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BITS OF BLOCKS
BLOCKCHAIN, LAW AND REGULATION
Steven Pettigrove, Partner, Piper Alderman
Michael Bacina, Partner, NXT Law
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Through a glass darkly? Final Clarity Act draft is do or die
Senate Republicans have released what they are calling the final draft of the Digital Asset Market Clarity Act (H.R. 3633), the bill that would settle whether the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) regulates a given digital asset. The redraft folds in 126 changes sought by Senate Democrats and arrives alongside a set of ethics restrictions that President Trump has agreed to accept. A cloture vote is scheduled for Tuesda
8 minutes ago3 min read


No small change: Italy pushes for a fee-free digital euro under €10
Italy has proposed exempting digital euro payments under €10 from merchant fees altogether, with an EU diplomat describing the plan as a merchant service charge cap of up to €0.02 for low-value transactions, such as espresso, with Italy open to a "net zero" fee for that band. The proposal is understood to have the backing of the European Central Bank and arrives as EU institutions negotiate the final terms of the Digital Euro Regulation, with the next round due on 10 Septembe
2 days ago5 min read


G20 chart "clear pathways" for digital assets
The G20 Chair recently released a statement following the finance ministers' and central bank governors' meeting held in Asheville, North Carolina from 31 August to 1 September 2026, committing members to: advancing responsible and effective regulatory and supervisory frameworks that preserve financial stability, support economic growth, and establish clear pathways for sound digital financial and digital assets innovation. The statement frames digital financial innovation as
Sep 83 min read


Show Your Work: courts start ordering expert witnesses to produce their AI prompts
Together with lawyer misusing generative AI, expert witnesses are now increasingly finding out that the use of generative AI exposes them to more potential criticism than they might have thought in the moment when they sought AI's help. Experts are using tools like ChatGPT and Claude to sort discovery documents, survey literature, and draft sections (or in some cases significant parts) of their reports. Courts in a number of jurisdictions are now exploring whether the record
Aug 185 min read


Hold-up: Brazil's central bank orders a 24-hour delay on outbound crypto transfers
The Banco Central do Brasil (BCB) has published rule requiring virtual asset service providers (VASPs) in Brazil to hold-up certain crypto transfers for up to 24 hours before they execute the transfer. It amends an earlier Resolução BCB nº 142, the BCB's existing fraud-prevention rule for payment services, and brings VASPs directly within that rule for the first time. The BCB states the change targets the fast movement of funds obtained through financial scams. The rule takes
Aug 93 min read


High Court endorses expansive financial product definitions in Block Earner appeal
The High Court of Australia has ruled in favour of the Australian Securities and Investments Commission (ASIC) against Web3 Ventures Pty Ltd, trading as Block Earner. In the judgment delivered on 17 June 2026, the High Court of Australia found in favour of ASIC, holding that Block Earner’s fixed‑yield ‘Earner’ product fell within Chapter 7 of the Corporations Act 2001 (Cth). The decision overturns the earlier Full Federal Court decision which found that the offering was not a
Jul 19 min read


ASIC hits Pause: No-action relief for digital asset businesses extended to 30 September 2026
On 25 June 2026, the Australian Securities and Investments Commission (ASIC) issued an updated class no‑action letter extending both the scope and deadline of its transitional relief for certain digital asset businesses to 30 September 2026. ASIC’s no‑action relief provides a transitional policy position not to take enforcement action against certain unlicensed digital asset businesses, provided they lodge an AFSL (or variation) application by 30 September 2026, enter into an
Jun 303 min read


Ready or not: Australia’s Travel Rule starts on 1 July
What is changing? Australia’s Travel Rule starts on 1 July 2026. It is the next phase of Australia’s AML/CTF reform journey, and the point where policy turns into practice. From that date, reporting entities involved in transfers of value, including virtual asset transfers, will need to collect, verify and, where required, pass on information about the payer and payee, unless an exemption applies. For Virtual Asset Service Providers (VASPs), such as crypto exchanges, custodia
Jun 302 min read


Crunchtime: crypto regulatory deadlines converge in Australia, Europe, and the US
Four major crypto regulatory deadlines are clustering within a 30-day window — a rare alignment that leaves little room for businesses that have been watching and waiting. Australia's ASIC no-action relief expires soon. The EU's MiCA transition period closes July 1. The US Treasury's stablecoin BSA rulemaking is in its final phase with a final rule expected by July 18. And in Washington, a Senate floor vote on the CLARITY Act, the bill that would define the division of jurisd
Jun 224 min read
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