The Intersection of Cryptocurrency Regulation and Foreign Policy Is Testing Conflict-of-Interest Rules

By David Krause October 9, 2025 by renholding

The convergence of emerging financial technologies and traditional diplomatic relations has created novel challenges for legal frameworks governing digital asset regulation and conflicts of interest in government. Recent developments involving the Trump administration, United Arab Emirates (UAE) investment entities, and …

The GENIUS Act and State-Issued Stablecoins Raise Important Issues of Federalism

By David Krause September 11, 2025 by renholding

The enactment of the GENIUS Act of 2025 marks a watershed moment in American cryptocurrency regulation, establishing the first comprehensive federal framework for payment stablecoins.[1] Yet within this law lies a provision that may fundamentally reshape the balance between …

Morrison & Foerster Discusses DOJ’s New Digital Asset Enforcement Policy

By Deborah L. Connor, William Frentzen, Haimavathi V. Marlier, Haydn Forrest and Colbie Holderness April 23, 2025 by renholding

On April 7, 2025, Deputy Attorney General Todd Blanche issued a memo (the “Blanche Memo”) announcing the Trump administration’s Department of Justice (“DOJ”) refocus of enforcement policies related to investigations and prosecutions of individuals and entities involved with digital assets. …

Cohen Milstein Discusses Two U.S. Supreme Court Cases that May Increase Hurdles for Securities Fraud Plaintiffs

By Laura H. Posner and Alexandra Gray September 12, 2024 by renholding

In November, the U.S. Supreme Court will hear two cases from the Ninth Circuit Court of Appeals that will implicate the ability of investors to bring securities fraud claims. The most worrisome – NVIDIA Corp. v. E. Ohman J:or Fonder …

How to Regulate FinTech, Crypto Assets, DeFi, and Other Financial Innovations

By Steven L. Schwarcz April 10, 2024 by renholding

In a new article, I attempt to build a systematic framework for regulating FinTech-driven innovations. In doing so, I clarify and simplify the confusing terminology that makes FinTech appear more complicated than it is.

“FinTech” refers to the use of …

Gibson Dunn Offers Securities Litigation 2023 Year-End Update

By Craig Varnen, Monica Loseman, Brian Lutz, Jefferson Bell and Chase Weidner March 14, 2024 by renholding

This update provides an overview of the major developments in federal and state securities litigation since our 2023 Mid-Year Securities Litigation Update:

FILING AND SETTLEMENT TRENDS

Data from a recent NERA Economic Consulting (“NERA”) study illustrates several trend changes. …

Should Smart Contracts Be Mandated?

By Roee Sarel and Bahadir Köksal February 23, 2024 by renholding

Smart contracts are typically used to facilitate the transfer of cryptocurrencies but can actually be used to conclude all sorts of transactions. Technically speaking, a smart contract is just an automated algorithm. It triggers a pre-defined action once certain preconditions …

SEC Chair Gensler Speaks About Approval of Spot Bitcoin Exchange-Traded Products

By Gary Gensler January 11, 2024 by renholding

Today [January 10], the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares.

I have often said that the Commission acts within the law and how the courts interpret the law. Beginning under

…

How Crypto Fraud Affects Investor Behavior

By Ben Lourie, Alex Nekrasov, Phong Truong and Chenqi Zhu January 8, 2024 by renholding

In the world of financial markets, fraud poses a significant threat, undermining investor trust and leading to misallocation of resources. Cryptocurrency markets present heightened risks of fraud, which draws the attention of regulators, legal experts, and investors. The Securities and …

The Current Securities Landscape of Cryptocurrencies and NFTs

By Christa J. Laser December 1, 2023 by renholding

The value of assets on the blockchain has soared to billions of dollars, stored everywhere from Bitcoin to Bored Ape Yacht Club NFTs to play-to-earn gaming. Some of those assets, though, have crashed and burned in the wake of market …

Can the Uniform Commercial Code Help Save Bitcoin from Speculators?

By Mark Edwin Burge October 23, 2023 by renholding

As the original cryptocurrency, Bitcoin has received more than its share of exposure, including as a harbinger of the possibilities of blockchain. Since the 2008 brainchild of Satoshi Nakamoto hit the internet, supporters of the original cryptocurrency have lauded it …

The Ripple and Terraform Cases Tee Up a Dramatic Showdown over Cryptocurrency Regulation

By John Livingstone, Anat Alon-Beck and Nizan Packin August 14, 2023 by renholding

On July 31, U.S. District Judge Jed Rakoff in New York decided a case with significant implications for how and even whether the Securities and Exchange Commission can regulate cryptocurrencies as a security. His decision contrasts sharply with a ruling …

Stocks, Memes, or Miles? A New Crypto Taxonomy and Regulatory Paradigm

By Lev Breydo June 14, 2023 by renholding

Crypto is at a crossroads. After a cascade of bankruptcies – including FTX’s implosion – millions of defrauded customers, and trillions of dollars in value destruction, many are wondering whether the sector has a future. Amidst the wreckage, after years …

How Crypto Has Become Vulnerable to Problems of Traditional Finance

By Douglas Arner, Dirk A. Zetzsche, Ross Buckley and Jamieson M. Kirkwood May 30, 2023 by renholding

The year 2022 was an annus horribilis for the crypto ecosystem. The combination of the collapse of the FTX group,[1] the failure of Terra’s UST stablecoin,[2] 3AC’s bankruptcy,[3] and crypto losing $2 trillion in market value became …

How to Square Corporate Bankruptcy With Cryptocurrency

By Stephen J. Lubben May 1, 2023 by renholding

One of the primary attractions of cryptocurrency, for libertarians and blackmailers alike, is its relative freedom from the governmental oversight and involvement that comes with traditional currency. Yet this anti-government tilt is a problem where chapter 11, or bankruptcy generally, …

A Beginner’s Guide to the SBF Prosecution: Where the Legal Issues Lie

By John C. Coffee, Jr. December 21, 2022 by renholding

The spectacle of a shambling billionaire with an adolescent personality, an inconsistent memory, a fondness for using his depositors’ funds for his own personal purposes, and an eagerness to talk in self-destructive ways to the press has fascinated everyone. This …

Insider Traders Have Found Their Way to Cryptocurrency Markets

By Ester Félez-Viñas, Luke Johnson, and Tālis J. Putniņš August 26, 2022 by renholding

On July 21, 2022, the U.S. Securities and Exchange Commission (SEC) commenced the first ever lawsuit charging insider trading in cryptocurrency markets. A former employee of Coinbase – a major cryptocurrency exchange – together with his brother and a friend, …

Skadden Discusses Ramifications of Cryptocurrency Insider Trading Case

By Alexander C. Drylewski, Stuart D. Levi, Daniel Michael, Mana Ghaemmaghami and Anita Oh July 28, 2022 by renholding

On July 21, 2022, the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) each brought insider trading charges against a former Coinbase product manager, his brother and a close friend for using material non-public information (MNPI) to …

Skadden Discusses Senate Bill to Create Regulatory Structure for Crypto and Other Digital Assets

By Alexander C. Drylewski, Nathan W. Giesselman, Stuart D. Levi, Daniel Michael, Bao Nguyen and Andrew R. Beatty June 23, 2022 by renholding

In recent years, innovation in the blockchain or “Web3” space has been impacted by uncertainty on the regulatory front. Undoubtedly, the greatest area of uncertainty has involved the Securities Exchange Commission (SEC) and its application of the so-called Howey test …

A Tokenized Future: Regulatory Lessons from Crowdfunding and Standard Form Contracts

By Darian Ibrahim April 13, 2022 by renholding

Cryptocurrencies and other digital assets (“crypto”) are surging in popularity. If cryptos are securities (“investment contracts” under the Howey test), they must be sold in accordance with the federal securities laws. This likely requires registration with the Securities and Exchange …

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