Lowenstein crypto Advises the main projects, exchanges and trading companies for digital assets and cryptocurrencies. Our practice covers regulatory advice, transactions and structuring advice, investigations and contradictory issues, including commercial disputes, bankruptcy and related disputes. While these markets are continuing their rapid growth and market players continue to evolve and mature their activities, we provide this weekly digest as a resource that highlights and summarizes a selection of recent key legal developments.
The Nasdaq is looking for the approval of the dry for the list of token actions
On September 8, the NASDAQ announced its submission of form 19B-4 to request the approval of the Securities and Exchange Commission) to modify its rules and allow the negotiation of token shares on the NASDAQ stock market (proposal). The proposal includes a modification of the definition of security and specifies that a title can be exchanged in a traditional form or a tokenized form by which the token works as a numerical representation of property and rights by using blockchain technology. In the related press release, the NASDAQ noted that token titles will be subject to the same requirements and will not lead to significant differences for investors; However, the Nasdaq will allow the Depository Trust Co. to clean and settle the profession, recording the asset as a blockchain token. A copy of the NASDAQ 19B-4 form can be consulted here. The related press release can be displayed here.
Dry and CFTC issues a joint declaration on harmonization opportunities
After the joint declaration of September 4 on the trading of cryptographic assets Spot, the heads of the SEC and Commodity Futures Trading Commission (CFTC) published a joint declaration on September 5 to strengthen coordination as financial markets of securities and basic products. Stressing the need to eliminate regulatory gaps and uncertainty, the two agencies explore harmonized approaches to product definitions, report standards, margin requirements and innovation exemptions. The main areas of interest include 24/7 trade markets, perpetual events and contracts, portfolio margin and decentralized finance (DEFI). A joint round table on regulatory harmonization is scheduled for September 29, reflecting the shared commitment of agencies to create a more coherent American regulatory environment adapted to innovations while maintaining investor protections and market integrity. See the public declaration CFTC here.
The dry chair describes the vision of global regulatory cooperation and market innovation
September 10, The president of the SEC, Paul Atkins, spoke during an international round table held in Paris, where he stressed the importance of global cooperation to promote economic growth and innovation in the capital markets while reaffirming the main mission of investors, the integrity of the market and the capital of the SEC. Stressing the recent SEC efforts, Atkins discussed an examination of adaptations for foreign issuers, concerns about the approach of the double materiality of the EU and the need to concentrate continuous on high quality and financially financial disclosure. A large part of the address introduced the Crypto project, an initiative aimed at modernizing American securities regulations to support the financial markets based on blockchain and innovation of digital assets, with a commitment to end “application by application” and to offer clear rules to encourage domestic development. Atkins has also expressed his enthusiasm for emerging technologies such as finance AI and pleaded for international collaboration in order to guarantee that the United States and its allies remain leaders in financial innovation. See the full opening address here.
The dry crypto working group to accommodate a public round table on financial surveillance and privacy
On September 8, the working group on the Cry Crypto announced that it would organize a public round table on financial surveillance and confidentiality on Friday October 17 from 1 to 4 p.m. at the SEC headquarters in Washington, DC, the event, encouraged by recent federal initiatives and led by Commissioner Hester Peirce, aims to explore forecasting techniques and police considerations. The round table will include expert panelists and will be open to the public, with live streaming available on dry.gov. This initiative is aligned with the wider mission of the Crypto working group to clarify cryptographic regulations and support American leadership in digital assets and Fintech while protecting individual confidentiality and economic freedom. See the dry press release here.
The Ministry of Justice is looking for a confiscation of more than $ 5 million in Bitcoin linked to SIM exchange attacks
On On September 9, the United States Ministry of Justice (DOJ) filed a civil confiscation complaint targeting more than $ 5 million in Bitcoin, supposed to be the benefits of SIM exchange attacks which compromised the cryptocurrency portfolios of five victims across the United States between 2022 and the 2023 march. To access and empty Crypto accounts. The stolen funds have been bleached through a series of complex transactions, including circular transfers via the online casino, designed to obscure their origin. The case is part of a broader MJ effort to combat cybercrime, led by the computer crime and intellectual property section, which has recovered hundreds of millions of dollars in stolen funds since 2020. See the Doj press release here.
The American authorities are looking for a confiscation of $ 12 million in cryptocurrency linked to the fraud regime
On September 9, the American prosecutor’s office filed a civil confiscation complaint seeking more than $ 12 million in attachment cryptocurrency linked to cryptocurrency investment fraud targeting 10 women of Mandarin language, who collectively lost more than $ 10.3 million. According to the complaint, the authors (s) approached the victims via un solicited text messages and persuaded them to invest via a false platform, Shakepayex, designed to look like a Canadian Canadian cryptocurrency exchange. The victims were unable to withdraw funds due to excuses and fraudulent requests. The authorities used blockchain analysis and other investigation methods to connect cryptocurrency to the diagram. Officials have stressed that cryptocurrency scams can have serious financial and emotional impacts, and the police actively use tools available to pursue justice and protect the victims. The FBI continues to investigate the case, the deputy prosecutor of the United States Joshua R. Rosenthal representing the government. See the press release from the American lawyer’s office here.
