The latest edition of the Digital Assets Download covers developments on three continents, plus tax (which can sometimes be a world of its own!). In this issue, the global Mayer Brown team covers policy statements from several US regulators, licensing requirements in Hong Kong and the crypto token legal regime in Dubai—all without any jet lag!
For the Uninitiated: Digital Assets Download is a curated mix of insights and headlines that provide a Layer 3 Legal Perspective™ on the digital assets multiverse—created by Mayer Brown’s global Digital Assets, Blockchain & Cryptocurrency group. (Check out all of our previous editions of the Digital Assets Download)
The Lead Block
News Node
BNY Mellon Says Investors 'Absolutely Interested' in Digital Assets
Hermes Wins US Trademark Trial Over 'MetaBirkin' NFTs
Dubai Clarifies Rules for Crypto Companies
Deutsche Bank’s DWS in Talks to Invest in Crypto Firms DDA, Tradias
Ethereum’s Shanghai Upgrade to Raise Staking Toward Proof-Of-Stake-Blockchain Average
Former Staffer Pleads Guilty in First Crypto Insider-Trading Case
Crypto Exchange Binance to Suspend US Dollar Bank Transfers This Week
Britain Presses On With Proposals for a Digital Pound
Crypto Exchange Kraken Under Scrutiny for Sale of Unregistered Securities
Select Events
Selected events for deeper dives into different parts of the digital assets and DeFi world.
Crypto Crash: Why Financial System Safeguards Are Needed for Digital Assets
The full committee of the US Senate Committee on Banking, Housing, and Urban Affairs will convene for a hybrid hearing on February 14, 2023, at 10:00 am ET.
Learn the Lingo
Stablecoin
A stablecoin is a digitally native medium of exchange that seeks to maintain a stable relative value. A type of cryptocurrency, a stablecoin is designed to achieve price stability through linking its market value to a reference asset, most often the US dollar. By linking or “pegging” to this more stable reference asset, the stablecoin can then be used in scenarios where price stability is the primary objective, such as for peer-to-peer or cross-border payments, in the on-chain trading of other digital assets, and in collateralized lending and other DeFi services.
However, while all stablecoins offer the promise of stability in price, not all are able to achieve this outcome.
Stablecoins generally fall into two broad categories: custodial and non-custodial (or “decentralized”). Each broad category can also have sub-categories. For more on stablecoins, check out our piece on the collapse of TerraUSD and the road ahead for stablecoins.
Writing on the Wall, Translating ‘Crypto’ Terms with Mayer Brown
From Airdrop to Wrapped Token, our illustrated glossary, “Writing on the Wall, Translating Securities with Mayer Brown,” has been updated with additional digital assets and cryptocurrency terms. Check out our “featured” list for the crypto terms and the full list of terms.
