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CFPB Aiming to Oversee Digital Payments

In late 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would subject nonbank fintech companies to the CFPB’s authority. The CFPB articulated that it intends the rule to “level the playing field”...more

The Power of the Purse: Supreme Court Hears Argument on Constitutionality of CFPB Funding Structure

On 3 October 2023, the Court heard argument in Consumer Financial Protection Bureau v. Community Financial Services Association, Ltd., No. 22-448. In the matter, the Consumer Financial Protection Bureau (CFPB) challenges the...more

California Enacts Landmark Crypto Licensing Law

To date, crypto companies have been able to operate in California without a license, but that will change effective July 2025 under the state’s newly-enacted “Digital Financial Assets Law” (the Law), signed by Governor Newsom...more

MiCA – Overview of the New EU Crypto-Asset Regulatory Framework (Part 3)

This is the final part of our series of alerts on the EU’s new Market in Crypto-assets Regulation (MiCA). In this part, we will discuss the authorisation regime under MiCA for specified crypto-asset services which is largely...more

MiCA – Overview of the New EU Crypto-Asset Regulatory Framework (Part 2)

This is Part 2 of a three-part series which examines the main elements of the new MiCA regime in the EU. As a recap, our discussion is based on the Compromise Text (published on 5 October), with references also made to the...more

MiCA – Overview of the New EU Crypto-asset Regulatory Framework (Part 1)

On 30 June 2022, the new EU Market in Crypto-assets Regulation (MiCA) was agreed on between the European Commission (Commission), the European Parliament (Parliament), and the Council of the European Union (Council). MiCA is...more

HUB Talks: Fintech Forward: The Intersection of Cryptocurrencies and NFTs

In this episode, Jeremy McLaughlin and Justin Wales discuss the state of the cryptocurrency industry, the allure of NFTs, the potential impact of industry regulation, concerns about money laundering, and more....more

HUB Talks: Payments Across the Globe Miniseries - Trends in Brazil

Judith Rinearson and Jeremy McLaughlin sit down with payments lawyers to cover the fintech market place, trends, and developments around the world in the Payments Across the Globe miniseries. In this episode Judith...more

HUB Talks: Payments Across the Globe Miniseries - Trends in Singapore

Judith Rinearson and Jeremy McLaughlin sit down with payments lawyers to cover the fintech market place, trends, and developments around the world in the Payments Across the Globe miniseries. In this episode Jeremy McLaughlin...more

HUB Talks: Payments Across the Globe Miniseries - Trends in Germany

Judith Rinearson and Jeremy McLaughlin sit down with payments lawyers to cover the fintech market place, trends, and developments around the world in the Payments Across the Globe miniseries. In this episode Jeremy...more

HUB Talks: Payments Across the Globe Miniseries - Cryptocurrencies and Digital Assets in the U.S

In this episode Jeremy McLaughlin and Jonathan Miner discuss the general effects of the pandemic on the cryptocurrency industry, trends that could lead to great consumer adoption of cryptocurrencies, the possible advancement...more

HUB Talks: Payments Across the Globe Miniseries - Trends in Europe and Belgium

Judith Rinearson and Jeremy McLaughlin sit down with payments lawyers to cover the fintech market place, trends, and developments around the world in the Payments Across the Globe miniseries. In this episode Judith Rinearson...more

HUB Talks: Payments Across the Globe Mini Series - Trends in Australia

Judith Rinearson and Jeremy McLaughlin sit down with payments lawyers to cover the fintech market place, trends, and developments around the world in the Payments Across the Globe mini-series. In this episode Jeremey...more

The Coming Blockchain Revolution in Consumption of Digital Art and Music: The Thinking Lawyer's Guide to Non-Fungible Tokens...

First there were CryptoKitties. Then came digital art, CryptoPunks and NBA Top Shot. But when Beeple’s digital art piece “Everydays: The First 5000 Days” sold at Christie’s for US$69 million, the NFT mania truly began. And as...more

European Commission's Legislative Proposals on Crypto-Assets and DLT

On 24 September 2020, the European Commission (Commission) launched its Digital Finance Strategy (Strategy). The Strategy includes, among other elements: (i) a proposal for a Regulation on Markets in Crypto-Assets with its...more

California Enacts “Mini-CFPB” Law, Significantly Altering Financial Services Regulation in the State

On September 25, 2020, California Governor Newsom signed AB-1864 into law, which will significantly change the landscape of consumer financial service regulation in the state. The law renames the Department of Business...more

CSBS Rolls Out Joint Examination Initiative for Nationwide Payments Firms

On September 17, the Conference of State Bank Supervisors (CSBS) announced that at least 40 states will establish a joint examination process for “nationwide payments firms” for the 2021 examination cycle. Known as “MSB...more

New York (More) Open for (Crypto) Business: NYDFS Proposes Important Changes to the BitLicense

Since finalizing the “BitLicense” regulatory regime in June 2015, the New York Department of Financial Services (NYDFS) has granted only 25 licenses. This underscores how the BitLicense regulatory framework has been a barrier...more

An Empire State Glimmer of Hope for Crypto

It’s no secret that accessing the New York market is difficult, if not impossible, for some digital asset companies, especially those in their early stages. New York’s Department of Financial Services (“DFS”) is hoping to...more

COVID-19: Its Impact on Banking, Fintech, and Payments: FAQs

1. Q. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) implements the disbursement of $1,200 payments of COVID-19 stimulus funds to millions of Americans. How will the current payment system address the...more

The Massachusetts Supreme Judicial Court Considers the Effect of a State-Mandated Default Notice on the Validity of Non-Judicial...

The Massachusetts Supreme Judicial Court (“SJC”) heard argument on February 13, 2020, on whether compliance with a state-mandated default notice could, nevertheless, void foreclosure sales in Massachusetts. ...more

To List or Not to List? NYDFS Seeks Comment on Proposed Rules Authorizing Bitlicensees to Self-Certify Cryptocurrency Listings

On December 11, 2019, the New York Department of Financial Services (“NYDFS”) published “Proposed Guidance Regarding Adoption or Listing of Virtual Currencies” (“Proposal”). ...more

US Consumer Financial Protection Bureau Seeking Comments on Proposed Remittance Rule Revisions

On December 3, the United States Consumer Financial Protection Bureau (“CFPB”) published a notice of proposed rulemaking to revise the Remittance Rule (“Proposed Rule”) and is accepting comments until January 21, 2020. ...more

The Privacist - Volume 2

November will see several opportunities to discuss privacy matters in Europe and meet with The Privacist contributors within the K&L Gates’ platform, in connection with the International Association of Privacy Professionals...more

New FATF Guidance Will Significantly Impact the Crypto Industry

The Financial Action Task Force (“FATF”), an intergovernmental organization aimed at combatting money laundering and thwarting terrorist financing, recently issued final recommendations for the regulation of...more

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