The comprehensive framework, which spans multiple reports, aims to spur risk mitigation efforts and potentially a US central bank digital currency.
On September 16, 2022, the White House published a fact sheet described...more
9/30/2022
/ Bank Secrecy Act ,
Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Financial Stability Board ,
Financial Transactions ,
FSOC ,
OECD
The Federal Reserve is taking measured steps to better understand the types of cryptoasset-related activities contemplated by its supervised banking organizations.
On August 16, 2022, the Board of Governors of the...more
8/25/2022
/ AML/CFT ,
Compliance ,
Consumer Protection Laws ,
Cryptoassets ,
Cryptocurrency ,
Cybersecurity ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Transactions ,
OCC ,
Risk Management ,
Supervision ,
Technology
The RFIA could make it easier for fintechs dealing in digital assets and stablecoins to access Federal Reserve bank services.
Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was...more
7/8/2022
/ Banking Sector ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
FFIEC ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Payment Systems ,
Proposed Legislation ,
Stablecoins
On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets (Order). In the face of rapid advancement in blockchain technology and its applications, the Order asserts that...more
The US OCC allows banks, with certain restrictions, to hold assets in reserve for stablecoin issuers.
On September 21, 2020, the US Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1172 (the...more
The OCC greenlights bank custody of cryptoassets, opening a significant door to mainstream adoption and innovation.
On July 22, 2020, the US Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1170...more
What is cryptocurrency?
There is no one standard definition of cryptocurrency. At the most basic level cryptocurrency—or digital currency or virtual currency—is a medium of exchange that functions like money (in that it...more
Cryptocurrency is on the rise...and so are enforcement actions.
In less than a decade, cyptocurrencies have grown from a novelty reserved for those dealing in the illicit into a robust platform embraced by financial...more
12/9/2015
/ Anti-Money Laundering ,
Bitcoin ,
BitLicense ,
CFTC ,
Cryptocurrency ,
Dodd-Frank ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
FinCEN ,
Popular ,
Securities and Exchange Commission (SEC) ,
Young Lawyers
As the first of their kind, the proposed regulations may add legitimacy to virtual currencies, but the new regulatory regime could stifle innovation and development.
On July 23, 2014, the New York State Department of...more