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Virtual currencies as commodities—CFTC wins battle in the fight to define cryptocurrencies as commodities but has it won the war?

A federal court in Massachusetts allowed the US Commodity Futures Trading Commission’s fraud case against virtual currency operators to continue by finding that the digital coin met the definition of “commodity” under the Commodity Exchange Act. The court rejected the defendants’ argument that the virtual currency at issue was not a “commodity” because there was no futures contract...

Financial institutions in Singapore to strengthen their cyber resilience— Monetary Authority of Singapore consults on cyber security measures

Recently, JPMorgan Chase CEO Jamie Dimon warned that the “biggest vulnerability” for the financial system is the threat of cyber attacks. Hackers, especially those working for nation-states, have grown more sophisticated and more determined, especially as geopolitical tensions rise. On September 6, 2018, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on the...

Videocast: Cryptoassets and the regulatory environment—A look across the Atlantic

Regulators are grappling to define cryptoassets and are applying existing regulations or contemplating new rules to oversee markets for these new asset class(es). In this Bottom Line videocast, Eversheds Sutherland (US) Partner Greg Kaufman and Eversheds Sutherland (International) Partner Andrew Henderson discuss: important jurisdictional and definitional issues before US courts the UK...

A week of “firsts” in cryptocurrency prosecution

On September 11, 2018, a number of “firsts” occurred in the prosecution of cryptocurrency-related activities at the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and federal district court that will likely become the norm going forward. The SEC announced its first enforcement action for an investment company registration violation...

Videocast: Disruptive technology in the financial services industry

Data and disruptive technology are issues at the forefront of what is currently driving the legal environment across the globe. In this Bottom Line videocast, Eversheds Sutherland (US) Partner Lewis Wiener and Eversheds Sutherland (International) Partner Matthew Allen discuss various aspects of technology in the legal and financial services world, knowing your data, and knowing your...

Protecting your assets Block and tackle—unclaimed property and cryptocurrency

As promoters of cryptocurrencies and digital-asset exchanges face intense scrutiny from tax, securities and other financial services regulators, they will soon have to contend with unclaimed property (or escheat) laws in the United States. This article explores how these laws could apply to cryptocurrency exchanges, hosted wallets, and other market participants, such as banks,...

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