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Cryptocurrency ventures that don’t wish to convert their holdings to fiat can now pay for legal services with bitcoin cash (BCH) or bitcoin core (BTC) with Atrium. The corporate law firm, which has helped over 300 startups raise more than $ 500 million in venture capital, now accepts direct cryptocurrency payments via Bitpay.
Atrium Fintech and Blockchain Now Accepts Bitcoin
Atrium, a legal services provider focused on high-growth startups, recently announced the acceptance of BCH and BTC payments for its Fintech and Blockchain practice (AFB) via the popular cryptocurrency payment processor Bitpay. Accepting payment in crypto will make engagement easier for its clients headquartered outside of the U.S. or with substantial cryptocurrency holdings.
“Atrium’s blockchain practice is growing rapidly so it makes sense they would allow their clients to pay in bitcoin,” said Sonny Singh, the Chief Commercial Officer of Bitpay. “This is another great example of global crypto clients requesting to pay their bills in bitcoin which drives BitPay’s B2B business growth.”
Shifting From HODL to BUIDL
The law firm also announced the expansion of AFB by hiring three new legal experts to meet growing demand from clients in the field, despite the ongoing crypto winter. It has been representing fintech and blockchain ventures since the summer of 2017 and assists clients with platform design, securities and digital asset offerings, regulatory analysis, money transmitter licenses, broker-dealer registrations and general corporate and IP-related matters.
“While our team’s own bitcoin wallets have been hit hard by the crypto winter, the downturn has accelerated industry maturation,” said corporate attorney Ross Barbash, head of Atrium Fintech and Blockchain. “In contrast to the frothiness of 12 months ago, investment is now more consistently flowing to talented teams working on meaningful projects. With the shift from HODL to BUIDL, we are finding it easier to identify and collaborate with the teams that both have the necessary dev chops and are committed to compliance. We are extremely lucky to have a team with diverse legal skills and deep understanding of the ecosystem that enables us to deliver informed, multidisciplinary advice for our clients. We speak our clients’ language and now accept payment in their preferred currency.”
What do you think about law firms accepting bitcoin payments? Share your thoughts in the comments section below.
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Johnson & Johnson has agreed to buy surgical robotics company Auris Health Inc. for about $ 3.4 billion in cash, in a deal that would give the drug giant a diagnostic and treatment tool for lung cancer.
Under the terms of the deal announced Wednesday, J&J could also make additional payments of up…
The Indian government has invited lawyers from Nishith Desai Associates to present their suggestions for the country’s crypto regulation. This is in response to the firm’s submission of a proposed regulatory framework for cryptocurrencies. The suggestions include avoiding prohibition, taking a balanced approach, options for licensing, and self-regulation for the industry.
Suggestions for Crypto Regulation
The Indian government invited lawyers from Nishith Desai Associates to present their suggestions for the country’s crypto regulation early this month. The invitation came after the firm submitted a paper with a proposed regulatory framework for cryptocurrencies.
Lawyer Jaideep Reddy, one of the three authors of the paper, told news.Bitcoin.com on Monday that “The government is not legally bound to respond to or accept suggestions from the public.” However, he added:
Our submission was responded to by the Finance Ministry which was kind enough to invite us to present our suggestions. The presentation mainly consisted of us explaining the suggestions made in the paper … They listened to our proposals with interest.
The paper was “prepared in an independent capacity and purely in public interest,” it reads. The document was submitted to the government committee chaired by the Secretary of Economic Affairs, Subhash Chandra Garg. This committee is currently developing a regulatory framework for cryptocurrencies, the Indian Ministry of Finance previously confirmed to Parliament.
Nishith Desai Associates represents the Internet and Mobile Association of India (IAMAI) in its writ petition in the supreme court against the Reserve Bank of India (RBI) circular which banned banks from providing services to crypto businesses.
Balanced Approach and Licensing
The paper emphasizes “Regulation not prohibition.” It asserts that “An outright ban on crypto-asset activity should not be considered for several reasons,” noting:
History has taught us that such technologies [blockchain] should be regulated and not banned, since banning is likely to be counter-productive and may also suffer from legal infirmities.
The authors proceeded to describe that “a balanced regulatory approach should be taken to promote the various benefits of the technology and mitigate the risks,” in line with international consensus.
The report also outlines a number of ways to license crypto businesses. “This may be done either by introducing new legislation or framing administrative regulations under existing legislations,” Reddy explained to news.Bitcoin.com. He noted that one example “is to introduce a simple government notification bringing crypto-asset business activity under the Prevention of Money Laundering Act. With one fell swoop, that would bring crypto asset activity within a well-established AML regime, operating on par with the financial sector and the jewellery industry, for instance.”
Types of Crypto Assets
The authors propose classifying crypto assets into three types. They wrote:
For the purpose of legal analysis, all crypto-assets are not alike, and the implications of each should be assessed on a case-by-case basis. Broadly, crypto-assets can be considered to be of three types: payment tokens, security tokens, and utility tokens.
Security tokens “will be regulated by the Securities and Exchange Board of India (SEBI) and under the Companies Act,” the paper states.
Moreover, the lawyer explained that “Trading activity with regard to all other crypto-assets falls in something of a regulatory vacuum, although existing laws like the Consumer Protection Act continue to apply to a significant extent.” This vacuum should be addressed by introducing a know-your-customer (KYC) and anti-money laundering (AML) regime as well as “a licensing regime, for crypto-asset business activity,” they suggested.
One of the proposed measures is the self-regulatory approach which the authors originally submitted in July 2017 to the previous government committee on crypto assets, chaired by Shri Dinesh Sharma. “However, the previous committee’s report was not made public … Therefore, we don’t know how that committee responded to the suggestion for self-regulation,” Reddy told news.Bitcoin.com.
The code of conduct for self-regulation was originally prepared for the Digital Asset and Blockchain Foundation of India (DABFI), an industry body formed by Zebpay, Unocoin, Coinsecure and Searchtrade. “DABFI has since then been subsumed into the Internet and Mobile Association of India (IAMAI) as of November 2017,” the report explains.
The suggestions are based on multiple sources as well as “the ULC Model Law, with suitable changes for the Indian context,” the report details. The authors have offered to update the draft for the Indian government. “The Committee may consider self-regulation backed by a statutory mandate in order to provide statutory backing to the norms, and in turn, facilitate a system of government oversight of the industry,” the authors wrote, concluding:
These include mandating compliance with KYC/AML norms … and net worth requirements based on those prescribed by the RBI for regulated entities. The draft creates a certification regime and mandates various consumer protection features including capital adequacy, audits, and disclosures.
Do you think the Indian government will incorporate some of these suggestions into the regulatory framework for cryptocurrencies it is developing? Let us know in the comments section below.
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The opposite of love may be indifference, but hate is what Americans harbor for the companies that annoy, enrage, and frustrate them. And those firms fall in a variety of sectors, per 24/7 Wall St ., which ranked the most loathed companies in the country based on consumer surveys, data from…
Drugmaker Celgene Corp. agreed to invest an additional $ 30 million in a cancer-fighting start-up that’s majority owned by Los Angeles biotech entrepreneur Dr. Patrick Soon-Shiong, the companies said Friday.
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Federated Investors Inc. fired at least two employees for unprofessional conduct last month during a television interview of one of the firm’s money managers.
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Shall Law Firm, an American shareholder rights litigation firm, has announced the filing of a class action lawsuit against Nvidia with regards to statements pertaining to the company’s outlook regarding the effect that declining cryptocurrency prices could have on the performance of its shares.
Firm Files Class Action Against Nvidia
A Los Angeles-based law firm has announced the filing of a class action lawsuit accusing graphics card manufacturer, Nvidia, for “violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.”
Nvidia is accused of making “false and misleading statements to the market” regarding assertions that a significant decline in demand for graphics processing units (GPUs) would not negatively impact the company’s operations and performance due to high demand from the gaming sector.
Schall Law Firm is currently encouraging investors who purchased Nvidia’s shares between Aug. 10, 2017, and Nov. 15, 2018, to contact the firm before Feb. 19, 2019, especially investors who incurred losses exceeding $ 100,000.
According to Shall, the GPU manufacturer “touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary” and made “materially misleading” comments throughout the six-month period.
Nvidia Hit Hard by Cryptocurrency Downturn
Nvidia appears to have been significantly hit by the cryptocurrency bear trend, with the company having the worst performing stock in the S&P 500 of the fourth quarter of 2018 with a 54 percent loss in value.
While a number of chip stocks have performed poorly of late – with the PHLX Semiconductor Sector Index, comprised of 30 companies including Nvidia, dropping 19 percent, and Advanced Micro Devices stock losing 45 percent – many have cited declining demand for mining hardware as a catalyst for Nvidia’s notably poor performance.
The recent dumping appears to have been fueled by the reporting of a weaker-than-anticipated quarterly revenue and guidance from Nvidia last month, with the company’s stock falling roughly 19 percent on the trading day following the earnings report.
“The crypto hangover has left the industry with excess inventory – excess channel inventory,” Nvidia’s chief executive officer, Jensen Huang, stated on a conference call at the time.
Do you see merit in the case being brought against Nvidia? Do you agree with Shall that Nvidia made false and misleading statements? Share your thoughts to the comments section below!
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