Digital Assets, Blockchain Technology and Cryptocurrencies
Digital assets, including cryptocurrencies and other applications supported by blockchain technology (distributed ledger technology or DLT) have become ubiquitous. Investments in cryptocurrencies and services using them are increasing. Reports estimate that investment into crypto, decentralized finance (DeFi), and blockchain-related businesses and platforms surpassed US$15 billion in the first nine months of 2021 alone, and many institutions and companies have formed partnerships to explore how DLT and smart contracts can be deployed to manage and share data, create transactional efficiencies, and reduce costs. Traditional banks and businesses are beginning to transact in these assets while fintechs and DeFi companies are using them to create new and transformative business lines.
Digital assets may include virtually anything of value that is not tangible in nature, including bitcoin, ethereum, and other cryptocurrencies, as well as software code, digital music, and film clips; non-fungible tokens (NFTs); or other valuable data and code held in digital form. Innovative businesses leveraging these new forms of asset are booming and, increasingly, are being regulated. Our innovative team of lawyers working in the area of Digital Assets, Blockchain Technology, and Virtual Currencies not only keeps abreast of changes in the applicable laws and regulations, but also has deep, hands-on technical knowledge.
The payment rails on which digital assets and virtual currencies are created and transacted are generally referred to as blockchains. Blockchain-based businesses are not limited to digital assets and cryptocurrencies. Recognizing the limitless potential of blockchain technology, major companies worldwide are leveraging opportunities for development, collaboration, and investments in the implementation of blockchains and related technologies in areas such as supply chain management and data privacy and protection.
Blockchain’s disruption of established business models challenges companies to navigate a multitude of risks while taking full advantage of new opportunities. While virtual currencies and blockchain technology in the financial services industry have been the subjects of significant debate and attention, blockchain is revolutionizing a wide range of industries.
From finance and energy to real estate and supply-chain management, our team can advise on the full spectrum of risks and opportunities associated with adopting blockchain technology within any business or industry. Our global, multidisciplinary team of lawyers is positioned to advise clients in regulation, litigation, enforcement and investigations, privacy and data security, investment, and corporate transactional matters.
Our lawyers represent many companies in the digital asset, virtual currency, and cryptocurrency space including major cryptocurrency exchanges, cryptoasset miners, NFT issuers, gaming companies, DeFi service providers, investment funds, as well as the many banks, fintechs, and service companies that work with them.
Our clients include startup companies and investors in new blockchain platforms and applications, blockchain services, and digital asset mining operations. We advise clients active in digitizing and modernizing their industries, with a strong focus on innovative services, such as blockchain-based financial services, connected cars in the automotive sector, and data optimization and valuation. Further, we help energy companies navigate the blockchain revolution by combining our comprehensive knowledge of their industry with other disciplines and practice areas.
Our team recognized early on the importance of both understanding and adopting blockchain technology. As one of the first major law firms to implement its own private blockchain, our lawyers have hands-on experience working with these applications.
On 30 January 2024, the US Citizenship and Immigration Services (USCIS) published a final rule (Final Rule) increasing the premium processing fee from US$2,500 to US$2,805, increasing filing fees for I-129 and I-140 employment-based petitions, and imposing a new Asylum Program Fee for each Form I-129 and I-140 filed by employers.
On 3 April 2024, the US Securities and Exchange Commission announced the first settlement with a stand-alone registered investment adviser for, among other things, failures to maintain and preserve certain electronic communications.
On Tuesday, 23 April 2024, the Federal Trade Commission (FTC or Commission) hosted a Special Open Commission Meeting, in which the Commissioners voted 3-2 to publish and issue a Final Rule that:
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