News & Analysis as of November 19, 2024

Digital Currency

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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 -

Weekly Blockchain Blog - November 2024 #3

BakerHostetler on 11/18/2024

Crypto Exchanges and Stablecoin Issuers Announce Multiple New Products - Multiple crypto sector companies have recently announced new products. In a press release, LayerZero, “an omnichain interoperability protocol that...more

Tokenized Deposits, Stablecoins and E-money: A Comparative Guide for the UK

Hogan Lovells on 6/10/2024

From the use of metal coins to the dematerialization of money, the advent of distributed ledger technology (DLT) and tokenisation arguably represents the next stage in the evolution of money and the payments ecosystem. As...more

Connecticut establishes rules for virtual currency kiosks

Orrick, Herrington & Sutcliffe LLP on 7/10/2023

On June 27, the Connecticut governor signed HB 6752 (the “Act”) to establish certain requirements for owners or operators of virtual currency kiosks in the state. Among other things, the commissioner has the authority to...more

Key Takeaways – Digital Assets (Cryptocurrencies, Stablecoins, Tokenization, and CBDCs)

Kilpatrick on 5/9/2023

With the rapid expansion and adoption of digital assets (cryptocurrencies, stablecoins, tokenized assets, and central banks digital currencies), companies of all types are being asked to address and interact with this growing...more

A Brief Primer on Cryptocurrencies, Stablecoins, Tokenization, and Central Bank Digital Currencies

Kilpatrick on 4/3/2023

Digital assets, including cryptocurrencies, stablecoins, tokenized assets, and central bank digital currencies, are fundamentally reshaping U.S. and global business and transactions. That said, this transformation is complex,...more

International Bodies Confirm Application of Principles for Financial Market Infrastructures to Systemically Important Stablecoin...

A&O Shearman on 8/22/2022

The International Organization of Securities Commissions and the Committee on Payments and Market Infrastructures have published guidance on the application of the Principles for Financial Market Infrastructures to...more

The Crypto crash and the regulatory response

Ankura on 8/19/2022

Cryptoassets continue to fall in value and the industry is in trouble - The big question now being asked about the cryptoassets meltdown is this: Is it the end of crypto as we know it, or only a short-term correction? The...more

Digital Assets Defined: How Lummis-Gillibrand Will Shore Up Stablecoins

Jones Day on 8/17/2022

In this latest White Paper on our Bill analysis, we underscore headline proposals in the Lummis-Gillibrand Responsible Financial Innovation Act (the "Bill") regarding the issuance and regulation of a "payment stablecoin,"...more

Treasury Provides 30 Days for Comment on Digital Assets Development

Kilpatrick on 7/11/2022

On July 8, 2022, the U.S. Department of the Treasury (Treasury) published a Request for Comment seeking public input on U.S. digital assets development. The Request for Comment was published pursuant to the Biden...more

NY Department of Financial Services Releases Guidance for US Dollar-Backed Stablecoins

Troutman Pepper on 6/22/2022

On June 8, the New York State Department of Financial Services (NYDFS) issued new “Guidance on the Issuance of U.S. Dollar-Backed Stablecoins,” establishing a first-of-its-kind state standards for USD-backed stablecoins...more

Purchasers Suing Coinbase and GMO Trust Claim That Nothing's Stable About GYEN Stablecoin

Davis Wright Tremaine LLP on 6/10/2022

What's in a name? According to purchasers of one "stablecoin" cryptocurrency, nothing but false advertising....more

New Crypto Products Launch, Draft Digital Assets Bill Released, Regulators Address Stablecoins, DOJ Publishes Crypto Report, Hacks...

BakerHostetler on 6/10/2022

Fintech and Crypto Firms Announce Myriad New Crypto Product Launches - This week, a major global payments firm announced the launch of a stablecoin settlement solution that leverages technology by Fireblocks, a digital...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

Contagion

Dechert LLP on 5/27/2022

What I know about cryptocurrency can be inscribed on a head of pin with a jackhammer. But I know it’s a thing; I know it’s a big thing and getting bigger. So, these past few weeks I have been reading with interest...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

SEC Targets Companies Conducting Cryptomining

Nelson Mullins Riley & Scarborough LLP on 5/11/2022

The SEC recently doubled the size of its Crypto Assets and Cyber Unit. Since its inception in 2017, the SEC’s Crypto Assets and Cyber Unit has launched more than 80 investigations resulting in over $2 billion in monetary...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

The UK’s Plan to Become a Global Crypto Hub

Cadwalader, Wickersham & Taft LLP on 4/12/2022

On April 4, 2022, the UK government announced plans to become a “global hub” for the cryptoasset industry with proposals for the regulation of stablecoins, development of an NFT (non-fungible token) issued by the Royal Mint,...more

UK To Bring Stablecoins Used for Payments Under Regulation

A&O Shearman on 4/8/2022

Following the call for evidence issued in January 2021, the U.K. government has confirmed that it will bring the issuing or facilitating the use of stablecoins used as a means of payment into the U.K. regulatory perimeter, in...more

[Podcast] Blockchain University: Relationship Drama: Cryptocurrencies, Blockchain and the Law

BakerHostetler on 3/30/2022

Our fifth episode provides an overview of the key legal issues facing cryptocurrencies and blockchain in the U.S....more

President Biden Signs Executive Order Outlining Crypto Policy

Sheppard Mullin Richter & Hampton LLP on 3/10/2022

On March 9, President Biden signed a highly anticipated executive order outlining his administration’s cryptocurrency policy. We have previously blogged about the Biden administration’s working group on stablecoins and the...more

Crypto Love is a Battlefield

Nelson Mullins Riley & Scarborough LLP on 2/25/2022

The battle over blockchain technology and digital assets bears a striking resemblance to the debate over the potential of the internet in the mid-1990s. Where critics see a passing fad with little actual utility or a lawless...more

Central bank digital currencies – the end of money as we know it?

Hogan Lovells on 1/26/2022

Retail Central Bank Digital Currencies or “CBDCs” are hot right now with estimates that as many as 80% of the world’s central banks are engaged in pilots or other activities. The Bank of England, the European Central Bank...more

Stablecoins and Beyond: 2022 Digital Asset Legislation Landscape

Troutman Pepper on 1/19/2022

Will 2022 be the year of comprehensive digital asset legislation in the U.S.?...more

Regulating Crypto: Cryptocurrency Executives Head to Capitol Hill

Kohrman Jackson & Krantz LLP on 1/11/2022

A recent study found that 16 percent of Americans have invested in, traded or used cryptocurrencies such as Bitcoin and Ether. This widespread use, coupled with the cryptocurrency industry having limited to no regulatory...more

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