Original Mayer Brown content, perspectives and insights from across our global platform that touch on digital assets, decentralized finance, cryptocurrencies and related fields.
The Lummis-Gillibrand Responsible Financial Innovation Act: What to Know
On June 7, 2022, US Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced S. 4356 - the Responsible Financial Innovation Act (RFIA), which aims to establish a US regulatory regime for digital assets. The much-anticipated bill seeks to resolve the long-standing uncertainty about the jurisdiction of financial regulators over digital assets, clarify the taxation of digital assets and decentralized autonomous organizations (DAOs), and establish disclosures and consumer protection obligations on issuers and service providers of digital assets. In our coverage, we look at why the RFIA matters, including six key aspects of the bill, and we discuss its prospects for passage and the early hot-takes from some relevant regulators.
Uncharted Territory: In “MetaBirkins,” Balancing First Amendment and Trademark Rights in a Digital World
On May 18, 2022, SDNY US District Judge Jed S. Rakoff issued a written decision refusing to dismiss Hermes’ trademark infringement claims against Los Angeles designer Mason Rothschild over Rothschild’s “MetaBirkins” non-fungible token (NFT). The lawsuit has been closely watched by trademark lawyers and NFT minters, as it represents a familiar clash between trademark law and free expression but in the very novel context of NFTs. In this piece, we look at the background of the case; the defense argued as well as Judge Rakoff’s decision; and provide takeaways for companies entering the metaverse, launching NFTs and investing in Web 3.0.