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Cadwalader, Wickersham & Taft LLP

On the Money: Changes to the UCC’s Definition of Money – UCC 1–201(b)(24) – Part Three

The following article is part three of our series on the 2022 Amendments to the UCC. Please read the first two articles for context. I am going to get right to the point here – the reason that the definition of money has been...more

Orrick, Herrington & Sutcliffe LLP

Fed suggests enhancing supervision of “novel activities” by banks

On August 8, the Federal Reserve Board announced the issuance of two supervision letters that elaborate on the its program to supervise “novel activities” such as fintech partnerships, crypto-related activities, and...more

Morgan Lewis - All Things FinReg

Federal Reserve Announces Supervisory Developments for Dollar Tokens and ‘Novel Activities’ – But What’s New?

The Board of Governors of the Federal Reserve System (Federal Reserve) took another tepid step into the digital asset space on August 8, announcing that it has established a program to “enhance the supervision of novel...more

Poyner Spruill LLP

The Federal Reserve’s Rejection of SPDI Custodia Bank’s Applications

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On January 27, 2023, the Federal Reserve rejected Custodia’s August 2021 application to be a Federal Reserve member bank. On the same day, the Kansas City Federal Reserve denied Custodia’s October 2020 application for a...more

White & Case LLP

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

White & Case LLP on

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

A&O Shearman

Fed Imposes New Roadblock on Banks’ Crypto Activities

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Today, the Fed announced a new procedural requirement for banks seeking to engage in crypto activities. Going forward, a bank must provide formal notice to its lead supervisory contact at the Fed “prior to engaging in any...more

Braumiller Law Group, PLLC

Hot Topics in International Trade - June 2022 - Implications of a United States Central Bank Digital Currency

In a recent article , I provided a snapshot of the many reports required by the Executive Order on Ensuring Responsible Development of Digital Assets issued on March 9, 2022....more

Nelson Mullins Riley & Scarborough LLP

Regulators Focus on Terra and Its UST Stablecoin

In its just-released Financial Stability Report, the Board of Governors of the Federal Reserve System reveals that it has its eye on stablecoins, which now amount to more than $180 billion in the cryptocurrency market. The...more

Eversheds Sutherland (US) LLP

Federal Reserve explores benefits and risks of potential US Central Bank Digital Currency while the Biden Administration issues...

In January of this year, the Board of Governors of the Federal Reserve System issued a research and analysis paper titled Money and Payments: The US Dollar in the Age of Digital Transformation, in which the Fed...more

Kilpatrick

Congressional and Federal Agency Action Following Executive Order on Digital Assets Policy

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In early March 2022, President Biden signed an Executive Order on Ensuring Responsible Development of Digital Assets. Digital assets, in this context, cover various types of assets, including cryptocurrency, stablecoin, and...more

Sheppard Mullin Richter & Hampton LLP

President Biden Signs Executive Order Outlining Crypto Policy

On March 9, President Biden signed a highly anticipated executive order outlining his administration’s cryptocurrency policy. We have previously blogged about the Biden administration’s working group on stablecoins and the...more

Dechert LLP

A U.S. Central Bank Digital Currency? The Federal Reserve Opens the Discussion

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The Board of Governors of the Federal Reserve on January 20, 2022, published a discussion paper (the “Paper”) concerning the possibility of creating a central bank digital currency (“CBDC”). The Paper discusses the uses,...more

Foodman CPAs & Advisors

Fed Opens Debate On U.S. Digital Currency

Report Examines Pros and Cons of CBDC The Federal Reserve is considering issuing a Central Bank Digital Coin (CBDC), according to a new report considering the pros and cons of such a move....more

A&O Shearman

Federal Reserve Releases Paper on U.S. Central Bank Digital Currency

A&O Shearman on

On January 20, 2022, the Board of Governors of the Federal Reserve System (“Federal Reserve”) released a long-awaited paper on U.S. central bank digital currency (“CBDC”), Money and Payments: The U.S. Dollar in the Age of...more

Troutman Pepper

Government Efforts to Address Cryptocurrencies Ramp Up as Federal Reserve Releases Report on Digital Currency

Troutman Pepper on

Several recent events highlight the expanding effort by the federal government to address the growing digital currency marketplace and the government’s role in it....more

Goodwin

EEOC Releases Updated COVID-19 Vaccine Guidelines for Employers

Goodwin on

In This Issue. The Equal Employment Opportunity Commission (EEOC) released updated COVID-19 vaccine guidelines for employers. Meanwhile, the Board of Governors of the Federal Reserve System (Federal Reserve) remained busy...more

Goodwin

Federal Reserve Hints at Government-Backed Cryptocurrency

Goodwin on

Federal Reserve Hints at Government-Backed Cryptocurrency; Third Circuit Affirms Dismissal of Securities Fraud Class Action Against Shutterfly Inc. Regarding Allegedly Misleading Financial Projections; Ninth Circuit Holds...more

BakerHostetler

Crypto Payment Options Announced, Federal Reserve Official Addresses Bitcoin, US and Foreign Actions Target Crypto Crimes, DeFi...

BakerHostetler on

Crypto Payment Options Announced, Federal Reserve Official Addresses Bitcoin - Late last week, BitPay, a leading provider of cryptocurrency payment services, announced that U.S. users of its prepaid debit card, which allows...more

Vinson & Elkins LLP

Cryptocurrency 101 – DOJ’s New Cryptocurrency Enforcement Framework Provides Guidance And Promises Of Heightened Scrutiny Of...

Vinson & Elkins LLP on

On October 8, 2020, the Attorney General’s Cyber-Digital Task Force (“the Task Force”) issued its Cryptocurrency Enforcement Framework (the “Report”), which offers background on virtual assets, enforcement milestones, and...more

Spilman Thomas & Battle, PLLC

Decoded: Technology Law Insights - Issue 6, September 2020

TikTok Will Partner with Oracle in the United States After Microsoft Loses Bid - "TikTok and Oracle will become business partners in the United States — a deal meant to satisfy the Trump administration's national security...more

Perkins Coie

Blockchain Week in Review - August 2020 #3

Perkins Coie on

US Developments - Federal Reserve Publishes Observations From “FooWire” Project - The Federal Reserve published the results from its experimental project, “FooWire.” The project was an effort to build a simple payment...more

BakerHostetler

Federal Reserve Addresses Digital Currencies, Financial Firms Announce Crypto Initiatives, Blockchain Solutions Announced,...

BakerHostetler on

Federal Reserve Addresses CBDCs Amid Crypto Initiatives by US and Foreign Firms - Late last week, Lael Brainard, a member of the Board of Governors of the U.S. Federal Reserve System, gave a speech in which she commented on...more

Polsinelli

Geno’s Knows Cheesesteaks But Does The Philly Fed Know CBDCs

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The Federal Reserve Bank of Philadelphia recently published a paper on central bank digital currencies (CBDCs). In the paper the Philly Fed considers a number of issues including...more

Perkins Coie

Blockchain Week in Review - December 2019 #2

Perkins Coie on

U.S. Developments - Federal Reserve Governor Speaks on Stablecoins and Related Risks - On December 18, 2019, Governor Lael Brainard of the U.S. Federal Reserve delivered a speech entitled “Update on Digital Currencies,...more

Robinson+Cole Data Privacy + Security Insider

The Future of Stablecoins—Anything But Stable?

Stablecoin currencies such as Facebook’s Libra may pose systemic risks to the global financial system, according to a recently released Federal Reserve Report. In its Financial Stability Report released on November 19, 2019,...more

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