News & Analysis as of November 15, 2024

New York

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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 -

Bit by bit: improving consumer complaint processes in crypto

A&O Shearman on 6/19/2024

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

New York AG Alleges Fraud was the Genesis of $1 Billion in Crypto Losses

Cozen O'Connor on 10/27/2023

New York AG Letitia James filed a lawsuit against cryptocurrency companies Gemini Trust Company, LLC; Genesis Global Capital, LLC and its affiliates (“Genesis”); Digital Currency Group, Inc.; and the CEOs of Genesis and DCG...more

New York Attorney General Proposes Comprehensive and Restrictive Digital Assets Bill

Morgan Lewis on 6/22/2023

New York Attorney General Letitia James introduced on May 5, 2023 a proposed bill that, if enacted, would significantly tighten regulation over digital asset market participants and exchanges. While the New York State...more

New York’s Attorney General Proposes New Crypto Legislation in Crackdown on Industry

Troutman Pepper on 6/8/2023

New York’s Attorney General Letitia James has proposed landmark legislation entitled the Crypto Regulation, Protection, Transparency, and Oversight Act (CRPTO Act) in an attempt to tighten New York’s regulations on the...more

New York Looks to Bolster Its Lead as Digital Regulator with CRPTO Act

Patterson Belknap Webb & Tyler LLP on 6/2/2023

New York State Attorney General Letitia James has announced new proposed amendments to the state’s General Business Law that would roll out a number of protections to cryptocurrency investors that are currently enjoyed by...more

District Court says EFTA applies to cryptocurrency

Orrick, Herrington & Sutcliffe LLP on 3/9/2023

On February 22, the U.S. District Court for the Southern District of New York partially granted a cryptocurrency exchange’s motion to dismiss allegations that its inadequate security practices allowed unauthorized users to...more

NY DFS Releases Custodial Guidance on Crypto Insolvency

Sheppard Mullin Richter & Hampton LLP on 2/3/2023

On January 23, the NY DFS released updated guidance with regard to better protecting consumers in the event of virtual currency insolvency. This updated guidance applies to entities that DFS has licensed or chartered to hold...more

New York State Department of Financial Services Imposes $30 Million Fine in First Cryptocurrency Enforcement Action

White & Case LLP on 8/15/2022

On August 2, in its first ever cryptocurrency enforcement action, the New York State Department of Financial Services ("NYDFS") announced it had imposed a $30 million fine on Robinhood Crypto, LLC ("RHC") for failures in its...more

New York Assembly Passes Anti-Mining Bill

Cohen & Gresser LLP on 5/3/2022

On April 26, 2022, the New York Assembly passed a bill that would place a two-year moratorium on certain cryptocurrency mining operations that use proof-of-work authentication (POW) methods to validate blockchain transactions...more

New York’s Superintendent of Financial Services Addresses BitLicense Delays

Sheppard Mullin Richter & Hampton LLP on 4/29/2022

This January, Adrienne A. Harris was confirmed as superintendent of New York’s Department of Financial Services, which administers New York’s BitLicense program, among others. In a March 28 interview, Harris discussed the...more

NYSBA Tax Section’s Crypto Recommendations

Cadwalader, Wickersham & Taft LLP on 4/25/2022

On April 18, 2022, the New York State Bar Association (“NYSBA”) Tax Section published its second report on cryptocurrency and digital assets (“the Report”). The Report recommends...more

NYAG’s Warning to Crypto Businesses Muddies Regulatory Waters; Compliance Requirements Remain Elusive

Sheppard Mullin Richter & Hampton LLP on 11/30/2021

New York’s chief law enforcement agency recently squandered an opportunity to bring much needed guidance to the digital assets space. On October 18, 2021, the Office of New York Attorney General, Letitia James (“NYAG”),...more

NYAG’s Warning to Crypto Businesses Muddies Regulatory Waters

Sheppard Mullin Richter & Hampton LLP on 11/11/2021

New York’s chief law enforcement agency recently squandered an opportunity to bring much needed guidance to the digital assets space. On October 18, the Office of New York Attorney General Letitia James (“NYAG”) issued a...more

New York Joins Other States in Enforcement Actions Against Unregistered Virtual Currency Lending Platforms

Jones Day on 10/29/2021

On October 18, 2021, New York Attorney General Letitia James directed two virtual currency lending platforms to immediately cease their unregistered and allegedly unlawful activities in New York and sent letters to three...more

New York AG Demands Crypto Platforms Cease Operations

A&O Shearman on 10/27/2021

On October 18, 2021, New York’s Attorney General (NYAG) issued cease-and-desist letters to two cryptocurrency platforms, demanding that they discontinue all operations in New York within ten days for alleged violations of the...more

New York Attorney General Sues to Shutter Cryptocurrency Trading Firm Coinseed

Sheppard Mullin Richter & Hampton LLP on 2/26/2021

The Office of New York State Attorney General Letitia James (“NYAG”) has filed a lawsuit to shut down technology company Coinseed. The state has accused the firm of selling unregistered securities in the form of digital...more

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