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:
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.
November 17, 2019
November 03, 2019
October 20, 2019
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