Digital Assets Download-March 18 2022

Launching today: 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 and Cryptocurrency Group. Enjoy this edition of the Digital Assets Download below and find previous editions here.

The LEad Block

Original Mayer Brown content, perspectives and insights from across our global platform that touch on digital assets, decentralized finance, cryptocurrencies and related fields.

News Node

A curated selection of headlines and news from around this multiverse—including deals, developments and other disruptions in DeFi.

With US Federal Rules Unclear, Some States Carve Their Own Path on Cryptocurrencies.

EU Advances Proposals for Consumer Protection Rules for Digital Assets

US Treasury Launching Cryptocurrency Awareness Program

The Labor Department Wants to Investigate Crypto in Retirement Plans

Japan Sets Penalties on Crypto Exchanges for Violating Russia Sanctions: Report

Select Events

Selected upcoming events for deeper dives into different parts of the digital assets and DeFi world.

March-June 2022

Surge Protection: Preparing for the Coming Wave of Enforcement Webinar Series. With the change in administration, the US Department of Justice (DOJ) announced in 2021 that a significant increase in corporate enforcement is coming. This policy shift is expected to add substantially to the burdens companies and executives under investigation may face, especially when coupled with additional announcements that the DOJ will surge resources dedicated to corporate enforcement. Mayer Brown has prepared a series of webinars which will include leading practitioners, in-house counsel and former government officials across practices to provide practical guidance and insight into how companies can prepare for these changes. The series will cover a wide range of topics including cryptocurrency; the Foreign Corrupt Practices Act; securities; anti-money laundering; sanctions and export control; cybersecurity; and antitrust issues.

March 9: Increased Global Coordination and the Convergence of Corruption Money Laundering and National Security Policy (View Recording)

March 30: Investigating Misuse of Cryptocurrency: DOJ and FTC Enforcement Panel

April 13: SEC and CFTC Enforcement Update: Increasing SPAC Enforcement and Litigation Risk and Increased Authority to Seek Disgorgement

Learn the Lingo

For those new to the digital assets and DeFi world, each edition of the Digital Assets Download will highlight a different term to help you be a part of the conversation.

Wrapped Token:

A cryptocurrency token that is linked to the value of another token on a different blockchain. A Wrapped Token allows the transfer of value or other usage across different blockchains. This allows for crosschain functionality—in other words, interoperability between non-compatible cryptocurrencies and blockchains. This creates additional use cases for the token that is wrapped. For example, a Wrapped Token can be lent or borrowed on its non-native blockchains.

A Wrapped Token can (typically, but not always) be redeemed (or “unwrapped”) for the asset to which it is pegged. Wrapped Tokens typically require a custodian—an entity that holds an equivalent amount of the asset as the wrapped amount. Custodians for this purpose can be a vendor, a multisig wallet, a DAO or a smart contract.