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DELAWARE COURT AWARDS $25M TO DIAMOND FORTRESS TECHNOLOGIES FOR BREACH OF CRYPTO-PAID CONTRACT

In a recent opinion in Diamond Fortress Technologies, Inc. v. EverID, Inc., the Superior Court of Delaware made a novel ruling clarifying the calculation of damages for breach of contract denominated in cryptocurrency. Not only did the Court endorse CoinMarketCap as “a reliable cryptocurrency valuation tool,” but it also adopted the New York Rule whereby…

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…

DOJ Targeting Privacy in New Crypto Framework

The U.S. Department of Justice (“DOJ”) recently released a publication titled, “Cryptocurrency: An Enforcement Framework,” (“Framework”). The Framework discusses emerging threats and challenges associated with cryptocurrencies. Formed in 2018, the DOJ’s Cyber-Digital Task Force designed the Framework to highlight the progress the DOJ has made with other domestic and international regulatory authorities and detail previous…

Paypal makes significant step into the cryptocurrency industry.

Payment company PayPal recently announced customers can buy, sell and hold Bitcoin as well as other cryptocurrencies through the company’s online wallets. PayPal, which has secured the first “conditional” cryptocurrency license from the New York State Department of Financial Services (“NYDFS”), initially will allow purchases of Bitcoin and other cryptocurrencies including Ethereum, Bitcoin Cash, and…

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…

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