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On Episode 261, blockchain takes over the podcast again. We dive right into the recent activity from the SEC, namely, the Framework for “Investment Contract” Analysis of Digital Assets and the No-Action Letter issued to TurnKey Jet, Inc. (TurnKey) for a digital token. Gary Goldsholle noted this guidance has been eagerly anticipated since July…

On September 4th, Alan Cohn hosted the 229th episode of The Cyberlaw Podcast. We took a deep dive into all things blockchain and cryptocurrency discussing recent regulatory developments and best practices for users of exchanges.

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Continue Reading Episode 229: Blockchain Takes Over The Cyberlaw Podcast

Anyone who has tried to explain bitcoin around their kitchen table knows that it is not easy to put your finger on what exactly the technology is.  Because of their innovative nature, digital currencies don’t have obvious analogs or fit easily into existing categories.  Bitcoin is part currency, part digital payment system, and part immutable ledger.
Continue Reading FinTech Bits: Are Bitcoin and Other Digital Currencies Securities?

We’re back from hiatus with a boatload of news and a cautiously libertarian technologist guest in Nick Weaver of the International Computer Science Institute in Berkeley.  To start Episode 95 of the podcast, Michael Vatis and I plumb the meaning of the Cyber Security Act’s passage.  The big news?  Apparently Santa is real, state…

On Wednesday, December 16, 2015, the Commodity Futures Trading Commission (CFTC or Commission) approved for publication two proposed rules to amend existing regulations addressing cybersecurity.  The proposed rules would establish testing obligations and safeguards for the automated systems used by designated contract markets (DCMs), swap execution facilities (SEFs), swap data repositories (SDRs) (the Exchange Proposal), and derivatives clearing organizations (DCOs) (the Clearing Proposal and, together, the Proposals).1

The Commission’s Proposals grant regulated entities with significant deference with respect to the development and implementation of policies and procedures reasonably designed to demonstrate compliance with the new cybersecurity provisions.  However, these new regulatory burdens will come with significant operational, technology, and other resource burdens, including ongoing testing and engagement with third-party service providers.  Furthermore, the scope of the Proposals for testing may extend further than similar cybersecurity standards established by other federal agencies.

The Commission unanimously approved the Proposals.  They were published in the Federal Register on December 23, 2015 and are subject to a 60-day public comment period ending on February 22, 2016.
Continue Reading CFTC Adopts Proposed Cybersecurity Regulations