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Jan 17, 2024 | 
natlawreview.com | Gary De Waal
Emphasizing its broad authority over fraud solely in connection with commodities – not just fraud in connection with derivatives referencing commodities – the Commodity Futures Trading Commission settled an enforcement action against Freepoint Commodities LLC on December 14, 2023, where it alleged that the firm illegally traded fuel oil based on non-public information obtained through “corrupt payments” in violation of an applicable provision of the Commodity Exchange Act (7 USC Sec.
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Oct 24, 2023 | 
natlawreview.com | Gary De Waal
A developer and financial backers of a renowned decentralized finance protocol cannot be held liable to private litigants for the activities of unrelated bad actors that utilized the protocol to launch and offer for sale scam digital assets, ruled a federal district court judge in New York City on August 29, 2023.
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Oct 24, 2023 | 
natlawreview.com | Gary De Waal
On October 3, 2023, a federal court denied the Securities and Exchange Commission’s request to certify for appeal the same court’s decision (Initial Decision) granting Ripple Labs, Inc.’s and two principals’ motion for summary judgment that certain types of sales and distributions of the digital asset XRP did not constitute investment contracts.
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Oct 24, 2023 | 
natlawreview.com | Gary De Waal
'The Commodity Futures Trading Commission appears to have revived a version of Major League Baseball’s “neighborhood play,” as evidenced by its allegations in a recently filed enforcement action, CFTC v. Stephen Ehrlich. There, the CFTC claimed that Voyager Digital Ltd.
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Sep 18, 2023 | 
ourcommunitynow.com | Gary De Waal
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Sep 18, 2023 | 
natlawreview.com | Gary De Waal
Monday, September 18, 2023 An offering of non-fungible tokens was deemed an unlawful offering of securities without registration by the Securities and Exchange Commission in a novel Order of first impression accepting a settlement of proposed charges against Impact Theory, LLC on August 28, 2023. According to the SEC, from October through December 2021, Impact Theory offered and sold three tiers of NFTs it termed “Founder’s Keys” to the public.
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Sep 18, 2023 | 
natlawreview.com | Gary De Waal
Monday, September 18, 2023 The Securities and Exchange Commission acted arbitrarily and capriciously when it denied Grayscale Investment LLC’s proposed listing of a bitcoin exchange-traded fund (ETP) in July 2022, ruled a unanimous three-judge panel of the United States Court of Appeals for the District of Columbia Circuit on August 29, 2023. Grayscale’s ETP was intended to be traded on NYSE Arca, a national securities exchange.
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Aug 17, 2023 | 
natlawreview.com | Gary De Waal
Thursday, August 17, 2023 Seven leading developers of artificial intelligence technology voluntarily agreed to comply with eight specific commitments (Commitments) to help mitigate the risks of AI, as announced in a ceremony at the White House on July 21, 2023.
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Aug 17, 2023 | 
natlawreview.com | Gary De Waal
Thursday, August 17, 2023 One US federal district court judge affirmatively challenged the analysis of another district court judge sitting in the same courthouse in denying defendants’ motion to dismiss in the Securities and Exchange Commission’s enforcement action against Terraform Labs Pte. Ltd. and Do Kwon. In an Opinion and Order issued on July 31, 2023, the Hon. Jed S. Rakoff said he “rejects” the approach taken by the Hon.
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Aug 17, 2023 | 
natlawreview.com | Gary De Waal
Thursday, August 17, 2023 The advent of quantum computing and generative artificial intelligence could potentially pose new risks to the US financial system, warned the Board of Governors of the Federal Reserve System in a report issued to Congress on August 1, 2023 (the Report). These threats and others warrant unspecified “collective actions across government and strong collaboration with the private sector in advancing measures to understand and mitigate risks,” says the Report.
