Last week a federal district court ruled that a social media company’s initial fundraising to build a blockchain application as well as its later, proposed distribution of digital tokens to serve as virtual currency and for other legitimate purposes on the blockchain constituted an integrated unlawful offering of securities without a registration statement and granted a preliminary injunction banning the distribution as requested by the Securities and Exchange Commission. Separately, a futures commission merchant was sanctioned by the Chicago Mercantile Exchange as a result of a purported operational breakdown that enabled it to accept trades “far beyond” risk limits that should have been in place for the relevant account. As a result, the following matters are covered in this special edition of Between Bridges:
Gary DeWaal is currently Special Counsel with Katten Muchin Rosenman LLP in its New York office focusing on financial services regulatory matters. He provides advisory services and assists with investigations and litigation.
March 29, 2020
March 22, 2020
March 15, 2020
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