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TECHNOLOGY, OUTSOURCING, AND COMMERCIAL TRANSACTIONS
NEWS FOR LAWYERS AND SOURCING PROFESSIONALS
Various Chinese regulators announced a blanket ban on all cryptocurrency transactions and mining, the latest in a concerted effort to address illicit activities conducted using digital assets. The announcement on September 24, 2021, authored by a group of agencies including the China Securities Regulatory Commission and the People’s Bank of China, among others, represents the government’s most direct and sweeping action against cryptocurrencies to date. “Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” the People’s Bank of China said on its website.
Spotlight
As part of our Spotlight series, we connect with Jeff Boujoukos, the leader of Morgan Lewis’s securities enforcement practice, to discuss the current and future state of affairs of the regulation and enforcement activities of the US Securities and Exchange Commission (SEC) regarding cryptocurrency and initial coin offerings. Jeff points to recent cases and statements that may impact and shape the cryptocurrency market going forward.
The United Kingdom’s Digital Regulation Cooperation Forum (DRCF) on March 10 announced in its 2021–2022 workplan that the UK Financial Conduct Authority (FCA) will join as a full member from April 1, 2021.
Morgan Lewis partner Peter Watt-Morse (Pittsburgh) and associate Eric Pennesi (Pittsburgh) will be participating in the Pennsylvania Bar Institute’s 2019 Cyberlaw Update, which will address trending topics, including blockchain and cryptocurrency and security and privacy concerns related to social media, in addition to GDPR.
When polling fellow tech lawyers about blockchain, most of them seemed to be waiting out getting up to speed on the technology to see if the hype would stick and whether clients would actually implement blockchain solutions at an enterprise level.
The World Bank announced on August 10 that 70 years after its first bond transaction, it will be issuing the first bond to use entirely blockchain technology, in part to help the bank gain experience in the use of blockchain. The World Bank’s innovation lab partnered with the Commonwealth Bank of Australia (CBAUF) and Microsoft on this endeavor almost a year in the making.
The Pittsburgh session of the annual Cyberlaw Update for the Pennsylvania Bar Institute (PBI) will take place on Tuesday, July 17. Moderated by Morgan Lewis partner Peter Watt-Morse, the update enters its 21st year and this year’s seminar will focus on current hot-button issues including blockchain and cryptocurrency and security and privacy concerns related to social media, IOT, GDPR, and the Dark Web.
Just when we finally figured out how to contract for “cloud” services and SaaS, here comes blockchain—the next disruptor for IT, businesses and, yes, us lawyers.