NBA Top Shots Ruling: Certain NFT Transactions Constitute “Investment Contracts” and Therefore Are “Securities”
NBA Top Shots, one of the most popular applications on the Flow Blockchain, a private blockchain created by Dapper Labs, allows consumers to purchase non-fungible tokens (NFTs) known as “Moments.” Moments are digital video clips of basketball highlights from NBA games. Consumers can acquire Moments on the NBA Top Shots application in two ways: they […]
Confidentiality Is Key In Stockholder Information Rights
By Josh Galante, Jeremy Miller, Lori Smith One of the most important yet overlooked aspects of any commercial or corporate transaction involves confidentiality obligations. Often, parties gloss over the scope of the covenants, treat them as boilerplate using precedent without thinking through the details, such as what information needs to be protected in the particular […]
Board Observers: Relevant Considerations and Potential Pitfalls
Authors: Josh Galante, Eric Porter, and Lori Smith Angel investors, venture capital and private equity funds often seek to secure some presence, formal or informal, within the board meetings of the corporations in which they invest. Such representation and participation in corporate governance provide potential benefits to both the investor and the portfolio corporation. The […]
Petabyte Technology Inc. Acquired by Chewy Inc.
Stradley Ronon represented Petabyte Technology Inc., a provider of cloud-based technology solutions to the veterinary sector, in a $43.4 million acquisition by Chewy, Inc., an online provider of pet food and treats, pet supplies, pet medications and other pet-health products and services. The acquisition is expected to further strengthen Chewy’s pet healthcare product and service […]
Sephora USA, Inc. Agrees to Pay $1.2 Million in Settlement With California Attorney General for Alleged Violations of CCPA
By Peter Bogdasarian, Sara Crovitz and Mischa Wheat “I hope today’s settlement sends a strong message to businesses that are still failing to comply with California’s consumer privacy law. My office is watching, and we will hold you accountable.” – California Attorney General Rob Bonta On Aug. 24, 2022, Attorney General Rob Bonta announced a […]
OECD Crypto Tax Framework To Require $50,000 Reporting Threshold for Crypto Service Providers
By Christopher Scarpa and Jin Park The Organization for Economic Cooperation and Development (OECD) issued Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard, in which OECD proposes to modernize tax administration and reporting requirements for cryptocurrency. The framework would make crypto-assets exchanges, brokers, dealers and ATMs subject to reporting on behalf of customers. The framework […]
SEC Brings First Crypto Insider Trading Case: Alleges That Nine Digital Assets Trading on Coinbase Are Securities
By: Jan Folena and Susan Gault-Brown The Securities and Exchange Commission (SEC or Commission) has brought its first crypto1 insider trading enforcement action2 involving nine digital coins available for trading on the Coinbase Global, Inc. (Coinbase) trading platform.3 Integral to the SEC’s insider trading allegation are its assertions that the nine digital coins trading on Coinbase are investment […]