About this Site:
This site is a resource for those interested in legal and regulatory developments in the application of blockchain technology, provided by Murphy & McGonigle. We regularly work with financial services companies that have a stake in legal and regulatory developments impacting blockchain technology. We created this site to provide periodic updates on important developments in the law surrounding blockchain technology.
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SEC Staff Issues Second Utility Token No-Action Letter
by: Larry E. Bergmann , Matthew B. Comstock , Macauley B. Venora | (08/15/2019)
The staff of the Division of Corporation Finance issued the second no-action letter permitting an unregistered token offering and sale for use on a functional platform.
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Blockstack Examined: What the First Reg A+ Token Offering Looks Like
by: Daniel M. Payne | (08/12/2019)
An examination of the first SEC-qualified offering of digital securities issued pursuant to Regulation A (Tier 2) under the Securities Act of 1933 (the “Securities Act”).
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Six Trends Emerge in Murphy & McGonigle’s Newly Published “Blockchain Litigation: 2018 Year in Review Report”
by: Daniel M. Payne | (02/07/2019)
Murphy & McGonigle, the financial services and regulatory law firm, today released its Blockchain Litigation: 2018 Year in Review Report. Based on proprietary data the firm has collected from its Blockchain Litigation Database, the Report identifies six trends that have clearly emerged as blockchain and cryptocurrencies move closer to the mainstream.
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The SEC's Division of Trading and Markets and FINRA Issue Joint Statement on Custody of Digital Securities
by: Matthew B. Comstock | Blockchain Law Center | (07/09/2019)
The staffs of the SEC's Division of Trading and Markets and FINRA issued their first public statement on broker-dealer custody of digital securities on July 8, 2019. Among other things, the staffs discuss potential approaches for broker-dealers to carry digital securities in compliance with Rule 15c3-3 under the Exchange Act.
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FinCEN: Guidance Addressing the Regulations Applicable to Certain Business Models Involving Convertible Virtual Currencies
by: Macauley B. Venora | Blockchain Law Center | (05/21/2019)
The Financial Crimes Enforcement Network released comprehensive guidance discussing money transmission regulations and how they apply to complex business models involving cryptocurrency and various cryptocurrency platforms and exchanges.
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SEC Charges Blockchain Investment Firm with Misleading Investors
by: Macauley B. Venora | Blockchain Law Center | (05/15/2019)
On Monday, the SEC entered an Order Instituting Cease and Desist Proceedings against a blockchain investment firm and its CEO for making material misrepresentations to its investors.
Blockchain Litigation Database
The Blockchain Litigation Database tracks blockchain and cryptocurrency-related litigation using a data-based, analytical approach to enable subscribers to follow the development of the case law, analyze legal risks, perform due diligence on counterparties, and more.