On March 9, 2022, the President issued an Executive Order (the “E.O.”) that articulates a high-level, wide-ranging national strategy for regulating and fostering innovation in the burgeoning digital assets space. The strategy is intended to encourage innovation yet still provide adequate oversight to control systemic risks and the attendant investor, business, consumer and environmental concerns. The E.O. … Continue Reading
The concept of the “metaverse” has garnered much press coverage of late, addressing such topics as the new appetite for metaverse investment opportunities, a recent virtual land boom, or just the promise of it all, where “crypto, gaming and capitalism collide.” The term “metaverse,” which comes from Neal Stephenson’s 1992 science fiction novel “Snow Crash,” … Continue Reading
On January 7, 2019, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) announced its 2020 examination priorities. In doing so, OCIE identified certain areas of technology-related concern, and in particular, on the issue of alternative data and cybersecurity. [For a more detailed review of OCIE’s exam priorities, see the Client Alert … Continue Reading
It is that time of year when we look back to see what tech-law issues took up most of our time this year and look ahead to see what the emerging issues are for 2020. Data: The Issues of the Year Data presented a wide variety of challenging legal issues in 2019. Data is solidly … Continue Reading
Yes, it’s time for the end-of-year blog post – a look back at interesting issues of 2018 and a look forward to what we see coming down the pike in the new year. The Look Back In the past year, blockchain buzz was everywhere. Although still early, blockchain has in fact began to show promise … Continue Reading
As we approach the end of 2017, it is a time to reflect on the dizzying pace of technology evolution this year, and the amazing array of legal issues it presented. Similarly, it is a time to look forward and anticipate what technology-related issues we will be thinking about in the coming year. For 2017, … Continue Reading
I am pleased to announce that Proskauer has recently launched a new blog focused exclusively on the use of blockchain in business. The blog will be wide ranging in nature, covering the legal issues associated with blockchain as applied to financial services, health care, real estate, supply chain management, media and entertainment, advertising, content delivery, … Continue Reading
For the third time this month, the Tezos blockchain project is the subject of a class action complaint for claims arising from their $232 million July initial coin offering (“ICO”). Consistent with both prior lawsuits, the plaintiffs allege that the Tezos ICO constituted the unregistered, non-exempt offer and sale of securities in violation of the … Continue Reading
In his remarks at a recent Practicing Law Institute program on securities regulation, Securities and Exchange Commission Chairman Jay Clayton once again addressed Initial Coin Offerings, or ICOs. Mr. Clayton highlighted several issues in particular, including that in his view there is a lack of information about many online platforms that list and trade virtual … Continue Reading
On July 21st, Delaware Governor John Carney Jr. signed SB 69 into law. SB 69 amends the Delaware General Corporation Law (“DGCL”) to explicitly authorize the use of distributed ledger technology in the administration of Delaware corporate records, including stock ledgers. Distributed ledger (or “blockchain”) technology-based platforms enable peer-to-peer transactions and eliminate the need for … Continue Reading
No blockchain phenomenon has garnered more attention lately than Initial Coin Offerings (“ICOs”), which have exploded in value and raised more than $1.2 billion thus far this year. In a typical ICO, a blockchain-based product or service provider offers proprietary digital assets (“tokens”) – rather than traditional forms of debt or equity – in exchange … Continue Reading
The blockchain or “distributed ledger network” was originally conceived as the peer-to-peer technology platform that allows for the transfer of Bitcoin without the need for a trusted intermediary. However, the blockchain protocol is being implemented across many industries and in many applications beyond digital currencies. Of course, there are questions about the enforceability of blockchain-based … Continue Reading
The blockchain protocol (a form of a ‘distributed ledger system’) was originally designed as a platform to process Bitcoin transactions. The protocol enables peer-to-peer transactions and eliminates the need for a trusted intermediary to verify and process the transactions. The blockchain protocol as a platform is actually independent of Bitcoin, and is therefore transferable to … Continue Reading
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