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Regulatory Agenda Virtual Currency

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

Troutman Pepper

CFPB Report Highlights Challenges Facing Servicemembers and Veterans, Including Student Loans and Money Transfer/Virtual Currency...

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Yesterday, the Consumer Financial Protection Bureau (CFPB or Burau) released its annual report detailing the financial challenges faced by servicemembers, veterans, and military families. In 2023, this group submitted nearly...more

BakerHostetler

Weekly Blockchain Blog - August 2024 #4

BakerHostetler on

Financial Firms Announce Crypto Initiatives, Stablecoin Growth Continues - A major U.S. crypto investment company recently announced the launch of its Avalanche Trust, which “offers investors the opportunity to gain...more

Shipkevich PLLC

Vermont and Pennsylvania Embrace Virtual Currency Regulation

Shipkevich PLLC on

In a continuing trend across U.S. states, Vermont and Pennsylvania have shown their intent to establish more oversight over the digital currency sector. New legislative amendments to Vermont’s financial services laws include...more

A&O Shearman

Amendments to Luxembourg laws to implement MiCAR and TFR: key takeaways and impact on VASPs

A&O Shearman on

On 21 May 2024, a bill of law n° 8387 was introduced before the Luxembourg Parliament. Its objective is to amend several pieces of Luxembourg legislation to operationalise various European regulations, in particular...more

A&O Shearman

Bit by bit: improving consumer complaint processes in crypto

A&O Shearman on

On May 30, 2024, the New York State Department of Financial Services ("NYSDFS" or the "Department") issued guidance to all virtual currency businesses licensed or chartered with the Department ("VCEs"), including those...more

White & Case LLP

The Shadow Financial System

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The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more

McDermott Will & Emery

Bitcoin-Halving steht vor der Tür

McDermott Will & Emery on

Nach der Zulassung von Krypto-ETF in den USA steht mit dem für Mitte April 2024 erwarteten Bitcoin-Halving demnächst ein weiteres Fundamental-Ereignis für die Krypto-Branche vor der Tür. Die Zulassung sogenannter Bitcoin-Spot...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 25: Virtual Currencies: Exploring the Regulatory Landscape with Jerry Comizio

Jerry Comizio joins RegFi cohosts Jerry Buckley and Sherry Safchuk for a conversation about the intricate world of virtual currencies. Professor Comizio is Associate Director of the Business Law Program at American...more

A&O Shearman

MiCAR under the microscope - Part 3: The issuance of stablecoins under MiCAR: Scope and requirements

A&O Shearman on

The huge expansion of crypto-assets over recent years and the popularity of their underlying technology (distributed ledger technology (DLT) or blockchain) have come with their share of challenges, including a significant...more

WilmerHale

Key Points From NY Regulators' Crypto Listing Update

WilmerHale on

On Sept. 18, the New York State Department of Financial Services issued proposed guidance for companies holding virtual currency business licenses and limited-purpose trust companies — collectively referred to as virtual...more

Troutman Pepper

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

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Jenner & Block

Client Alert: California Enters the Arena of Virtual Currency Regulation

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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

Jenner & Block

Client Alert: Virtual Currency Update: NYDFS Issues Key New Guidance As It Marks Two Year Milestone

Jenner & Block on

The New York Department of Financial Services (NYDFS) proudly announced an “update on [its] two-year transformational initiative to strengthen NYDFS’ nation-leading virtual currency oversight” on September 18, 2023. Although...more

Cadwalader, Wickersham & Taft LLP

Congress Getting in on Barbenheimer Action, Goes for Crypto Tax Double Feature

Recent legislative action suggests that Congress is eager to resolve many unanswered crypto tax issues.  On July 11, 2023, Senators Ron Wyden and Mike Crapo released an open letter to the “members of the digital asset...more

Cadwalader, Wickersham & Taft LLP

First Attempt to Regulate Spot Digital Asset Activities

On March 29, the National Futures Association (“NFA”) promulgated Compliance Rule 2-51, setting forth Requirements for Members and Associates Engaged in Activities Involving Digital Asset Commodities, which includes both...more

McDermott Will & Emery

The Clock Is Ticking: File Now to “Complete” the Louisiana Virtual Currency Business Activity Application by the Statutory...

McDermott Will & Emery on

As the first state to follow New York’s lead in issuing a crypto-specific license, Louisiana began accepting Louisiana Virtual Currency Business Activity (VCBA) license applications as of January 1, 2023. All entities engaged...more

Faegre Drinker Biddle & Reath LLP

FINRA Is Conducting a Targeted Exam of “Crypto Assets”

Riding the coattails of recent news, FINRA announced on November 14th that it is conducting a targeted exam of firm practices regarding retail communications concerning “Crypto Asset” products and services....more

Stikeman Elliott LLP

The Virtual Currency Regulation Review - November 2022

Stikeman Elliott LLP on

I - INTRODUCTION TO THE LEGAL AND REGULATORY FRAMEWORK - Canada currently has no comprehensive framework governing the regulation of digital assets. Securities regulation has emerged as the main regulatory instrument in...more

Walkers

BVI VASP Update: A Two Step Approach

Walkers on

As widely expected, the British Virgin Islands ("BVI") is shortly bringing into force new legislation to implement the Financial Action Task Force's standards on virtual assets and virtual asset service providers (known as...more

Perkins Coie

OFAC Takes Action Against Virtual Currency Tornado Cash in Novel Application of Sanctions Authorities

Perkins Coie on

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), on August 8, 2022, sanctioned virtual currency mixer Tornado Cash. OFAC alleged that it had been “used to launder more than $7 billion worth of...more

Cadwalader, Wickersham & Taft LLP

The Crypto Industry Is Talking Tax, and the Senate Is Listening

On June 7, 2022, U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Lummis-Gillibrand Responsible Financial Innovation Act (the “Act”), a comprehensive legislative scheme for the regulation of...more

Morgan Lewis

Bipartisan Proposal Attempts to Provide Solutions for Comprehensive Regulation of Digital Assets

Morgan Lewis on

On June 7, 2022, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the Responsible Financial Innovation Act (RFIA), a bipartisan effort to develop and provide greater regulatory clarity to the eclectic...more

Kilpatrick

Digital Assets Regulation Framework - Commerce Solicits Public Comment

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On May 19, 2022, the U.S. Department of Commerce (Commerce) published a Request for Comment titled “Developing a Framework on Competitiveness of Digital Asset Technologies” (Request for Comment). Digital assets, in this...more

Dechert LLP

Not So Stable: Stablecoin Volatility Causing Turmoil in Crypto Markets

Dechert LLP on

Introduction - Cryptocurrencies have surged in popularity in recent years. As we have reported in recent OnPoints, the swift growth and adoption of cryptocurrencies raise legal questions about everything from their...more

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