In this latest issue of the firm’s Focus on Fintech newsletter, our attorneys discuss the dissolution of Silicon Valley Bank and Signature Bank and the increased scrutiny on banking activity, as well as a number of updates...more
As marketplaces have become digital and more technology platforms are integrating payment solutions into the customer experience, there has been increased interest among technology companies in potentially becoming money...more
With the announcement of charges against and a settlement with two subsidiaries of a prominent crypto exchange, Kraken, the U.S. Securities and Exchange Commission (SEC) appears to have a new target within the blockchain...more
The last few years had started to see a convergence between crypto and banking, with bitcoin appearing to rapidly grow mainstream. That momentum hit a wall with the spectacular crypto market failures of 2022, including the...more
2/7/2023
/ Banking Sector ,
Banks ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
Popular
On January 18, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) designated Bitzlato Limited (Bitzlato), a crypto asset exchange business incorporated in Hong Kong, as a “primary money...more
In this latest issue of Wilson Sonsini's Focus on Fintech newsletter, we discuss the FTX bankruptcy and the increased federal regulatory scrutiny of crypto assets, and new rules and innovations in the payments...more
2/1/2023
/ Banking Sector ,
Banks ,
Central Bank Digital Currency (CBDCs) ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury ,
UK
The consent order issued by the New York Department of Financial Services (NYDFS) to crypto asset exchange, Coinbase, serves as a reminder of regulators’ growing interest in ensuring that crypto asset companies meet their...more
Technology companies in the payments space should pay close attention to the Federal Reserve’s (the Fed’s) upcoming launch of a long-awaited new payment system, the FedNow Service. The system will change the consumer payments...more
The UK Financial Conduct Authority (FCA) recently published a discussion paper (here) summarizing its preliminary findings on the potential competition impact of Big Tech entry into retail financial services. The FCA is now...more
12/6/2022
/ Banking Sector ,
Big Tech ,
Digital Assets ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Payment Systems ,
Popular ,
U.S. Treasury ,
UK