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- Home
- Practices and Industries
- Financial Services
- Blockchain Technology
Distributed ledger technologies, including blockchain, will undoubtedly have a significant impact on the way companies in all sectors, and many governments operate. As with any disruptive technology, blockchain presents tremendous opportunities but may also raise legal, regulatory, and business challenges.
Covington has broad-based experience across the many industries in which this technology will be deployed. The firm is uniquely positioned to advise clients in connection with policy, regulatory, litigation, enforcement and investigations, privacy and data security, consumer protection, and transactional matters relating to distributed ledger technology.
Our team includes more than 120 former government and enforcement officials, including the former U.S. Attorney, a former Prime Minister, and a member of the UK House of Lords, who can offer our clients exceptional insight as they navigate complex regulatory, legal, policy, and litigation issues relating to the adoption of disruptive technologies. We provide comprehensive, interdisciplinary advice to clients looking to acquire, adopt, evaluate, or litigate matters relating to distributed ledger technology.
Covington advises clients of all sizes in connection with a broad array of legal and business matters at the cross-section of technology innovation and regulation, including blockchain, in relation to:
- Global, federal, and state regulatory frameworks
- Financial services regulatory enforcement and investigations, including Anti-Money Laundering advice
- Insurance coverage and disputes
- Data privacy and cybersecurity
- Commercial litigation
- Public policy and government affairs
- Technology transactions
- Mergers and acquisitions
- Venture capital and private investments
- Capital markets and securities
- Futures and derivatives regulation
- Tax
Bitcoin Technology in Transfer of Currency from Currency-Controlled Jurisdiction
A multinational company regarding a transaction to use Bitcoin and related blockchain technologies to transfer currency from a currency-controlled jurisdiction to the United States and European Union.
Bitcoin Regulatory Advice
Analyzed CFTC regulatory issues on behalf of digital currency wallet and platform provider, including the launch of an exchange and meetings with the CFTC Chairman, Commissioners, and staff to discuss the company and its request for no-action relief.
Blockchain Industry Association
Providing strategic advice and support to a new blockchain industry association.
Blockchain Public Policy Counsel
We provide regular government affairs and public policy support and advice to a blockchain infrastructure and transaction processing company. In particular, we help them identify key stakeholders for Blockchain issues and guide them in their discussions with regulators in various jurisdictions and various industry sectors.
Blockchain Asset Acquisition
Advising a financial services company in connection with its acquisition of blockchain assets.
Blockchain Technology Advice
Advising a Fortune 100 company in connection with its evaluation of a blockchain-based technology service for cross-border payments.
Corporate Counsel to Blockchain Startup
Advising a start-up blockchain company building an identity platform in connection with corporate, venture capital, privacy, and commercial licensing transactions.
Whitepaper on Cybersecurity Advantages of Blockchain Technologies
Advising Microsoft and the Chamber of Digital Commerce in the development of a whitepaper exploring the cybersecurity advantages of blockchain technologies.
May 30, 2018, Cov Financial Services
This past week has been an especially active one for the U.S. Commodity Futures Trading Commission (CFTC). On Monday, in a speech to the North American Securities Administrators Association (NASAA), CFTC Chairman Giancarlo announced a Memorandum of Understanding (MOU) to increase cooperation between state securities regulators and the CFTC — particularly with ...
May 25, 2018, Cov Financial Services
California has taken a conservative step on the path to greater regulation of blockchain technology or legal recognition of blockchain-secured data. On May 18, an amended bill was referred to the State Assembly Appropriations Committee for review that would provide for the establishment of a blockchain working group to evaluate “the potential uses, risks, ...
May 7, 2018, Cov Financial Services
The Australian Transaction Reports and Analysis Center (“AUSTRAC”) recently implemented a new regulation for digital currency exchange providers operating in Australia called the Anti-Money Laundering and Counter-Terrorism Financing (Digital Currency Exchange Register) Policy Principles 2018. AUSTRAC is Australia’s financial intelligence agency and is ...
Law Firms Hitch a Ride on the Blockchain Wagon
April 3, 2018, Washington Lawyer
Michael Nonaka is quoted in a Washington Lawyer article regarding legal opportunities surrounding blockchain. While some lawyers might eventually become blockchain-specialty attorneys, blockchain is looking “more like a technology you have to know about if you’re in certain industries,” says Nonaka. For instance, highly regulated industries such as energy and ...
March 23, 2018, Cov Financial Services
On March 22, 2018, the Government Accountability Office (“GAO”) issued a report on the regulation of financial technology (“fintech”) in response to a request from Congress for more information on “fintech activities.” The report concludes that agencies that regulate fintech firms should coordinate with each other more closely, develop offices of innovation (for ...
March 9, 2018, Cov Financial Services
When bitcoin entered the public’s eye for the first time in 2013, it was touted as one of the greatest inventions for the unbanked in Africa. The World Bank estimates that of the 2 billion people without access to the modern financial system, a third live in Sub-Saharan Africa. In recent months, bitcoin and cryptocurrency...… Continue Reading
March 9, 2018, Cov Africa
When bitcoin entered the public’s eye for the first time in 2013, it was touted as one of the greatest inventions for the unbanked in Africa. The World Bank estimates that of the 2 billion people without access to the modern financial system, a third live in Sub-Saharan Africa. In recent months, bitcoin and cryptocurrency...… Continue Reading
March 9, 2018, Cov Financial Services
Blockchain is a powerful innovation that is poised to bring substantial positive change to the financial services industry as well as many other industries. Despite such promise, blockchain, like any emerging financial services technology, must be evaluated from the perspective of cybersecurity risk – both to an individual financial institution and to the ...
February 16, 2018, Cov Financial Services
Yesterday, the Federal Communications Commission sent a letter to an individual in Brooklyn, New York, alleging that a device in the individual’s residence that is being used to mine Bitcoin is generating spurious radiofrequency emissions, causing interference to a portion of T-Mobile’s mobile telephone and broadband network. The letter states that on November ...
February 12, 2018, Cov Financial Services
Data is of particular importance to businesses in the financial sector. This blog post provides a high level overview of how United States copyright law treats data. U.S. copyright protection for raw, unstructured data is generally regarded as thin or unavailable. The reason for this is that such raw data may not satisfy the creativity...… Continue Reading
January 31, 2018, Global Policy Watch
The European Commission (“EC”) has stated that the almost limitless list of potential use cases of distributed ledger technology (“DLT”) makes it both very promising and challenging, and has expressed its support for blockchain and DLT.[1] However, many European institutions are still of the opinion that the technology is at its early stage of development,...… ...
August 8, 2017, Cov Financial Services
On August 3, 2017, the International Swaps and Derivatives Association (“ISDA”) and Linklaters LLP released a whitepaper titled “Smart Contracts and Distributed Ledger – A Legal Perspective.” The whitepaper sets out to define the terms “smart contract” and “distributed ledger,” to analyze their applications to the derivatives industry, and to highlight potential ...
July 27, 2017, Cov Financial Services
On July 25, 2017, the Securities and Exchange Commission (“SEC”) issued a Report of Investigation (“Report”) finding that the digital tokens offered and sold by the virtual, unincorporated organization known as “The DAO” were securities subject to the federal securities laws. The DAO sold DAO tokens in exchange for the digital currency Ether used on...… Continue ...
Fintech Startup, Covington To Launch Blockchain Council
January 6, 2017, Law360
Sebastian Vos is quoted in a Law360 article regarding the launch of a Global Blockchain Business Council at this year’s World Economic Forum by Covington and The Bitfury Group. “Blockchain has the potential to be the next great technological innovation, revolutionizing areas from cross-border payments, trade finance and land registries to government records,” ...
- US News/Best Lawyers, Law Firm of the Year – Financial Services Regulation Law (2016)
- Chambers USA, Financial Services Regulation (2016)
- Chambers UK, Financial Services: Non-Contentious Regulatory (2015)
- Chambers Global, Banking and Finance: Regulatory (2016)
- Chambers USA, Securities: Regulation (2016)
- Legal 500 US, Financial Services: Regulatory and Litigation (2016)