Original Mayer Brown content, perspectives and insights from across our global platform that touch on digital assets, decentralized finance, cryptocurrencies and related fields.
Sample Letter to Companies Regarding Recent Developments in Crypto Asset Markets
Last week, the Staff of the Division of Corporation Finance of the Securities and Exchange Commission provided guidance to reporting companies on the types of disclosures that reporting companies should consider if a filer has been impacted by a bankruptcy or by the financial distress of a crypto asset market participant. In its communication, the Staff noted that these recent events have caused “widespread market disruption.” As a result, companies should evaluate their disclosures in order to provide investors with appropriate, tailored, company-specific discussions of the impact of such events on the company’s business, operations and future operating results. This Legal Update provides more detail on the Staff’s sample comment letter and other key points in the guidance.
EU Markets in Crypto-Assets (MiCA) Regulation Expected to Enter into Force in Early 2023
The much-debated Markets in Crypto-Assets (MiCA) Regulation is expected to enter into force in early 2023. MiCA is intended to close gaps in existing EU financial services legislation by establishing a harmonized set of rules for crypto-assets and related activities and services. This Legal Update discusses MiCA’s scope of application, its obligations for crypto-assets issuers and service providers and their management bodies, and a set of market abuse rules it stipulates.
Stolen Crypto - UK Court of Appeal to Decide “Tulip Case” on Software Developers' Legal Duties to Users
Last week, a two-day hearing concluded on Tulip Trading v Wladimir van der Laan & Ors, a UK case involving stolen bitcoins allegedly worth over £3 billion and having significant implications for millions of crypto-asset investors in the wider crypto and blockchain world and for blockchain developers/engineers. This Legal Update gives the background on this high-profile case and a sense of what may come next as it sits with the UK Court of Appeal.