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NFT Buyers Accuse Nelk Boys of Ripping Them Off

“Based on the allegations, there’s a tension between what’s a failed business idea that was launched in good faith and what’s a nefarious rug pull," said Scott Armstrong, a principal at McGovern Weems and former federal prosecutor.
4 minute read

National Law Journal

Crypto Industry Eyes Legislation to Clarify Regulatory Framework

“Unless you’ve got a third agency that's going to say, ‘These are security coins and these are commodity coins,’ it doesn't resolve anything,” said law professor Jack Graves. “This [bill] kind of tries to draw a bright line rule between the two. I think they're dreaming because as soon as you draw rules, everybody's going to be in the gray area trying to move the other direction.”
4 minute read

New York Law Journal

SEC Official Hints at More Restraint With Industry Bars, Less With Wells Meetings

Antonia Apps predicted during this year's Securities Enforcement Forum that new agency leadership would be more thoughtful in deciding when to ban individuals from the securities industry, and would be more receptive to Wells meetings.
4 minute read

National Law Journal

Observations on Crypto DEXs and the New Broker Reporting Regulations

The inclusion of DEXs and DeFi participants in the definition of "broker" has a number of significant corollary implications.
4 minute read

The Recorder

Bittensor Hackers, Accused of Stealing Over $28 Million, Face Federal Lawsuit

“There are not more than 100 lawyers in the world who even have the expertise to track this stuff down,” said Franklin L. Zemel, a partner at Saul Ewing and co-chair of the Florida Bar’s Cybersecurity and Privacy Law Committee.
4 minute read

Legaltech News

Digital Assets and the ‘Physical Loss’ Dilemma: How the Fourth Circuit’s Ruling on Crypto Theft Stands at Odds With Modern Realities

Digital property is, well, not “physical” in the tangible sense. Though it is physical in that it is real and has real value, it cannot be held in your hand. As a result, some courts have elected to rigidly apply vintage caselaw about property insurance to conclude that digital property is not covered, simply because it does not have a corporeal form. Doing so fails to recognize that this caselaw was decided before property could be nonphysical.
7 minute read

The Recorder

An Uncertain SEC Beats Kraken’s Major Questions Doctrine Defense

“It remains to be seen whether the recent changeover at the SEC, including the appointment of Acting Commissioner Uyeda, will change the way the SEC pursues these cases or the guidance it issues to the cryptocurrency industry,” said Moish Peltz, a partner at Falcon, Rappaport & Berkman who is not involved in the matter.
4 minute read

National Law Journal

SEC Revokes Biden-Era Crypto Accounting Guidance

Critics of the guidance said it effectively prevented banks from holding digital assets in custody and evaded normal commission rulemaking. Congress passed a measure repealing the guidance in May but former President Joe Biden vetoed it.
3 minute read

New York Law Journal

Bankruptcy Judge Clears Path for Recovery in High-Profile Crypto Failure

“Delays in insolvency proceedings not only frustrate the bankruptcy process, but also increase administrative expenses, which ultimately deplete the recovery for creditors,” said Alan Rosenberg, a partner at Markowitz Ringel Trusty & Hartog.
3 minute read

National Law Journal

Trump Signs Executive Order Creating Strategic Digital Asset Reserve

"While the Executive Order reflects a symbolic sea change in terms of the government’s intent to promote an industry that was subject to serious skepticism under the prior administration, its immediate practical impact may be more muted than some in the industry hoped," said Helen Gugel, a partner at Ropes & Gray, who has been recognized as one of the top 20 female cryptocurrency litigators in the U.S.
4 minute read

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