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New Legislation Digital Assets

Conyers

Stablecoins in the Cayman Islands

Conyers on

The evolution of the cryptocurrency landscape has led to the development and rapid adoption of stablecoins globally. A stablecoin, as the name suggests, is essentially a virtual asset that is designed to maintain a stable...more

Allen Matkins

As Predicted, Digital Financial Asset Law Is Delayed

Allen Matkins on

Exactly one year ago today, I wrote that Governor Newsom had signed a bill, AB 39, that will prohibit a person from engaging in digital financial asset business activity without a license from Department of Financial...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Government Introduces Bill To Clarify the Legal Status of Digital Assets

On 11 September 2024, the UK government introduced the Property (Digital Assets etc) Bill, which provides that digital assets can be considered to be personal property under the laws of England and Wales, and could therefore...more

A&O Shearman

Regulatory monitoring - July 2024

A&O Shearman on

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) International - BCBS: Consultation on report regarding various technical amendments and FAQs - Status: Consultation - Deadline for the submission of...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - June 2024 Updates

CryptoLink is a compilation of news stories published by outside organizations. Akin aggregates the stories, but the information contained in them does not necessarily represent the beliefs or opinions of the firm. Akin's...more

Tucker Arensberg, P.C.

Pennsylvania Joins the Digital Age and Enacts Article 12 of the Uniform Commercial Code

Tucker Arensberg, P.C. on

On July 1, 2024, the Commonwealth of Pennsylvania joined twenty-three other states in adopting Uniform Commercial Code Article 12 and the accompanying amendments to the Pennsylvania Uniform Commercial Code....more

Sullivan & Worcester

Taking Steps Toward Federal Blockchain and Cryptocurrency Regulation

Sullivan & Worcester on

On May 22, 2024, with bi-partisan support, the U.S. House of Representatives passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (“FIT21”), becoming the first major cryptocurrency legislation to...more

A&O Shearman

House passes Financial Innovation and Technology for the 21st Century Act

A&O Shearman on

On May 22, 2024, the U.S. House of Representatives (the “House”) passed the Financial Innovation and Technology for the 21st Century Act (“FIT21” or the “Bill”) with bipartisan support by a vote of 279-136. FIT21 provides for...more

Brownstein Hyatt Farber Schreck

House Passes Landmark Crypto Bill

After much anticipation, the House passed House Financial Services Chairman Patrick McHenry (R-NC) and House Agriculture Chairman GT Thompson’s (R-PA) crypto regulatory legislation, the Financial Innovation and Technology for...more

Allen Matkins

DFPI Invites Comments On DFAL Rulemaking

Allen Matkins on

In October, I reported on the Governor's signing of AB 39 which creates the Digital Financial Assets Law.   On or after July 1, 2025, the DFAL will prohibit a person from engaging in digital financial asset business activity...more

Dechert LLP

California’s Digital Financial Assets Law

Dechert LLP on

Starting July 1, 2025, any person or entity engaged in a “digital financial asset business activity” within California or with a California resident will be required to obtain a license from the California Department of...more

Wilson Sonsini Goodrich & Rosati

Incoming: California's Digital Financial Assets Law Dropping July 1, 2025

On October 13, 2023, California Governor Gavin Newsom signed into law California Assembly Bill 39, California’s Digital Financial Assets Law (DFAL). DFAL will regulate “digital financial assets” and require companies engaged...more

A&O Shearman

California enacts two new virtual currency laws: What market participants need to know

A&O Shearman on

On October 13, 2023, California enacted two bills that significantly expand the regulation of virtual currency-related activities in California: Assembly Bill 39 (AB 39), known as the California Digital Financial Assets...more

WilmerHale

Crypto Currently: California Enacts Landmark Crypto Licensing Law

WilmerHale on

On October 13, Governor Gavin Newsom signed into law a comprehensive licensing regime for digital asset companies operating in California. Until this point, California had refrained from taking a definitive position on...more

Latham & Watkins LLP

California Adopts Digital Financial Assets Law

Latham & Watkins LLP on

Licensees, exchanges, and other market participants should prepare to comply with the listing, disclosure, capital, and other requirements that the new law imposes. On October 13, 2023, California Governor Gavin Newsom...more

Jenner & Block

Client Alert: California Enters the Arena of Virtual Currency Regulation

Jenner & Block on

After prolonged deliberation, California has finally decided to enter the virtual currency regulatory arena by adopting two virtual currency regulatory bills into law. The California Digital Financial Assets Law (“DFAL”),...more

BakerHostetler

New Crypto Initiatives Launch; California Governor Signs Digital Financial Assets Law; Bank Regulators Address Crypto Risks;...

BakerHostetler on

Financial Firm Completes CBDC Pilot; Exchanges Launch P2P Trading Platform - A major U.S. financial services firm recently published a press release announcing that it has “successfully demonstrated capabilities of a new...more

Fenwick & West LLP

California Enacts Digital Financial Assets Law

Fenwick & West LLP on

On October 13, California Governor Gavin Newsom signed into law Assembly Bill 39 (AB 39), establishing a Digital Financial Assets Law (DFAL) set to go into effect July 1, 2025. Whereas previously the California...more

Allen Matkins

After Vetoing Earlier Bill, Governor Signs Digital Financial Asset Bill

Allen Matkins on

A year ago, Governor Newsom vetoed a bill, AB 2269, which would have established a Digital Financial Assets Law.  At the time, the Governor claimed that it was "premature to lock a licensing structure in statute".   What a...more

Akin Gump Strauss Hauer & Feld LLP

UK Enacts Legislation to Bring Cryptoassets Within Scope of Existing Financial Services Regulatory Regime

In a move with significant implications for the crypto sector, the UK has enacted legislation to bring cryptoassets within the scope of the existing financial services regulatory regime. The relevant provisions of the...more

Sheppard Mullin Richter & Hampton LLP

Texas, Louisiana Enact Digital Asset Licensing Legislation

In recent weeks, Texas and Louisiana became the latest states to enact legislation establishing licensure requirements for digital asset service providers. In June, Texas enacted HB 1666, which adds practice restrictions...more

Pillsbury Winthrop Shaw Pittman LLP

Coinbase Contests the SEC’s Regulatory Authority over Crypto Exchanges, Staking

Arguments presented by Coinbase in its answer to SEC charges would, if accepted, potentially deprive the SEC of its most effective tool in regulating digital assets. The SEC alleges in a Complaint in SDNY that Coinbase...more

Polsinelli

Blockchain+ Bi-Weekly - June 2023 #2

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The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

Winstead PC

Digital Asset Customer Protections Signed into Texas Law

Winstead PC on

Texas Governor Abbott has signed landmark legislation to ensure that digital asset service providers with Texas customers maintain adequate reserves and do not commingle customer funds with corporate assets. Texas...more

Katten Muchin Rosenman LLP

Katten Financial Markets and Funds Quick Take | Issue 15

Four Key Considerations Since SEC Amended Form PF - In early May, the Securities and Exchange Commission (SEC) adopted a final rule amending Form PF, the confidential reporting form for certain SEC-registered investment...more

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