On May 22, 2024, the US House of Representatives passed H.R. 4763 – the Financial Innovation and Technology for the 21st Century Act (FIT21) – the first time a chamber of Congress has passed major digital asset legislation. While the prospects of FIT21 becoming law remain very uncertain, FIT21 is an important milestone in the
Matthew F. Kluchenek
Ripple is Not a Tidal Wave – the SEC’s Case Against Terraform Labs Provides a Quick Counterpoint to the Recent Ripple Ruling
Just weeks after the novel securities analysis in SEC v. Ripple Labs was handed down, a different court in the Southern District of New York has distinguished the approach taken in Ripple and argued against its policy outcomes in another, high-profile enforcement action by the SEC involving digital assets. In this Legal Update, we examine…
Defining Digital Asset Securities: US District Court Issues Summary Judgment Rulings in SEC v. Ripple Labs
In a closely-watched ruling, on July 13, 2023, a US federal court granted summary judgment and made several key determinations on the question of whether digital tokens are “securities” for US securities law purposes. While the Court’s decision provides a number of meaningful rulings, it leaves many questions unanswered and will not be the final…
Biden Executive Order Calls for Regulatory Proposals on Digital Assets and Central Bank Digital Currency
On March 9, 2022, President Biden signed an executive order titled “Ensuring Responsible Development of Digital Assets” (the “Order”). The Order directs a broad range of federal agencies to recommend legislative and regulatory proposals to foster the development of, and address the risks presented by, digital assets and a central bank digital currency. This Legal…