Enforcement Chief Speaks on the “Why” of SEC’s Work

By Gurbir Grewal April 4, 2024 by renholding

Whether you’re here in person or participating virtually from around the country, or even overseas, I thank you for joining us.

As is customary, my remarks this morning are in my official capacity as Director of the Securities and Exchange …

Are Securities Class Actions Appropriate to Address Secondary-Trading Crypto Fraud?

By Menesh S. Patel April 2, 2024 by renholding

Traders in the United States now routinely trade hundreds of crypto assets in secondary crypto markets, and the pool of tradable assets is growing. Through these transactions, traders have seen financial gains and losses, which at times have been substantial. …

For Regulators, It’s All About Timing

By Adriana Z. Robertson November 13, 2023 by renholding

Regulators have a hard job. Novel financial products are developed and launched all the time. At first, regulators have very little information about these products; it makes sense to let the market develop a bit before taking action. But waiting …

Why the Major Questions Doctrine Does Not Cover SEC Crypto Lawsuits

By Todd Phillips and Beau Baumann September 14, 2023 by renholding

In West Virginia v. EPA, the Supreme Court expanded the reach of the major questions doctrine (MQD) by reframing it as a substantive canon and clear-statement rule rooted in both the Constitution’s separation of powers and “a practical understanding …

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 …

SEC v. Ripple: Everyone Loses

By Edwin Hu July 18, 2023 by renholding

On July 13, Judge Analisa Torres handed down a long-awaited decision in SEC v. Ripple. Crypto enthusiasts immediately began celebrating the opinion as holding that XRP, the Ripple token, was not a security. Others welcomed the finding that certain …

SEC Chair Gensler Speaks on Crypto and the Securities Laws

By Gary Gensler September 9, 2022 by renholding

Joseph Kennedy, the first Chairman of the SEC, had a saying: “No honest business need fear the SEC.”[1]

In the depths of the Great Depression, Congress and President Franklin Delano Roosevelt (known for a slightly more famous quotation about

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SEC Offers Framework for “Investment Contract” Analysis of Digital Assets

By Securities and Exchange Commission April 8, 2019 by renholding

If you are considering[1] an Initial Coin Offering, sometimes referred to as an “ICO,” or otherwise engaging in the offer, sale, or distribution of a digital asset,[2] you need to consider whether the U.S. federal securities laws apply.

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How the Regulation of Initial Coin Offerings Shifted from Inactivity to Full Enforcement

By Marco Dell’Erba December 5, 2018 by renholding

In recent years, Initial Coin Offerings (ICOs) have emerged as a disruptive tool in entrepreneurial finance. ICOs involve the sale of a stake in a project with the aim of raising funds at an early stage of development. Although ICOs …

Latham & Watkins Discusses SEC Official’s Analysis of Digital Assets as Securities

By Stephen P. Wink, David L. Concannon, Miles P. Jennings, Cameron R. Kates and Thomas H. Gabay July 2, 2018 by renholding

William Hinman, Director of the US Securities and Exchange Commission (SEC) Division of Corporation Finance, provided substantial color on the SEC’s evolving view of digital asset classification recently when he shared his thoughts on how to characterize purchases and sales …

SEC Discusses Online Trading Platforms — With a Word of Caution

By Stephen J. Crimmins March 29, 2018 by renholding

On March 7, 2018, the Securities and Exchange Commission’s Enforcement Division and its Trading & Markets Division issued a joint “Statement on Potentially Unlawful Online Platforms for Trading Digital Assets.”[1] The release appeared to be the strongest signal yet …

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Columbia Law School's Blog on Corporations and the Capital Markets

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