News & Analysis as of September 22, 2024

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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 -

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

Cadwalader, Wickersham & Taft LLP on 8/21/2023

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

New Jersey Legislation to Regulate Virtual Currencies Likely to Become Law

Shipkevich PLLC on 2/27/2023

Overview - New Jersey is positioned to adopt seminal legislation that is sure to alter the regulatory dynamic for cryptocurrency-focused businesses that operate within the state. The Digital Asset and Blockchain...more

The Tax Man Isn't Leaving: The IRS Continues to Issue John Doe Summonses Relating to Virtual Currency Transactions

BakerHostetler on 9/29/2022

Key Takeaways - ..A court approved the issuance of a John Doe summons by the IRS to a bank aimed at identifying individuals who are potentially avoiding their income tax obligations relating to cryptocurrency...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

Financial Daily Dose 4.26.2021 | Top Story: Bitcoin Bounces Back Over 50k

Robins Kaplan LLP on 4/26/2021

Bitcoin’s back (and no, it never really left), thanks to a rally this morning that pushed its value up as much as 10% at one point in early trading today. Elon Musk’s weekend tweeting and news that presumptive top NFL draft...more

Talking Custody of Digital Assets

Nelson Mullins Riley & Scarborough LLP on 3/4/2021

I had the pleasure of presenting at Bank Director Magazine's Inspired By Acquire or Be Acquired: What Officers and Directors Need to Know Now virtual conference, along with Rick Levin, earlier this month. Our...more

Financial Firms Move to Integrate Cryptocurrencies, Blockchain Solutions Announced Across Markets, Agencies Target Crypto Crimes...

BakerHostetler on 2/15/2021

Payment Firms Adopt Cryptocurrencies, Company Purchases $1.5 Billion in Bitcoin - According to a press release, last week the Office of the Comptroller of the Currency provided conditional approval to Protego Trust Bank for a...more

US Bank Crypto Services Proceed, Crypto Debit Cards Launch in US and Mexico, Blockchain Enterprise Developments, and Crypto...

BakerHostetler on 11/2/2020

US Bank and Trust Companies Move Forward with Cryptocurrency Services - This week Avanti Bank & Trust was granted a bank charter from the Wyoming State Banking Board. ...more

Central banks team up to study digital currencies uses

Hogan Lovells on 2/6/2020

Six banks have announced that they will work together to assess whether creating central bank digital currencies (CBDCs) is worth it. The group will review use cases, economic, functional and technical design choices, and the...more

Wells Fargo Prohibits Customers from Using Credit Cards to Buy Cryptocurrency

Robinson+Cole Data Privacy + Security Insider on 6/15/2018

This week, Wells Fargo & Co. announced that it will not allow customers to buy cryptocurrency with its credit cards. This follows other banks’ prohibitions on the use of credit cards for the purchase of cryptocurrency over...more

HaoBao Malware Hitting Banks Scans for Bitcoin Activity

Robinson+Cole Data Privacy + Security Insider on 2/22/2018

Lazarus, the well-known hacking group responsible for the WannaCry ransomware attack from last year, as well as the attack on the Bangladesh Central Bank and Sony, is now targeting global financial firms and Bitcoin adopters...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 1/12/2018

The Times explores the $27 billion in fixed-income-trading income that has seeped out of Wall Street over the past 5 years thanks to “a combination of tough regulations, new technologies, calm markets and changing customer...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 1/10/2018

AT&T has dropped plans to sell the Mate 10—the newest smartphone from China’s Huawei Technologies—just before the partnership was to be announced. AT&T gave no reasons for its abrupt reversal, but lawmakers have recently...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 12/20/2017

US regulators have given passing grades to the living wills for all 8 major US banks, a reversal from the April 2016 determination that 5 of the 8 had deficiencies in their bailout-prevention plans....more

Your Daily Dose of Financial News

Robins Kaplan LLP on 11/20/2017

As retailers do all they can to fight the e-commerce wave, some bricks-and-mortar shops are experimenting with a rather counterintuitive strategy: smaller spaces and a showroom-style approach....more

Blockchain Week in Review - June 2017 #5

Perkins Coie on 6/14/2017

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

2016 Year in Review: Money Laundering (Part Two)

Ballard Spahr LLP on 2/7/2017

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 topics... ...more

Digital Currencies: International Actions and Regulations

Perkins Coie on 1/27/2017

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

Your Daily Dose of Financial News

Robins Kaplan LLP on 1/10/2017

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

Your Daily Dose of Financial News

Robins Kaplan LLP on 12/6/2016

Blackstone is spinning off a new housing maintenance and rental venture in the form of Invitation Homes LP, which could see an IPO as early as January 2017. Invitation Homes is the culmination of a four-year, $10 billion...more

Your daily dose of financial news - The Brief – 10.4.16

Robins Kaplan LLP on 10/4/2016

The Journal gives us a closer look at Italy’s Monte dei Paschi—the world’s oldest bank (founded in 1472)—that’s deeply tied to Siena and that’s threatening to drag the whole of the region’s economy down with it if it fails,...more

Your daily dose of financial news - The Brief – 9.21.16

Robins Kaplan LLP on 9/21/2016

Testifying before the Senate Banking Committee yesterday, Wells Fargo CEO John Stumpf admitted that the illegal sham-account-creation activity at the heart of its recent SEC fine may have begun earlier than first reported....more

North Carolina Clarifies Digital Currency Amidst Growing Interest in Blockchain Technology

Bradley Arant Boult Cummings LLP on 7/27/2016

Earlier this month, North Carolina’s governor signed into law an updated Money Transmitters Act (MTA), which seeks to clarify the rules for digital currency. The updated MTA defines what North Carolina considers “monetary...more

Your daily dose of financial news - The Brief – 7.21.16

Robins Kaplan LLP on 7/21/2016

The Treasury Dept’s Office of Financial Research has found that money-market funds are increasingly entering into direct repurchase loans with large investors and insurers—another sign that “participants in short-term lending...more

Your daily dose of financial news - The Brief – 7.11.16

Robins Kaplan LLP on 7/11/2016

A putative class action filed last week is accusing 25 prominent banks—including Deutsche Bank, Goldman Sachs, and Barclays—of “conspiring to rig the market for securities” sold by the US Treasury in their roles as primary...more

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