• How To Defend Against New Wave of Cryptocurrency Class Actions

  • On April 3, investors in tokens filed 11 class action lawsuits in New York Federal Court against token issuers and exchanges. Our Securities Litigation and Blockchain lawyers will host a webinar on Thurs., Apr. 23 that takes a deep dive into this surge of class actions and provides strategies for how to defend against them.

  • On April 9, the Securities and Exchange Commission acted on its proposal published in 2016 and adopted rules that are designed to simplify the scope of “covered clearing agency” in Rule 17Ad-22(a) under the Securities Exchange Act of 1934.

  • The author examines the decisions in SEC v. Telegram and how they may impact digital token issuers’ use of the Simple Agreement for Future Tokens model for distributing tokens.

    The Southern District of New York has issued two main rulings in SEC v. Telegram—that the offer and sale of Telegram’s cryptocurrency (Grams) involved a "scheme" to distribute securities subject to 1933 Act registration requirements, and that the Court’s preliminary injunction regarding sales or resales of Grams applies to both U.S. and non-U.S. purchasers. Murphy & McGonigle’s Larry Bergmann examines both rulings and weighs the impact they might have on future issuances of digital tokens. Among other things, Bergmann believes that the decisions will make it more difficult for digital token issuers to argue that securities sold to raise capital can be transformed at a later date into "utility" digital assets that are not securities. He also raises the question of whether improvements can be made to an operational cryptocurrency platform to enhance the value of that platform’s tokens.

    To read the entire article, click here.

  • Joseph Facciponti and Elizabeth Del Cid of the Cybersecurity, Cybercrime & Incident Response Practice will be featured speakers on a Thurs., Apr. 9 webinar, “You Transitioned to a Remote-Work Environment. Have Your Cyber and Privacy Policies and Practices Moved with You?”

  • Our lawyers summarize practice-by-practice legal and regulatory developments for clients in the new environment.