What is happening Many of the largest blockchain networks today are subject to a proof-of-stake (PoS) consensus mechanism, such as Ethereum, Solana, and Polygon, which are reliant on users participating in the activity of...more
The Department of Justice (DOJ) has issued a final rule limiting data transfers to China, Russia, and other designated “countries of concern.” The rule establishes a new national security program that bans specific types of...more
On December 23, 2024, the Fifth Circuit Court of Appeals dissolved a district court injunction that had stayed the January 1, 2025 deadline for compliance with the Corporate Transparency Act (“CTA”). Therefore, the Fifth...more
The Fifth Circuit held that Tornado Cash, open-source computer code known as an immutable “smart contract”, is not “property” and thus cannot be subject to blocking sanctions pursuant to IEEPA and EO 13694....more
On December 3, 2024, the U.S. District Court for the Eastern District of Texas suspended the enforcement of the U.S. Corporate Transparency Act (“CTA”) and its implementing regulations for “reporting companies” issued by the...more
The Consumer Financial Protection Bureau this week issued a proposed rule that seeks to bring data brokers within the definition of a consumer reporting agency, citing national security and privacy concerns in order to give...more
Key developments of interest over the last month include: the UK Chancellor of the Exchequer makes her first Mansion House speech and HM Treasury publishes the National Payments Vision, indicating a focus on economic growth...more
The Financial Action Task Force (FATF) has updated its ‘grey list’ of jurisdictions under increased monitoring, removing Senegal and adding Algeria, Angola, Côte d’Ivoire, and Lebanon. The intergovernmental organization made...more
The Consumer Financial Protection Bureau has issued a Final Rule establishing “open banking” and interoperability requirements for bank and non-bank financial services companies and implementing privacy rights for consumers....more
The court issued a permanent injunction against enforcement by the U.S. Department of the Treasury and its Financial Crimes Enforcement Network (FinCEN) of the Corporate Transparency Act (CTA) for the named plaintiffs only....more
On February 13, 2024, U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a Notice of Proposed Rulemaking seeking to expand the Bank Secrecy Act’s definition of “financial institution” to include...more
The U.S. Congress enacted the Corporate Transparency Act (CTA) in 2020. The CTA for the first time created a federal obligation to report beneficial ownership information for most U.S. entities (and foreign entities doing...more
The U.S. is one of the easiest jurisdictions in the world in which to do business and continues to be the world’s top destination for foreign direct investment. Regulatory barriers are generally low, establishing a branch...more
11/20/2023
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Effective January 1, 2024, new Treasury regulations under the Corporate Transparency Act (CTA) will require many U.S. entities and foreign entities doing business in the United States to report identifying beneficial owner...more
The US Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a Small Entity Compliance Guide to aid in understanding and complying with the Corporate Transparency Act’s beneficial ownership information reporting...more
2023 has been a defining year for digital assets and blockchain, with a number of jurisdictions publishing new regulatory frameworks, cementing the importance of digital assets and blockchain into legislation.
As the...more
Federal and state financial regulators have released after-action reports regarding the recent closures of Silicon Valley Bank (SVB) and Signature Bank. Especially when viewed in the light of First Republic Bank’s failure...more
Silicon Valley Bank (SVB), the U.S.’s 16th largest bank, was closed on Friday, March 10, 2023, by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation...more
Silicon Valley Bank (SVB), the U.S.’s 16th largest bank, was closed on Friday, March 10, 2023, by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation...more
Silicon Valley Bank (SVB), the US’s 16th largest bank, was closed on Friday, March 10, 2023, by the California Department of Financial Protection and Innovation which appointed the Federal Deposit Insurance Corporation (FDIC)...more
On 24 February 2023, the U.S. intensified its sanctions on Russia and released new trade control measures targeting key sectors, evasion efforts, and military supplies. Taken together, the additional sanctions, export...more
The outlook for 2023 looks uncertain, following another tumultuous year. The collapse of a number of large cryptocurrency exchanges has shone another spotlight on the digital asset market. The financial system’s resilience...more
Luxury goods titan Hermès has been handed a major victory in its pioneering lawsuit involving trademark infringement through non-fungible tokens (“NFTs”). A federal jury in Manhattan recently found that an artist’s NFT...more
On November 9, 2022, the New York Department of Financial Services (NYDFS) published proposed amendments to significantly expand Cybersecurity Requirements for Financial Services Companies under 23 NYCRR 500 (the “NYDFS...more
The Consumer Financial Protection Bureau (CFPB) issued Supervisory Highlights in late September 2022 stating that post-secondary institutions that provide loans directly to students (Institutional Lenders) and that have...more