News & Analysis as of

Regulatory Agenda Digital Wallets

Carlton Fields

Adviser Loses Customer Crypto: Wallet Key Custody Not Airtight

Carlton Fields on

On June 25, 2024, a final judgment was entered by a federal district court against investment adviser Lufkin Advisors LLC and its principal, Chauncey Lufkin, for losing access to a crypto wallet used to manage a client’s...more

Goodwin

CFPB and European Commission Release Report Regarding “Critical” Priority Areas for Consumer Financial Protection Issues

Goodwin on

In April 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Commissioner for Justice and Consumer Protection of the European Commission (European Commission) announced that three meetings had been...more

Troutman Pepper

Republican Representatives Urge CFPB to Revisit Proposed Payment App Rule

Troutman Pepper on

Recently, three Republican members of the U.S. House of Representatives’ Financial Services Committee, Patrick McHenry, Mike Flood, and French Hill, sent a joint letter to the Consumer Financial Protection Bureau (CFPB or...more

Jones Day

CFPB Seeks to Expand Regulatory Powers Over Consumer Payment Tech Entities

Jones Day on

On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") issued a proposed rule that would grant it supervisory authority over major nonbank technology companies in the consumer digital payments space....more

Cadwalader, Wickersham & Taft LLP

CFPB Takes on Big Tech in Larger Participant Rulemaking on Digital Wallets and Payment Apps

On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) announced a new proposed rule wherein providers of digital wallets and payment apps would be defined as “Larger Participants” and would become subject to...more

Goodwin

CFPB Analyzes Mobile Device Tap-To-Pay Market as Possible Precursor to New Regulation

Goodwin on

​​​​​​​On September 7, 2023, the Consumer Financial Protection Bureau (CFPB) published its analysis of how smartphone companies are affecting consumers’ use of so-called “tap-to-pay” technology – the wireless transfer of data...more

Ballard Spahr LLP

Bipartisan Group of Senators Re-Introduce the Digital Asset Money Laundering Act

Ballard Spahr LLP on

Legislation Targets Unhosted Wallets, Validators and Digital Asset ATMs - On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - June 2023 #4

Troutman Pepper on

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Nelson Mullins Riley & Scarborough LLP

Will the Gaming Industry Go All in on Crypto?

The popularity of cryptocurrency exploded in 2021 and consumer interest continues to grow. One prospect of particular interest for investors is the use of cryptocurrency in the gaming industry, and for sports betting in...more

Barnea Jaffa Lande & Co.

Cryptocurrencies – If You Can’t Beat Them, Regulate Them

The continued growth of the cryptocurrency and NFT sector is making many people nervous. Among them is Israeli Finance Minister Avigdor Lieberman, who recently publicly addressed his concerns. The main concern is the...more

Robinson+Cole Data Privacy + Security Insider

Recent Ransomware Attacks Call for More Oversight of Crypto-Transactions

After the attacks on JBS and Colonial Pipeline, the U.S. Treasury Department will likely consider increasing its enforcement of anti-money-laundering laws and adopt new reporting requirements for cryptocurrency transactions....more

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