Insights on AI, Metaverse & Blockchain

Last week — in separate actions over the course of 48 hours — the US Securities and Exchange Commission (SEC) filed lawsuits against crypto asset platform operators Binance (including related entities and founder Changpeng Zhao), and Coinbase (including its parent company).

For better or worse, generative Artificial Intelligence (AI) is already transforming the way we live and work.

In the United States, the principle of data minimization is embedded firmly within the Federal Trade Commission (FTC) Act, through FTC enforcement activities, and in the host of state-level privacy laws and rules that have proliferated in recent years.

Generative Artificial Intelligence (AI) is already transforming the way we live and work. Within two months of its initial release to the public, ChatGPT reached 100 million monthly active users, making it the fastest-growing consumer application in history.

Chairman Anthony Lupo and Mike Pell, Envisioneer at Microsoft Garage, were keynote speakers at the FACC’s Luxury Retail event.

The rise of artificial intelligence (AI) applications in recent years has been accompanied by a surge in patent filings by AI developers. But like many other emerging technologies before it, AI inventions face patent eligibility challenges.

Sal Patel will speak at the Global IP ConfEx Collaborative Roundtable Discussion on May 24, 2023.

On May 5, 2023, New York Attorney General Letitia James announced a landmark bill — the Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act — that, if passed, would dramatically tighten regulation on digital assets issuers, brokers, advisors, and marketplaces operating in New York

Nothing in your life will be more impactful than the AI revolution.

Chairman Anthony V. Lupo was featured in Vogue Business on the use of generative artificial intelligence (AI) in the fashion industry.

On April 23, 2023, the US Supreme Court denied a petition for certiorari filed by Stephen Thaler, following the US Court of Appeals for the Federal Circuit’s finding that Thaler’s artificial intelligence system — DABUS – could not be considered an “inventor” under the Patent Act.

Partners Michelle Cooke and Elizabeth Cohen were quoted on the potential impact of generative artificial intelligence (AI) on traditional legal training methods for junior lawyers.

On January 26, 2023, the US Patent and Trademark Office (USPTO) conducted a public roundtable, during which various attorneys and industry experts discussed their thoughts on the intersection of patent law with non-fungible tokens (NFTs).

ArentFox Schiff is pleased to announce that firm has been named the Top Legal Firm for Metaverse Businesses in the 1st Annual American Metaverse Awards.

New crypto legislation is skiing down Utah’s silicon slopes. On March 13, 2023, the Utah Decentralized Autonomous Organizations Act was signed into law, taking effect on January 1, 2024.

On the heels of recent legal setbacks and challenges for NFT collections offered by Dapper Labs and DraftKings, the New York Attorney General (NYAG) filed suit in New York state court against the parent companies of cryptocurrency trading platform, KuCoin.

Valuation is a key element in bankruptcies. Generally, a higher valuation of a bankrupt firm means larger creditor recoveries, and a higher valuation of pre-petition collateral means a smaller “adequate protection” package for prepetition secured lenders.

On March 9, 2023, a putative class action was filed against DraftKings Inc. for alleged violations of federal securities laws in the US District Court for the District of Massachusetts.

On February 22, 2023, the United States District Court for the Southern District of New York, in a 64-page opinion, denied a motion to dismiss filed by Dapper Labs, Inc., the developer behind the NBA Top Shot NFT platform, which is hosted on its private blockchain, Flow.

Artificial intelligence (AI) and machine learning technologies have gained tremendous popularity in part because of their superior ability to predict trends and find patterns in large volumes of data.

Courts across the United States are grappling with the application of traditional legal principles to “Web3” technologies and tools, such as blockchain, NFTs, and decentralized autonomous organizations (DAOs).

Partner Michelle Cooke was quoted on the first-of-its-kind decision addressing trademark rights in the Metaverse. A New York City jury ruled that an artist violated fashion house Hermès’ Birkin trademark by selling his MetaBirkins NFTs.

A New York City jury just returned a verdict in favor of Hermès in a historic dispute between the luxury fashion house and digital artist Mason Rothschild over Hermès’ alleged trademark rights relating to Hermès’ famous Birkin handbag.

With the start of the new year, the ArentFox Schiff Metaverse Industry team reviews 10 of the most pressing legal issues for companies in 2023. 

Partner Michelle Cooke, co-leader of the firm’s Media & Entertainment Industry Team, was quoted on the first-of-its-kind trademark suit from luxury design house Hermès against digital artist Mason Rothschild and his NFT, METABIRKINS.