Abradat Kamalpour

Oct 21, 2024 | mondaq.com | Nathan S. Brownback |Abradat Kamalpour |Laura Pruitt

The Situation: On September 17, 2024, the Federal Deposit Insurance Corporation ("FDIC") approved a proposed rule ("the Proposal") that would establish new recordkeeping requirements for FDIC-insured depository institutions ("IDIs") with "custodial deposit accounts with transactional features." The Result: The new recordkeeping requirements would be necessary before any covered arrangement would be deemed to qualify for pass-through deposit insurance coverage.

Aug 18, 2023 | mondaq.com | Abradat Kamalpour |Sarah Levine |David Peavler |Laura Pruitt

The Situation: Recently, two judges in Southern District of New York were required to apply the Howey test in separate cases to decide whether sales of certain crypto assets were investment contracts, and thus securities.

May 4, 2023 | jdsupra.com | James M. Burnham |Kevin Comeau |Abradat Kamalpour

In ShortThe Situation: The U.S. Securities and Exchange Commission ("SEC" or "Commission") has reopened the comment period for its January 2022 proposal to amend Exchange Act Rule 3b-16 to broadly expand the definition of an "exchange," which would require numerous persons and entities to register as exchanges or register as broker-dealers and comply with Regulation ATS.

Apr 5, 2023 | jdsupra.com | James M. Burnham |Dorothy Giobbe |Abradat Kamalpour

In ShortThe Situation: For the first time, the Economic Report of the President (the "Report") includes a chapter on digital assets. The Result: As a general matter, the Report takes a dim view of digital assets and their usefulness in the financial markets. This view is, however, at odds with the prevailing views in the market, where investors continue to back digital assets and their underlying technologies.

Feb 21, 2023 | lexology.com | Mark Rasmussen |Abradat Kamalpour |Kim Desmarais |Dan Moss |Antonio F. Dias

In ShortThe Situation: Following a string of bankruptcies among virtual currency firms, the New York Department of Financial Services has issued guidance on the practices and procedures it expects from certain state-regulated entities providing virtual currency custodial services.