News & Analysis as of

Cryptocurrency Banks

Allen Matkins

California Court Upholds Daily Transaction Limits On Bitcoin ATMs

Allen Matkins on

A year ago, Governor Gavin Newsom signed two bills,  Assembly Bill 39 and Senate Bill 401, that created the California Digital Financial Assets Law.  SB 401 added Section 3902 to the Financial Code to prohibit an operator of...more

BakerHostetler

Weekly Blockchain Blog - September 2024

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Crypto Payments Firms Announce New Integrations and Initiatives - According to reports, fintech bank Revolut recently announced a partnership with Ledger, a major crypto hardware wallet provider, to make it easier for...more

Sheppard Mullin Richter & Hampton LLP

Fed Issues Cease and Desist Order for Crypto-Related Compliance and Risk Management Deficiencies

On September 4, the Federal Reserve Board (Fed) released enforcement actions against a Texas-based bank, addressing regulatory violations and compliance lapses. The Fed, joined by the Texas Department of Banking (TDB),...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week... ...more

Royer Cooper Cohen Braunfeld LLC

The Crypto Paradigm Shift

One will be forgiven for not closely following the myriad crypto developments in recent years. Mixed signals from regulators have complicated matters: some cryptocurrencies may be securities, some are commodities, some...more

Freiberger Haber LLP

Enforcement News: SEC Charges Bank With Misleading Investors About The Strength Of Its BSA/AML Compliance Program And Its...

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The Currency and Foreign Transactions Reporting Act, also known as the “BSA,” enacted in 1970, established requirements for record-keeping and reporting by banks and other financial institutions. The BSA is designed to, among...more

McDermott Will & Emery

Von Zahlungsdienstleistern bis zu Profifußballvereinen: Neue EU-Vorschriften zur Bekämpfung von Geldwäsche verabschiedet

McDermott Will & Emery on

Das Europäische Parlament hat am 24. April 2024 ein neues Gesetzespaket zur Geldwäschebekämpfung verabschiedet, welches das Instrumentarium der EU zur Bekämpfung von Geldwäsche und Terrorismusfinanzierung stärken soll....more

Ballard Spahr LLP

Districts of Wyoming and Idaho Affirm Broad Fed Powers over Master Accounts

Ballard Spahr LLP on

Components of the U.S. Federal Reserve System recently prevailed in two lawsuits in which both plaintiffs – Custodia Bank and PayServices Bank – alleged the defendants were required to grant the plaintiffs’ master account...more

Troutman Pepper

Will Resiliency Carry the Digital Asset Sector Through 2024?

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In 2023, the digital asset industry demonstrated remarkable resilience amidst significant challenges, including the dissolution of several digital asset financial services companies, numerous bank failures, and a $4.7 billion...more

Jenner & Block

[Ongoing Program] CLE Relay – Session 3 – Hot Topics in Fintech and Crypto - June 7th, 10:00 am - 11:00 am PDT

Jenner & Block on

This session will provide a survey of key issues and trends impacting the fintech and digital assets community as well as the future opportunities and challenges presented for these financial products and services. It will...more

Latham & Watkins LLP

Hong Kong Monetary Authority Issues Guidance for Banks on Crypto Custody and Sale of Tokenised Products

Latham & Watkins LLP on

Regulator sets out its expectations for banks looking to provide digital asset custody services, and sell and distribute tokenised products. On 20 February 2024, the Hong Kong Monetary Authority (HKMA) published two...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

Orrick, Herrington & Sutcliffe LLP

Fed finds CEO engaged in crypto “pig butchering” scam which led to bank failure

On February 7, the Federal Reserve issued an evaluation report, as required by the Federal Deposit Insurance Act (where a loss to the deposit insurance fund is considered material), on a recently failed bank; the Fed...more

Morgan Lewis

The Trends—and Traps—that Will Shape 2024

Morgan Lewis on

At a time marked by themes of “push” and “pull,” organizations across all sectors and jurisdictions are grappling with the pursuit of innovation within an increasingly complex regulatory framework. Over the next 12 months,...more

Husch Blackwell LLP

FDIC Amends Signage, Advertising, and FDIC Insurance Misrepresentation Rules to Address Digital Banking Services and Bank-Fintech...

Husch Blackwell LLP on

In December 2023, the Federal Deposit Insurance Corporation (FDIC) finalized amendments to its rules on official FDIC signage, bank advertisements, deposit insurance misrepresentations, and the misuse of the FDIC’s name or...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2023 # 2

Troutman Pepper on

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

BakerHostetler

Crypto Products Launch in Custody, Web3 Wallets, Debit Cards, Stablecoins; Regulators Address Stablecoins; OFAC and DOJ Announce...

BakerHostetler on

Crypto Custody Providers Launch Institutional Focused Offerings - According to a recent press release by BitGo, a major U.S. cryptocurrency custody provider, BitGo’s GoNetwork and Copper’s ClearLoop have entered into a...more

American Conference Institute (ACI)

[Event] 29th Annual Flagship Conference on Regulatory Compliance for Financial Institutions - November 21st - 22nd, Toronto, ON,...

Don’t miss the opportunity to gain valuable insights from industry experts at Canadian Institute’s Annual Flagship Conference on Regulatory Compliance for Financial Institutions. This event will equip you with strategies to...more

Venable LLP

FTC Settles with Bankrupt Crypto Company, but Pursues CEO for Deceptive FDIC Claims

Venable LLP on

The Federal Trade Commission (FTC) announced it has reached a settlement with the bankrupt crypto company Voyager over the company’s alleged deceptive crypto marketing practices. Specifically, the FTC’s complaint alleges that...more

Morrison & Foerster LLP

Federal Reserve Issues Guidance on Novel Activities, Including Bank-Fintech Partnerships

On August 8, 2023, the Board of Governors of the Federal Reserve System (FRB) issued two Supervision and Regulation Letters (“SR Letters”) that provide guidance on the agency’s supervision of novel activities and the process...more

Wilson Sonsini Goodrich & Rosati

Focus on Fintech – Q2 2023

In this most recent issue, we discuss a number of federal banking agency updates, including the long-awaited Final Interagency Guidance on Third-Party Relationships and the Federal Reserve Bank of New York’s report on the...more

Cadwalader, Wickersham & Taft LLP

FDIC's Annual Risk Review Includes Crypto Risks for First Time

The Federal Deposit Insurance Corporation (“FDIC”) published its annual Risk Review this past Monday, providing an overview of banking conditions for 2022 through early 2023. The FDIC started providing Risk Reviews to the...more

Troutman Pepper

Fed Provides Details of Novel Banking Activities and Cryptocurrency Supervisory Program

Troutman Pepper on

On August 8, the Federal Reserve Board (Fed) issued a press release providing additional information on its Novel Activities Supervision Program (Program) to monitor novel activities in the banks it oversees. Novel activities...more

Orrick, Herrington & Sutcliffe LLP

Fed suggests enhancing supervision of “novel activities” by banks

On August 8, the Federal Reserve Board announced the issuance of two supervision letters that elaborate on the its program to supervise “novel activities” such as fintech partnerships, crypto-related activities, and...more

Morgan Lewis - All Things FinReg

Federal Reserve Announces Supervisory Developments for Dollar Tokens and ‘Novel Activities’ – But What’s New?

The Board of Governors of the Federal Reserve System (Federal Reserve) took another tepid step into the digital asset space on August 8, announcing that it has established a program to “enhance the supervision of novel...more

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