Paul Capuano

Jun 13, 2024 | jdsupra.com | Linda Ann Bartosch |Dale Beggs |Paul Capuano

More clearly define crypto asset regulatory boundaries for Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (“CFTC”), providing statutory definitions for “restricted digital assets” and “digital commodities.” For the first time, give the CFTC plenary jurisdiction over spot trading in digital commodities, instead of the limited jurisdiction the CFTC now has over such spot commodities. Please see full publication below for more information.

Sep 8, 2023 | jdsupra.com | Andrew Boutros |Jeffrey Brown |Paul Capuano

The Securities and Exchange Commission (“SEC”) issued a cease-and-desist order on August 28, 2023, charging Impact Theory, LLC (“Impact Theory”) with conducting an unregistered offering of crypto asset securities in violation of the Securities Act of 1933 (“Securities Act”).1 Without admitting or denying the SEC’s findings, Impact Theory accepted the order and agreed to pay more than US$6.1 million in civil penalties, disgorgement and prejudgment interest.2 The order marks the first time that...

Jul 25, 2023 | jdsupra.com | Andrew Boutros |Jeffrey Brown |Paul Capuano

I. IntroductionOn July 13, 2023, the United States District Court for the Southern District of New York (the “Court”) issued a major ruling in in a closely-followed lawsuit brought by the Securities and Exchange Commission (the “SEC”) against Ripple Labs (“Ripple”) over the securities law status of XRP, Ripple’s native token XRP.1 In sum and substance, the Court held that XRP is not a security when sold to the general public, but is a security when sold to institutional investors. II.