Blockchain Legal Resource

On December 1, 2022, the Consumer Financial Protection Bureau (Bureau) made public an administrative order denying Nexo Financial LLC’s (Nexo) petition to modify the Bureau’s civil investigative demand.  The order represents the first publicly known Bureau investigation of a digital asset company, in this case, over Nexo’s “Earn Interest” crypto lending product.

On November 10, 2022, the Consumer Financial Protection Bureau (“CFPB”) announced the publication of a “complaint bulletin” analyzing consumer complaints relating to crypto assets. The CFPB periodically releases a “complaint bulletin” to summarize key trends among the financial products and services complaints it receives. By devoting an entire bulletin to crypto assets, the CFPB may be foreshadowing greater scrutiny of the asset class and increased enforcement activity in the space.