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Facebook’s Second Take at Digital Currency: A Review of the Newly Renamed Novi Blockchain Division

Andrew Bull of Bull Blockchain Law shares his insights on the rebranding and relaunching of Facebook’s digital currency as newly renamed Novi What happened​? After receiving substantial pushback from U.S. and international regulators, Facebook is seeking to rebrand, recalibrate, and relaunch its digital currency project, Libra. Renaming the wallet development Division to “Novi,” Facebook…

New York Proposes Conditional BitLicense for Virtual Currency Businesses

The New York State Department of Financial Services (NYDFS) recently published a proposal for reforming its licensing framework for virtual currency businesses to operate in New York.  Commonly known as the “BitLicense”, the 2015 regulation laid out the parameters for cryptocurrency companies to conduct business in New York. Since its enactment, 25 licenses have been…

Facebook’s Second Take at Digital Currency: A Review of the Newly Renamed Novi Blockchain Division

What happened? After receiving substantial pushback from U.S. and international regulators, Facebook is seeking to rebrand, recalibrate, and relaunch its digital currency project, Libra.  Renaming the wallet development Division to “Novi,” Facebook is leaving behind ambitions to create a fully decentralized global Facebook cryptocurrency, and instead, is focusing on creating a set of nation-backed digital…

Client Alert: CARES Act Offers Benefits for Small Businesses & Self-Employed Individuals

The Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” has been signed into law and provides $2 trillion in relief to American households and businesses from the economic destabilization caused by the COVID-19 pandemic. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls…

SEC Proposes to Expand Definition of “Accredited Investor”

The Securities and Exchange Commission (SEC) recently proposed amendments to the definition of “accredited investor,” one of the principal tests for determining the eligibility of investors to participate in various kinds of private securities offerings. The proposal looks to expand and update the definition to create a more effective method for identifying individual and institutional…

Delaware Endorses Blockchain With New Amendments to the DGCL

On July 21, 2017, the Delaware Governor enacted new legislation permitting corporations to use "distributed electronic networks or databases" – aka blockchain technology – for the maintenance of corporate records, including stock ledgers. Corporate governance issues are not readily apparent to the public, likely because such issues can be rectified internally before they…

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