Cravath Web3 Regulatory Forum
Resources
Cravath regularly issues memoranda and our lawyers frequently author articles on a variety of legal topics throughout the year regarding newly enacted laws, rules and regulations and other legal developments, including those related to the crypto space provided below. Please click on the title of the resource to read each piece.
If you are not currently receiving our memoranda and would like to have access to thought leadership materials prepared by the Firm addressing more general legal developments and trends, please reach out to any of the speakers at today’s event indicating the areas that would be of most interest to you.
- A Way Forward for the SEC and Crypto: Discussion of the SEC’s history of tailoring regulatory frameworks for nontraditional securities—argues that the SEC should follow these historical practices and begin the work of developing a regulatory regime for cryptoasset securities (March 2024)
- Cravath Tech Explainer – Crypto Token Classification: Explanation of how crypto tokens are created using smart contracts, fungibility and corresponding token standards and how crypto tokens are ascribed functionality (November 2023)
- Cravath Tech Explainer – Zero‑Knowledge Proofs: Description of how zero-knowledge proofs work and why it’s crucial for legal practitioners to understand them (October 2023)
- Secret Notes And Anonymous Coins: Examining FinCEN’s 2019 Guidance On Money Transmitters In The Context Of The Tornado Cash Indictment: Examines the indictment in the Southern District of New York against the founders of Tornado Cash and reviews FinCEN’s 2019 guidance on what it means to be a money transmitter in the Web3 context (September 2023)
- Amicus Brief in Coinbase vs. SEC: Filed in support of Coinbase’s motion for judgment on the pleadings, argues that the SEC’s allegations do not consider the technological realities of how Coinbase’s wallet application and staking program function and that, under federal securities law, Coinbase does not act as a broker through its wallet application or offer securities through its staking program (August 2023)
- A Spot Bitcoin ETP – Understanding the SEC's Process for Reviewing an Exchange’s ETP Proposal: “Frequently Asked Questions” guide to how the SEC reviews an exchange’s proposal to market a new exchange-traded product (July 2023)
- SEC Forces Kraken to Terminate Cryptocurrency Staking‑as‑a‑Service Program: Analysis of the SEC’s charge against Kraken for failing to register its “staking-as-a-service” program as a securities offering, representing an important development in the SEC’s enforcement strategy (February 2023)
- SEC v. LBRY Inc.: Analysis of a federal court’s grant of summary judgment in favor of the SEC, holding that LBRY’s offer and sale of its cryptotokens constituted an unregistered securities offering in violation of federal securities laws (November 2022)
- The Nail and the Hammer: The Role of Copyrights and Trademarks in NFT Projects: Analysis of the lawsuit filed by Yuga Labs, the creator of the popular Bored Ape Yacht Club non‑fungible token (NFT) collection, concluding that business issues and norms constrain the use and enforcement of IP rights by those managing NFT projects (October 2022)
- SEC Rejects Grayscale's Proposed Spot Bitcoin ETF: Background on the SEC’s historical rejections of “spot” bitcoin exchange-traded funds (prior to January 2024) through an analysis of the SEC’s rejection of NYSE Arca, Inc.’s rule change application (July 2022)
- Cravath Emerging Company and Venture Capital Insights – 2023 Recap and 2024 Outlook: Summary of 2023 global venture capital activity and insights into 2024 predicted trends for emerging companies and venture capital funds (April 2024)
