Bridging the Week by Gary DeWaal: November 4 to 15, and November 18, 2019 (Cryptocurrency or Security; Spoofing; Double Jeopardy; Restitution)

Published Date: November 18, 2019

A social media company and its wholly owned subsidiary sued by the Securities and Exchange Commission for conducting an offering of an unregistered digital security claimed that the agency was wrong in its characterization of the cryptoasset. The virtual asset was not a security but a virtual currency, claimed the companies. Moreover, the defendants argued that the SEC has never definitively described when a cryptoasset might morph from being a security to a virtual currency, and was impermissibly enacting new regulations through enforcement. Separately, a proprietary trading firm agreed to settle enforcement actions by the Commodity Futures Trading Commission and the Department of Justice by paying a US $67.4 million sanction. As a result, the following matters are covered in this week’s edition of Bridging the Week:

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ABOUT GARY DEWAAL

Gary DeWaal

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.


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ABOUT KATTEN

Katten is a firm of first choice for clients seeking sophisticated, high-value legal services in the United States and abroad.

Our nationally recognized practices include corporate, financial services, litigation, real estate, environmental, commercial finance, insolvency and restructuring, intellectual property, and trusts and estates.

Our approximately 650 attorneys serve public and private companies, including nearly half of the Fortune 100, as well as a number of government and nonprofit organizations and individuals.

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Gary DeWaal
Katten Muchin Rosenman LLP
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New York, NY 10022-2585

+1.212.940.6558




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