Mayer Brown
Digital Assets Download

September 8, 2023


Digital Assets Download – Audience Driven. In each issue of our Digital Assets Download, we strive to provide insights on the most important developments in digital assets and blockchain. For example, in this edition, we feature important regulatory updates from the United States and United Kingdom that will impact how businesses implement digital asset strategies. When our audience speaks, we listen—so please let us know the topics and insights you’d like to see us cover. Jump into the deep end of the liquidity pool (see below) with us by sending us your thoughts.

For the Uninitiated: Digital Assets Download is a curated mix of insights and headlines that provide a Layer 3 Legal Perspective™ on the digital assets multiverse—created by Mayer Brown’s global Digital Assets, Blockchain & Cryptocurrency group. (Check out all of our previous editions of the Digital Assets Download.)

Sharing Is Caring: Please share this edition of the Digital Assets Download via LinkedIn and Twitter, and tell us how we can better serve as your oracle to the digital assets world.


Lead Block

Perspectives and insights from Mayer Brown lawyers and other thought leaders that touch on digital assets, decentralized finance, cryptocurrencies and related fields.

For the First Time, the US SEC Sanctions an NFT Issuer for Selling Unregistered Securities in SEC v. Impact Theory

In a published settlement of charges on August 28, 2023, the US Securities and Exchange Commission stated that non-fungible tokens (“NFTs”) issued by Impact Theory, LLC were “securities” under US federal securities law and the sale of those NFTs without registration or reliance on an exemption from the registration requirements violated federal securities law. In this Legal Update, we provide a snapshot of the settlement and the dissent by two SEC commissioners, and distill some key takeaways for the NFT market.

New Restrictions on the Marketing of Cryptoassets in the UK

On October 8, 2023, the UK government’s new restrictions on the marketing of certain cryptoassets will take effect. The definition of investment activity will be expanded to include dealing in, managing, arranging and advising on certain qualifying cryptoassets. This will bring many cryptoassets within the scope of the financial promotion regime for the first time.

English Court Refuses to Enforce Arbitral Award on Public Policy Grounds Linked to English Consumer Protection

Payward Inc v. Chechetkin is a rare example of the English courts refusing to enforce a foreign award on public policy grounds and may become a leading case on the interaction between consumer protection mechanisms and standard form dispute resolution provisions. The decision may have particularly significant ramifications for international business to consumer ("B2C") companies.

Ripple Is Not a Tidal Wave – the SEC’s Case Against Terraform Labs Provides a Quick Counterpoint to the Recent Ripple Ruling

In SEC v. Terraform Labs, Judge Jed Rakoff ruled in favor of the SEC on a motion to dismiss, finding the SEC’s amended complaint adequately pled that the crypto assets sold by Terraform Labs qualify as “investment contracts” under the Howey precedent. Most noteworthy in this decision is the court’s explicit rejection of an approach and analysis of digital assets issued in SEC v. Ripple just a few weeks prior.



A curated selection of headlines and news from around this multiverse—including deals, developments and other disruptions in DeFi.


LSEG Explores Blockchain for Cross-Asset Digital 'Ecosystem'

‘Approval Is Inevitable’—SEC Insider Primes Crypto Market for $15 Trillion Bitcoin, Ethereum and XRP Price ETF Game-Changer

Visa Taps Solana and USDC Stablecoin to Boost Cross-Border Payments

Giving Fans a Voice: How Blockchain Technology Is Powering a Fan-Owned SailGP Team

FSB, IMF to Deliver Roadmap for Global Crypto Policy at G20 Summit

Finance Firms’ BTC ETF Application Decisions All Delayed by SEC

Social Media Company Has Licenses in Multiple US States to Process Payments Including Crypto

Coinbase (COIN) Launches Crypto Lending Program for Institutional Investors

Half of the People in Turkey Now Own Crypto: Report

South Korean Crypto Exchanges Prepare for Tightened Reserves Requirements

US Tackles Crypto Tax Mess

Financial Services Corporation Expands Stablecoin Settlement Capabilities to Merchant Acquirers

Financial Services Corporation’s Crypto Stablecoin Settlement Expands to Solana

Lufthansa Airline Launches NFT Loyalty Program on Polygon

Speech: Shaping Europe’s Digital Future: The Path Towards a Digital Euro

Grayscale's Legal Win Versus SEC Makes Spot Bitcoin ETF Approval More Likely

Swift, Chainlink Tokenization Experiment Successfully Transfers Value Across Multiple Blockchains

US Treasury Proposes Crypto Reporting Rule to ‘Close the Tax Gap.’ What It Means for Investors



Selected events for deeper dives into different parts of the digital assets and DeFi world.

US Commodity Futures Trading Commission – “Commissioner Goldsmith Romero to Speak at the Federal Reserve Board of Philadelphia’s Fintech Conference”

Commodity Futures Trading Commission Commissioner Goldsmith Romero will speak on potential approaches to fintech regulation at the Federal Reserve Board of Philadelphia’s Fintech Conference on Friday, September 8, 2023.

Hearing: ‘Digital Dollar Dilemma: The Implications of a Central Bank Digital Currency and Private Sector Alternatives’

In the U.S. House of Representatives, the Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion is holding a hearing on Thursday, September 14, 2023.

"Securities Offering and Private Placement Developments: A Prolific, Controversial Year of Rulemaking" at the Alternative Finance Summit 2023

On Tuesday, September 26, 2023, Mayer Brown partner, Anna Pinedo, will speak at the Alternative Finance Summit 2023: Fintech, Blockchain, and Crowdfunding at PLI New York in New York City. Her panel, “Securities Offering and Private Placement Developments: A Prolific, Controversial Year of Rulemaking,” will discuss topics including SEC strategy on blockchain issues and SEC crypto enforcement lawyer staffing up. For more information, please visit the summit website.


Learn the Lingo

For those new to the digital assets and DeFi world, each edition of the Digital Assets Download will highlight a different term to help you be a part of the conversation.

Liquidity Pool

Liquidity pools use automated blockchain technology to enable users to exchange digital assets without relying on centralized entities.

In a liquidity pool, liquidity providers lock an amount of one or more crypto assets in a smart contract that holds the assets. Other users who want to swap between different crypto assets that are in the liquidity pool can do so by depositing an amount of one crypto asset and receiving an equivalent amount of another crypto asset.

The users that are swapping their crypto assets pay a small fee for using the liquidity pool, and this fee is distributed among the liquidity providers to incentivize them for the service they provide. Generally, the fees earned by liquidity providers are proportional to the amount of liquidity they provide to the pool.


Writings on the Wall, Translating ‘Crypto’ Terms with Mayer Brown

From Airdrop to Wrapped Token, our illustrated glossary, “Writings on the Wall, Translating Securities with Mayer Brown,” has been updated with additional digital assets and cryptocurrency terms. Check out our “featured” list for the crypto terms and the full list of terms.


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