News & Analysis as of September 13, 2024

State Regulators

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

Will Resiliency Carry the Digital Asset Sector Through 2024: State-Level Developments — The Crypto Exchange Podcast

Troutman Pepper on 5/7/2024

In the third episode of this four-part series, Ethan, Addison, and Trey discuss several state-level developments that occurred in the digital asset sector during 2023. The group discusses the inception of New York Department...more

NYDFS to impose supervision fees on virtual currency licensees

Orrick, Herrington & Sutcliffe LLP on 4/20/2023

On April 17, NYDFS announced the adoption of a final regulation establishing how certain licensed virtual currency businesses will be assessed for supervision and examination costs. Under 23 NYCRR Part 102, licensed virtual...more

New York's Relaxed BitLicense Could Still Take Lessons From Wyoming's Permissive Approach

Carlton Fields on 7/28/2020

New York’s slogan “if you can make it here, you can make it anywhere” seems like it was written specifically for cryptocurrency companies. Since 2015, the New York Department of Financial Services (NYDFS) established a...more

New York Proposes Conditional BitLicense Framework

Proskauer - Blockchain and the Law on 7/20/2020

The New York State Department of Financial Services (the “NYDFS”), as a part of a series of virtual currency initiatives, proposed in June a framework for applying for and obtaining a virtual currency Conditional BitLicense....more

Financial Services Quarterly Report - First Quarter 2019: A U.S. Regulatory Patchwork Quilt: Cryptocurrency and Money Transmitter...

Dechert LLP on 4/18/2019

According to its original design, Bitcoin was intended to reduce market participants’ need to rely on “financial institutions serving as trusted third parties to process electronic payments.”1 While Bitcoin and other...more

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