The Possible Regulatory Gap in Future ICO Class Action Litigation

Reno Varghese

The Wild West days of cryptocurrencies ended abruptly on June 18, 2016. After an otherwise successful crowdfunding for DAO, which raised over $150 million from 11,000 investors, an unknown attacker managed to drain over 3.6 million ether, valued at about $50 million, from DAO, dropping the worldwide price of ether 35% in a single day.

The Extraterritorial Application of the Commodity Exchange Act in the Second Circuit

Mary Jean Whitsell

In Prime International Trading v. B.P. P.L.C., the Second Circuit used its Securities Exchange Act (“SEA”) jurisprudence to limit private plaintiffs’ ability to bring suit under the Commodities Exchange Act (“CEA”) where the violative conduct occurs abroad. Holding that plaintiffs can only bring suit under the CEA where the alleged transaction and manipulative conduct are domestic will severely limit U.S. plaintiffs’ ability to seek damages, even when they trade entirely on U.S. markets.

The Tensions Between the SEC’s COVID-19 Disclosure Guidance and the Muddled Duty to Update

Sarah Pyun

In this novel climate of economic uncertainty propelled by the ongoing global pandemic, regulatory guidance carries heightened importance for public companies that seek to ensure compliance with federal securities laws, rules, and regulations.  However well-intentioned this guidance might be, significant issues may arise in practice when the legal bases for certain recommendations are unclear to both courts and litigants.

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