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Sheppard Mullin Richter & Hampton LLP

Fed Issues Cease and Desist Order for Crypto-Related Compliance and Risk Management Deficiencies

On September 4, the Federal Reserve Board (Fed) released enforcement actions against a Texas-based bank, addressing regulatory violations and compliance lapses. The Fed, joined by the Texas Department of Banking (TDB),...more

Epiq

How Will Bankruptcy Courts Shape Crypto Regulation?

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Last year’s cryptocurrency market crash a/k/a “the crypto winter” did not cause trembles in the U.S. economy, but it caused enormous losses to its investors. The near collapse of this decentralized currency market resulted in...more

White & Case LLP

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

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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

Wilson Sonsini Goodrich & Rosati

Demystifying the Banking Regulators’ Recent Crypto Actions: Key Takeaways for Fintech Companies

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

Moore & Van Allen PLLC

Risks Associated with Cryptocurrency Activities Continue to be Top-of-Mind for Federal Banking Regulators

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For those tracking developments impacting the crypto-asset space, the summer has been far from slow and leisurely. Multiple industry alerts flow daily with news of new legislative proposals, enforcement actions, and other...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

Cooley LLP

Biden Executive Order on Cryptocurrencies and Other Digital Assets Emphasizes Innovation and Regulation

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On March 9, 2022, President Joe Biden issued an executive order outlining a “whole-of-government” approach to examining a broad range of potential risks associated with the dramatic growth in digital assets, including...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

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

Bilzin Sumberg

Regulators Gallop To Cryptocurrency's "Wild West"

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Even enthusiastic participants in the booming cryptocurrency sector have at times described it as having a distinctly “Wild West” feel at this relatively early stage of its development. Lately, though, there has been no...more

Ballard Spahr LLP

Federal banking agencies Issue “Crypto Asset Roadmap” for 2022 guidance; OCC confirms prior interpretive letters on crypto (but...

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The Federal Reserve Board, FDIC, and OCC (collectively, the “Agencies”) issued on November 23 a short Joint Statement on Crypto-Asset Policy Sprint Initiative and Next Steps (“Joint Statement”), which announced – without...more

Morrison & Foerster LLP

Financial Services Report - Summer 2021

As spring turns to summer, climate change is on our minds. A new day, a new story about how financial institutions are addressing climate-related risks. In the past few months, six major banks—Bank of America, JPMorgan...more

BakerHostetler

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

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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

Goodwin

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

Vinson & Elkins LLP

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

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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

Perkins Coie

Blockchain Week in Review - August 2020 #3

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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

Robins Kaplan LLP

Financial Daily Dose 2.13.2020 | Top Story: Britain Investigates Ties Between Jeffrey Epstein and Barclays CEO Staley

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UK regulators are probing ties between disgraced financier Jeffrey Epstein and Barclays CEO Jes Staley. The bank’s board is so far standing 100% with Staley, who has expressed “regret” over his relationship with Epstein....more

Perkins Coie

Blockchain Week in Review - December 2019 #2

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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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