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A decision in the SEC's enforcement case against Ripple Labs was hailed as vindication for the industry's position that the SEC lacks the proper legal authority to regulate crypto. However, several conflicting rulings followed. So where does the crypto industry go from here? The answer is not so simple.
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One of the major catalysts of the "Crypto Winter" that began in 2022 was the collapse of Terraform Labs's native token LUNA in May 2022. Now two years and a dozen crypto-related bankruptcies later, Terraform Labs has filed for Chapter 11 protection.
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The SEC's cryptocurrency-related actions reached a new high in 2023, jumping more than 50% when compared to 2022. We expect the SEC's enforcement efforts in this area to continue at a high pace in 2024, even though whether or not cryptocurrency should be classified as a security or something else remains uncertain.
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The Third Circuit recently held in 'In re FTX Trading' that the plain text of Section 1104(c)(2) mandates the appointment of an examiner under the specified conditions set forth. As a result, the FTX decision will carry significant implications for large and medium-sized bankruptcy cases.
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Most companies have experienced or will experience a data breach. Increasingly, companies also face the risks associated with mass arbitration weaponized by the overwhelming volume of claims after a breach.
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Among the risks of cryptocurrency exchanges are bankruptcy risk and fraud, including: the inalienability of account claims, holding an unsecured claim versus an entitlement to the return of coin, and bankruptcy preference risk.
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Cryptocurrency exchanges and law together are an evolving space. As regulation of cryptocurrency advances, and case law and practice develops, more certainty around who holds what in a cryptocurrency exchange failure will develop. In the meantime, knowing the risks, and mitigating the risks where possible, is the prudent course of action for the cryptocurrency investor and trader.
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FTX's collapse pushed Canada's already robust cryptocurrency regulations further, offering protection to consumers and stability for compliant platforms but resulting in some major global platforms quitting the country because they weren't willing to comply.
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In the past year, following the Crypto Winter, there has been an explosion of activity by United States regulators and enforcers. Crypto companies, for their part, have complained that it is not clear what digital assets, if any, are securities, and that they have not been given clear regulatory rules of the road.
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Most agree that internet deepfake (deep learning + fake) content is widespread and may be used to manipulate the public, attack personal rights, infringe intellectual property and cause personal data difficulties. However, little agreement exists as to who is legally liable for internet AI deepfake content.