Tag: Blockchain

What Are Blockchain, Crypto and NFTs? A Deeper Look – Faegre Drinker on Law and Technology Podcast

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As of March 2022, there are more than 18,000 different crypto currencies in service for a total market capitalization of $2 trillion. In this episode of the Faegre Drinker on Law and Technology Podcast, host Jason G. Weiss chats with Faegre Drinker partner Jeff Blumberg and associate Jane Blaney, to revisit the world of crypto and not only discuss the foundations of crypto currencies, but also explore the world of blockchain and non-fungible tokens, or NFTs.

The conversation tackles a number of questions, including:

  • What is blockchain and what makes it different from traditional recordkeeping processes?
  • What exactly is crypto currency? What is important to understand about it?
  • What exactly is an NFT? How do they work in easy-to-understand concepts?
  • What uses are there for blockchain, both using crypto currencies and in uses other than crypto currency?
  • Are crypto currencies considered “legal tender”? Can people use them like normal money?
  • How can and will NFTs be used in other ways in our society as these concepts grow?

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Another Big Blockchain Initiative Announced in Health Care Insurance Industry

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Several large health insurance companies, including Aetna, Anthem, and Healthcare Service Corporation, have announced a collaboration with PNC Bank and IBM to utilize blockchain technology to “improve transparency and interoperability in the health care industry” and “address a range of industry challenges, including promoting efficient claims and payment processing, to enable secure and frictionless healthcare information exchanges, and to maintain current and accurate provider directories.”

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SEC Freezes $27 Million Related to a Blockchain/Cryptocurrency Acquisition

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The Securities and Exchange Commission (SEC) obtained a court order freezing more than $27 million in proceeds from alleged illegal distributions and sales of restricted shares of a public company , and charged the company, its CEO, and three other affiliated individuals on April 6, 2018. That same day, the Nasdaq Stock Market  halted trading in the company’s stock.

The SEC’s complaint alleges that shortly after the company began trading on the Nasdaq Stock Market and announced the acquisition of a purported blockchain-empowered cryptocurrency business,  its stock price rose dramatically until its market capitalization exceeded $3 billion. The SEC further alleges that the CEO and the three other individual defendants then illegally sold large blocks of their restricted shares to the public while the stock price was excessively elevated and that they collectively reaped more than $27 million in profits.

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Enforcement Actions Launched by Securities and Exchange Commission – Heightened Scrutiny of Blockchain and Cryptocurrency Companies

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A recent flurry of activity by the Securities and Exchange Commission (SEC) in court, and strong talk on the Hill, gives a clear indication that the U.S. regulatory agency is making a significant push to rein in the current wild-west atmosphere of investments in Blockchain and cryptocurrency companies.

In the wake of the DAO Report issued by the SEC in July 2017, the agency released several Investor Alerts to warn the public of the risks associated with investing in initial coin offerings (ICOs), including an alert to warn investors to be careful about advertisements by celebrities promoting ICOs and other Blockchain-related investments. Moreover, the SEC chairman and his counterpart at the Commodity Futures Trading Commission (CFTC) have recently released statements and op-eds and appeared before the U.S. Senate Banking Committee to elevate the awareness of lawmakers and the public of some of these risks.

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Building the Blocks of Knowledge – NIST Releases Draft Blockchain Technology Overview

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On January 25, 2018, the National Institute of Standards and Technology (NIST) division of the U.S. Department of Commerce released a draft report of Blockchain technology (Overview). Recognizing the growing public awareness of the most well-known application of Blockchain technology – Bitcoin, the Overview draft report provides a high-level discussion of the technical components of Blockchain technology, addressing how data is encrypted, and how the data is verified and then distributed among the participating Blockchain parties. NIST is seeking comments on the scope and completeness of the draft Overview, which are due by February 23, 2018.

The Overview begins with a fairly detailed, yet accessible, overview of the architecture of Blockchain technology, covering both how data that is to be recorded and encrypted in the blocks, and how the individual blocks are then incorporated into the corresponding Blockchain. Discussions of hashing, nonces, forking and Merkle Trees are included, along with helpful charts for those with a preference for visuals.

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