Bitcoin

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Financial Services Weekly News - February 2017 #3

Editor's Note - A Not So New Tool for Reigning in Federal Regulations. President Trump has signed a Joint Resolution of Congress which “disapproves the rule submitted by the SEC relating to ‘Disclosure of Payments by...more

The Legal Status of Bitcoin in the United Arab Emirates

This is the first in a series of articles considering legal issues relating to bitcoin, cryptocurrencies and blockchain in the UAE. In this article we focus on the legal status of bitcoin and address the question of whether...more

Cybersecurity: 2017 Report & 2016 Reflections - What Businesses and Boards Need to Know

In 2016, cybersecurity continued to grow as a primary business risk for companies worldwide. Data breaches continued to escalate both in number and magnitude and the landscape of legal and regulatory liability evolved and...more

Financial Services Weekly News - February 2017 #2

Editor's Note - No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more

Coinbase the Latest to Obtain New York BitLicense

The New York State Department of Financial Services (“DFS”) has issued its fifth BitLicense to date, continuing a marked effort to bring legitimacy and controls to the virtual currency (“VC”) industry, whose advantages in...more

Your Daily Dose of Financial News

While Wall Street’s been waiting with bated breath for the big Snap IPO, Jose Cuervo (yes, that Jose Cuervo, via parent company Becle) has briefly stolen a bit of its public offering thunder with its plans to sell shares on...more

Bitcoin Investment Trust Files Registration Statement For IPO

Bitcoin Investment Trust filed a public registration statement with the SEC on January 20, 2017, for a proposed initial public offering. This is the second bitcoin investment vehicle trying to register its securities after...more

2016 Year in Review: Money Laundering (Part Two)

In part two of our review of the 2016 developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues, we discuss four additional key...more

Hotel Cybersecurity: What can happen when hackers strike?

Last year, at the Global Hospitality Group’s Meet the Money™ Conference, I participated in a panel on Cybersecurity and we discussed how cybersecurity issues affect the hotel industry. One of the comments was that hotels,...more

2016 Year End Review: Virtual Currency: DOJ and IRS Broadly Seek Virtual Currency Account User Information

Under Internal Revenue Code section 7609(f), the IRS may issue a “John Doe” administrative summons to discover the identities of unknown taxpayers. A “John Doe” summons can be a powerful enforcement tool because it allows the...more

New York State Department of Financial Services Grants Virtual Currency License to Coinbase, Inc.

The NYSDFS approved the application of Coinbase, Inc., a wholly owned subsidiary of Coinbase Global, Inc., for a virtual currency and a money transmitter license. As part of its review of Coinbase’s application, NYSDFS...more

Derivatives In Review - January 2017

Regulation AT – An Update - From the time Regulation AT was initially proposed by the CFTC over a year ago, the CFTC has solicited and considered numerous comment letters, held a public roundtable, supplemented the...more

Digital Currencies: International Actions and Regulations

Argentina - Virtual currencies are not legal tender under the country’s National Constitution, which designates the Central Bank as the only authority that may issue legal tender. Although not specifically regulated,...more

Bitcoin’s Role in the War on Cash

Lawmakers and central banks are in the midst of a movement to gradually diminish and ultimately eliminate the use of cash by their citizens. This global trend comes in all different flavors as over the past year and a half,...more

Bitcoin and the IRS - The Battle Continues

Dispute is heating up over IRS’s attempts to get personal information about users of Bitcoin and other virtual currencies. Last November, the Internal Revenue Service (“IRS”) filed a petition in the United States...more

College Pays Bitcoin Ransom to Unlock Encrypted Data

The scourge of “ransomware”—malicious computer viruses that prevent entities from accessing their own data until they pay a ransom—has spread to the higher education sphere. In early January 2017, a California public...more

Your Daily Dose of Financial News

Ratings Agency Moody’s Corp. has agreed to pay roughly $864 million to resolve federal and state claims that it gave juiced ratings to risky MBS in the run-up to the financial crisis. Half of the total will end up in DOJ...more

Expect the Unexpected: The Year Ahead for the Financial Institutions Sector

With contributors across the sector and the globe, we've compiled a review of some of the developments that will affect financial institutions in 2017 and beyond. The one thing that 2016 taught us was to expect the...more

What does 2017 have in store for blockchain technology?

Many are expecting 2017 to be a great year for blockchain technology. As 2017 began, the price of Bitcoin, one of the most-recognized digital currencies using blockchain technology, rose to over $1,000 in the wake of market...more

Three examples of blockchain smart contracts – Internet of Things, commercial paper and daos

For thousands of years, society has recorded information in ledgers, ranging from clay tablets, books through to cloud based computer systems. Despite the advance of technology, all of these ledgers have effectively been...more

Your Daily Dose of Financial News

The Depository Trust & Clearing Corporation—the company that “serves as the back end for much Wall Street trading”—has announced a big step forward in the embrace of blockchain technology to track and report transactions. IBM...more

Back to the Future: 2017 [Expect Focus Life Insurance – December 2016]

- Should Your Company Purchase Bitcoin to Pay a Cyber Ransom? - NAIC Draws Line in CFPB Sandbox - NAIC’s Big Data Task Force Sets Charges for 2017 - Broker-Dealers Can Hold Customers’ Initial Checks...more

Your Daily Dose of Financial News

Former NJ Senator and Governor Jon Corzine has reached a $5 million settlement with regulators over the collapse of his MF Global firm, which filed bankruptcy in 2011 and lost more than $1 billion in customer investments....more

Cryptocurrencies - prompt contrasting reactions by Latin American regulators

While used by organized crime, cryptocurrencies are also becoming accepted as a legitimate payment method by mainstream sectors of the economy in Latin America. Currently, some stores, start-ups, restaurants, hotels, and...more

Your Daily Dose of Financial News

Lynn Tilton’s very public spat with the SEC over the agency’s in-house court system may be heading to the Supreme Court, thanks in part to a recent 10th Circuit opinion last week that created a Circuit split over the...more

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