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This is the fourth edition of CryptoLex, which was first conducted in 2018. The proprietary blockchain conference of Murphy & McGonigle, CryptoLex is conducted by Murphy & McGonigle’s FinTech & Blockchain Practice.
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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Third Time’s the Charm? Lawmakers Try Again to Clarify Cryptocurrency and Digital Asset Regulation
by: Macauley B. Venora
Lawmakers in the U.S. House of Representatives have re-introduced the Token Taxonomy Act, again seeking to clarify the legal and regulatory framework around digital assets and cryptocurrencies, as well as a separate bill to establish a digital asset working group.
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DOJ Cyber Task Force Releases Report on an Enforcement Framework for Cryptocurrency Involved Criminal Activity
by: Steven D. Feldman , Matthew B. Comstock
Produced by the Attorney General’s Cyber-Digital Task Force, the Framework is divided into three parts with a conclusion. It provides an overview of threats and enforcement challenges associated with the increasing use of cryptocurrency; enumerates the criminal and civil statutes and regulatory framework used to investigate and regulate illegal crypto-related activities; and outlines ongoing challenges for businesses involved with cryptocurrency, and future strategies for investigating and prosecuting crypto involved crimes.
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STRATEGIC PERSPECTIVES—Murphy & McGonigle partner considers potential implications of Telegram rulings
by: Larry E. Bergmann | Securities Regulation Daily
The author examines the decisions in SEC v. Telegram and how they may impact digital token issuers’ use of the Simple Agreement for Future Tokens model for distributing tokens.
The Southern District of New York has issued two main rulings in SEC v. Telegram—that the offer and sale of Telegram’s cryptocurrency (Grams) involved a "scheme" to distribute securities subject to 1933 Act registration requirements, and that the Court’s preliminary injunction regarding sales or resales of Grams applies to both U.S. and non-U.S. purchasers. Murphy & McGonigle’s Larry Bergmann examines both rulings and weighs the impact they might have on future issuances of digital tokens. Among other things, Bergmann believes that the decisions will make it more difficult for digital token issuers to argue that securities sold to raise capital can be transformed at a later date into "utility" digital assets that are not securities. He also raises the question of whether improvements can be made to an operational cryptocurrency platform to enhance the value of that platform’s tokens.
To read the entire article, click here.
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SEC's Hester Peirce Speaks on Howey, NFTs, and her Safe Harbor Proposal
by: Macauley B. Venora | Blockchain Law Center | (03/31/2021)
SEC Commissioner Hester Peirce—the Crypto Mom—answered questions during the 2021 Security Token Summit on digital asset issues such as the Howey test, her regulatory safe harbor proposal, and Non-Fungible Tokens.
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New Report By Citi Suggests that Bitcoin is at the “Tipping Point” of Mainstream Acceptance
by: Anya Thepot | Blockchain Law Center | (03/25/2021)
According to its report released in March of 2021, Citi believes that Bitcoin is at a "tipping point" and could "become the currency of choice for international trade."
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SEC v. Ripple Update: XRP Holders Confront SEC Over Their Losses
by: Daniel M. Payne | Blockchain Law Center | (03/17/2021)
XRP holders filed a motion to intervene in the SEC's enforcement action against Ripple, telling the court that they have lost billions because of the SEC's meritless action.

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.