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CFPB Takes Aim at Major Online Payments Applications for Digital Payments; Spares Crypto Companies

On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") proposed a new rule, to be codified at 12 C.F.R. § 1090.109, that would bring general-use digital payment processors who process more than five million...more

A New “Operation Choke Point”? The Quickly Changing Rules on Crypto Activities for Member Banks

In an effort to align the permissibility of crypto activities for all member banks of the Federal Reserve System (the "FRS", which includes all national banks and state member banks), the Board of Governors of the Federal...more

The green revolution of blockchain?

As current blockchain technology faces accusations of inefficiency and unsustainability, a new technology is finding its way to counteract them. Blockchain - Crypto blockchains are a highly discussed topic. Blockchain is...more

Virtual "Currencies": Not actual currencies

As with any new phenomenon, the rise of digital assets has created a new lexicon. "Blockchain," "tokens," and "coins" are now household vocabulary. Central to the discussion are a set of assets generally classified as...more

UnSound: OCC IL 1179 and Its Backwards Creation of New Law

On November 23, 2021, the Chief Counsel and Senior Deputy Comptroller Benjamin W. McDonough of the Office of the Comptroller of the Currency (the "OCC") issued OCC Interpretive Letter 1179 (dated November 18, 2021) ("IL...more

Fintech solutions for the financial services sector

Challenges and opportunities in the US, UK and Europe - "Many Fintechs that previously avoided bank-like regulation in the US are now actively seeking that status." The digital revolution was well underway long before most...more

Complementary: Bitcoin trading requires complementary to a financial activity authority under the Bank Holding Company Act

There has been recent speculation that banks are about to enter the cryptocurrency markets. This makes a lot of commercial sense: There clearly is customer demand for banks to offer services similar to those they offer for...more

Stabilized: OCC settles debate about regulatory characterization of bank-issued stablecoins

On January 4, 2021, the Chief Counsel of the Office of the Comptroller of the Currency ("OCC") issued an interpretive letter ("IL 1174") on the permissibility of national banks to use independent node verification networks...more

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