Davis Polk Insights on Financial Regulation
Market Insights
Litigation
Regulatory Developments
| Market Developments |
The Problem of Digital Asset Fungibility
There have long been discussions … Read More
| Market Developments |
Web Platforms Continue to Ban ICO-Related Advertisements
The SEC increasingly is focusing its enforcement authority not only on companies and individuals raising capital through Initial Coin Offerings (“ICOs”), but also on the “market participants – promoters, sellers, lawyers, officers and directors and accountants” who participate in … Read More
We are pleased to publish this first Blockchain Bulletin, which we expect to be the first in a series of periodic posts covering developments in cryptocurrency and DLT. The newsletter is meant to provide a thematic—and non-technical—treatment of developments in these areas that we find of particular interest. The newsletter’s … Read More
The past few days have seen several interesting developments in the law and regulation of digital tokens. Each action reflects an intense focus by U.S. regulators to clarify the treatment of digital tokens, from those issued by startups in initial coin offerings (ICOs) to the more “traditional” cryptocurrencies … Read More
In its first hearing of the year, the Senate Committee on Banking, Housing, and Urban Affairs expressed support for potential reforms to the U.S. anti-money laundering (“AML”) and countering the financing of terrorism (“CTF”) framework. The hearing focused on the relationships among financial institutions, regulators, and … Read More
After being one of the first countries to recognize blockchain technology in the field of cash vouchers, or minibons, France has become the first country to authorize the registration and transfer of unlisted securities by using the blockchain technology.
With the aim of making France the world’s forerunner in the … Read More
Among the virtual currency transactions that are within the scope of CFTC regulation are leveraged, margined, or financed transactions in virtual currencies offered to retail customers. These retail commodity transactions are illegal unless traded on a regulated futures exchange and cleared through a futures commission merchant. They include any transaction: … Read More
With virtual currency markets booming and bitcoin prices at record highs, U.S. financial regulators have been—each in its own manner—considering whether and how to regulate virtual currencies and related products. Last week, the U.S. Commodity Futures Trading Commission (CFTC) announced that three futures exchanges—CME, Cboe Futures Exchange, and Cantor Exchange—self-certified … Read More
Plaintiffs in data breach cases have tried many theories of recovery, with mixed results. However, plaintiffs and regulators are increasingly having success with allegations of unfair business practices. Davis Polk has published a blog post describing the rise of breach-related Consumer Protection Act actions. The full blog post is available … Read More
Background
On November 5, 2017 the International Consortium of Investigative Journalists (“ICIJ”) released the “Paradise Papers,” a collection of 13.4 million files that appear to have been hacked from offshore service providers and company registries in 19 tax haven jurisdictions. Of these 13.4 million files, approximately seven million were obtained … Read More