News & Analysis as of October 15, 2024

Digital Assets

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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

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

Orrick, Herrington & Sutcliffe LLP on 3/28/2024

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

Client Alert: California Enters the Arena of Virtual Currency Regulation

Jenner & Block on 10/25/2023

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

First Attempt to Regulate Spot Digital Asset Activities

Cadwalader, Wickersham & Taft LLP on 4/6/2023

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

The Virtual Currency Regulation Review - November 2022

Stikeman Elliott LLP on 11/7/2022

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

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

Morgan Lewis on 6/16/2022

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

Digital Assets Regulation Framework - Commerce Solicits Public Comment

Kilpatrick on 6/7/2022

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

Not So Stable: Stablecoin Volatility Causing Turmoil in Crypto Markets

Dechert LLP on 5/26/2022

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

California Governor Orders Agencies to Create Transparent Regulatory Framework for Blockchain and Digital Assets

Jones Day on 5/11/2022

California's governor issued an executive order requiring state agencies, led by the Department of Financial Protection and Innovation, to create a "transparent" regulatory framework for blockchain technologies and digital...more

Toomey Introduces Proposal for Payment Stablecoin Regulatory Framework ...

Skadden, Arps, Slate, Meagher & Flom LLP on 4/18/2022

On April 6, 2022, Sen. Pat Toomey (R-Pa.), the ranking member of the Senate Banking Committee, and an advocate for clarity in cryptocurrency regulations, released a discussion draft of legislation that would provide a...more

As Regulators Double Click on Crypto, CBDC and Stablecoins Remain Favorites

Proskauer - Blockchain and the Law on 4/1/2022

Back in January, the U.S. Board of Governors of the Federal Reserve (the “Federal Reserve”) released its long-awaited discussion paper, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation” (the...more

Congressional Blockchain Caucus Challenges SEC Chairman on Web3 Enforcement

Skadden, Arps, Slate, Meagher & Flom LLP on 3/29/2022

The Web3 community has long expressed frustration at the lack of clarity emanating from the SEC regarding the treatment of cryptocurrencies and other digital assets under current securities laws, with many characterizing the...more

The Cryptocurrency Industry Breathes a Sigh of Relief Following President Biden’s Executive Order

McDermott Will & Emery on 3/11/2022

On March 9, 2022, US President Joe Biden signed an unprecedented executive order directing federal agencies to coordinate their approach to clarifying cryptocurrency regulations. Sighs of relief were heard across the industry...more

Congress and the IRS Make Moves to Improve Taxpayer Compliance for Cryptocurrency Transactions

Proskauer - Blockchain and the Law on 3/4/2022

IRS Commissioner Charles Rettig, testifying before Congress in April 2021, estimated the gap between taxes owed and taxes collected in the United States to be close to $1 trillion....more

Ringing in the New Year: Regulators and Industry Seek to Bring Stability to Stablecoins in 2022. How (Much), Remains a Question.

Proskauer - Blockchain and the Law on 12/22/2021

On December 17, 2021, the Financial Stability Oversight Council (“FSOC”) – a collaborative body formed under the Dodd-Frank Act composed of state and federal regulators and tasked with identifying risks and responding to...more

“Hashing” It Out: Federal Jury Decides Some Cryptocurrency Products are not Securities

Dechert LLP on 11/19/2021

Whether a cryptocurrency product is a security is an issue with serious regulatory consequences. In recent years, the Securities and Exchange Commission (“SEC”) has taken a broad position that various crypto assets are...more

US Financial Regulators Release Much-Anticipated Report on Stablecoins

Mayer Brown Free Writings + Perspectives on 11/12/2021

On November 1, 2021, the President’s Working Group on Financial Markets (PWG) released its much-anticipated Report on Stablecoins (Report). The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of...more

House of Pay’n – House Passes Bill to Help Create Legal Framework for Digital Asset Regulation

Polsinelli on 4/28/2021

On Tuesday, April 20, 2021, the House of Representatives passed the Eliminate Barriers to Innovation Act of 2021 (the “Act”). The Act was initially introduced in March with an overarching aim to clarify the roles of the...more

What 2021 Has in Store for Stablecoin

Morgan Lewis on 1/12/2021

The year 2020 won’t soon be forgotten. Despite the challenges that the COVID-19 pandemic presented on a global scale, 2020 ushered in new ways of thinking about stablecoin, a type of cryptocurrency that attempts to peg its...more

Blockchain Week in Review - February 2020

Perkins Coie on 2/13/2020

U.S. Developments - SEC Commissioner Proposes Safe Harbor for Token Offerings - In a speech on February 6th at the International Blockchain Congress in Chicago, Securities and Exchange Commission (“SEC”) Commissioner...more

All Eyes Are on Regulation of Digital Assets as Federal Agencies and Lawmakers Seek to Bring Clarity: Part 1—The SEC, Utility...

Pillsbury Winthrop Shaw Pittman LLP on 9/12/2019

Federal regulators start to address some of the recent questions about digital assets such as tokens and virtual currencies, though many questions remain. U.S. Regulators and Congress are grappling with how to manage the...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - November 2018

Skadden, Arps, Slate, Meagher & Flom LLP on 11/8/2018

This is the second edition of The Distributed Ledger, a periodic publication covering the latest trends and developments in blockchain technology, digital assets and smart contracts. In this issue, we examine the SEC’s new...more

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