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Qeon the Block May 2021 QE on the Block Quinn Emanuel Digital Assets and Blockchain Newsletter atlanta | austin | boston | brussels | chicago | hamburg | hong kong | houston | london | los angeles | mannheim | miami | munich | neuilly-la defense new york | paris | perth | salt lake city | san francisco | seattle | shanghai | silicon valley | stuttgart | sydney | tokyo | washington, d.c. | zurich Just Minted: News Sweep April-May 2021 • SEC Commissioner Hester Peirce released on the environmental impact of the currency. a revised proposal for a cryptocurrency “safe harbor” that would exempt those who develop • A class action lawsuit filed on May 12 in New cryptocurrencies with the goal of creating York against Dapper Labs, Inc. appears to be the decentralized or functional networks from the first legal challenge to the sale of nonfungible securities registration requirements. The safe tokens (“NFTs”). The suit, Friel v. Dapper Labs, harbor would protect developers during a three- Inc. et al., alleges that Dapper Labs’ sale of NBA year initial development period. At the end of Top Shot Moments—NFTs of highlights from that period, the SEC will determine whether the NBA basketball games—constitutes a sale of cryptocurrency must be registered as a security, unregistered securities in violation of Section based in part by analyzing a submission from the 12(a)(1) of the United States’ Securities Act. developers’ counsel regarding whether the network • President Joe Biden’s administration has proposed has achieved decentralization or functionality. to alter reporting rules for tax purposes, including During the three-year period, the developers by requiring that transfers of at least $10,000 would need to comply with some specified public of cryptocurrency to be reported to the Internal disclosure requirements. Revenue Service. • Bitcoin’s price dropped following statements by • After filing 11 class actions alleging that various Chinese authorities calling for a “crack down cryptocurrencies were unregistered securities in on mining and trading of the cryptocurrency.” 2020, Selendy & Gay PLLC and Roche Cyrulnik Among others, Chinese Vice Premier Liu He Freedman LLP have withdrawn several of their stated that tighter regulation of cryptocurrency, lawsuits. These firms did so after decisions by including bitcoin, was necessary to protect China’s Southern District of New York Judges Hellerstein financial system. Bitcoin’s price also displayed and Cote dismissed two of the suits on several volatility following statements by thought leaders grounds. (continued on page 2) INSIDE Just Minted: News Sweep April-May 2021 NFTs: Legal Risks from “Minting” Art and Collectibles on Blockchain NFTs: Legal Risks from “Minting” Art and Our firm represents clients in some of the digital content. Theoretically, any digital Collectibles on Blockchain world’s most significant disputes relating content can be minted into an NFT: to blockchain, cryptocurrency, film, photographs and other works of digital art, Path-Breaking Crypto Victories for Ripple and for music, and artworks, and has been closely songs, tweets, even memes. NFTs of NBA BProtocol Foundation and monitoring the exponential growth in player highlight videos are sold through Founders the non-fungible token (NFT) art and the “Top Shots” online marketplace. collectibles market. This article discusses NFTs can also be used for items that exist potential legal issues in the space. only inside video games (for example, rare character skins, or clothing that can What are NFTs? be worn inside Fortnite or Pokemon Go). An NFT is a digital file on a blockchain For purposes of this discussion, each that shows who owns a unique piece of of these is deemed to be a work of art. (continued on page 3) Attorney Advertising • The U.S. House of Representativesrecently passed February barring the country’s regulated financial a bill to create a “digital assets working group” that institutions from engaging in transactions involving purports to be designed to help officials from the bitcoin—even though one in three Nigerians use SEC and CFTC better coordinate their respective cryptocurrencies. Since then, residents have turned regulatory activities. That bill is headed to the to using “peer to peer” exchanges that permit them Senate. to exchange bitcoin directly. • Over the past couple of months, the DOJ stepped • China’s provincial governments have placed up efforts to combat purported cryptocurrency- increased pressure on the nation’s bitcoin mining facilitated tax evasion. For example, earlier this industry. Although China mines most of the month, the DOJ received court authorization world’s bitcoin, several Chinese provinces— for a “John Doe” summons on Circle Internet including some of those where bitcoin mining is Financial, a major cryptocurrency exchange. This most common—have enacted regulations making grants the government access to information about mining more difficult. Xinjiang has increased U.S. taxpayers who use Circle. The DOJ has also scrutiny of its coal mines, increasing energy costs served John Doe summonses on other providers for bitcoin miners. Inner Mongolia has imposed and begun using data mining to better detect new energy efficiency requirements that make those who fail to pay taxes on their cryptocurrency bitcoin mining less profitable. And Sichuan, which transactions. used to make fairly cheap hydropower available to cryptocurrency miners, is ending its “hydropower • The DOJ and SEC have also continued investigation park” program. and litigation activities related to alleged fraud and money laundering schemes, including the alleged • Other countries have taken a different approach, operator of a cryptocurrency-focused money permitting cryptocurrency transactions but laundering scheme (referred to as a cryptocurrency imposing tougher disclosure requirements. For “mixer”), the promoters of a bitcoin exchange example, Thailand justannounced a requirement who allegedly deceived the public, and even a that citizens who wish to use cryptocurrency purportedly popular Instagram influencer. exchanges must set up their accounts in-person and show photo ID. And Ireland now requires • The SEC delayed consideration of a new proposal certain cryptocurrency service providers to register to launch an exchange-traded fund that will track with the country’s banking authorities and comply the value of Bitcoin. For some time, the SEC with “know-your-customer” rules. Likewise, has rejected proposal after proposal to create a South Korea has threatened to shut down any cryptocurrency Exchange Traded Fund (“ETF”). cryptocurrency exchanges that fail to submit a plan There are currently eight such proposals pending to comply with the nation’s newly amended anti- at the SEC. money laundering laws. Q • Meanwhile, Canada approved its first bitcoin Note: Hyperlinked material does not mean endorsement. All materials ETF in February and the nation now has six referenced herein are for informational purposes only. cryptocurrency-based ETFs on the market. • Not all countries have been as supportive of digital assets. Effective April 30th, Turkey banned its citizens from using cryptocurrencies as forms of payment. The move was especially criticized because nearly one in six people in Turkey use cryptocurrencies due to the Turkish lira’s rapidly declining value. On May 1st, Turkey subjected cryptocurrency trading platforms to additional anti-money laundering and terrorism financing rules. • The government of Nigeria’s attempt to reduce the use of cryptocurrency appear not to have been successful. The country issued a prohibition in 2 QE on the Block 3 (NFTs: Legal Risks from “Minting” Art and Collectibles on Blockchain continued from cover) NFTs are “non-fungible” because unlike other middlemen. Access to a readily accessible online resale cryptocurrency, such as Bitcoin or Ether tokens, NFTs market could also mean that works gain value quickly. are not interchangeable with one another. Rather, NFTs And unlike the traditional U.S. art market, artists are unique, although there may be multiple “editions” may benefit from the rise in value of their work by of a particular artwork or collectible available for sale, incorporating commission requirements in the smart each evidenced by its own NFT. contracts that accompany NFTs (for example, the An important distinction between traditional SuperRare NFT marketplace requires that creators works of art and works attested to and sold using receive a 10% commission when artwork continues to NFTs is that the “work” must be either a work created trade on the secondary market). in a digital medium (such as the digital collage that Some hope that NFTs will open up a new revenue the artist Beeple recently sold for $69 million) or a source for artists, including underrepresented artists, digital image of a physical work (such as a painting either by allowing artists who traditionally do not or sculpture). Expect to see new forms emerge. Nike sell in galleries to sell directly to buyers online, or by has patented a system in which a customer acquires a allowing artists to sell something in addition to their virtual version of a shoe. An NFT can thus be tied to a tangible works. For example, an artist could sell an physical object but it is not the object itself. NFT of the digital image of a painting or sculpture to When someone “mints” an NFT, they create a one buyer, while selling the physical work to another file that lives on a blockchain that cannot be edited buyer, allowing the artist an
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