImplementationSpeaking EngagementsBlockchain & Distributed Ledger Technology / New York, NY
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04.01.2016Blockchain Innovation and OpportunitySpeaking EngagementsPanelist
2016 Digital Currency and Blockchain Technology National Institute / Washington, D.C. -
02.24.2016Shared Ledgers and Financial Law RoundtableSpeaking EngagementsRoundtable Participant
Berkman Center for Internet & Society
Harvard Law School / Cambridge, MA
One-day symposium on Shared Ledger Settlement Finality -
12.10.2015 - 12.11.2015Regulatory Challenges And Today’s Operational Risks: Understanding The Legal Framework For Blockchain TechnologiesSpeaking EngagementsPanelist
COALA (COALA.Global) Conference / Sydney, Australia -
11.05.2015Evolving Risks and Opportunities with Digital Currencies and Related Block Chain Technology
Webinar
RANE’s Insight Series
Three RANE experts in digital currencies and the technologies underpinning them will spend an hour laying out the latest evolution in the digital currency markets and the newest applications of blockchain technologies. -
10.25.2015Innovating Payments in a Complex Regulatory EnvironmentSpeaking EngagementsMoney 20/20 / Las Vegas, NVPanelists will discuss how to navigate and balance compliance and consumer protection with regulatory uncertainty. There will also be a focus on evolving consumer expectations driven by powerful online, mobile and emerging technologies such as blockchains.
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10.12.2015 - 10.13.2015Smart Contracts for Smart CitiesSpeaking EngagementsBlockchain Workshops / Hong Kong
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05.14.2015Money, Money, Money - What's the Future of e-Currency?Speaking EngagementsPLI’s TechLaw Institute 2015: The Digital Evolution / San Francisco, CA
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01.16.2015Workshop on Cryptocurrencies & Distributed LedgersSpeaking EngagementsBerkman Center for Internet & Society at Harvard and the MIT Medialab / Cambridge, MA
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11.2.2014Digital Securities and Bitcoin 2.0 Crowdsales, State Licensing & Overseas StructuringSpeaking EngagementsMoney 20/20 / Las Vegas, NV
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09.06.2012 - 09.07.2012Payment Issues Unique to Social MediaSpeaking EngagementsLaw Seminars International / Seattle, WA
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12.08.2011Update on FinCEN’s Prepaid Access Final RuleSeminarsPerkins Coie LLP / Seattle, WAThis discussion will address application of the Prepaid Access Final Rule, its intent and purpose, and the regulatory expectations.
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03.08.2011IE Roundtable: Virtual Currencies - Real Legal & Financial Reporting Issues for Interactive Entertainment CompaniesSeminarsPerkins Coie LLP / Seattle, WAAs a follow-up to our previous roundtable "Virtual Currencies: Real Legal Issues for Interactive Entertainment Companies" we will examine more closely the unclaimed property issues associated with virtual currency systems and customer loyalty programs and also dive into the revenue and liability recognition issues associated with virtual currency systems and customer loyalty programs.
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04.08.2010Virtual Currencies: Real Legal Issues for Interactive Entertainment CompaniesSeminarsPerkins Coie LLP / Seattle, WA
Virtual Currency Report
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SEC Approves 11 Spot Bitcoin Exchange-Traded Products
On January 10, the Securities and Exchange Commission gave the green light to 11 issuers that applied for bitcoin exchange-traded funds (ETFs). After a false announcement and a course change due to the ruling in Grayscale Investments, LLC v. SEC, the SEC approved spot Bitcoin ETFs for ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree*, Fidelity, Valkyrie,... Continue Reading…
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BarnBridge and its founders Tyler Ward and Troy Murray allegedly sold unregistered SMART Yield bonds, which the SEC considers crypto asset securities. Respondents also were charged with violations stemming from operating BarnBridge’s SMART Yield pools as unregistered investment companies. BarnBridge agreed to disgorge $1,457,000 from the sale and Ward and Murray agreed to civil penalties... Continue Reading…
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NYDFS Proposes Updates to Guidance for Listing and Delisting Digital Assets
What Happened? The New York Department of Financial Services (NYDFS or Department) released proposed updates to its guidance on the self-certification process for listing and delisting digital assets. It also announced significant changes to the Department’s “Greenlist” of vetted digital assets. This industry development affects companies that have received permission to engage in virtual currency... Continue Reading…
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The Federal Reserve’s Novel Activities Supervision Program: What Banks and Nonbanks Need to Know
Financial technology firms and certain banks and bank holding companies can expect to face increased scrutiny as the Board of Governors of the Federal Reserve System takes another step to stem risks related to crypto-assets, use of blockchain technology, and complex fintech partnerships with nonbanks to deliver financial services to customers. Through its newly announced... Continue Reading…
