Cryptocurrency & Blockchain
Cryptocurrency & Blockchain
Long recognized for its work guiding clients in various industries through their most significant regulatory and enforcement challenges, Paul, Weiss is at the forefront in helping financial institutions, fintech companies, investors, media and entertainment clients and technology companies navigate the new world of cryptocurrency and blockchain technology. Our multi-disciplinary team helps clients capitalize on the business opportunities, identify the challenges and mitigate the emerging legal risks of digital assets.
Awards & Recognition
Paul, Weiss Recognized as 2022 “Fintech Group of the Year” By Law360
Paul, Weiss was named a Law360 “Fintech Group of the Year” for its many achievements in the fintech industry in 2022.» more
Coinbase Wins Motion to Compel Arbitration, Staying Putative Class Action Over Stablecoin GYEN
Paul, Weiss achieved a victory for publicly traded cryptocurrency exchange platform Coinbase Global, Inc., when the U.S. District Court for the Northern District of California granted Coinbase’s motion to compel arbitration and stay a putative class action concerning the stablecoin GYEN.» more
Roberto Gonzalez and Jessica Carey Author Expert Analysis Chapter in GLI’s Blockchain & Cryptocurrency Laws and Regulations 2023
Litigation partners Roberto Gonzalez and Jessica Carey wrote an expert analysis chapter in Global Legal Insight’s Blockchain & Cryptocurrency Laws and Regulations 2023.» more
General Atlantic Invests in Digital Asset Trading Technology Company Talos
Paul, Weiss advised General Atlantic as lead investor in a $105 million Series B funding round in Talos, a provider of institutional digital asset trading technology, which values the company at $1.25 billion.» more
Cyber Law: The Mysteries of NFT Ownership … Explained
Litigation partner Katherine Forrest’s latest Cyber Law column, “The Mysteries of NFT Ownership … Explained,” appeared in the February 16 issue of the New York Law Journal.» more
New York Attorney General Proposes Sweeping Legislation to Regulate Crypto and Digital Assets
New York Attorney General Letitia James recently announced proposed legislation to regulate those engaging in a wide variety of digital asset businesses from or within New York. The Crypto Regulation, Protection, Transparency and Oversight Act would impose sweeping new regulatory requirements and dramatically expand the Attorney General’s enforcement authority.
Jury Finds That First Amendment Protection Does Not Bar Creator’s Trademark Infringement Liability for the Sale of MetaBirkins NFTs
A jury determined that a series of NFT images labeled “MetaBirkins” infringed Hermès’ “Birkin” trademark.
DOJ and FinCEN Take Coordinated Action Against Bitzlato Cryptocurrency Exchange and Its Owner
In the first order of its kind, the U.S. Department of the Treasury’s FinCEN identified global cryptocurrency exchange Bitzlato as a “primary money laundering concern” under the Combating Russian Money Laundering Act.
OFAC Enforcement Action Targets U.S.-Incorporated Cryptocurrency Exchange for Apparent Violations of U.S. Sanctions
The U.S. Treasury’s Office of Foreign Assets Control recently reached a monetary settlement with U.S.-incorporated cryptocurrency exchange Payward, Inc., popularly known as Kraken, over apparent sanctions violations in connection with several hundred transactions processed by Kraken on behalf of individuals located in Iran.
NY DFS Announces First Crypto Enforcement Action Against Robinhood Crypto for AML and Cybersecurity Compliance Deficiencies
The NY DFS recently announced a $30 million consent order against a Robinhood subsidiary that offers cryptocurrency trading, marking DFS’s first enforcement action against a crypto company.
Biden Issues Executive Order Instituting a “Whole-of-Government” Approach to Supporting Digital Asset Innovation and Mitigating Its Risks
President Biden has laid out a first-of-its-kind “whole of government” approach to supporting digital asset innovation and mitigating its risks, prompted by the explosive growth of cryptocurrency and blockchain technology.
BlockFi to Pay $100 Million to Settle with SEC and 32 States Over Crypto Lending Business
The SEC and 32 states reached a $100 million settlement with BlockFi Lending LLC over allegations concerning its cryptocurrency lending product. The regulators found that BlockFi’s interest account product, which paid a variable interest rate to customers for depositing crypto, qualified as an unregistered security. The resolution clarifies SEC’s position on cryptocurrency lending at a time of fast growth for that market.
Cryptocurrencies and Bitcoin
The recent growth of “cryptocurrencies” and “blockchain” technology have led to experimentation across many industries, including finance, media, and healthcare. In this paper, we discuss cryptocurrencies, including how they operate in conjunction with the blockchain, and how Bitcoin, the first major cryptocurrency, compares to traditional, fiat currencies.
» download the white paper
Blockchain and Ethereum
In this paper, we focus on the distributed ledger technology known as the “blockchain,” which many believe is a potentially groundbreaking technology with a multitude of applications outside of cryptocurrencies. We also discuss Ethereum, the most prominent platform for building blockchain-based applications.
Initial Coin Offerings
In this paper, we examine Initial Coin Offerings and the evolving regulatory landscape governing offerings of virtual currencies.
D1 Co-Leads Investment in Fireblocks
Paul, Weiss advised D1 Capital in its investment in Fireblocks, an enterprise-grade platform delivering a secure infrastructure for moving, storing and issuing digital and crypto assets for over 800 major institutions.» more
Meredith Dearborn, Austin Pollet and Kristina Bunting Publish Article on How Clear and Effective Regulatory Oversight Could Drive Further Investment in Cryptocurrency
Litigation partner Meredith Dearborn, corporate partner Austin Pollet and litigation associate Kristina Bunting discuss current and upcoming regulatory frameworks for cryptocurrency in an article published in The Recorder.» more
Jessica Carey, Roberto Gonzalez and Carly Lagrotteria Discuss New York DFS' First Crypto Enforcement Action in Law360 Column
Litigation partners Jessica Carey and Roberto Gonzalez and associate Carly Lagrotteria discuss key takeaways from the New York Department of Financial Services’ first enforcement action against a crypto company in a Law360 column.» more
Harris Fischman Discusses Crypto Enforcement With CQ Roll Call
Litigation partner Harris Fischman spoke with CQ Roll Call about the SEC’s decision to beef up its cryptocurrency enforcement staff.» more
Canaan IPO Underwriters Win Dismissal of Securities Fraud Claims
Paul, Weiss won the dismissal of securities fraud claims brought against our clients, underwriters of an IPO by China-based company Canaan Inc., which manufactures computer hardware used for mining Bitcoin.» more
Jessica Carey, Roberto Gonzalez and Carly Lagrotteria Publish Article on Crypto Executive Order in Law360
Litigation partners Jessica Carey and Roberto Gonzalez and associate Carly Lagrotteria co-wrote an expert analysis, “Executive Order Is First Step In Supporting Digital Assets,” published in Law360.» more
BNY Mellon Wins Dismissal of Investor Lawsuit Stemming from Cryptocurrency Scam
Paul, Weiss won the dismissal of a high-stakes investor class action against The Bank of New York Mellon filed in the wake of a pyramid scheme involving purported cryptocurrency OneCoin.» more