On August 23, 2023, the Securities and Exchange Commission adopted highly controversial new rules and rule amendments to the Investment Advisers Act of 1940 in an effort to further regulate the private funds industry. These new rules attempt to “increase transparency, competition and efficiency in the private funds market.” Our client update can be found
US Federal Court issues mixed ruling in watershed SEC action on Ripple’s XRP
On July 13, 2023, the United States District Court for the Southern District of New York issued a mixed decision as to whether various sales and issuances of the XRP token (XRP) by Ripple Labs, Inc. (Ripple) and two of its executives (collectively the defendants) constituted the sale of an unregistered security in violation of