Archive: December 2024

The European Data Protection Board (EDPB) was asked by the Irish supervisory authority to issue an Opinion under Article 64(2) General Data Protection Regulation (GDPR) on AI models and processing personal data (the Opinion). The Opinion sets out the EDPB’s answers to the four questions the Irish supervisory authority put to it.

Key Takeaways:
• SEC responds in Binance enforcement action on securities claims
• David Sacks to be U.S. crypto, A.I. czar

To American lawyers it has been fairly obvious that digital assets are “property” for legal purposes, but the English have not been so sure.

On 4 December 2024, the European Supervisory Authorities (ESAs) issued a statement on the application of the Digital Operational Resilience Act (DORA).

On 2 December 2024, there was published in the Official Journal of the EU Commission Implementing Regulation (EU) 2024/2956 of 29 November 2024 laying down implementing technical standards for the application of the Regulation on digital operational resilience for the financial sector (DORA) with regard to standard templates for the register of information. The Implementing Regulation enters into force on the twentieth day following that of its publication in the Official Journal of the European Union (22 December 2024).

On November 25, 2024, the New York State Department of Financial Services (“NYDFS”) announced it settled with two large insurance companies over allegations of inadequate data security practices in violation of New York’s cybersecurity regulation (23 NYCRR Part 500) (the “Cybersecurity Regulation”) that led to the compromise of more than 120,000 New Yorkers’ personal information.

Our panel of lawyers from Asia, Dubai, Europe, London and the US explore the key regulatory developments, issues and considerations relating to tokenization and examine some real-world case studies.

Sean Murphy is joined by Paul Hsu, CEO of Decasonic to explore Paul’s insights into the rapidly evolving tech landscape, the transformative potential of blockchain technology, and the innovations driving the next phase of Web3.

Sean Murphy and Hannah Meakin unpack the evolving UK crypto regulatory landscape and what the new government’s plans are going to mean for the industry.

Key Takeaways:
• Fifth Circuit holds that immutable smart contracts are not “property” for sanctions purposes
• Former SEC Commissioner Paul Atkins nominated as next SEC Chair
• Ex-Celsius CEO Mashinsky admits to fraud and pleads guilty in criminal trial